Over the last 5 or six years …Papaya Global.My… functions on the company side and likewise on the vendor side from a payroll point of view so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just give everyone another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everybody comes from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely extremely bleak and I want I was elsewhere at this moment in time fine so let’s start our agenda for today is as follows um we are going to be looking at the difficulty years of managing International payroll why business maintain different
Virtual payroll accounts are an alternative to traditional bank accounts for handling payroll payments. This is particularly beneficial for worldwide organizations with dispersed and remote labor forces, as it streamlines the complicated procedure of cross-border payments. Instead of preserving separate savings account for payroll in various countries, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are ending up being a tactical possession for payroll executives. We will also supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Making sure precise, efficient, and timely payroll payments is a complex difficulty for companies operating globally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll bank accounts, find out how business anticipate payroll costs to enhance working capital, and discover how streamlining global payroll payments can transform them from a troublesome job into a tactical possession.
Handling payroll globally is an overwhelming task due to various policies, compliance requirements, information security issues, and banking guidelines. The sheer number of employees and companies adds to the intricacy, with an approximated 3.5 billion individuals in the worldwide workforce, 500 countless whom remain in Africa, and 230 million companies worldwide.
Standard payroll systems frequently result in manual procedures, data silos, and a lack of combination, resulting in inconsistencies and inadequacies. Despite living in an age of technological developments, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar goals to provide insights and services to streamline and enhance worldwide payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Labor force information in real time that’s another number that offers me sleep deprived nights and rather frankly the more a service spends on worldwide payroll the less of a photo they see a lack of presence also reaches payroll payments and inability to properly track these payments can result in compliance incidents in the last mile of the transaction nearly half of global companies have actually revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry mistakes inadequately communicated hires and terminations in addition to lack management and system configurations and then when you round all of it off and the information is delivered to the wrong location the typical cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash worldwide payroll and payments do not run smoothly if they depend on the required numerous procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles business face when they’re making payments to staff members or otherwise that’s a good question I constantly throw this back and state what is it what does not need to be included best and what does
it need to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy anywhere you look best eventually building a knowledge base is absolutely vital but everywhere you look with payroll payment they resemble super payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is permitting us to sort of progress with that it also too to contribute to that payroll and financing need to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is absolutely essential that payroll and financing groups work more detailed together than ever um I’m always astonished when people state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being a growing number of essential to contribute to kind of the level of intricacy there’s more and more advantages being organ or being provided by services throughout the world so once again you’re just seeking to include a growing number of payments to this already complex landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of real challenges or genuine challenging type of pay uses to play to pay people I think yeah I indicate over the last well yeah a number of decades I would absolutely say that the bigger a company gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are groups feeding information into the next function as it were that’s in fact handling the payment side of things but you understand in in my opinion and my experience that doesn’t necessarily require to be the case you know long gone are the times where we need to create additional handoffs while doing sos that we operate in they just make them more prompt they make them less effective and they don’t make them what they require to be in in an era of tech and an era that you know that we are working in today there is no reason why we are still making this as difficult as it needs to be concurred and appropriately as you said payroll is the single biggest liability that any company has from a cost point of view from an impact viewpoint on staff members it is definitely vital that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the biggest harmful impact on individuals’s well-being and many other elements if people aren’t paid uh I’ve constantly been surprised coming into this Market kind of the last five to ten years is how little thanks the
payroll team get um so I’m uncertain anyone on this sort of webinar has been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such a crucial cycle we all hear about it when it fails everyone jumps up and down when it fails however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely essential that all of this things is done properly so leveraging the very first International Payments very first payroll payment option is a great initial step um offering an end-to-end payroll service for your employees worldwide once again I think is another substantial um process once again lining up and ensuring you have standardization International procedures all of those things are definitely crucial to success success of businesses and reducing the variety of tools platforms and bank accounts they require for their International payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re meant to be um I don’t think any of us are in fact doing that for for the thanks
anyway we know how how crucial a role it is and that’s why we do it that’s why we get on with it and this is why we’re talking today about making it as simple as possible for everybody that’s associated with those processes and also so envision sorry I’m simply I was simply gon na state imagine the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions envision getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating task attempting to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and actually see what was going on and sort of try to get back to everybody so proceeding appearance why do companies choose to primary different bank accounts there are Papaya Global.My companies out there doing precisely this for specific nations and I have actually worked in a company or numerous services doing exactly that I can say it does not always feel effective and it does develop more work I understand we’re not deliberately doing that we’re not producing additional work for any person where we do not need to and any person that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I think lots of reasons one is it’s the requirement I think people have got so used to we need a brand-new savings account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the norm individuals have adopted and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and numerous other methods um to to type of do it so I think there’s a range I believe this is a procedure that requires looking at it requires altering however eventually individuals are very stuck with what they recognize
with best um modification is a challenging thing all of us don’t like change um so I think it’s simply kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand obviously the advantages of having keeping multiple bank accounts but there’s a huge quantity of intricacy opts for setting up a checking account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for individual people so the intricacy is substantial however I think the sincere answer is change um individuals have not been able to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions other than opening a bank account I believe you’ve hit the nail on the head I think it is knowledge you understand and there is a component of resistance to change however we’ve constantly done it that way is no real reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what might nearly be determined to be the next Century or so there is a lot to track and this technique does posture a number of challenges um so Johnny might you inform us about those difficulties yeah obviously so there’s a range right there is so
I just did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global workers you deserve a corner office with a better parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global.My