Over the last 5 or 6 years …Papaya Global Options… functions on the service provider side and also on the vendor side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply provide everybody another couple of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everyone originates from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really extremely uninspiring and I want I was elsewhere at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why business preserve different
Virtual payroll accounts are an alternative to conventional savings account for handling payroll payments. This is especially beneficial for global companies with dispersed and remote labor forces, as it simplifies the complicated procedure of cross-border payments. Instead of keeping separate savings account for payroll in different nations, virtual accounts and digital wallets provide a more structured service. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a strategic possession for payroll executives. We will also offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
Ensuring precise, effective, and prompt payroll payments is a complex obstacle for services running internationally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll bank accounts, find out how companies anticipate payroll expenses to optimize working capital, and find how streamlining international payroll payments can transform them from a burdensome task into a strategic asset.
Handling payroll worldwide is a daunting task due to various guidelines, compliance requirements, information security concerns, and banking rules. The sheer number of staff members and businesses contributes to the intricacy, with an estimated 3.5 billion individuals in the worldwide workforce, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Standard payroll systems often lead to manual processes, information silos, and a lack of combination, resulting in inconsistencies and inefficiencies. In spite of residing in a period of technological developments, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar goals to offer insights and services to simplify and optimize global payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Labor force data in real time that’s another number that offers me sleepless nights and quite honestly the more a business invests in worldwide payroll the less of a picture they see a lack of exposure likewise encompasses payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the deal nearly half of worldwide organizations have expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry errors inadequately interacted hires and terminations as well as lack management and system configurations and then when you round it all off and the information is delivered to the incorrect place the average expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash worldwide payroll and payments do not run efficiently if they rely on the essential numerous procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles company face when they’re paying to employees or otherwise that’s an excellent concern I constantly throw this back and say what is it what doesn’t require to be included best and what does
it need to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s intricacy anywhere you look right eventually building a knowledge base is definitely vital however all over you look with payroll payment they are like extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is permitting us to type of progress with that it also also to add to that payroll and financing require to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is absolutely necessary that payroll and finance teams work better together than ever um I’m constantly impressed when individuals say I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being more and more important to add to sort of the level of intricacy there’s more and more benefits being organ or being provided by services throughout the world so again you’re simply wanting to include a growing number of payments to this currently intricate landscape so if you kind of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of genuine challenges or genuine challenging type of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a couple of decades I would absolutely say that the bigger an organization gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are groups feeding information into the next function as it were that’s actually managing the payment side of things however you understand in in my viewpoint and my experience that does not necessarily require to be the case you understand long gone are the times where we require to develop extra handoffs at the same times that we run in they simply make them more prompt they make them less effective and they don’t make them what they need to be in in an age of tech and an era that you know that we are operating in today there is no reason why we are still making this as challenging as it needs to be agreed and appropriately as you said payroll is the single biggest liability that any organization has from an expense perspective from an effect viewpoint on workers it is definitely important that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the most significant destructive impact on individuals’s wellness and lots of other elements if individuals aren’t paid uh I have actually constantly been astonished entering this Market kind of the last 5 to 10 years is how little thanks the
payroll group get um so I’m not sure anybody on this sort of webinar has actually 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 workers or not um but ultimately payroll is such an essential cycle we all hear about it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely vital that all of this stuff is done properly so leveraging the very first Global Payments first payroll payment option is an excellent initial step um supplying an end-to-end payroll service for your workers globally once again I think is another huge um process again aligning and guaranteeing you have standardization Global processes all of those things are definitely crucial to success success of businesses and reducing the variety of tools platforms and checking account they require for their Global payroll too couldn’t 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 don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the problems where things have not gone rather where they’re implied to be um I don’t believe any of us are really doing that for for the thanks
anyway we understand how how crucial a function 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 easy as possible for everybody that’s associated with those processes and also so envision sorry I’m just I was just gon na state think of the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions envision getting that many thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing task attempting to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and in fact see what was going on and kind of try to return to everybody so moving on appearance why do business select to main different savings account there are Papaya Global Options organizations out there doing exactly this for specific countries and I have actually worked in a company or many organizations doing exactly that I can state it doesn’t constantly feel efficient and it does create more work I know we’re not purposely doing that we’re not creating additional work for any person where we do not have to and any person that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe many factors one is it’s the standard I think people have got so utilized to we need a brand-new savings account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the norm the people have adopted and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a variety I think this is a process that needs taking a look at it needs altering but eventually people are extremely stuck with what they recognize
with best um change is a challenging thing all of us do not like modification um so I think it’s just kind of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the advantages of having maintaining several bank accounts however there’s a huge amount of intricacy chooses setting up a checking account maintaining it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for private individuals so the intricacy is substantial but I think the sincere answer is modification um individuals have not had the ability to change or haven’t had necessarily the understanding to really make that change into alternate Solutions aside from opening a bank account I believe you’ve hit the nail on the head I believe it is understanding you understand and there is an element of resistance to change but we have actually constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what might practically be identified to be the next Century approximately there is a lot to keep track of and this method does position a number of challenges um so Johnny could you inform us about those challenges yeah obviously so there’s a variety 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 International employees you should have a corner workplace with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Options