Over the last 5 or six years …Papaya Global P60S… roles on the service provider side and likewise on the supplier side from a payroll viewpoint so really eagerly anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply give everybody another number of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on currently simply to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely extremely bleak and I want I was elsewhere at this moment in time all right so let’s start our program for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why business keep separate
Virtual payroll accounts are an option to standard checking account for handling payroll payments. This is particularly beneficial for international companies with dispersed and remote labor forces, as it streamlines the complicated process of cross-border payments. Instead of preserving separate savings account for payroll in different nations, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are ending up being a strategic possession for payroll executives. We will likewise offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Making sure precise, efficient, and prompt payroll payments is a complex difficulty for businesses operating internationally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll checking account, discover how business anticipate payroll expenses to enhance working capital, and discover how streamlining international payroll payments can transform them from a difficult task into a tactical asset.
Handling payroll globally is a daunting job due to various regulations, compliance requirements, information security concerns, and banking rules. The large variety of workers and services adds to the intricacy, with an approximated 3.5 billion people in the global labor force, 500 countless whom remain in Africa, and 230 million companies worldwide.
Conventional payroll systems often lead to manual procedures, data silos, and an absence of combination, resulting in disparities and inefficiencies. Despite living in an era of technological developments, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar aims to provide insights and services to streamline and enhance global payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force information in real time that’s another number that provides me sleep deprived nights and rather honestly the more an organization invests in international payroll the less of a picture they see an absence of presence likewise extends to payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the transaction almost half of worldwide organizations have revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM data information entry mistakes badly interacted hires and terminations along with absence management and system setups and then when you round everything off and the information is delivered to the wrong location the average expense of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash all over the world payroll and payments do not run smoothly if they count on the necessary several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties service face when they’re making payments to staff members or otherwise that’s a great question I constantly toss this back and state what is it what doesn’t need to be consisted of ideal and what does
it require to be thought about there’s varying 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 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 client’s own in-country account so there’s intricacy any place you look right ultimately building a knowledge base is definitely critical however all over you look with payroll payment they are like super payments no if but some children 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 think there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is enabling us to kind of move on with that it also as well to add to that payroll and financing require to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is definitely crucial that payroll and finance groups work better together than ever um I’m always astonished when people state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being a growing number of crucial to add to sort of the level of intricacy there’s increasingly more benefits being organ or being provided by businesses throughout the world so again you’re just seeking to include increasingly more payments to this currently intricate landscape so if you type of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of real obstacles or real difficult kind of pay uses to play to pay individuals I think yeah I suggest over the last well yeah a couple of decades I would certainly say that the larger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are teams feeding info into the next function as it were that’s in fact handling the payment side of things but you know in in my viewpoint and my experience that does not always need to be the case you know long gone are the times where we require to create additional handoffs at the same times that we operate in they just make them more timely they make them less effective and they don’t make them what they need to be in in a period of tech and an age that you understand that we are working in today there is no reason that we are still making this as hard as it requires to be concurred and appropriately as you stated payroll is the single greatest liability that any business has from a cost viewpoint from an effect perspective on workers it is definitely critical that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the greatest destructive result on people’s wellness and lots of other factors if people aren’t paid uh I have actually always been astonished entering this Market sort of the last 5 to 10 years is how little thanks the
payroll group get um so I’m not exactly sure anybody on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um but eventually payroll is such a crucial cycle we all find out about it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely crucial that all of this stuff is done correctly so leveraging the first Global Payments first payroll payment service is a terrific first step um providing an end-to-end payroll service for your workers globally once again I think is another substantial um procedure once again lining up and guaranteeing you have standardization Global procedures all of those things are absolutely key to success success of businesses and reducing the variety of tools platforms and bank accounts they need for their International payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the problems where things haven’t gone quite where they’re implied to be um I don’t think any of us are in fact doing that for for the thanks
anyway we know how how essential a function it is which’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 procedures and likewise so imagine sorry I’m just I was just gon na say think of the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions think of getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting task attempting to clean up 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 check out them and really see what was going on and sort of shot to get back to everyone so moving on look why do business pick to main different bank accounts there are Papaya Global P60S businesses out there doing exactly this for specific countries and I have actually operated in a company or lots of companies doing exactly that I can say it does not constantly feel efficient and it does create more work I understand we’re not intentionally doing that we’re not producing extra work for anybody where we don’t have to and anyone that’s managing that procedure 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 many reasons one is it’s the standard I believe people have actually got so utilized to we require a new bank account we open an entity and rightly so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard the people have actually embraced and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and lots of other ways um to to type of do it so I believe there’s a variety I think this is a procedure that needs taking a look at it requires changing but eventually individuals are really stuck to what they’re familiar
with right um change is a hard thing all of us don’t like modification um so I believe it’s just kind of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand certainly the benefits of having maintaining several savings account but there’s a huge quantity of complexity goes with establishing a savings account maintaining it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for private people so the intricacy is substantial however I believe the honest answer is change um individuals have not had the ability to change or have not had necessarily the knowledge to really make that change into alternate Solutions besides opening a bank account I think you have actually struck the nail on the head I believe it is understanding you understand and there is an element of resistance to alter but we’ve constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might almost be determined to be the next Century or so there is a lot to track and this method does present a number of difficulties um so Johnny could you tell us about those obstacles yeah obviously so there’s a range right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has actually gotten another CFO, and with this improved capability, I have successfully protected payments for our 10,000 staff members worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global P60S