Over the last five or six years …Papaya Global Payroll Google Reviews… functions on the provider side and also on the vendor side from a payroll viewpoint so truly looking forward to this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just give everyone another couple of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everyone originates from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really very gloomy and I wish I was somewhere else at this moment in time alright so let’s start our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why business keep separate
Virtual payroll accounts are an option to traditional bank accounts for managing payroll payments. This is particularly helpful for international companies with dispersed and remote workforces, as it simplifies the intricate procedure of cross-border payments. Instead of preserving different checking account for payroll in different countries, virtual accounts and digital wallets offer a more structured service. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are becoming a strategic asset for payroll executives. We will also supply a recap of the main points covered and leave time for a Q&A session at the end.
Guaranteeing accurate, effective, and prompt payroll payments is a complex challenge for businesses running internationally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll savings account, learn how business forecast payroll expenses to enhance working capital, and discover how streamlining international payroll payments can change them from a difficult job into a strategic asset.
Managing payroll globally is a challenging job due to various regulations, compliance requirements, information security issues, and banking guidelines. The large variety of employees and organizations contributes to the complexity, with an approximated 3.5 billion people in the worldwide labor force, 500 million of whom are in Africa, and 230 million businesses worldwide.
Standard payroll systems typically result in manual procedures, information silos, and a lack of integration, resulting in inconsistencies and ineffectiveness. Regardless of residing in an age of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar goals to provide insights and solutions to streamline and enhance international payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of services say they have Workforce information in real time that’s another number that gives me sleep deprived nights and rather frankly the more a business invests in worldwide payroll the less of a picture they see an absence of exposure likewise encompasses payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the deal nearly half of international organizations have expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry mistakes improperly communicated hires and terminations along with absence management and system configurations and then when you round it all off and the data is delivered to the wrong location the typical cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the globe payroll and payments don’t run smoothly if they count on the required numerous processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties service face when they’re paying to workers or otherwise that’s an excellent concern I always throw this back and state what is it what does not require to be consisted of ideal and what does
it need to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time 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 complexity wherever you look best ultimately developing a knowledge base is definitely crucial but everywhere you look with payroll payment they are like incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you 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 absolutely fundamental and innovation is enabling us to kind of move forward with that it likewise also to add to that payroll and financing require to work closer together um with differing Savings account Details varying banking requirements and setup procedures is absolutely crucial that payroll and financing groups work closer together than ever um I’m constantly amazed when people state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession would they split the payroll payment from estimation 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 ultimately 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 also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being more and more essential to add to type of the level of complexity there’s more and more advantages being organ or being offered by services throughout the world so again you’re just looking to add a growing number of payments to this already complicated landscape so if you type of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of genuine obstacles or genuine tough type of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a number of years I would definitely say that the bigger a service 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 teams feeding info into the next function as it were that’s really handling the payment side of things however 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 develop additional handoffs while doing sos that we operate in they simply make them more prompt they make them less efficient and they do not make them what they need to be in in an era of tech and a period that you understand that we are operating in today there is no reason why we are still making this as challenging as it needs to be concurred and rightly as you said payroll is the single greatest liability that any organization has from an expense perspective from an effect perspective on staff members it is definitely crucial 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 biggest harmful impact on people’s well-being and numerous other factors if individuals aren’t paid uh I’ve always been astonished coming into this Market kind of the last five to 10 years is how little thanks the
payroll team get um so I’m uncertain anybody on this sort of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an important cycle all of us become aware of it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely crucial that all of this things is done correctly so leveraging the very first International Payments first payroll payment option is a fantastic primary step um providing an end-to-end payroll option for your workers internationally once again I think is another huge um process once again aligning and guaranteeing you have standardization Worldwide processes all of those things are absolutely key to success success of businesses and minimizing the variety of tools platforms and savings account they need for their Worldwide 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’ve never had a hundred thousand of them within a payroll cycle don’t 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 rather where they’re indicated to be um I do not believe any of us are really doing that for for the thanks
anyway we know how how essential 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 simple as possible for everybody that’s associated with those procedures and also so imagine sorry I’m just I was just gon na state imagine the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re speaking about 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 however it would absolutely be an interesting job trying 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 need days of the week to attempt to look through them and really see what was going on and sort of shot to return to everyone so moving on look why do companies choose to main different bank accounts there are Papaya Global Payroll Google Reviews services out there doing precisely this for specific countries and I’ve operated in a company or numerous businesses doing exactly that I can say it doesn’t constantly feel efficient and it does develop more work I know we’re not intentionally doing that we’re not developing additional work for any person where we don’t have to and anybody that’s handling that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think lots of reasons one is it’s the requirement I believe individuals have got so utilized to we need a new checking 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 think it’s simply been the requirement and the norm the people have actually adopted and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and lots of other methods um to to type of do it so I think there’s a range I believe this is a procedure that needs taking a look at it needs changing however ultimately people are very stuck to what they recognize
with ideal um change is a challenging thing we all don’t like modification um so I think it’s just sort of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand certainly the benefits of having preserving numerous savings account however there’s a big amount of intricacy opts for establishing a bank account preserving it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for specific individuals so the complexity is substantial but I think the honest response is change um people have not been able to alter or have not had necessarily the knowledge to actually make that change into alternate Solutions besides opening a bank account I believe you have actually struck the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change 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 moving on and moving into you understand what could almost be determined to be the next Century or two there is a lot to monitor and this approach does pose numerous difficulties um so Johnny could you tell us about those difficulties yeah naturally so there’s a range right there is so
I just did you switched our Enterprise 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 staff members you should have a corner office with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Payroll Google Reviews