Over the last 5 or six years …Papaya Global Payroll Referral… roles on the company side and likewise on the supplier side from a payroll point of view so actually anticipating this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just give everybody another couple of uh well among the 30 seconds approximately to join all of us 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 already just to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I truly 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 extremely really bleak and I want I was elsewhere at this moment in time fine so let’s begin our program for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why business keep separate
Virtual payroll accounts are an option to conventional savings account for managing payroll payments. This is particularly useful for international organizations with dispersed and remote workforces, as it simplifies the complex process of cross-border payments. Instead of maintaining different savings account for payroll in various countries, virtual accounts and digital wallets use a more structured solution. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are becoming a strategic possession for payroll executives. We will likewise supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Making sure accurate, effective, and prompt payroll payments is a complex challenge for services operating globally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll savings account, discover how business forecast payroll costs to enhance working capital, and discover how simplifying international payroll payments can transform them from a burdensome task into a strategic possession.
Handling payroll globally is a difficult job due to different policies, compliance requirements, information security issues, and banking guidelines. The sheer number of employees and services contributes to the complexity, with an approximated 3.5 billion individuals in the worldwide workforce, 500 countless whom are in Africa, and 230 million businesses worldwide.
Conventional payroll systems often result in manual procedures, data silos, and a lack of integration, causing inconsistencies and ineffectiveness. Despite living in an era of technological improvements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar aims to supply insights and services to simplify and optimize worldwide payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force information in real time that’s another number that offers me sleep deprived nights and quite frankly the more a business spends on worldwide payroll the less of an image they see a lack of exposure likewise extends to payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the transaction almost half of international organizations have actually expressed 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 bad HCM information information entry mistakes inadequately interacted hires and terminations as well as absence management and system configurations and after that when you round all of it off and the information is shipped to the incorrect place the average cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world 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 point of view and in your experience what else needs to be factored into the difficulties organization face when they’re paying to employees or otherwise that’s an excellent concern I always throw this back and say what is it what does not need to be consisted of right and what does
it need to be thought about 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 have to pay from the customer’s own in-country account so there’s intricacy any place you look right ultimately developing a knowledge base is definitely vital however everywhere you look with payroll payment they are like super payments no if however some children 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 believe there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is permitting us to sort of move on with that it also also to add to that payroll and financing need to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is absolutely necessary that payroll and financing teams work better together than ever um I’m always surprised when people say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession 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 people wherever 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 essential to add to sort of the level of complexity there’s a growing number of benefits being organ or being offered by companies across the world so again you’re simply seeking to add a growing number of payments to this currently complex landscape so if you sort 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 real difficulties or genuine tough kind of pay utilizes to play to pay individuals I think yeah I imply over the last well yeah a couple of years I would definitely state that the larger a company gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are groups feeding information into the next function as it were that’s in fact managing the payment side of things however you understand in in my viewpoint and my experience that does not necessarily need to be the case you know long gone are the times where we need to create additional handoffs while doing sos that we run in they just make them more timely they make them less effective and they do not make them what they require to be in in a period of tech and a period that you know that we are working in today there is no reason we are still making this as challenging as it needs to be agreed and rightly as you stated payroll is the single most significant liability that any company has from a cost viewpoint from an impact point of view on workers it is definitely important 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 have to be done right it has the biggest damaging result on people’s wellness and numerous other aspects if people aren’t paid uh I have actually constantly been amazed entering this Market kind of the last five to 10 years is how little thanks the
payroll team get um so I’m not exactly sure anyone on this sort of webinar has been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um but eventually payroll is such an important cycle we all hear about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely important that all of this stuff is done properly so leveraging the very first Worldwide Payments very first payroll payment option is a terrific first step um offering an end-to-end payroll service for your employees internationally again I think is another substantial um procedure once again aligning and ensuring you have standardization Global procedures all of those things are definitely crucial to success success of companies and decreasing the number of tools platforms and checking account they need for their International 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 had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t gone quite where they’re indicated to be um I don’t think any of us are really doing that for for the thanks
anyway we know how how important 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 everyone that’s involved in those processes and also so envision sorry I’m simply I was simply gon na state picture the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions imagine getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would definitely be an intriguing job trying to clean all those up for sure oh definitely I can’t picture 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 actually see what was going on and kind of shot to return to everybody so moving on look why do companies select to main different savings account there are Papaya Global Payroll Referral companies out there doing precisely this for specific nations and I have actually operated in an organization or lots of services doing exactly that I can say it doesn’t always feel efficient and it does produce more work I know we’re not deliberately doing that we’re not creating extra work for any person where we do not have to and anyone that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe lots of factors one is it’s the standard I believe individuals have actually got so utilized to we require a new bank account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the standard the people have actually embraced and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a variety I think this is a procedure that requires looking at it requires altering however eventually individuals are very stuck to what they’re familiar
with best um change is a tough thing all of us don’t like change um so I believe 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 things um I understand obviously the benefits of having maintaining multiple savings account but there’s a substantial amount of intricacy goes with setting up a bank account maintaining it ensuring it can send International transfers ensuring it’s established with the right user accesses for private people so the intricacy is substantial but I believe the sincere response is change um people have not had the ability to change or have not had necessarily the understanding to truly make that change into alternate Solutions other than opening a bank account I believe you have actually hit the nail on the head I believe it is knowledge you know and there is a component of resistance to change however we have actually 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 could practically be identified to be the next Century or so there is a lot to track and this technique does pose a number of difficulties um so Johnny could you tell us about those obstacles yeah obviously so there’s a variety right there is so
I simply did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you deserve a corner office with a closer parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Payroll Referral