Over the last five or six years …Papaya Global Refund Send Eps… functions on the provider side and also on the vendor side from a payroll viewpoint so really looking forward to this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply provide everyone another couple of uh well among the 30 seconds approximately to join we all 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 simply to hear where everybody is um it’s nice to to sort of like see where everybody comes from and I really 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 drizzling here it’s very very uninspiring and I wish I was elsewhere at this moment in time alright so let’s get going our program for today is as follows um we are going to be looking at the challenge years of handling Global payroll why companies keep separate
Virtual payroll accounts are an option to conventional savings account for managing payroll payments. This is especially beneficial for global companies with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of keeping separate bank accounts for payroll in various nations, 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 discuss why they are ending up being a tactical possession for payroll executives. We will also provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
Making sure accurate, efficient, and timely payroll payments is a complex difficulty for services running worldwide. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll savings account, learn how business anticipate payroll costs to optimize working capital, and find how simplifying worldwide payroll payments can transform them from a troublesome job into a tactical possession.
Handling payroll globally is a difficult task due to numerous guidelines, compliance requirements, information security issues, and banking rules. The sheer number of employees and services contributes to the intricacy, with an estimated 3.5 billion people in the international labor force, 500 million of whom remain in Africa, and 230 million services worldwide.
Conventional payroll systems typically lead to manual processes, data silos, and an absence of combination, resulting in disparities and inefficiencies. Regardless of living in an age of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar aims to supply insights and services to simplify and enhance international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force data in real time that’s another number that gives me sleepless nights and quite honestly the more an organization invests in global payroll the less of a picture they see an absence of presence also encompasses payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the deal almost half of international companies have expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM data information entry errors improperly interacted hires and terminations along with lack management and system configurations and after that when you round all of it off and the information is delivered to the wrong location 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 money around the globe payroll and payments do not run smoothly if they rely on the required several processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges company face when they’re paying to staff members or otherwise that’s a great concern I constantly throw this back and say what is it what doesn’t need to be consisted of best and what does
it require 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 need to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s complexity wherever you look ideal eventually constructing a knowledge base is absolutely vital but all over you look with payroll payment they are like very payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and technology is permitting us to type of progress with that it likewise also to contribute to that payroll and finance need to work closer together um with differing Savings account Details varying banking requirements and setup processes is absolutely important that payroll and finance teams work better together than ever um I’m constantly surprised when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so frequently 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 third parties so with the
world we reside in and wellness being increasingly more essential to add to sort of the level of complexity there’s increasingly more benefits being organ or being provided by companies throughout the world so again you’re just aiming to add a growing number of payments to this already intricate landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of real obstacles or genuine tough kind of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a number of decades I would certainly state that the bigger a service gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are teams feeding information into the next function as it were that’s actually handling the payment side of things but you know in in my opinion and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we require to produce extra handoffs in the processes that we operate in they just make them more timely they make them less efficient and they don’t make them what they need to be in in an era of tech and a period that you know that we are working in today there is no reason why we are still making this as challenging as it needs to be concurred and appropriately as you stated payroll is the single most significant liability that any company has from a cost viewpoint from an impact perspective on workers it is absolutely crucial that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the greatest detrimental effect on individuals’s wellness and lots of other factors if individuals aren’t paid uh I’ve constantly been amazed coming into this Market type of the last five to 10 years is how little thanks the
payroll group get um so I’m not sure anybody on this type 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 staff members or not um however eventually payroll is such an important cycle all of us become aware of it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout 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 things is absolutely essential that all of this things is done properly so leveraging the first Worldwide Payments first payroll payment service is a fantastic first step um offering an end-to-end payroll solution for your workers internationally once again I think is another big um procedure again aligning and ensuring you have standardization Global processes all of those things are definitely essential to success success of companies and decreasing the number of tools platforms and bank accounts they need 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 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 grievances where things haven’t gone quite where they’re implied to be um I do not think any of us are really doing that for for the thanks
anyway we know how how essential 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 easy as possible for everyone that’s involved in those procedures and likewise so think of sorry I’m simply I was simply gon na say think of the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions imagine getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting task trying to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and in fact see what was going on and type of try to return to everyone so proceeding appearance why do business choose to main different checking account there are Papaya Global Refund Send Eps companies out there doing precisely this for particular countries and I’ve operated in a service or many businesses doing precisely that I can say it does not always feel efficient and it does develop more work I know we’re not intentionally doing that we’re not creating extra work for anyone where we don’t have to and any person that’s managing 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 amount that we are I believe many factors one is it’s the standard I believe people have actually got so used to we require a brand-new bank account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have embraced and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and many other methods um to to type of do it so I think there’s a variety I think this is a process that needs taking a look at it requires altering however eventually people are extremely stuck with what they’re familiar
with right um modification is a tough thing all of us don’t like change um so I believe it’s simply sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend clearly the advantages of having maintaining numerous checking account however there’s a big quantity of complexity goes with establishing a savings 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 believe the honest answer is modification um people have not been able to alter or have not had always the knowledge to actually make that change into alternate Solutions other than opening a savings account I believe you have actually hit the nail on the head I think it is knowledge you know and there is an element of resistance to change but we’ve constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you know what could almost be figured out to be the next Century or so there is a lot to monitor and this method does present numerous challenges um so Johnny might you tell us about those obstacles yeah obviously so there’s a variety right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually gained another CFO, and with this improved ability, I have actually successfully secured payments for our 10,000 workers worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is more detailed, considering your achievements. Papaya Global Refund Send Eps