Over the last five or 6 years …Papaya Global Smp Recovery… roles on the supplier side and likewise on the supplier side from a payroll point of view so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just offer everybody another couple of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everyone originates from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very extremely dreary and I wish I was elsewhere at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why business maintain separate
Virtual payroll accounts are an alternative to standard bank accounts for managing payroll payments. This is especially useful for worldwide companies with dispersed and remote labor forces, as it streamlines the complex procedure of cross-border payments. Instead of maintaining different savings account for payroll in various nations, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a tactical asset for payroll executives. We will likewise supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
Making sure precise, effective, and timely payroll payments is a complex challenge for services running internationally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll checking account, discover how companies forecast payroll costs to optimize working capital, and find how enhancing worldwide payroll payments can transform them from a challenging task into a strategic property.
Managing payroll globally is an overwhelming job due to various regulations, compliance requirements, information security issues, and banking rules. The large variety of staff members and businesses adds to the intricacy, with an estimated 3.5 billion people in the worldwide workforce, 500 million of whom are in Africa, and 230 million companies worldwide.
Conventional payroll systems typically result in manual processes, data silos, and a lack of combination, leading to disparities and inadequacies. Despite residing in a period of technological advancements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar objectives to provide insights and solutions to streamline and enhance worldwide payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services say they have Labor force information in real time that’s another number that offers me sleep deprived nights and rather frankly the more an organization invests in global payroll the less of a picture they see an absence of visibility likewise reaches payroll payments and inability to precisely track these payments can lead to compliance mishaps in the last mile of the transaction almost half of global 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 errors are because of time reporting poor HCM data information entry mistakes improperly interacted hires and terminations along with lack management and system setups and after that when you round all of it off and the information is shipped to the incorrect location the average cost of a worldwide data 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 do not run smoothly if they count on the required several procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties company face when they’re making payments to employees or otherwise that’s an excellent question I constantly throw this back and say what is it what doesn’t require to be included ideal and what does
it require to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames 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 consumer’s own in-country account so there’s intricacy wherever you look ideal eventually constructing a knowledge base is absolutely vital but all over you look with payroll payment they are like incredibly payments no if but some children 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 recognition that payroll payments are definitely essential and technology is enabling us to sort of move on with that it also also to contribute to that payroll and finance need to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is definitely essential that payroll and financing teams work more detailed together than ever um I’m always impressed when people say 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 a market accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people any place they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being more and more crucial to add to sort of the level of complexity there’s more and more advantages being organ or being provided by companies across the world so again you’re simply looking to include more and more payments to this already intricate landscape so if you sort 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 difficulties or real tough type of pay uses to play to pay people I believe yeah I mean over the last well yeah a number of decades I would certainly state that the larger a business gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are teams feeding info into the next function as it were that’s really managing the payment side of things however you know in in my viewpoint and my experience that does not necessarily require to be the case you know long gone are the times where we need to develop additional handoffs at the same times that we run in they just make them more timely they make them less effective and they don’t 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 why we are still making this as challenging as it requires to be agreed and appropriately as you stated payroll is the single greatest liability that any business has from an expense perspective from an impact viewpoint on workers it is definitely vital that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the most significant damaging impact on people’s wellness and numerous other aspects if individuals aren’t paid uh I have actually constantly been astonished entering this Market sort of the last five to 10 years is how little thanks the
payroll group get um so I’m uncertain anybody on this type 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 staff members or not um but eventually payroll is such an essential cycle all of us find out 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 consider as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely vital that all of this things is done properly so leveraging the very first Worldwide Payments first payroll payment service is a great initial step um providing an end-to-end payroll service for your staff members globally once again I believe is another big um process again lining up and guaranteeing you have standardization International procedures all of those things are absolutely essential to success success of businesses and minimizing the variety of tools platforms and bank accounts they need for their International payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the grievances where things have not gone quite where they’re implied to be um I don’t believe any of us are really doing that for for the thanks
anyhow we know how how crucial a role 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 easy as possible for everybody that’s associated with those procedures and likewise so picture sorry I’m just I was just gon na say think of the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions think of getting that lots of thank you keeps in mind um I imply 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 imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to look through them and actually see what was going on and type of try to get back to everybody so proceeding look why do companies pick to main separate savings account there are Papaya Global Smp Recovery organizations out there doing precisely this for particular countries and I have actually worked in a business or many companies doing precisely that I can state it does not constantly feel efficient and it does develop more work I understand we’re not purposely doing that we’re not developing additional work for any person where we do not need to and any person that’s handling that process 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 believe many factors one is it’s the requirement I believe people have got so used to we require a brand-new bank account we open an entity and appropriately so you need it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the standard individuals have actually adopted and continue to do over years and years passed by to contribute to that individuals have actually looked at things like trust accounts and many other methods um to to sort of do it so I believe there’s a variety I believe this is a process that requires taking a look at it requires changing however eventually people are extremely stuck with what they recognize
with ideal um change is a tough thing all of us don’t like change um so I think it’s just sort of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand certainly the advantages of having preserving several bank accounts but there’s a big quantity of complexity chooses establishing a savings account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for private individuals so the complexity is substantial however I think the sincere response is change um individuals haven’t had the ability to alter or have not had always the understanding to really make that change into alternate Solutions other than opening a bank account I think you’ve struck the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter but we’ve constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could practically be identified to be the next Century approximately there is a lot to keep an eye on and this approach does pose a number of obstacles um so Johnny might you tell us about those challenges yeah of course so there’s a variety right there is so
I just did you switched 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 are worthy of a corner office with a more detailed parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Smp Recovery