Over the last 5 or six years …Papaya Global Trial… 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 all right thanks Johnny uh we’ll simply give everyone another number of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everyone comes 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 really really uninspiring and I want I was elsewhere at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why business preserve separate
Virtual payroll accounts are an option to traditional checking account for managing payroll payments. This is particularly beneficial for global organizations with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of preserving different savings account for payroll in various countries, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a strategic asset for payroll executives. We will likewise provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
Guaranteeing precise, effective, and timely payroll payments is a complex obstacle for organizations running internationally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll savings account, learn how companies forecast payroll costs to optimize working capital, and find how simplifying international payroll payments can transform them from a difficult job into a tactical possession.
Handling payroll internationally is an overwhelming job due to different policies, compliance requirements, information security concerns, and banking rules. The sheer variety of staff members and organizations adds to the complexity, with an approximated 3.5 billion people in the global workforce, 500 million of whom are in Africa, and 230 million businesses worldwide.
Traditional payroll systems often lead to manual procedures, information silos, and a lack of combination, causing inconsistencies and inefficiencies. Despite residing in an era of technological developments, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar objectives to supply insights and services 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 organizations say they have Workforce information in real time that’s another number that offers me sleepless nights and quite honestly the more a service invests in international payroll the less of a photo they see a lack of visibility also extends to payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the deal almost half of worldwide services have actually expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry errors badly interacted hires and terminations as well as absence management and system configurations and after that when you round everything off and the information is shipped to the incorrect place the typical expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash worldwide payroll and payments do not run smoothly if they count on the needed numerous procedures 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 obstacles organization face when they’re making payments to employees or otherwise that’s a good concern I always throw this back and state what is it what doesn’t need to be included best and what does
it require to be considered 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 capabilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s complexity any place you look right eventually building a knowledge base is definitely critical however all over you look with payroll payment they resemble extremely payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is permitting us to kind of move on with that it also as well to contribute to that payroll and financing require to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is definitely crucial that payroll and finance groups work closer together than ever um I’m constantly surprised when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll profession would they divide the payroll payment from computation 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 individuals wherever they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more important to add to sort of the level of intricacy there’s more and more advantages being organ or being offered by companies across the world so again you’re just wanting to include a growing number of payments to this already complicated landscape so if you sort of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of real obstacles or genuine difficult type of pay utilizes to play to pay individuals I believe yeah I mean over the last well yeah a couple of decades I would certainly state that the larger an organization 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 groups feeding information into the next function as it were that’s in fact managing the payment side of things but you know in in my viewpoint and my experience that does not always require to be the case you know long gone are the times where we require to develop extra handoffs at the same times that we operate in they simply make them more prompt they make them less efficient and they don’t make them what they need to be in in an era of tech and an age that you know that we are operating in today there is no reason why we are still making this as tough as it requires to be agreed and rightly as you said payroll is the single greatest liability that any service has from a cost viewpoint from an effect perspective on staff members 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 biggest destructive impact on individuals’s wellness and numerous other elements if individuals aren’t paid uh I have actually always been surprised coming into this Market type of the last five to ten years is how little thanks the
payroll group get um so I’m unsure anybody on this kind of webinar has been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um but eventually payroll is such a crucial cycle all of us hear about it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s just 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 things is absolutely vital that all of this things is done properly so leveraging the very first International Payments very first payroll payment solution is an excellent first step um offering an end-to-end payroll option for your employees worldwide again I believe is another big um procedure once again aligning and ensuring you have standardization Worldwide procedures all of those things are definitely key to success success of organizations and lowering 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 regards to of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone quite where they’re indicated to be um I don’t think any of us are really doing that for for the thanks
anyhow we understand 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 easy as possible for everyone that’s involved in those procedures and also so imagine sorry I’m just I was simply gon na state envision 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 speaking about hundreds of thousands potentially Millions envision getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing job trying to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and in fact see what was going on and kind of try to return to everybody so moving on look why do companies select to main different checking account there are Papaya Global Trial services out there doing precisely this for particular countries and I’ve operated in a company or numerous companies doing precisely that I can say it does not always feel effective and it does develop more work I understand we’re not purposely doing that we’re not creating extra work for anybody where we do not need 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 think numerous factors one is it’s the standard I think people have actually got so used 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 believe it’s simply been the standard and the norm individuals have adopted and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and lots of other ways um to to sort of do it so I believe there’s a variety I think this is a procedure that requires looking at it needs changing however ultimately individuals are really stuck to what they’re familiar
with right um modification is a difficult thing we all don’t like modification um so I believe it’s just type of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the benefits of having maintaining multiple checking account however there’s a huge quantity of intricacy chooses establishing a savings account keeping it guaranteeing it can send International transfers ensuring it’s set up with the ideal user accesses for individual people so the intricacy is substantial but I believe the honest answer is modification um people have not been able to change or haven’t had always the knowledge to truly make that change into alternate Solutions aside from opening a checking account I think you have actually struck the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change but we’ve always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what might nearly be identified to be the next Century approximately there is a lot to monitor and this technique does posture a number of obstacles um so Johnny could you tell us about those difficulties 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 gained another CFO, and with this improved capability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You deserve a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global Trial