Over the last five or six years …Sure Payroll Vs Papaya Global… roles on the company side and also on the supplier side from a payroll viewpoint so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply give everybody another number of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everybody originates from and I truly do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really extremely bleak and I wish I was somewhere else at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why companies maintain separate
Virtual payroll accounts are an option to standard bank accounts for handling payroll payments. This is particularly beneficial for international companies with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of preserving different bank accounts for payroll in various countries, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are becoming a strategic asset for payroll executives. We will also provide a wrap-up of the bottom lines 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 globally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll savings account, learn how companies forecast payroll expenses to optimize working capital, and discover how improving international payroll payments can transform them from a difficult job into a strategic asset.
Managing payroll internationally is a challenging job due to numerous policies, compliance requirements, information security concerns, and banking guidelines. The sheer number of workers and businesses adds to the intricacy, with an estimated 3.5 billion individuals in the international workforce, 500 million of whom remain in Africa, and 230 million services worldwide.
Traditional payroll systems often lead to manual processes, data silos, and a lack of combination, resulting in disparities and inadequacies. Regardless of residing in an era of technological advancements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar aims to supply insights and solutions to simplify and optimize international payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce information in real time that’s another number that offers me sleepless nights and rather frankly the more a service invests in international payroll the less of a picture they see an absence of exposure likewise reaches payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the deal almost half of global companies 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 poor HCM information data entry errors inadequately communicated hires and terminations as well as lack management and system setups and then when you round all of it off and the information is shipped to the wrong place the typical cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments do not run smoothly if they depend on the essential several procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles business face when they’re paying to workers or otherwise that’s an excellent concern I always toss this back and say what is it what doesn’t need to be included right and what does
it require 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 amount of time 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 customer’s own in-country account so there’s intricacy any place you look best eventually developing a knowledge base is absolutely important but everywhere you look with payroll payment they resemble super payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely fundamental and technology is permitting us to kind of move forward with that it also too to contribute to that payroll and financing require to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is absolutely imperative that payroll and financing groups work closer together than ever um I’m always impressed when individuals say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they split the payroll payment from calculation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being a growing number of essential to contribute to type of the level of complexity there’s a growing number of benefits being organ or being used by organizations throughout the world so once again you’re simply seeking to add a growing number of payments to this currently intricate landscape so if you sort of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of genuine difficulties or genuine challenging type of pay utilizes to play to pay individuals I believe yeah I mean over the last well yeah a number of years I would definitely say that the larger an organization 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 groups feeding details into the next function as it were that’s actually managing the payment side of things but you understand in in my opinion and my experience that does not necessarily require to be the case you understand long gone are the times where we need to create additional handoffs in the processes that we operate in they simply make them more prompt they make them less effective and they do not make them what they need to be in in a period of tech and an era that you know that we are operating in today there is no reason that we are still making this as hard as it needs 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 viewpoint on employees it is definitely vital that it’s done properly 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 most significant damaging impact on individuals’s well-being and lots of other aspects if individuals aren’t paid uh I have actually constantly been impressed entering this Market kind of the last five to 10 years is how little thanks the
payroll team get um so I’m uncertain anyone on this type of webinar has 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 ultimately payroll is such an important cycle we all hear about it when it fails everybody jumps up and down when it fails but 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 vital that all of this things is done properly so leveraging the first Worldwide Payments very first payroll payment service is a terrific initial step um supplying an end-to-end payroll solution for your staff members worldwide again I believe is another substantial um procedure again aligning and ensuring you have standardization Worldwide processes all of those things are definitely key to success success of businesses and lowering the variety 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 ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the problems where things haven’t gone quite where they’re suggested to be um I do not believe any of us are actually doing that for for the thanks
anyhow we understand how how important 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 simple as possible for everybody that’s involved in those procedures and likewise so envision sorry I’m simply I was just gon na say picture the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions picture getting that many 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 interesting task trying to clean up all those up for sure oh definitely 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 attempt to look through them and in fact see what was going on and type of shot to get back to everyone so carrying on appearance why do business pick to primary separate bank accounts there are Sure Payroll Vs Papaya Global companies out there doing precisely this for particular nations and I have actually operated in a service or numerous businesses doing exactly that I can say it doesn’t always feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not developing additional work for any person where we don’t need to and anyone that’s handling 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 think people have got so used to we need a new bank account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm individuals have adopted and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and lots of 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 changing but ultimately people are very stuck to what they recognize
with ideal um modification is a tough thing we all don’t like change um so I believe it’s just kind of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend obviously the benefits of having maintaining numerous checking account but there’s a huge quantity of intricacy chooses establishing a savings account maintaining it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for individual people so the complexity is big but I think the honest answer is modification um individuals haven’t had the ability to alter or have not had necessarily the knowledge to really make that change into alternate Solutions other than opening a bank account I believe you’ve hit the nail on the head I think it is understanding you understand and there is a component of resistance to change but we’ve always done it that way is no genuine reason for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could almost be identified to be the next Century or so there is a lot to keep track of and this method does present numerous obstacles um so Johnny might you tell us about those obstacles yeah obviously so there’s a variety right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has actually gained another CFO, and with this improved ability, I have actually effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is more detailed, considering your accomplishments. Sure Payroll Vs Papaya Global