Over the last 5 or 6 years …Matthew Sanford Reporting Agent Papaya Global… roles on the provider side and also on the supplier side from a payroll perspective so truly looking forward to this discussion today um and yeah thank you quite for your time everybody fine 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 kind of let them do that so it ‘d be quite intriguing 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 everybody originates from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely extremely dreary and I wish 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 handling Global payroll why companies maintain different
Virtual payroll accounts are an option to traditional checking account for handling payroll payments. This is especially beneficial for global companies with dispersed and remote workforces, as it simplifies the complex process of cross-border payments. Instead of preserving separate bank accounts for payroll in different nations, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are becoming a strategic asset for payroll executives. We will likewise provide a recap of the main points covered and leave time for a Q&A session at the end.
Ensuring accurate, efficient, and prompt payroll payments is a complex challenge for businesses operating globally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll savings account, learn how companies anticipate payroll costs to enhance working capital, and find how improving international payroll payments can transform them from a troublesome job into a tactical asset.
Handling payroll worldwide is a daunting task due to numerous regulations, compliance requirements, data security issues, and banking rules. The sheer variety of staff members and organizations contributes to the complexity, with an approximated 3.5 billion people in the global labor force, 500 million of whom are in Africa, and 230 million companies worldwide.
Conventional payroll systems frequently result in manual processes, data silos, and an absence of integration, causing inconsistencies and ineffectiveness. Despite residing in an age of technological advancements, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar objectives to provide insights and options to simplify and optimize global payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of services state they have Labor force data in real time that’s another number that provides me sleep deprived nights and quite honestly the more a company invests in global payroll the less of an image they see a lack of visibility likewise reaches payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the transaction almost half of global services have actually revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM information information entry mistakes badly communicated hires and terminations along with lack management and system configurations and then when you round it all off and the information is shipped to the incorrect location the average expense of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments don’t run smoothly if they rely on the necessary multiple processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges company face when they’re making payments to workers or otherwise that’s an excellent question I constantly throw this back and state what is it what does not require to be consisted of best 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 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 client’s own in-country account so there’s complexity anywhere you look right eventually constructing a knowledge base is absolutely critical 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 type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely essential and technology is permitting us to sort of progress with that it likewise as well to contribute to that payroll and financing need to work closer together um with varying Checking account Details varying banking requirements and setup procedures is absolutely important that payroll and financing groups work more detailed together than ever um I’m constantly amazed when people say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation 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 typically split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of essential to add to kind of the level of intricacy there’s a growing number of benefits being organ or being used by services across the world so once again you’re just looking to include more and more payments to this currently complicated landscape so if you sort of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of real obstacles or genuine challenging kind of pay uses to play to pay people I think yeah I suggest over the last well yeah a couple of years I would certainly state that the bigger a business gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are groups feeding info into the next function as it were that’s actually managing the payment side of things however you understand in in my opinion and my experience that does not always require to be the case you know long gone are the times where we need to create additional handoffs while doing sos that we operate in they simply make them more timely they make them less effective and they do not make them what they need to be in in an age 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 difficult as it needs to be concurred and rightly as you stated payroll is the single most significant liability that any organization has from an expense viewpoint from an effect perspective on staff members it is absolutely important that it’s done correctly and on time so what we suggest 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 damaging effect on people’s wellness and lots of other elements if individuals aren’t paid uh I’ve always been amazed coming into this Market kind of the last 5 to ten years is how little thanks the
payroll group get um so I’m not exactly sure anyone on this type of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an important cycle all of us hear about it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I believe 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 stuff is definitely important that all of this stuff is done properly so leveraging the first Global Payments first payroll payment solution is a fantastic primary step um supplying an end-to-end payroll option for your staff members internationally again I think is another substantial um process once again aligning and guaranteeing you have standardization Global procedures all of those things are absolutely crucial to success success of businesses and minimizing the number of tools platforms and bank accounts they require for their International payroll too could not 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 5 or 10 or whatever it might be with the with the the problems where things haven’t gone quite where they’re meant to be um I do not think any of us are actually doing that for for the thanks
anyway we know how how essential 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 involved in those processes and also so picture sorry I’m just I was simply gon na state think of the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions think of getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting job attempting to clean up 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 attempt to check out them and in fact see what was going on and kind of try to return to everybody so proceeding appearance why do companies select to main separate savings account there are Matthew Sanford Reporting Agent Papaya Global organizations out there doing exactly this for specific nations and I’ve operated in an organization or many organizations doing exactly that I can say it doesn’t constantly feel effective and it does create more work I understand we’re not deliberately doing that we’re not developing extra work for any person where we don’t have to and anybody that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I think numerous factors one is it’s the requirement I think individuals have got so utilized to we need 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 norm the people have actually embraced and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and lots of other ways um to to type of do it so I believe there’s a variety I believe this is a procedure that requires taking a look at it requires changing but eventually individuals are really stuck with what they’re familiar
with best um change is a challenging thing all of us do not like modification um so I believe it’s simply kind of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand undoubtedly the benefits of having maintaining several savings account but there’s a substantial quantity of complexity opts for setting up a savings account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the ideal user accesses for individual individuals so the intricacy is big but I believe the sincere response is change um people haven’t had the ability to alter or have not had always the knowledge to really make that change into alternate Solutions aside from opening a checking account I think you’ve hit the nail on the head I think it is knowledge you understand and there is a component of resistance to alter however we have actually constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what could practically be determined to be the next Century or so there is a lot to keep an eye on and this method does pose numerous difficulties um so Johnny could you inform us about those difficulties yeah of course 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 seems like our CFO has actually gained another CFO, and with this boosted capability, I have successfully secured payments for our 10,000 workers worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is more detailed, considering your achievements. Matthew Sanford Reporting Agent Papaya Global