Over the last five or 6 years …Papaya Global 50 Customer Service… functions on the service provider side and likewise on the vendor side from a payroll perspective so really looking forward to this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply give everybody another couple 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 interesting and I can see it going on currently simply to hear where everybody is um it’s nice to to kind 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 sunlight is it it’s not no it’s it’s drizzling here it’s extremely very uninspiring and I want I was elsewhere at this moment in time okay so let’s begin our program for today is as follows um we are going to be taking a look at the obstacle years of managing International payroll why business maintain different
Virtual payroll accounts are an option to standard savings account for handling payroll payments. This is particularly useful for global companies with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of keeping separate savings account for payroll in different nations, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are becoming a strategic asset for payroll executives. We will likewise supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
Guaranteeing accurate, efficient, and prompt payroll payments is a complex obstacle for businesses operating internationally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll savings account, learn how business anticipate payroll costs to optimize working capital, and find how simplifying international payroll payments can transform them from a challenging task into a tactical possession.
Managing payroll internationally is an overwhelming job due to various policies, compliance requirements, data security issues, and banking guidelines. The sheer variety of staff members and businesses contributes to the intricacy, with an estimated 3.5 billion people in the global labor force, 500 countless whom are in Africa, and 230 million businesses worldwide.
Conventional payroll systems typically result in manual processes, information silos, and a lack of combination, causing inconsistencies and inefficiencies. In spite of living in an era of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar goals to offer insights and options to streamline and enhance global payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Labor force information in real time that’s another number that offers me sleepless nights and rather frankly the more a service spends on global payroll the less of a picture they see a lack of exposure also reaches payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the deal almost half of global companies have actually revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM information data entry errors poorly interacted hires and terminations along with absence management and system configurations and after that when you round everything off and the information is delivered to the wrong place the typical expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments do not run efficiently if they count on the necessary multiple processes 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 workers or otherwise that’s a great concern I constantly toss this back and say what is it what does not need to be included best and what does
it require to be thought of there’s differing Bank details 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 capabilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the client’s own in-country account so there’s complexity any place you look ideal ultimately building a knowledge base is definitely important but all over you look with payroll payment they resemble extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the type 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 essential and innovation is enabling us to sort of move on with that it also too to add to that payroll and finance need to work closer together um with varying Savings account Details differing banking requirements and setup processes is absolutely crucial that payroll and financing groups work more detailed together than ever um I’m always amazed when individuals say I’ve split payroll and payment um if you walk 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being increasingly more crucial to add to sort of the level of complexity there’s increasingly more benefits being organ or being used by organizations across the world so once again you’re simply aiming to add more and more payments to this already complicated landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of real obstacles or genuine tough type of pay uses 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 bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are groups feeding info into the next function as it were that’s really handling the payment side of things however you know in in my viewpoint and my experience that doesn’t necessarily require to be the case you know long gone are the times where we need to produce additional handoffs while doing sos that we run in they simply make them more timely they make them less effective and they don’t make them what they require to be in in an age of tech and a period that you know that we are working in today there is no reason we are still making this as difficult as it needs to be concurred and rightly as you said payroll is the single greatest liability that any organization has from a cost viewpoint from an effect viewpoint on workers it is absolutely critical 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 need to be done right it has the greatest detrimental effect on individuals’s well-being and many other elements if people aren’t paid uh I’ve always been surprised entering into this Market kind of the last 5 to 10 years is how little thanks the
payroll group get um so I’m not sure anybody on this type of webinar has actually been informed 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 ultimately payroll is such an essential cycle all of us become aware of it when it goes wrong everyone jumps up and down when it fails 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 things is definitely important that all of this stuff is done properly so leveraging the first Worldwide Payments very first payroll payment solution is a terrific first step um supplying an end-to-end payroll service for your staff members internationally again I think is another big um process once again aligning and ensuring you have standardization Worldwide procedures all of those things are definitely key to success success of businesses and reducing the variety of tools platforms and savings account they require for their International 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 thousand of them within a payroll cycle don’t 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 indicated to be um I do not believe any of us are really doing that for for the thanks
anyhow we understand 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 also so think of sorry I’m just I was simply gon na state think of the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions imagine getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating task attempting to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to browse them and in fact see what was going on and sort of shot to get back to everybody so carrying on look why do business select to primary different checking account there are Papaya Global 50 Customer Service services out there doing exactly this for particular countries and I have actually worked in a business or lots of businesses doing precisely that I can state it doesn’t always feel efficient and it does produce more work I know we’re not intentionally doing that we’re not producing additional work for anybody where we do not have to and anybody 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 think many reasons one is it’s the standard I think 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 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 individuals have actually embraced and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a range I think this is a process that requires taking a look at it needs changing but eventually individuals are really stuck to what they recognize
with best um modification is a hard thing we all do not like modification um so I believe it’s simply 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 certainly the benefits of having keeping numerous savings account but there’s a substantial quantity of intricacy opts for setting up a bank account keeping it guaranteeing it can send International transfers ensuring it’s set up with the ideal user accesses for private people so the intricacy is huge however I think the honest answer is change um individuals have not been able to change or haven’t had always the understanding to truly make that change into alternate Solutions aside from opening a savings account I believe you have actually struck the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change however we have actually always done it that way is no genuine reason for not looking at the the advantages and the possibilities of moving on and moving into you understand what might practically be identified to be the next Century approximately there is a lot to keep an eye on and this approach does posture a number of obstacles um so Johnny might you inform us about those difficulties yeah of course so there’s a range right there is so
I simply did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide staff members you deserve a corner office with a closer parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global 50 Customer Service