Over the last 5 or six years …Papaya Global Bureau Issues… roles on the service provider side and likewise on the supplier side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply offer everybody another number of uh well one of the 30 seconds or two 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 fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everybody comes from and I truly do hope it’s much sunnier than it is in the UK today certainly 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 want I was somewhere else at this moment in time all right so let’s start our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why business maintain separate
Virtual payroll accounts are an option to conventional savings account for managing payroll payments. This is especially useful for worldwide organizations with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of preserving separate savings account for payroll in different countries, virtual accounts and digital wallets provide a more structured service. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are becoming a strategic possession 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 accurate, efficient, and timely payroll payments is a complex challenge for businesses operating internationally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll bank accounts, learn how business anticipate payroll expenses to optimize working capital, and discover how simplifying global payroll payments can change them from a challenging job into a strategic possession.
Handling payroll internationally is an overwhelming task due to different regulations, compliance requirements, data security issues, and banking rules. The sheer variety of staff members and organizations adds to the intricacy, with an approximated 3.5 billion people in the global workforce, 500 countless whom remain in Africa, and 230 million companies worldwide.
Conventional payroll systems often lead to manual procedures, data silos, and a lack of combination, leading to disparities and ineffectiveness. In spite of residing in an era of technological developments, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar objectives to offer insights and options to streamline and optimize worldwide payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Workforce data in real time that’s another number that offers me sleepless nights and quite frankly the more a business invests in global payroll the less of an image they see a lack of visibility likewise extends to payroll payments and failure to accurately track these payments can lead to compliance accidents in the last mile of the deal almost half of global services have actually expressed that they don’t 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 data data entry mistakes poorly interacted hires and terminations in addition to lack management and system setups and after that when you round it all off and the information is delivered to the wrong place the average 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 cash worldwide payroll and payments do not run efficiently if they rely on the required multiple processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties service face when they’re paying to employees or otherwise that’s an excellent question I constantly toss this back and say what is it what doesn’t require to be included right and what does
it need 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 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 wherever you look best ultimately building a knowledge base is definitely vital but everywhere you look with payroll payment they resemble extremely payments no if but some infants 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 absolutely essential and technology is allowing us to type of progress with that it likewise too to contribute to that payroll and finance need to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is absolutely vital that payroll and financing teams work better together than ever um I’m constantly surprised when individuals state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they divide 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 process it’s the point of information collection all the way through to paying people any place they are however also 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 contribute to sort of the level of intricacy there’s more and more advantages being organ or being provided by organizations across the world so once again you’re simply aiming to add more and more payments to this currently complex 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 genuine difficulties or real difficult sort of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a couple of years I would definitely state that the larger a service 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 groups feeding details 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 always need to be the case you know long gone are the times where we require to produce extra handoffs in the processes that we run 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 a period that you understand that we are operating in today there is no reason we are still making this as tough as it needs to be concurred and rightly as you said payroll is the single biggest liability that any organization has from an expense point of view from an effect perspective 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 need to be done right it has the biggest destructive result on people’s wellness and lots of other aspects if individuals aren’t paid uh I’ve constantly been amazed coming into this Market type of the last 5 to ten years is how little thanks the
payroll team get um so I’m not exactly sure anybody on this sort of webinar has been told 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 employees or not um however eventually payroll is such an essential cycle all of us hear about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I believe 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 stuff is done properly so leveraging the first International Payments very first payroll payment service is a fantastic first step um supplying an end-to-end payroll service for your staff members internationally once again I believe is another substantial um procedure again lining up and ensuring you have standardization International procedures all of those things are absolutely key to success success of companies and minimizing the variety of tools platforms and savings account they need for their Worldwide 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 thousand of them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the grievances where things have not gone quite where they’re meant to be um I do not believe any of us are actually doing that for for the thanks
anyway we understand how how important 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 simple as possible for everybody that’s involved in those processes and likewise so think of sorry I’m just I was just gon na state imagine the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions think of getting that many 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 definitely be a fascinating job attempting to clean 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 require days of the week to try to check out them and in fact see what was going on and sort of try to return to everybody so moving on appearance why do business select to main separate savings account there are Papaya Global Bureau Issues organizations out there doing precisely this for specific nations and I have actually worked in a business or numerous services doing precisely that I can state it does not always feel efficient and it does develop more work I understand we’re not purposely doing that we’re not creating extra work for anyone where we do not need to and any person that’s managing 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 quantity that we are I believe many reasons one is it’s the standard I think individuals have got so utilized to we need a brand-new savings account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the norm individuals have actually adopted and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and numerous other ways um to to type of do it so I believe there’s a variety I believe this is a procedure that needs looking at it requires changing however eventually people are really stuck to what they recognize
with right um change is a challenging thing all of us do not like modification um so I believe it’s simply sort of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having maintaining multiple savings account but there’s a huge amount of intricacy opts for setting up a bank account keeping it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for specific individuals so the intricacy is big however I believe the honest response is modification um individuals have not been able to change or haven’t had necessarily the understanding to really make that change into alternate Solutions besides opening a checking account I believe you have actually hit the nail on the head I think it is understanding you know and there is an element of resistance to change but we’ve always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might almost be identified to be the next Century or two there is a lot to keep an eye on and this technique does pose several challenges um so Johnny could you inform us about those difficulties yeah naturally so there’s a range right there is so
I recently made a change 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 gotten another CFO, and with this boosted ability, I have effectively secured payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is better, considering your achievements. Papaya Global Bureau Issues