Over the last five or six years …Papaya Global Data Optimise… functions on the company side and also on the vendor side from a payroll point of view so actually anticipating this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply provide everyone another number of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll kind 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 actually 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 very very bleak and I wish 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 challenge years of managing International payroll why business maintain different
Virtual payroll accounts are an option to traditional checking account for handling payroll payments. This is especially beneficial for international organizations with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of preserving separate checking account for payroll in different countries, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are ending up being a tactical property for payroll executives. We will also offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
Making sure precise, efficient, and prompt payroll payments is a complex challenge for services running globally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll savings account, learn how business forecast payroll costs to optimize working capital, and discover how streamlining global payroll payments can transform them from a difficult job into a tactical asset.
Managing payroll globally is a daunting task due to numerous regulations, compliance requirements, data security concerns, and banking rules. The large variety of employees and services adds to the complexity, with an approximated 3.5 billion individuals 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 an absence of integration, leading to disparities and inefficiencies. Despite living in a period of technological improvements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar objectives to provide insights and services to simplify and optimize international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force data in real time that’s another number that provides me sleepless nights and rather frankly the more a business invests in worldwide payroll the less of a photo they see a lack of visibility likewise extends to payroll payments and inability to properly track these payments can lead to compliance accidents in the last mile of the deal almost half of international 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 because of time reporting bad HCM information information entry errors badly communicated hires and terminations along with absence management and system setups and then when you round it all off and the data is shipped to the incorrect location the average cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the world payroll and payments don’t run efficiently if they depend on the necessary several 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 obstacles service face when they’re paying to workers or otherwise that’s a great question I constantly throw this back and state what is it what doesn’t need to be included right and what does
it require to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment abilities 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 intricacy wherever you look ideal ultimately developing a knowledge base is absolutely important but all over you look with payroll payment they are like very payments no if however some children about it you are all superheroes processing payments for payroll if you look at the kind 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 fundamental and innovation is permitting us to type of progress with that it also as well to add to that payroll and finance require to work closer together um with varying Savings account Details varying banking requirements and setup procedures is definitely imperative that payroll and finance teams work more detailed together than ever um I’m constantly astonished when individuals state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work 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 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 3rd parties so with the
world we live in and well-being being a growing number of crucial to contribute to sort of the level of complexity there’s a growing number of advantages being organ or being provided by organizations throughout the world so again you’re simply looking 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 sure however have you got any experience in kind of real challenges or genuine tough kind of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a number of decades I would definitely state that the bigger a business gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are groups feeding info into the next function as it were that’s in fact managing the payment side of things but you understand in in my opinion and my experience that doesn’t always need to be the case you know long gone are the times where we need to produce extra handoffs while doing sos that we operate in they just make them more prompt they make them less efficient and they do not make them what they need to be in in a period of tech and a period that you know that we are operating in today there is no reason we are still making this as tough as it requires to be agreed and rightly as you stated payroll is the single biggest liability that any service has from a cost viewpoint from an impact viewpoint on staff members it is definitely crucial 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 greatest detrimental result on people’s well-being and lots of other elements if individuals aren’t paid uh I have actually always been astonished entering into this Market type of the last 5 to ten years is how little thanks the
The payroll team may not have been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and people only notice when things fail. However, when things go right, it’s seen as simply a regular task. This is how it’s perceived externally too. For that reason, it is vital to guarantee that tasks like Wi-Fi International and other essential matters are done correctly. Using the very first Global Payments very first payroll payment service is a terrific initial action towards offering an extensive payroll option for employees worldwide. Standardization, worldwide procedures, and reducing the variety of tools, platforms, and savings account required for international payroll are key factors in accomplishing business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of problems when things don’t go as planned. Ultimately, we don’t do it for the appreciation.
anyhow we know how how important a role it is and that’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 everyone that’s involved in those processes and also so picture sorry I’m just I was simply gon na say think of the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions picture getting that lots of thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating job trying to clean all those up for sure oh absolutely I can’t envision 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 really see what was going on and sort of shot to return to everybody so carrying on look why do companies choose to main separate checking account there are Papaya Global Data Optimise companies out there doing exactly this for particular countries and I’ve operated in a service or lots of companies doing precisely that I can say it does not constantly feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not producing additional work for anyone where we do not have to and anybody that’s handling 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 many factors one is it’s the standard I believe people have actually got so used to we need a brand-new savings account we open an entity and rightly so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard the people have adopted and continue to do over years and years passed by to add 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 needs looking at it needs altering but eventually people are extremely stuck to what they’re familiar
with best um change is a difficult thing we all do not like change um so I think it’s simply sort 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 advantages of having maintaining multiple checking account but there’s a big amount of complexity opts for establishing a savings account preserving it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for specific individuals so the complexity is big but I believe the truthful answer is change um people have not been able to change or have not had necessarily the knowledge to really make that change into alternate Solutions besides opening a savings account I believe you have actually hit the nail on the head I think it is understanding you understand and there is an element of resistance to alter however we’ve always done it that way is no real reason for not looking at the the benefits and the possibilities of carrying on and moving into you know what could practically be identified to be the next Century approximately there is a lot to track and this approach does present numerous challenges um so Johnny might you inform us about those difficulties yeah obviously so there’s a variety 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 Global staff members you deserve a corner office with a better parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Data Optimise