Over the last 5 or 6 years …Papaya Global Database Locked… roles on the service provider side and likewise on the supplier side from a payroll point of view so truly anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everyone is um it’s nice to to kind 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 really extremely bleak and I wish I was somewhere else at this moment in time okay so let’s get started our program for today is as follows um we are going to be looking at the challenge years of managing International payroll why companies keep different
Virtual payroll accounts are an alternative to traditional savings account for handling payroll payments. This is especially beneficial for worldwide companies with dispersed and remote labor forces, as it simplifies the complicated procedure of cross-border payments. Instead of keeping different bank accounts for payroll in different nations, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are ending up being a tactical asset for payroll executives. We will also provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
Making sure accurate, efficient, and prompt payroll payments is a complex challenge for services running globally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll savings account, learn how business forecast payroll costs to optimize working capital, and discover how streamlining international payroll payments can transform them from a troublesome task into a strategic asset.
Managing payroll internationally is a daunting task due to numerous regulations, compliance requirements, information security concerns, and banking guidelines. The sheer variety of employees and services adds to the complexity, with an approximated 3.5 billion individuals in the global workforce, 500 million of whom are in Africa, and 230 million businesses worldwide.
Conventional payroll systems often result in manual procedures, data silos, and an absence of integration, resulting in inconsistencies and inadequacies. Regardless of living in an age of technological advancements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar goals to supply insights and options to streamline and optimize international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force information in real time that’s another number that offers me sleep deprived nights and rather frankly the more an organization invests in worldwide payroll the less of a picture they see an absence of exposure also encompasses payroll payments and inability to accurately track these payments can cause compliance incidents in the last mile of the transaction almost half of international organizations have actually revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry mistakes badly interacted hires and terminations in addition to lack management and system configurations and then when you round everything off and the information is delivered to the wrong place the average cost of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash worldwide payroll and payments don’t run efficiently if they count on the essential multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges business face when they’re paying to staff members or otherwise that’s an excellent concern I constantly toss this back and say what is it what doesn’t require to be consisted of ideal and what does
it require to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per nation 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 have to pay from the client’s own in-country account so there’s complexity any place you look right ultimately building a knowledge base is absolutely vital but everywhere you look with payroll payment they resemble very payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is allowing us to sort of move on with that it also also to add to that payroll and financing require to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is definitely necessary that payroll and finance teams work more detailed together than ever um I’m constantly surprised when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not 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 often split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals 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 more and more crucial to add to kind of the level of complexity there’s increasingly more advantages being organ or being offered by services across the world so once again you’re just wanting to include more and more payments to this already intricate landscape so if you kind of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of genuine difficulties or real difficult type of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a number of decades I would certainly say that the bigger a service gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are groups feeding information into the next function as it were that’s really managing the payment side of things but you understand 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 need to develop additional handoffs in the processes that we operate in they simply make them more timely they make them less effective and they don’t make them what they need to be in in an era of tech and a period that you know that we are working in today there is no reason why we are still making this as tough as it requires to be agreed and appropriately as you stated payroll is the single most significant liability that any company has from a cost point of view from an impact viewpoint on workers it is definitely crucial 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 need to be done right it has the biggest damaging result on individuals’s wellness and lots of other elements if people aren’t paid uh I’ve constantly been astonished entering into this Market type of the last five to ten years is how little thanks the
payroll team get um so I’m not exactly sure anybody on this type of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an essential cycle we all hear about it when it goes wrong everyone 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 deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely essential that all of this things is done properly so leveraging the first Worldwide Payments first payroll payment solution is an excellent initial step um supplying an end-to-end payroll option for your employees globally again I think is another huge um process once again aligning and ensuring you have standardization Worldwide procedures all of those things are absolutely key to success success of businesses and reducing the variety of tools platforms and checking account they need for their Global 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 ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things have not gone rather where they’re implied to be um I do not think 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 easy as possible for everyone that’s involved in those procedures and likewise so envision sorry I’m just I was simply gon na state think of the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions imagine getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating task attempting to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and in fact see what was going on and sort of try to return to everybody so carrying on appearance why do companies choose to primary different bank accounts there are Papaya Global Database Locked businesses out there doing precisely this for particular countries and I’ve operated in a service or lots of businesses doing exactly that I can state it does not constantly feel efficient and it does create more work I understand we’re not deliberately doing that we’re not developing additional work for any person where we don’t have to and any person 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 quantity that we are I think many factors one is it’s the standard I think people have got so utilized to we require a new checking account we open an entity and appropriately so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have embraced and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and lots of other ways um to to sort of do it so I believe there’s a range I think this is a process that needs taking a look at it needs changing but eventually people are very stuck to what they’re familiar
with best um change is a challenging thing we all don’t like modification um so I believe it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand undoubtedly the benefits of having maintaining numerous savings account but there’s a big amount of intricacy chooses establishing a savings account preserving it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for specific individuals so the intricacy is huge however I believe the truthful response is modification um individuals haven’t had the ability to alter or haven’t had always the understanding to truly make that change into alternate Solutions besides opening a savings account I think you have actually hit the nail on the head I think it is knowledge you know and there is an element of resistance to change but we’ve constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what could nearly be figured out to be the next Century or so there is a lot to keep track of and this approach does posture several challenges um so Johnny could you tell us about those obstacles yeah obviously so there’s a range right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has actually acquired another CFO, and with this boosted ability, I have successfully protected payments for our 10,000 employees worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is closer, considering your achievements. Papaya Global Database Locked