Over the last 5 or 6 years …Papaya Global Payroll Pig… roles on the service provider side and also on the vendor side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply give everyone 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 type of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really extremely dreary and I want I was somewhere else at this moment in time alright so let’s get started our program for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why business preserve separate
Virtual payroll accounts are an option to conventional savings account for handling payroll payments. This is particularly useful for global organizations with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of maintaining different bank accounts for payroll in various nations, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are ending up being a tactical property for payroll executives. We will likewise offer a wrap-up of the bottom lines 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 globally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll bank accounts, discover how companies forecast payroll expenses to enhance working capital, and find how improving worldwide payroll payments can change them from a difficult task into a strategic asset.
Handling payroll globally is a complicated job due to different guidelines, compliance requirements, data security issues, and banking rules. The sheer number of staff members and services contributes to the complexity, with an approximated 3.5 billion people in the international workforce, 500 countless whom are in Africa, and 230 million businesses worldwide.
Standard payroll systems often result in manual processes, information silos, and an absence of integration, causing disparities and inefficiencies. Regardless of residing in an era of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar objectives to provide insights and options to streamline and enhance worldwide payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force data in real time that’s another number that offers me sleepless nights and rather honestly the more a service spends on global payroll the less of a photo they see a lack of visibility likewise extends to payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the deal nearly half of worldwide organizations have actually expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM data data entry mistakes badly interacted hires and terminations in addition to absence management and system configurations and then when you round it all off and the information is delivered to the incorrect 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 money worldwide payroll and payments do not run efficiently if they depend on the necessary numerous procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges organization face when they’re paying to workers or otherwise that’s an excellent concern I always toss this back and say what is it what does not require to be consisted of best and what does
it need to be considered there’s varying Bank information 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 need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s complexity wherever you look best ultimately developing a knowledge base is definitely vital but all over you look with payroll payment they are like incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely basic and technology is allowing us to sort of move forward with that it also as well to add to that payroll and financing require to work closer together um with differing Checking account Details varying banking requirements and setup procedures is absolutely important that payroll and financing teams work better together than ever um I’m constantly surprised when people say I’ve split 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 split the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more crucial to contribute to type of the level of complexity there’s increasingly more advantages being organ or being offered by organizations across the world so again you’re just wanting to include increasingly 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’m sure however have you got any experience in kind of real obstacles or genuine challenging kind of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a couple of decades I would definitely say that the larger a business 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 teams feeding information into the next function as it were that’s in fact handling the payment side of things but you know in in my viewpoint and my experience that does not necessarily need to be the case you understand long gone are the times where we require to produce additional handoffs at the same times that we operate in they just make them more timely they make them less efficient and they don’t make them what they require to be in in an age of tech and an age that you understand that we are operating in today there is no reason why we are still making this as hard as it requires to be agreed and rightly as you stated payroll is the single biggest liability that any company has from a cost perspective from an impact viewpoint on workers it is absolutely critical that it’s done correctly 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 most significant destructive result on people’s wellness and many other elements if people aren’t paid uh I have actually constantly been surprised coming into this Market kind of the last 5 to 10 years is how little thanks the
payroll team get um so I’m unsure anybody on this sort of webinar has been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um but eventually payroll is such a crucial 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 workout 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 essential that all of this things is done properly so leveraging the first International Payments first payroll payment option is an excellent first step um supplying an end-to-end payroll solution for your employees internationally again I believe is another huge um process once again lining up and guaranteeing you have standardization Global processes all of those things are absolutely crucial to success success of businesses and lowering the number of tools platforms and checking account 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’ve never ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t gone rather where they’re meant to be um I do not believe any of us are actually doing that for for the thanks
anyway we know 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 simple as possible for everybody that’s associated with those procedures and also so envision sorry I’m simply I was just gon na say picture the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re discussing hundreds of thousands potentially Millions picture getting that numerous thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing job attempting to clean all those up for sure oh absolutely I can’t picture 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 actually see what was going on and type of shot to get back to everybody so carrying on appearance why do business pick to primary different bank accounts there are Papaya Global Payroll Pig businesses out there doing precisely this for particular countries and I’ve worked in a company or many organizations doing precisely that I can state it doesn’t constantly feel effective and it does develop more work I know we’re not deliberately doing that we’re not creating extra work for anybody where we do not need to and any person that’s handling that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I think lots of factors one is it’s the requirement I believe people have got so utilized to we need a new bank 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 think it’s simply been the standard and the norm individuals have adopted and continue to do over years and years passed by to add to that people have looked at things like trust accounts and many other methods um to to kind of do it so I believe there’s a range I believe this is a process that needs looking at it requires altering but ultimately individuals are very stuck to what they recognize
with ideal um change is a difficult thing we all do not like modification um so I believe it’s simply sort of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the advantages of having keeping multiple checking account however there’s a substantial quantity of complexity chooses establishing a checking account keeping it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for private people so the intricacy is substantial however I think the honest response is modification um people haven’t been able to alter or have not had necessarily the understanding to really make that change into alternate Solutions other than opening a bank account I think you have actually hit the nail on the head I believe it is knowledge you know and there is a component of resistance to alter but we have actually constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what could nearly be identified to be the next Century approximately there is a lot to keep track of and this approach does pose a number of difficulties um so Johnny could you tell us about those obstacles yeah obviously so there’s a variety right there is so
I 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 actually effectively secured payments for our 10,000 staff members worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is better, considering your accomplishments. Papaya Global Payroll Pig