Over the last five or 6 years …Papaya Global Turnover… roles on the company side and likewise on the vendor side from a payroll viewpoint so really eagerly anticipating this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just offer everyone another number of uh well one of 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 quite interesting and I can see it going on currently simply to hear where everyone 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 is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely extremely dreary and I wish I was somewhere else at this moment in time all right so let’s start our program for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why companies keep separate
Virtual payroll accounts are an alternative to conventional checking account for managing payroll payments. This is especially useful for worldwide companies with dispersed and remote labor forces, as it simplifies the intricate procedure of cross-border payments. Instead of keeping separate savings account for payroll in various nations, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are ending up being a tactical possession for payroll executives. We will likewise provide a recap of the main points covered and leave time for a Q&A session at the end.
Making sure precise, effective, and prompt payroll payments is a complex challenge for businesses operating globally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll checking account, discover how companies forecast payroll costs to optimize working capital, and discover how streamlining worldwide payroll payments can transform them from a challenging task into a strategic asset.
Handling payroll globally is a challenging task due to numerous regulations, compliance requirements, data security issues, and banking guidelines. The large number of staff members and organizations adds to the complexity, with an approximated 3.5 billion people in the global workforce, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Conventional payroll systems often result in manual procedures, data silos, and a lack of combination, resulting in inconsistencies and ineffectiveness. Regardless of living in a period of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar objectives to provide insights and solutions to streamline and optimize global payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of services state they have Workforce information in real time that’s another number that offers me sleep deprived nights and quite honestly the more a business spends on international payroll the less of a picture they see an absence of exposure also extends to payroll payments and inability to properly track these payments can cause compliance incidents in the last mile of the transaction 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 mistakes are due to time reporting bad HCM information data entry mistakes poorly interacted hires and terminations as well as absence management and system setups and after that when you round all of it off and the information is delivered to the wrong location the typical cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash worldwide payroll and payments do not run efficiently if they depend on the essential numerous processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles service face when they’re making payments to staff members or otherwise that’s a great concern I constantly toss this back and say what is it what doesn’t need to be included ideal and what does
it need to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment capabilities 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 customer’s own in-country account so there’s intricacy anywhere you look right ultimately constructing a knowledge base is definitely crucial but all over you look with payroll payment they are like incredibly payments no if but some infants 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 believe there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is allowing us to type of progress with that it likewise too to add to that payroll and finance require to work closer together um with varying Bank Account Details varying banking requirements and setup processes is definitely crucial that payroll and finance teams work better together than ever um I’m always astonished when people say I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more essential to contribute to kind of the level of intricacy there’s increasingly more benefits being organ or being used by companies across the world so once again you’re just looking to add increasingly more payments to this currently complicated landscape so if you kind of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of real difficulties or real difficult kind of pay utilizes to play to pay individuals I think yeah I imply over the last well yeah a couple of decades I would definitely say that the larger a service gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are groups feeding details into the next function as it were that’s really managing the payment side of things however 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 develop additional handoffs at the same times 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 a period of tech and an age that you understand that we are working in today there is no reason why we are still making this as hard as it requires to be concurred and appropriately as you said payroll is the single greatest liability that any service has from an expense perspective from an impact perspective on employees it is definitely vital 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 greatest damaging impact on individuals’s well-being and lots of other factors if individuals aren’t paid uh I have actually constantly been surprised entering this Market type of the last 5 to 10 years is how little thanks the
The payroll team might not have been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and individuals only see when things fail. Nevertheless, when things go right, it’s seen as just a routine job. This is how it’s perceived externally too. Therefore, it is important to make sure that tasks like Wi-Fi Worldwide and other essential matters are done properly. Utilizing the very first International Payments very first payroll payment service is a terrific initial action towards supplying a comprehensive payroll solution for employees worldwide. Standardization, global procedures, and decreasing the number of tools, platforms, and checking account necessary for worldwide payroll are essential factors in achieving business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of complaints when things don’t go as prepared. Ultimately, we don’t do it for the appreciation.
anyway we understand how how crucial 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 associated with those procedures and also so think of sorry I’m simply I was simply gon na say think of 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 hundreds of thousands possibly Millions imagine getting that lots of thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating task trying 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 need days of the week to attempt to check out them and really see what was going on and kind of shot to get back to everybody so carrying on look why do business choose to main separate checking account there are Papaya Global Turnover businesses out there doing precisely this for specific countries and I have actually operated in a service or numerous companies doing exactly that I can state it does not always feel efficient and it does produce more work I know we’re not purposely doing that we’re not producing additional work for anyone where we do not need to and anyone that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I think numerous factors one is it’s the standard I believe individuals have actually got so used to we require a brand-new bank account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the norm the people have embraced and continue to do over years and years passed by to contribute to that people have taken a look 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 procedure that needs taking a look at it needs changing however eventually people are really stuck with what they’re familiar
with best um change is a tough thing all of us don’t like change um so I think it’s just sort of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the advantages of having preserving multiple bank accounts but there’s a big amount of complexity goes with setting up a savings account keeping it ensuring it can send International transfers ensuring it’s established with the best user accesses for individual individuals so the complexity is big but I think the honest response is change um people haven’t had the ability to alter or haven’t had necessarily the understanding to really make that change into alternate Solutions aside from opening a savings account I think you’ve struck the nail on the head I think it is knowledge you know and there is a component of resistance to change but we have actually always done it that way is no real reason for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could nearly be figured out to be the next Century or so there is a lot to track and this method does pose a number of obstacles um so Johnny might you tell us about those obstacles yeah of course so there’s a range 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 jobs on one platform. It feels like our CFO has actually gotten another CFO, and with this enhanced ability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is closer, considering your achievements. Papaya Global Turnover