Over the last five or 6 years …Papaya Global Update July 2019… functions on the company side and likewise on the supplier side from a payroll viewpoint so actually anticipating this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply give everyone another number of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everybody comes from and I truly 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 drizzling here it’s extremely very bleak and I want I was elsewhere at this moment in time all right so let’s get going our program for today is as follows um we are going to be looking at the challenge years of handling Global payroll why companies preserve separate
Virtual payroll accounts are an alternative to standard savings account for managing payroll payments. This is especially useful for global companies with dispersed and remote workforces, as it streamlines the complex process of cross-border payments. Instead of keeping different bank accounts for payroll in different nations, virtual accounts and digital wallets use a more structured option. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are becoming a strategic possession 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.
Guaranteeing accurate, effective, and prompt payroll payments is a complex challenge for companies operating internationally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll checking account, discover how companies forecast payroll expenses to enhance working capital, and discover how simplifying international payroll payments can change them from a burdensome task into a strategic property.
Managing payroll globally is a daunting task due to different policies, compliance requirements, information security issues, and banking guidelines. The sheer variety of staff members and organizations adds to the complexity, with an estimated 3.5 billion people in the international labor force, 500 million of whom are in Africa, and 230 million companies worldwide.
Conventional payroll systems frequently lead to manual procedures, data silos, and an absence of integration, resulting in inconsistencies and ineffectiveness. In spite of residing in a period of technological advancements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar aims to provide insights and solutions to simplify and optimize worldwide payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force information in real time that’s another number that offers me sleep deprived nights and quite frankly the more a company invests in worldwide payroll the less of a picture they see an absence of visibility also encompasses payroll payments and failure to precisely track these payments can result in compliance mishaps in the last mile of the deal almost half of international organizations have revealed that they don’t 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 poor HCM data data entry errors inadequately interacted hires and terminations in addition to lack management and system configurations and after that when you round it all off and the data is shipped to the incorrect place the typical cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the world payroll and payments don’t run efficiently if they depend on the necessary numerous procedures 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 company face when they’re paying to staff members or otherwise that’s a good question I constantly throw this back and state what is it what does not require to be included right and what does
it need to be considered 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 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 consumer’s own in-country account so there’s intricacy anywhere you look right ultimately building a knowledge base is absolutely vital however all over you look with payroll payment they are like 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 between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely fundamental and technology is allowing us to kind of move forward with that it likewise 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 important that payroll and finance groups work closer together than ever um I’m always amazed when individuals state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession 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 typically split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being a growing number of crucial to contribute to type of the level of intricacy there’s a growing number of benefits being organ or being offered by companies across the world so once again you’re simply seeking to include more and more payments to this currently complicated landscape so if you type of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of genuine difficulties or genuine difficult sort of pay uses to play to pay individuals I think yeah I indicate over the last well yeah a number of decades I would certainly say 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 teams 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 does not always need to be the case you understand long gone are the times where we require to create additional handoffs while doing sos 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 age of tech and an era that you understand that we are operating in today there is no reason we are still making this as hard as it needs to be agreed and appropriately as you said payroll is the single biggest liability that any company has from an expense point of view from an impact perspective on workers it is definitely critical 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 have to be done right it has the most significant harmful effect on individuals’s well-being and lots of other elements if people aren’t paid uh I have actually constantly been astonished entering this Market type of the last 5 to ten years is how little thanks the
payroll team get um so I’m unsure anyone on this sort of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an important cycle all of us become aware of it when it fails everybody jumps up and down when it fails 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 likewise like why WI-Fi Global why all of this things is definitely crucial that all of this things is done properly so leveraging the very first International Payments very first payroll payment solution is a terrific first step um offering an end-to-end payroll service for your staff members worldwide again I believe is another big um process again aligning and guaranteeing you have standardization Global processes all of those things are absolutely key to success success of organizations and reducing the variety of tools platforms and bank accounts 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 have actually never ever had a hundred countless them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the grievances where things haven’t gone quite where they’re meant to be um I don’t think any of us are in fact doing that for for the thanks
anyway we understand 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 easy as possible for everyone that’s associated with those procedures and also so picture sorry I’m simply I was just gon na say think of the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions think of getting that many thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing task trying to clean all those up for sure oh definitely I can’t picture 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 in fact see what was going on and kind of shot to get back to everyone so carrying on look why do business choose to main different bank accounts there are Papaya Global Update July 2019 organizations out there doing precisely this for specific nations and I’ve operated in a company or lots of services doing exactly that I can state it doesn’t always feel effective and it does produce more work I know we’re not deliberately doing that we’re not producing extra work for anybody where we do not need to and anyone that’s dealing with 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 think lots of reasons one is it’s the requirement I think people have got so used to we need a new bank account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the norm individuals have actually adopted and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a variety I believe this is a procedure that needs taking a look at it requires changing but eventually individuals are really stuck to what they recognize
with right um modification is a difficult thing all of us do not like modification um so I think it’s just kind of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having keeping multiple savings account but there’s a substantial quantity of intricacy goes with establishing a bank account keeping it ensuring it can send out International transfers ensuring it’s set up with the ideal user accesses for specific people so the intricacy is substantial however I think the sincere answer is modification um people haven’t been able to change or haven’t had necessarily the understanding to actually make that change into alternate Solutions aside from opening a bank account I think you’ve struck the nail on the head I believe it is understanding you know and there is an aspect of resistance to change but we have actually constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could nearly be identified to be the next Century approximately there is a lot to monitor and this technique does present a number of difficulties um so Johnny might you inform us about those obstacles yeah naturally so there’s a variety 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 jobs on one platform. It feels like our CFO has gained another CFO, and with this enhanced capability, I have successfully protected payments for our 10,000 staff members worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is closer, considering your accomplishments. Papaya Global Update July 2019