Over the last five or six years …Fundera Papaya Global… functions on the service provider side and likewise on the supplier side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just offer everyone another number of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I truly do hope it’s much sunnier than it is 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 really extremely bleak and I want I was elsewhere at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why companies preserve different
Virtual payroll accounts are an option to standard savings account for managing payroll payments. This is especially beneficial for international organizations with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of keeping separate bank accounts for payroll in various countries, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are becoming a tactical asset for payroll executives. We will also provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Making sure precise, effective, and timely payroll payments is a complex difficulty for businesses operating globally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll savings account, learn how companies forecast payroll expenses to enhance working capital, and discover how enhancing global payroll payments can change them from a troublesome task into a tactical asset.
Managing payroll internationally is a challenging task due to different regulations, compliance requirements, data security concerns, and banking rules. The sheer number of employees and services adds to the complexity, with an approximated 3.5 billion people in the worldwide labor force, 500 countless whom are in Africa, and 230 million services worldwide.
Traditional payroll systems often lead to manual processes, information silos, and an absence of combination, causing inconsistencies and inefficiencies. In spite of living in a period of technological advancements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar goals to provide insights and solutions to simplify 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 rather frankly the more a service invests in global payroll the less of a picture they see an absence of visibility likewise extends to payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the deal almost half of worldwide companies have actually revealed 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 data data entry mistakes poorly interacted hires and terminations in addition to absence management and system configurations and after that when you round it all off and the information is shipped to the wrong place the typical expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money all over the world payroll and payments don’t run efficiently if they count on the necessary multiple procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges service face when they’re making payments to employees or otherwise that’s an excellent question I always throw this back and state what is it what does not need to be included ideal and what does
it require 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 have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s complexity any place you look right eventually developing a knowledge base is absolutely vital but everywhere you look with payroll payment they resemble super payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely fundamental and technology is allowing us to kind of progress with that it likewise also to contribute to that payroll and finance need to work closer together um with varying Bank Account Details varying banking requirements and setup processes is absolutely essential that payroll and finance teams work closer together than ever um I’m always impressed when individuals state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll occupation would they split 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 eventually 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 third parties so with the
world we live in and well-being being increasingly more important 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 again you’re just wanting to include more and more payments to this already complex 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 genuine challenges or real challenging kind of pay uses to play to pay people I believe yeah I suggest over the last well yeah a couple of years I would definitely state that the bigger a company 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 really managing the payment side of things but you know in in my opinion and my experience that does not necessarily require to be the case you understand long gone are the times where we require to develop additional handoffs while doing sos that we operate in they just make them more timely they make them less effective and they do not make them what they need to be in in an age of tech and an age that you understand that we are operating in today there is no reason we are still making this as tough as it needs to be concurred and appropriately as you stated payroll is the single biggest liability that any organization has from a cost point of view from an impact point of view on staff members it is definitely important that it’s done properly 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 harmful result on individuals’s well-being and lots of other aspects if individuals aren’t paid uh I’ve always been astonished coming into this Market sort of the last five to ten years is how little thanks the
payroll team get um so I’m uncertain anyone on this kind of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an important cycle all of us hear about it when it goes wrong everybody 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 stuff is definitely important that all of this stuff is done properly so leveraging the very first Global Payments first payroll payment solution is a great initial step um providing an end-to-end payroll option for your staff members globally once again I think is another big um process once again lining up and guaranteeing you have standardization Worldwide processes all of those things are absolutely key to success success of companies and decreasing the number of tools platforms and checking account they need for their Global payroll too couldn’t 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 thousand of them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the problems where things haven’t gone rather where they’re indicated to be um I don’t think any of us are really doing that for for the thanks
anyway we understand how how essential a function 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 everybody that’s involved in those procedures and also so think of sorry I’m simply I was simply 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 sure we’re discussing numerous thousands possibly Millions picture getting that numerous 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 certainly be an interesting task trying to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case 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 try to return to everyone so proceeding look why do business pick to primary different savings account there are Fundera Papaya Global organizations out there doing precisely this for particular nations and I have actually operated in a service or many organizations doing precisely that I can say it does not always feel efficient and it does develop more work I understand we’re not purposely doing that we’re not creating additional work for any person 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 believe that we’re doing that in in the in the amount that we are I believe lots of reasons one is it’s the standard I believe individuals have got so used to we need a new bank account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm the people have actually adopted 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 numerous other methods um to to type of do it so I think there’s a variety I believe this is a procedure that requires looking at it needs altering however eventually people are really stuck to what they’re familiar
with ideal um change is a hard thing we all do not like modification um so I believe it’s just kind of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend obviously the benefits of having maintaining several checking account however there’s a substantial amount of intricacy goes with setting up a bank account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for individual people so the complexity is huge but I believe the truthful answer is modification um people have not been able to alter or haven’t had necessarily the understanding to truly make that change into alternate Solutions other than opening a checking account I believe you’ve hit the nail on the head I think it is knowledge you know and there is an element of resistance to change but we have actually always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what might practically be determined to be the next Century or so there is a lot to keep track of and this technique does posture numerous obstacles um so Johnny could you inform us about those difficulties yeah obviously so there’s a range right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually gained another CFO, and with this improved capability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is more detailed, considering your accomplishments. Fundera Papaya Global