Over the last five or 6 years …Login Papaya Global… roles on the service provider side and also on the supplier side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just provide everyone another number of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather intriguing 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 everyone originates from and I really 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 very really gloomy and I wish I was somewhere else at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why companies keep separate
Virtual payroll accounts are an alternative to standard bank accounts for managing payroll payments. This is particularly useful for global organizations with dispersed and remote workforces, as it simplifies the intricate 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 service. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a strategic property for payroll executives. We will also offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring precise, effective, and timely payroll payments is a complex difficulty for companies running globally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll bank accounts, find out how companies forecast payroll costs to enhance working capital, and discover how improving worldwide payroll payments can change them from a burdensome job into a tactical possession.
Handling payroll internationally is a daunting task due to different policies, compliance requirements, data security issues, and banking rules. The sheer number of employees and organizations contributes to the complexity, with an approximated 3.5 billion individuals in the international workforce, 500 countless whom remain in Africa, and 230 million companies worldwide.
Traditional payroll systems typically result in manual procedures, data silos, and an absence of combination, causing disparities and ineffectiveness. Regardless of residing in an era of technological improvements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar goals to provide insights and solutions to simplify and enhance global payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Workforce information in real time that’s another number that provides me sleep deprived nights and rather honestly the more a business invests in international payroll the less of a photo they see a lack of visibility likewise reaches payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the deal nearly half of international businesses have actually revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM information information entry errors poorly communicated hires and terminations in addition to lack management and system setups and after that when you round everything off and the information is delivered to the wrong place the average cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments do not run efficiently if they rely on the required 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 obstacles service face when they’re making payments to employees or otherwise that’s an excellent concern I constantly toss this back and say what is it what doesn’t require to be included best 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 country there’s payment amount of time there’s payment abilities 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 consumer’s own in-country account so there’s complexity wherever you look right eventually constructing a knowledge base is definitely crucial however all over you look with payroll payment they are like incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is allowing us to type of progress with that it likewise also to add to that payroll and financing require to work closer together um with varying Bank Account Details varying banking requirements and setup processes is absolutely essential that payroll and finance groups 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 doesn’t work in the payroll occupation would they divide 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 wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being a growing number of crucial to contribute to sort of the level of intricacy there’s more and more benefits being organ or being provided by services across the world so once again you’re simply aiming to include more and more payments to this already complicated landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of genuine obstacles or genuine difficult type of pay uses to play to pay people I think yeah I indicate over the last well yeah a number of decades I would absolutely say that the bigger an organization 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 information into the next function as it were that’s really managing the payment side of things however you know in in my viewpoint and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we need to create additional handoffs in the processes that we run in they simply make them more prompt they make them less efficient and they don’t make them what they need to be in in a period of tech and an era that you know that we are operating in today there is no reason we are still making this as tough as it requires to be concurred and appropriately as you stated payroll is the single most significant liability that any company has from an expense viewpoint from an impact perspective on staff members it is definitely important 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 detrimental result on people’s wellness and lots of other elements if people aren’t paid uh I’ve constantly been impressed entering into this Market kind of the last 5 to 10 years is how little thanks the
payroll team get um so I’m not exactly sure anybody on this sort of webinar has been told 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 eventually payroll is such an essential cycle we all 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 deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely important that all of this things is done correctly so leveraging the first Global Payments very first payroll payment option is an excellent initial step um providing an end-to-end payroll option for your employees worldwide once again I think is another huge um procedure again lining up and ensuring you have standardization Worldwide procedures all of those things are absolutely crucial to success success of services and lowering the variety of tools platforms and bank accounts they need for their International payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things have not gone rather where they’re suggested to be um I don’t think any of us are really doing that for for the thanks
anyhow we know how how essential 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 processes and likewise so imagine sorry I’m just I was simply gon na say envision the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions think of getting that many thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting task attempting to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and really see what was going on and kind of shot to return to everybody so proceeding appearance why do companies select to main separate checking account there are Login Papaya Global organizations out there doing exactly this for particular nations and I’ve operated in a business or many companies doing exactly that I can state it does not constantly feel efficient and it does create more work I know we’re not purposely doing that we’re not developing additional work for any person where we don’t need to and anyone that’s dealing with that procedure 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 think numerous reasons one is it’s the standard I think individuals have got so utilized to we need a new checking 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 simply been the requirement and the norm the people have actually embraced and continue to do over years and years gone past 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 think this is a process that requires looking at it requires changing however eventually individuals are very stuck to what they recognize
with best um modification is a hard thing we all do not like modification um so I believe it’s simply type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand certainly the advantages of having maintaining numerous checking account however there’s a huge quantity of complexity chooses establishing a checking account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the ideal user accesses for individual people so the complexity is huge however I think the sincere response is change um people have not had the ability to alter or have not had necessarily the knowledge to actually make that change into alternate Solutions other than opening a savings account I think you’ve struck the nail on the head I believe it is knowledge you know and there is a component of resistance to change but we have actually constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of carrying on and moving into you understand what might almost be identified to be the next Century or two there is a lot to keep an eye on and this approach does present a number of challenges um so Johnny could you inform us about those obstacles yeah naturally so there’s a variety right there is so
I just 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 seems like our CFO has actually gotten another CFO, and with this improved ability, I have successfully secured payments for our 10,000 workers worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is more detailed, considering your achievements. Login Papaya Global