Over the last 5 or six years …Papaya Global Payroll Journal… roles on the service provider side and also on the vendor side from a payroll point of view so really eagerly anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply give everyone another couple of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to type of like see where everyone comes 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 raining here it’s very really dreary and I wish I was elsewhere at this moment in time alright so let’s begin our program for today is as follows um we are going to be looking at the difficulty years of handling International payroll why business keep separate
Virtual payroll accounts are an option to standard checking account for handling payroll payments. This is especially beneficial for global companies with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of maintaining different bank accounts for payroll in various nations, virtual accounts and digital wallets use a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a tactical property 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.
Making sure precise, effective, and prompt payroll payments is a complex challenge for organizations running globally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll savings account, learn how business forecast payroll costs to enhance working capital, and discover how simplifying international payroll payments can change them from a challenging job into a tactical possession.
Managing payroll worldwide is a challenging task due to various regulations, compliance requirements, information security concerns, and banking rules. The sheer number of workers and organizations contributes to the intricacy, with an estimated 3.5 billion people in the worldwide workforce, 500 countless whom are in Africa, and 230 million services worldwide.
Traditional payroll systems often lead to manual procedures, data silos, and an absence of combination, resulting in inconsistencies and ineffectiveness. In spite of residing in an era of technological developments, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar aims to provide insights and services to streamline and optimize international payroll payments.
about it to offer 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 provides me sleepless nights and quite frankly the more a business spends on global payroll the less of an image they see an absence of visibility likewise encompasses payroll payments and failure to properly track these payments can cause compliance accidents in the last mile of the deal nearly half of global organizations have revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM data information entry mistakes improperly communicated hires and terminations in addition to lack management and system configurations and then when you round all of it off and the information is shipped to the wrong place the average cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money all over the world payroll and payments don’t run smoothly if they count on the necessary multiple processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles organization face when they’re paying to workers or otherwise that’s an excellent question I constantly throw this back and state what is it what doesn’t require to be included ideal and what does
it need to be thought about there’s varying 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 have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s intricacy wherever you look ideal eventually developing a knowledge base is absolutely critical however all over you look with payroll payment they resemble incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely basic and innovation is permitting us to type of progress with that it likewise also to contribute to that payroll and financing require to work closer together um with varying Savings account Details differing banking requirements and setup procedures is definitely important that payroll and finance teams work more detailed together than ever um I’m always amazed when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession would they divide the payroll payment from estimation I would say no so why do we as an industry 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 information collection all the way through to paying people any place 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 add to sort of the level of intricacy there’s a growing number of advantages being organ or being offered by services throughout the world so again you’re simply aiming to include more and more payments to this already complex landscape so if you kind of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of genuine obstacles or real difficult kind of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a number of decades I would absolutely state that the bigger an organization gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are teams feeding details into the next function as it were that’s really handling the payment side of things however you understand in in my viewpoint and my experience that doesn’t always need to be the case you understand long gone are the times where we need to develop additional handoffs while doing sos that we run in they just make them more timely they make them less efficient and they do not make them what they require to be in in an age of tech and a period that you understand that we are working in today there is no reason that we are still making this as difficult as it requires to be agreed and rightly as you stated payroll is the single most significant liability that any company has from a cost viewpoint from an effect point of view on staff members it is definitely crucial that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the biggest harmful result on individuals’s well-being and lots of other factors if individuals aren’t paid uh I have actually constantly been amazed entering into this Market type of the last 5 to ten years is how little thanks the
payroll group get um so I’m uncertain anyone on this kind of webinar has been told 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 workers or not um however ultimately payroll is such a crucial cycle we all become aware of it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s just a tick box exercise and I think 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 essential that all of this things is done properly so leveraging the very first Worldwide Payments first payroll payment solution is a great first step um offering an end-to-end payroll service for your workers internationally again I think is another huge um procedure once again aligning and ensuring you have standardization Worldwide procedures all of those things are definitely crucial to success success of businesses and decreasing the number of tools platforms and bank accounts they require for their Global 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 10 or whatever it might be with the with the the problems where things have not gone quite where they’re suggested to be um I don’t believe any of us are actually doing that for for the thanks
anyway we understand 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 easy as possible for everyone that’s involved in those processes and also so picture sorry I’m simply I was simply gon na say envision the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions picture getting that lots of thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating task attempting to clean all those up for sure oh definitely 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 try to check out them and in fact see what was going on and type of shot to return to everyone so moving on look why do companies choose to main different savings account there are Papaya Global Payroll Journal businesses out there doing precisely this for specific nations and I’ve worked in an organization or numerous services doing exactly that I can say it doesn’t constantly feel efficient and it does create more work I know we’re not deliberately doing that we’re not developing extra work for anybody where we do not have to and anybody that’s managing 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 believe many factors one is it’s the requirement I believe individuals have actually got so used to we need a brand-new savings account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the norm individuals have actually adopted and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and lots of other ways um to to sort of do it so I believe there’s a range I believe this is a process that needs looking at it needs altering but eventually individuals are extremely stuck with what they recognize
with ideal um change is a difficult thing we all do not like change um so I think it’s simply kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the advantages of having keeping numerous checking account but there’s a huge quantity of complexity goes with setting up a bank account maintaining it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for individual individuals so the complexity is big however I think the honest response is modification um individuals have not had the ability to alter or have not had necessarily the understanding to really make that change into alternate Solutions other than opening a savings account I think you have actually hit the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change but we’ve constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of moving on and moving into you know what might nearly be figured out to be the next Century or two there is a lot to keep an eye on and this approach does pose numerous obstacles um so Johnny might you inform us about those obstacles yeah of course so there’s a range right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually gotten another CFO, and with this enhanced capability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Payroll Journal