Over the last 5 or 6 years …Papaya Global Tel Aviv… roles on the supplier side and likewise on the supplier side from a payroll perspective so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just offer everybody another number of uh well one of 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 rather intriguing and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I actually do hope it’s much sunnier than it is 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 extremely bleak and I wish I was elsewhere at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why business keep different
Virtual payroll accounts are an option to conventional savings account for handling payroll payments. This is especially beneficial for worldwide companies with dispersed and remote workforces, as it streamlines the complex process of cross-border payments. Instead of keeping separate savings account for payroll in various countries, 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 go over why they are ending up being a strategic property for payroll executives. We will also supply a recap of the main points covered and leave time for a Q&A session at the end.
Ensuring precise, effective, and prompt payroll payments is a complex challenge for organizations running worldwide. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll checking account, discover how business forecast payroll expenses to optimize working capital, and discover how simplifying international payroll payments can transform them from a difficult task into a strategic asset.
Handling payroll globally is a complicated task due to various guidelines, compliance requirements, data security issues, and banking rules. The sheer number of staff members and companies adds to the complexity, with an estimated 3.5 billion individuals in the worldwide workforce, 500 countless whom are in Africa, and 230 million businesses worldwide.
Conventional payroll systems frequently result in manual procedures, information silos, and an absence of integration, resulting in inconsistencies and inefficiencies. Regardless of living in an era of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar goals to offer insights and services to streamline and optimize international payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force information in real time that’s another number that provides me sleepless nights and rather frankly the more an organization invests in global payroll the less of a picture they see a lack of presence also extends to payroll payments and failure to precisely track these payments can cause compliance accidents in the last mile of the deal nearly half of worldwide services have revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM information information entry mistakes improperly interacted hires and terminations in addition to absence management and system configurations and then when you round it all off and the information is shipped to the wrong location the average cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments don’t run efficiently if they rely on the necessary several 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 organization face when they’re making payments to employees or otherwise that’s a good question I always throw this back and say what is it what does not need to be included right and what does
it require to be thought about there’s varying Bank information 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 anywhere you look best ultimately building a knowledge base is definitely crucial however all over you look with payroll payment they resemble very payments no if but some infants about it you are all superheroes processing payments for payroll if you take a 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 essential and technology is enabling us to sort of move on with that it also also to add to that payroll and financing require to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is absolutely essential that payroll and financing groups work better together than ever um I’m always impressed when people say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation would they split the payroll payment from estimation 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 procedure it’s the point of data collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more crucial to add to kind of the level of complexity there’s more and more advantages being organ or being used by companies across the world so again you’re just looking to include a growing number of payments to this currently complex landscape so if you sort of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of real obstacles or genuine tough sort of pay uses to play to pay people I believe yeah I mean over the last well yeah a number of years I would absolutely 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 actually managing the payment side of things but you understand in in my viewpoint and my experience that doesn’t necessarily require to be the case you know long gone are the times where we need to create additional handoffs while doing sos that we operate in they simply make them more timely they make them less efficient and they don’t make them what they need to be in in an era of tech and an era 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 rightly as you said payroll is the single greatest liability that any organization has from an expense viewpoint from an effect viewpoint on staff members it is absolutely important 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 greatest detrimental result on people’s well-being and many other aspects if people aren’t paid uh I have actually constantly been amazed entering this Market sort 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 employees or not um however eventually payroll is such an essential cycle all of us hear about it when it goes wrong 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 consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely vital that all of this things is done correctly so leveraging the very first International Payments first payroll payment solution is an excellent first step um providing an end-to-end payroll service for your employees globally once again I believe is another substantial um process again lining up and guaranteeing you have standardization Worldwide processes all of those things are absolutely key to success success of organizations and decreasing the variety of tools platforms and bank accounts they require for their International 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 had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the grievances where things haven’t gone rather where they’re implied to be um I do not believe any of us are really doing that for for the thanks
anyway we understand how how essential 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 involved in those processes and likewise so envision sorry I’m just I was simply gon na say envision the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions envision getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting job trying to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and actually see what was going on and kind of shot to get back to everyone so moving on appearance why do business pick to primary separate bank accounts there are Papaya Global Tel Aviv services out there doing precisely this for specific countries and I’ve operated in a service or numerous businesses doing exactly that I can state it doesn’t constantly feel efficient and it does create more work I understand we’re not deliberately doing that we’re not producing additional work for anyone where we don’t need to and anybody that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think numerous factors one is it’s the requirement I believe people have actually got so used to we need a new savings account we open an entity and rightly so you need it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the standard the people have actually adopted and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a range I believe this is a process that requires looking at it needs changing but eventually individuals are very stuck to what they’re familiar
with right um modification is a challenging thing we all do not like change um so I think it’s just type of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend obviously the advantages of having preserving several savings account however there’s a huge amount of complexity chooses establishing a bank account keeping it ensuring it can send International transfers guaranteeing it’s set up with the ideal user accesses for individual individuals so the complexity is substantial but I think the sincere answer is change um individuals have not had the ability to change or have not had always the knowledge to truly make that change into alternate Solutions besides opening a savings account I believe you have actually hit the nail on the head I think it is understanding you know and there is an element of resistance to change however we have actually always done it that way is no real reason for not looking at the the advantages and the possibilities of carrying on and moving into you know what could practically be determined to be the next Century approximately there is a lot to keep track of and this method does position numerous difficulties um so Johnny could you tell us about those difficulties yeah of course so there’s a range right there is so
I simply did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International employees you are worthy of a corner office with a more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Tel Aviv