Over the last 5 or six years …Papaya Global Multi Company Licence… roles on the service provider side and also on the supplier side from a payroll perspective so really looking forward to this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just offer everyone another couple of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite interesting 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 actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely really uninspiring and I want I was somewhere else at this moment in time fine so let’s get going our program for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why business keep different
Virtual payroll accounts are an alternative to conventional savings account for handling payroll payments. This is especially helpful for worldwide companies with dispersed and remote labor forces, as it streamlines the complicated procedure of cross-border payments. Instead of preserving separate savings account for payroll in different countries, virtual accounts and digital wallets provide a more streamlined 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 asset for payroll executives. We will also provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
Guaranteeing precise, effective, and prompt payroll payments is a complex difficulty for companies operating internationally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll savings account, discover how companies forecast payroll expenses to enhance working capital, and discover how improving global payroll payments can change them from a burdensome task into a tactical possession.
Handling payroll internationally is a difficult task due to various regulations, compliance requirements, information security issues, and banking rules. The large number of workers and organizations contributes to the complexity, with an approximated 3.5 billion individuals in the international workforce, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Traditional payroll systems often lead to manual processes, information silos, and an absence of combination, resulting in inconsistencies and ineffectiveness. Despite residing in an age of technological improvements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar aims to provide insights and services to streamline and enhance global payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Labor force information in real time that’s another number that gives me sleepless nights and rather frankly the more an organization spends on global payroll the less of a picture they see a lack of presence likewise encompasses payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the transaction almost half of international companies have expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry errors inadequately interacted hires and terminations as well as lack management and system setups and after that when you round everything off and the data is shipped to the incorrect location the typical expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the globe payroll and payments do not run smoothly if they rely on the needed multiple processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties service face when they’re making payments to staff members or otherwise that’s a great question I constantly toss this back and state what is it what doesn’t require to be consisted of 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 nation there’s payment time frames there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity wherever you look ideal eventually constructing a knowledge base is absolutely critical however everywhere you look with payroll payment they are like 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 think there’s now a bit more acknowledgment that payroll payments are absolutely basic and innovation is enabling us to sort of progress with that it also as well to contribute to that payroll and financing need to work closer together um with varying Savings account Details varying banking requirements and setup procedures is absolutely important that payroll and financing groups work better together than ever um I’m constantly astonished when people state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate 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 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 people any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more crucial to contribute to kind of the level of complexity there’s more and more advantages being organ or being provided by companies across the world so again you’re simply seeking to add more and more payments to this already complex landscape so if you sort of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of genuine challenges or genuine difficult sort of pay uses to play to pay people I think yeah I mean over the last well yeah a number of years I would certainly state that the larger a business gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are groups feeding info into the next function as it were that’s really handling the payment side of things but you understand 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 require to create extra handoffs while doing sos that we operate in they simply 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 an era that you know that we are working in today there is no reason that we are still making this as hard as it needs to be concurred and appropriately as you said payroll is the single most significant liability that any service has from an expense viewpoint from an effect point of view on staff members it is absolutely critical that it’s done properly and on time so what we indicate 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 impact on people’s wellness and lots of other factors if individuals aren’t paid uh I’ve constantly been astonished entering this Market sort of the last five to 10 years is how little thanks the
payroll team get um so I’m unsure anybody on this type of webinar has been told thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um but eventually payroll is such a crucial cycle all of us hear about it when it fails everybody jumps up and down when it fails but when it goes right it’s simply a tick box workout and I think 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 absolutely vital that all of this stuff is done properly so leveraging the first Global Payments first payroll payment solution is a great primary step um offering an end-to-end payroll service for your staff members worldwide again I believe is another big um procedure once again lining up and guaranteeing you have standardization Global processes all of those things are absolutely crucial to success success of companies and lowering the number of tools platforms and checking account 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 have actually never ever had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things haven’t gone rather where they’re suggested to be um I don’t think any of us are in fact doing that for for the thanks
anyhow we understand how how important a function 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 simple as possible for everyone that’s involved in those processes and also so envision sorry I’m simply I was just gon na say think of the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions imagine getting that many 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 absolutely be an interesting job attempting to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to check out them and really see what was going on and type of try to get back to everybody so carrying on look why do business select to main different savings account there are Papaya Global Multi Company Licence companies out there doing precisely this for specific countries and I have actually worked in an organization or numerous companies doing precisely that I can state it doesn’t constantly feel efficient and it does create more work I understand we’re not intentionally doing that we’re not developing extra work for anybody where we don’t have to and anybody that’s dealing with 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 many factors one is it’s the requirement I believe individuals have actually got so utilized to we need a new checking account we open an entity and appropriately 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 just been the requirement and the standard individuals have actually embraced and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and many other methods um to to type of do it so I think there’s a range I think this is a procedure that requires looking at it requires changing but ultimately individuals are really stuck with what they recognize
with best um change is a challenging thing all of us do not like change um so I believe it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the advantages of having preserving numerous savings account but there’s a substantial quantity of complexity opts for setting up a checking account preserving it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for specific individuals so the complexity is substantial however I think the sincere answer is change um people haven’t had the ability to alter or haven’t had always the understanding to really make that change into alternate Solutions besides opening a checking account I believe you have actually hit the nail on the head I believe it is understanding you understand and there is an element of resistance to alter however we’ve constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what might practically be determined to be the next Century or two there is a lot to track and this approach does present a number of difficulties um so Johnny could 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 gotten another CFO, and with this improved capability, I have effectively protected payments for our 10,000 employees worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is better, considering your achievements. Papaya Global Multi Company Licence