Over the last 5 or six years …Papaya Global Update Won& 39… roles on the supplier side and likewise on the supplier side from a payroll point of view so actually anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply provide everybody another number of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everybody comes from and I really do hope it’s much sunnier than it remains 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 extremely very gloomy and I want I was elsewhere at this moment in time okay so let’s begin our program for today is as follows um we are going to be taking a look at the difficulty years of handling Worldwide payroll why companies maintain separate
Virtual payroll accounts are an option to standard savings account for handling payroll payments. This is particularly beneficial for global companies with dispersed and remote workforces, as it simplifies the intricate procedure of cross-border payments. Instead of keeping separate checking account for payroll in different nations, virtual accounts and digital wallets provide a more structured service. In this webinar, we will explore 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 offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing precise, efficient, and timely payroll payments is a complex difficulty for companies running internationally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll savings account, learn how companies anticipate payroll expenses to enhance working capital, and discover how improving global payroll payments can change them from a troublesome task into a tactical asset.
Managing payroll globally is a challenging task due to various guidelines, compliance requirements, data security issues, and banking rules. The sheer number of employees and services adds to the intricacy, with an approximated 3.5 billion individuals in the worldwide labor force, 500 million of whom are in Africa, and 230 million services worldwide.
Conventional payroll systems frequently result in manual processes, information silos, and an absence of integration, causing inconsistencies and ineffectiveness. 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 objectives to offer insights and options to streamline and optimize international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of services say they have Workforce data in real time that’s another number that provides me sleep deprived nights and rather honestly the more an organization spends on global payroll the less of an image they see an absence of exposure also encompasses payroll payments and inability to properly track these payments can cause compliance mishaps in the last mile of the transaction almost half of international services have expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry errors poorly interacted hires and terminations along with lack management and system configurations and after that when you round it all off and the data is delivered to the incorrect location the average cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money worldwide payroll and payments don’t run efficiently if they depend on the required several processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties organization face when they’re paying to staff members or otherwise that’s an excellent concern I always toss this back and state what is it what does not require to be consisted of best and what does
it need to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment timespan 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 client’s own in-country account so there’s complexity any place you look best ultimately building a knowledge base is definitely critical but all over you look with payroll payment they resemble incredibly payments no if however some infants 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 believe there’s now a bit more recognition that payroll payments are absolutely basic and innovation is permitting us to kind of move on with that it also too to contribute to that payroll and finance need to work closer together um with differing Checking account Details differing banking requirements and setup procedures is definitely necessary that payroll and financing teams work more detailed together than ever um I’m always impressed when individuals state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from estimation I would say no so why do we as a market 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 more and more important to add to sort of the level of complexity there’s increasingly more benefits being organ or being provided by companies across the world so once again you’re just aiming to add a growing number of payments to this currently complex landscape so if you sort of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of real challenges or genuine challenging sort of pay utilizes to play to pay individuals I believe yeah I mean over the last well yeah a number of years I would absolutely state that the bigger a service gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are teams feeding info into the next function as it were that’s really handling the payment side of things but you know in in my viewpoint and my experience that doesn’t always require to be the case you understand long gone are the times where we need to develop additional handoffs while doing sos that we operate in they simply make them more prompt they make them less efficient and they do not make them what they require to be in in a period of tech and an age that you understand that we are working in today there is no reason we are still making this as hard as it requires to be concurred and rightly as you said payroll is the single most significant liability that any organization has from an expense perspective from an impact viewpoint on staff members it is definitely vital 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 greatest destructive impact on individuals’s wellness and many other aspects if individuals aren’t paid uh I’ve always been astonished entering into this Market sort of the last 5 to ten years is how little thanks the
payroll group get um so I’m not exactly sure anyone on this kind of webinar has been informed thank you for processing my payroll properly 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 essential 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 consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely vital that all of this stuff is done correctly so leveraging the first International Payments very first payroll payment solution is a terrific initial step um providing an end-to-end payroll option for your workers internationally again I think is another substantial um procedure again lining up and guaranteeing you have standardization Global procedures all of those things are absolutely crucial to success success of organizations and reducing the number of tools platforms and bank accounts they need for their Global payroll too couldn’t agree with you more and on the the front in terms of 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 5 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 believe any of us are in fact doing that for for the thanks
anyhow we understand how how crucial 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 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 picture the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions imagine getting that numerous thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing job attempting to clean up all those up for sure oh absolutely I can’t picture 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 try to get back to everybody so proceeding look why do companies pick to main separate checking account there are Papaya Global Update Won& 39 services out there doing precisely this for specific nations and I have actually worked in an organization or many organizations doing precisely that I can state it does not constantly feel efficient and it does create more work I understand we’re not intentionally doing that we’re not producing extra work for anybody where we don’t 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 quantity that we are I believe lots of reasons one is it’s the requirement I think individuals have actually got so used to we need a new bank account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the standard the people have adopted and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and many other ways um to to sort of do it so I think there’s a range I believe this is a procedure that requires looking at it requires changing however eventually individuals are really stuck with what they recognize
with ideal um change is a tough thing we all do not like modification um so I believe it’s simply kind of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend certainly the advantages of having maintaining multiple checking account but there’s a huge amount of complexity chooses setting up a bank account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the best user accesses for individual individuals so the complexity is substantial but I think the honest answer is change um individuals haven’t been able to change or haven’t had always the understanding to actually make that change into alternate Solutions besides opening a bank account I think you have actually struck the nail on the head I think it is knowledge you know and there is an aspect of resistance to change but we’ve always done it that way is no real reason for not looking at the the benefits and the possibilities of carrying on and moving into you understand what might nearly be determined to be the next Century approximately there is a lot to monitor and this method does pose numerous challenges um so Johnny might you tell us about those challenges yeah of course so there’s a variety right there is so
I simply did you changed 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 Global employees you are worthy of a corner office with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Update Won& 39