Over the last 5 or six years …Costs Of Papaya Global… roles on the supplier side and likewise on the supplier side from a payroll point of view so truly anticipating this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just provide everyone another number 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 rather intriguing and I can see it going on currently just to hear where everyone 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 definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely really gloomy and I wish I was somewhere else at this moment in time alright so let’s get going our program for today is as follows um we are going to be looking at the challenge years of managing Global payroll why business maintain separate
Virtual payroll accounts are an option to standard checking account for managing payroll payments. This is especially useful for international companies with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of maintaining separate bank accounts for payroll in various nations, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a strategic property for payroll executives. We will likewise supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
Ensuring accurate, efficient, and prompt payroll payments is a complex difficulty for organizations running globally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll bank accounts, learn how business anticipate payroll expenses to enhance working capital, and discover how simplifying international payroll payments can transform them from a troublesome task into a strategic possession.
Managing payroll internationally is a difficult job due to different regulations, compliance requirements, data security concerns, and banking guidelines. The large variety of staff members and services contributes to the intricacy, with an approximated 3.5 billion individuals in the international workforce, 500 countless whom remain in Africa, and 230 million companies worldwide.
Standard payroll systems typically result in manual processes, data silos, and an absence of combination, causing inconsistencies and ineffectiveness. Regardless of living in an age of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar goals to offer insights and options to streamline and enhance global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of services say they have Workforce data in real time that’s another number that offers me sleepless nights and quite honestly the more an organization spends on worldwide payroll the less of a picture they see a lack of visibility likewise extends to payroll payments and failure to accurately track these payments can result in compliance incidents in the last mile of the deal nearly half of international companies have revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry mistakes inadequately communicated hires and terminations in addition to absence management and system setups and then when you round everything off and the information is shipped to the wrong place the average cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash all over the world payroll and payments don’t run efficiently if they rely on the necessary numerous processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles service face when they’re paying to employees or otherwise that’s a great concern I constantly toss this back and say what is it what does not need to be consisted of right and what does
it need to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per country 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 have to pay from the consumer’s own in-country account so there’s intricacy wherever you look right ultimately constructing a knowledge base is definitely critical however everywhere you look with payroll payment they resemble extremely payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely basic and innovation is enabling us to sort of move forward with that it also as well to add to that payroll and financing require to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is absolutely vital that payroll and finance teams work closer together than ever um I’m constantly impressed when individuals state I’ve divided 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 computation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being a growing number of essential to contribute to sort of the level of intricacy there’s more and more advantages being organ or being provided by companies throughout the world so once again you’re simply wanting to add increasingly more payments to this already intricate landscape so if you sort of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of genuine difficulties or genuine challenging type of pay uses to play to pay people I believe yeah I imply over the last well yeah a number of years I would certainly state that the bigger a company 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 teams feeding info into the next function as it were that’s in fact handling the payment side of things however you know 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 require to create additional handoffs while doing sos that we run 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 age that you know that we are operating in today there is no reason we are still making this as challenging as it needs to be agreed and rightly as you stated payroll is the single greatest liability that any service has from an expense point of view from an impact point of view on workers it is absolutely critical that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the biggest damaging result on people’s wellness and many other elements if people aren’t paid uh I’ve always been surprised entering this Market type of the last five to 10 years is how little thanks the
payroll team get um so I’m uncertain 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 employees or not um but ultimately payroll is such an important cycle all of us find out about it when it fails everyone 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 deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely crucial that all of this things is done correctly so leveraging the very first International Payments first payroll payment option is an excellent initial step um supplying an end-to-end payroll solution for your staff members worldwide again I believe is another big um procedure again aligning and guaranteeing you have standardization International processes all of those things are absolutely key to success success of services and lowering the variety 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 countless them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things have not gone rather where they’re suggested to be um I do not believe any of us are in fact doing that for for the thanks
anyway we know how how crucial 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 everybody that’s associated with those processes and also so imagine sorry I’m simply I was just gon na say picture the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions imagine getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an interesting task trying to clean 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 really see what was going on and sort of shot to get back to everybody so proceeding look why do companies select to primary different bank accounts there are Costs Of Papaya Global organizations out there doing exactly this for particular nations and I’ve operated in a business or numerous companies doing precisely that I can say it doesn’t constantly feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not creating additional work for anybody where we do not have to and any person that’s dealing with that process 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 believe many factors one is it’s the requirement I believe people have actually got so used to we require a brand-new savings account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm individuals 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 ways um to to sort of do it so I think there’s a variety I believe this is a process that needs looking at it needs changing but ultimately individuals are extremely stuck with what they’re familiar
with right um modification is a hard thing we all don’t like modification um so I believe it’s simply kind of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the benefits of having maintaining numerous checking account but there’s a big amount of intricacy chooses setting up a savings account preserving it ensuring it can send International transfers guaranteeing it’s established with the ideal user accesses for individual people so the complexity is substantial but I think the sincere response is change um individuals haven’t had the ability to alter or haven’t had always the understanding to truly make that change into alternate Solutions other than opening a savings 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 but we’ve constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could nearly be identified to be the next Century approximately there is a lot to keep an eye on and this method does present numerous challenges um so Johnny might you inform us about those difficulties yeah of course so there’s a range right there is so
I simply did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide staff members you should have a corner office with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you Costs Of Papaya Global