Over the last five or 6 years …Papaya Global Auto Enrolment Module… functions 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 everyone all right thanks Johnny uh we’ll simply provide everyone another couple of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everyone comes from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really really dreary and I want I was somewhere else at this moment in time okay so let’s start our agenda for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why companies keep separate
Virtual payroll accounts are an option to conventional bank accounts for handling payroll payments. This is particularly helpful for international companies with dispersed and remote labor forces, as it simplifies the complicated process of cross-border payments. Instead of maintaining different checking account for payroll in different countries, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are becoming a strategic possession 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 accurate, efficient, and prompt payroll payments is a complex difficulty for services operating worldwide. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll checking account, discover how companies anticipate payroll costs to enhance working capital, and discover how streamlining global payroll payments can transform them from a burdensome job into a strategic asset.
Managing payroll internationally is a daunting job due to numerous guidelines, compliance requirements, information security concerns, and banking rules. The sheer variety of staff members and companies adds to the complexity, with an estimated 3.5 billion people in the worldwide workforce, 500 countless whom are in Africa, and 230 million organizations worldwide.
Standard payroll systems typically lead to manual procedures, information silos, and a lack of combination, causing disparities and inadequacies. Despite residing in a period of technological advancements, payroll management has been slow to adjust, 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 optimize global payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of services say they have Labor force data in real time that’s another number that gives me sleepless nights and quite frankly the more an organization spends on international payroll the less of a picture they see a lack of exposure also reaches payroll payments and inability to accurately track these payments can result in compliance accidents in the last mile of the transaction nearly half of worldwide companies have revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry errors badly communicated hires and terminations along with absence management and system setups and then when you round everything off and the data is shipped to the wrong location the typical cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the world payroll and payments don’t run efficiently if they rely on the required numerous procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties business face when they’re paying to employees or otherwise that’s a good concern I constantly throw this back and say what is it what does not need to be included right and what does
it require to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment amount of time 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 intricacy wherever you look ideal eventually constructing a knowledge base is definitely vital however all over you look with payroll payment they resemble extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and technology is enabling us to sort of progress with that it likewise as well to contribute to that payroll and finance require to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is absolutely essential that payroll and financing teams work more detailed together than ever um I’m always astonished when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll occupation 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 often split and cut up um ultimately it’s payroll is an end-to-end procedure 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 third parties so with the
world we live in and wellness being increasingly more important to contribute to kind of the level of complexity there’s increasingly more advantages being organ or being provided by services across the world so again you’re simply seeking to add increasingly more payments to this already complex landscape so if you sort 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 real difficulties or real challenging sort of pay uses to play to pay people I believe yeah I indicate over the last well yeah a couple of decades I would absolutely state that the bigger an organization 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 information 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 always require to be the case you understand long gone are the times where we need to create additional handoffs at the same times that we run in they simply make them more timely they make them less effective and they do not make them what they require to be in in an era of tech and an era that you know that we are working in today there is no reason we are still making this as difficult as it requires to be concurred and rightly as you stated payroll is the single greatest liability that any organization has from a cost point of view from an effect point of view on workers it is definitely vital 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 most significant damaging result on people’s wellness and lots of other factors if people aren’t paid uh I have actually constantly been amazed entering into this Market sort of the last five to ten years is how little thanks the
The payroll group might not have actually been thanked for properly processing payroll throughout a webinar. If anybody has been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and people only see when things fail. However, when things go right, it’s viewed as simply a routine task. This is how it’s viewed externally also. For that reason, it is essential to guarantee that jobs like Wi-Fi Global and other important matters are done properly. Using the first Worldwide Payments very first payroll payment service is a terrific preliminary step towards providing a comprehensive payroll service for staff members worldwide. Standardization, global procedures, and lowering the number of tools, platforms, and savings account necessary for worldwide payroll are key factors in accomplishing organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of complaints when things don’t go as planned. Eventually, we don’t do it for the appreciation.
anyhow we understand how how important 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 associated with those procedures and also so picture sorry I’m simply I was just gon na say think of the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re talking about numerous thousands possibly Millions envision getting that many thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing task trying to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and actually see what was going on and sort of try to get back to everyone so proceeding look why do business pick to primary different bank accounts there are Papaya Global Auto Enrolment Module companies out there doing exactly this for specific nations and I’ve worked in a service or numerous services doing precisely that I can say it doesn’t constantly feel effective and it does create more work I understand we’re not purposely doing that we’re not producing additional work for anyone where we don’t have to and anyone that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I think lots of reasons one is it’s the standard I believe people have actually got so used to we require a new bank account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have actually embraced and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and lots of other methods um to to type of do it so I think there’s a range I believe this is a process that requires looking at it needs changing however eventually people are extremely stuck with what they recognize
with right um modification is a challenging thing all of us don’t like modification um so I think it’s just type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend certainly the benefits of having keeping multiple checking account however there’s a substantial amount of intricacy goes with establishing a savings account preserving it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for private people so the intricacy is substantial however I think the truthful response is modification um individuals haven’t had the ability to change or haven’t had always the understanding to truly make that change into alternate Solutions aside from opening a savings account I think you have actually hit the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to change but we have actually constantly 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 understand what could nearly be determined to be the next Century or two there is a lot to monitor and this method does position a number of obstacles um so Johnny could you tell us about those difficulties yeah naturally so there’s a range 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 International employees you should have a corner office with a closer parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Auto Enrolment Module