Over the last five or 6 years …Papaya Global Br Tax Code… functions on the company side and likewise 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 simply provide everybody another couple of uh well among the 30 seconds or two to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everyone comes from and I really 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 really extremely bleak and I wish I was somewhere else at this moment in time all right so let’s get going 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 business keep different
Virtual payroll accounts are an alternative to conventional bank accounts for managing payroll payments. This is particularly helpful for worldwide companies with dispersed and remote labor forces, as it simplifies the complicated procedure of cross-border payments. Instead of preserving different checking account for payroll in various countries, virtual accounts and digital wallets provide a more structured option. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are ending up being a tactical possession for payroll executives. We will likewise offer a recap of the main points covered and leave time for a Q&A session at the end.
Guaranteeing accurate, efficient, and prompt payroll payments is a complex challenge for businesses running worldwide. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll savings account, find out how business anticipate payroll costs to enhance working capital, and find how simplifying global payroll payments can transform them from a challenging task into a tactical property.
Handling payroll globally is an overwhelming job due to numerous policies, compliance requirements, information security issues, and banking guidelines. The sheer number of workers and businesses contributes to the intricacy, with an approximated 3.5 billion people in the worldwide workforce, 500 million of whom are in Africa, and 230 million businesses worldwide.
Standard payroll systems typically lead to manual processes, information silos, and an absence of combination, resulting in disparities and inadequacies. Despite residing in an age of technological advancements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar aims to offer insights and options to streamline and optimize worldwide payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Workforce data in real time that’s another number that gives me sleep deprived nights and quite frankly the more a business invests in worldwide payroll the less of an image they see an absence of presence likewise reaches payroll payments and failure to properly track these payments can result in compliance mishaps in the last mile of the deal almost half of worldwide organizations have expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry errors poorly communicated hires and terminations in addition to absence management and system configurations and then when you round everything off and the data is shipped to the wrong place the typical cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the globe payroll and payments don’t run efficiently if they count 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 needs to be factored into the obstacles organization face when they’re paying to workers or otherwise that’s a great concern I always throw this back and state what is it what does not require to be included right and what does
it require to be thought of there’s differing Bank details 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 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 consumer’s own in-country account so there’s intricacy any place you look best eventually building a knowledge base is definitely vital however all over you look with payroll payment they are like incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is permitting us to kind of move on with that it likewise too to contribute to that payroll and financing need to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is absolutely important that payroll and finance groups work more detailed together than ever um I’m constantly astonished when people say I have actually divided payroll and payment um if you walk down the street and asked anybody 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 process it’s the point of information collection all the way through to paying individuals any place 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 important to contribute to sort of the level of intricacy there’s increasingly more advantages being organ or being offered by services across the world so again you’re just aiming to include increasingly more payments to this already complex landscape so if you type of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of genuine obstacles or genuine tough type of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a couple of years I would absolutely say that the bigger a company gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are groups feeding info into the next function as it were that’s actually managing the payment side of things but you know in in my viewpoint and my experience that doesn’t necessarily need to be the case you know long gone are the times where we need to create extra handoffs in the processes 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 era of tech and an era that you know that we are operating in today there is no reason why we are still making this as tough as it needs to be concurred and appropriately as you said payroll is the single greatest liability that any organization has from a cost point of view from an effect point of view on employees it is absolutely crucial that it’s done correctly and on time so what we imply 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 people’s wellness and numerous other elements if individuals aren’t paid uh I’ve always been surprised entering this Market kind of the last five to 10 years is how little thanks the
payroll group get um so I’m unsure anybody on this kind of webinar has been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an essential cycle all of us become aware of it when it fails everyone 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 consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely important that all of this things is done correctly so leveraging the very first Global Payments first payroll payment solution is a fantastic primary step um supplying an end-to-end payroll service for your employees worldwide once again I believe is another huge um procedure once again lining up and guaranteeing you have standardization Worldwide processes all of those things are definitely key to success success of companies and minimizing the variety of tools platforms and bank accounts they need for their International payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve 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 grievances where things have not gone rather where they’re indicated to be um I do not think any of us are in fact doing that for for the thanks
anyhow we understand how how important 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 simple as possible for everyone that’s associated with those procedures and likewise so think of sorry I’m just I was simply gon na say imagine the amount 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 picture getting that many thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting task trying to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and really see what was going on and type of try to return to everyone so carrying on look why do companies select to main different savings account there are Papaya Global Br Tax Code companies out there doing exactly this for specific countries and I have actually worked in a service or many companies doing exactly that I can say it doesn’t always feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not producing additional work for any person where we do not have to and anybody that’s managing 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 quantity that we are I believe many 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 variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm the people have adopted and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and lots of other methods um to to sort of do it so I think there’s a variety I believe this is a process that requires looking at it requires altering however eventually people are really stuck to what they recognize
with ideal um change is a difficult thing all of us do not like change um so I think it’s simply sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand certainly the advantages of having preserving several savings account but there’s a big quantity of complexity chooses establishing a savings account preserving it ensuring it can send International transfers guaranteeing it’s set up with the right user accesses for individual individuals so the complexity is huge however I think the honest answer is change um people have not been able to change or haven’t had necessarily the knowledge to truly make that change into alternate Solutions other than opening a bank account I think you’ve struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to change but we’ve constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what could practically be determined to be the next Century or so there is a lot to keep an eye on and this method does position a number of difficulties um so Johnny might you tell us about those obstacles yeah naturally so there’s a range right there is so
I simply did you changed our Enterprise 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 Worldwide staff members you deserve a corner office with a more detailed parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Br Tax Code