Over the last five or six years …Papaya Global Employer Allowance… roles on the company side and likewise on the vendor side from a payroll viewpoint so really looking forward to this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just give everybody another couple of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite 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 originates from and I truly 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 drizzling here it’s extremely really bleak and I wish I was somewhere else at this moment in time all right so let’s get started our program for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why companies maintain different
Virtual payroll accounts are an option to traditional checking account for handling payroll payments. This is especially useful for worldwide organizations with dispersed and remote labor forces, as it streamlines the complicated procedure of cross-border payments. Instead of keeping different checking account for payroll in different countries, virtual accounts and digital wallets provide a more structured option. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are ending up being a tactical possession for payroll executives. We will also supply a recap of the main points covered and leave time for a Q&A session at the end.
Making sure precise, effective, and timely payroll payments is a complex obstacle for services running internationally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll bank accounts, learn how business anticipate payroll costs to enhance working capital, and discover how improving worldwide payroll payments can transform them from a troublesome task into a tactical property.
Handling payroll worldwide is a complicated job due to different guidelines, compliance requirements, data security issues, and banking guidelines. The large number of staff members and services contributes to the intricacy, with an estimated 3.5 billion people in the worldwide labor force, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Conventional payroll systems frequently lead to manual processes, information silos, and an absence of combination, resulting in inconsistencies and inefficiencies. In spite of living in an era of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar goals to offer insights and services to streamline and enhance international payroll payments.
about it to offer 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 provides me sleep deprived nights and rather honestly the more a company spends on worldwide payroll the less of a photo they see an absence of exposure likewise reaches payroll payments and inability to accurately track these payments can cause compliance incidents in the last mile of the transaction nearly half of international services have expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM data data entry mistakes poorly interacted hires and terminations as well as lack management and system configurations and then when you round all of it off and the information is shipped to the incorrect location the average cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the globe payroll and payments don’t run efficiently if they count on the required numerous 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 difficulties organization face when they’re paying to staff members or otherwise that’s a great question I always toss this back and say what is it what doesn’t require to be included best 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 amount of time there’s payment abilities 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 eventually building a knowledge base is absolutely important however all over you look with payroll payment they are like super payments no if however some babies 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 believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is enabling us to type of progress with that it also as well to contribute to that payroll and financing require to work closer together um with varying Savings account Particulars varying banking requirements and setup procedures is absolutely essential that payroll and finance teams work closer together than ever um I’m constantly impressed when people say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as a market 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 information collection all the way through to paying individuals wherever 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 add to sort of the level of intricacy there’s increasingly more benefits being organ or being offered by services throughout the world so again you’re just seeking to include more and more payments to this currently complex landscape so if you type of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of real obstacles or genuine tough kind of pay uses to play to pay people I believe yeah I suggest over the last well yeah a number of decades I would definitely state that the larger an organization gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are teams feeding info into the next function as it were that’s actually managing the payment side of things but you understand in in my opinion and my experience that does not necessarily need to be the case you know long gone are the times where we require to produce additional handoffs in the processes that we operate in they just make them more timely they make them less effective and they don’t make them what they need to be in in an age of tech and a period that you understand that we are operating in today there is no reason we are still making this as tough as it requires to be agreed and appropriately as you stated payroll is the single biggest liability that any company has from an expense viewpoint from an effect viewpoint on employees it is absolutely important that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the greatest damaging effect on individuals’s well-being and numerous other factors if people aren’t paid uh I have actually constantly been amazed entering this Market sort of the last 5 to 10 years is how little thanks the
payroll group get um so I’m uncertain anybody on this sort of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an essential cycle we all find out about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely vital that all of this things is done properly so leveraging the first International Payments first payroll payment service is a fantastic initial step um providing an end-to-end payroll option for your employees globally once again I believe is another big um procedure again aligning and guaranteeing you have standardization International processes all of those things are definitely crucial to success success of businesses and decreasing the number of tools platforms and checking account they require for their International payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things have not gone rather where they’re meant to be um I don’t believe any of us are really doing that for for the thanks
anyway we understand how how essential 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 involved in those processes and also so think of sorry I’m simply I was simply gon na say envision the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions think of getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating job attempting to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to browse them and really see what was going on and sort of shot to get back to everybody so carrying on look why do business pick to primary different savings account there are Papaya Global Employer Allowance services out there doing exactly this for particular nations and I have actually operated in a service or numerous organizations doing exactly that I can state it doesn’t always feel efficient and it does develop more work I know we’re not intentionally doing that we’re not creating additional work for anyone where we don’t have to and anyone that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I believe numerous factors one is it’s the standard I think people have got so used to we need a brand-new bank account we open an entity and rightly so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the standard individuals have adopted and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and many other methods um to to sort of do it so I think there’s a range I believe this is a process that needs taking a look at it requires changing however eventually people are extremely stuck to what they’re familiar
with right um modification is a hard thing all of us don’t like change um so I think it’s simply type of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand undoubtedly the advantages of having preserving several savings account however there’s a substantial quantity of complexity goes with establishing a checking account maintaining it ensuring it can send out International transfers ensuring it’s established with the right user accesses for specific people so the complexity is huge but I think the honest response is change um people haven’t been able to alter or have not had necessarily the understanding to actually make that change into alternate Solutions besides opening a checking account I think you’ve struck the nail on the head I believe it is understanding you know and there is an aspect of resistance to change but we have actually always done it that way is no genuine reason for not looking at the the advantages and the possibilities of carrying on and moving into you understand what might nearly be determined to be the next Century or two there is a lot to keep an eye on and this approach does posture several challenges um so Johnny might you inform us about those challenges yeah of course so there’s a variety right there is so
I just did you changed our Business 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 International employees you deserve a corner office with a more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Employer Allowance