Over the last 5 or 6 years …Papaya Global Splash Screen Then Nothing… functions on the provider side and also on the supplier side from a payroll point of view so really anticipating this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply offer everyone another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite fascinating 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 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 raining here it’s very very bleak and I wish I was somewhere else at this moment in time okay so let’s get going our agenda 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 bank accounts for managing payroll payments. This is especially beneficial for international organizations with dispersed and remote workforces, as it simplifies the complex process of cross-border payments. Instead of preserving different savings account for payroll in various countries, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are ending up being a strategic possession for payroll executives. We will also 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 obstacle for services running internationally. 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 discover how streamlining international payroll payments can change them from a difficult task into a strategic property.
Handling payroll globally is a difficult job due to different policies, compliance requirements, information security concerns, and banking guidelines. The large variety of employees and companies adds to the complexity, with an estimated 3.5 billion individuals in the worldwide workforce, 500 million of whom remain in Africa, and 230 million companies worldwide.
Traditional payroll systems often lead to manual processes, data silos, and a lack of combination, leading to disparities and inefficiencies. Regardless of living 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 objectives to supply insights and solutions 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 businesses state they have Labor force information in real time that’s another number that provides me sleep deprived nights and quite honestly the more a company spends on worldwide payroll the less of a picture they see a lack of presence likewise encompasses payroll payments and inability to accurately track these payments can result in compliance incidents in the last mile of the deal nearly half of global businesses have actually revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM data information entry mistakes improperly 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 typical expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash all over the world payroll and payments don’t run efficiently if they depend on the required several procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges organization face when they’re making payments to workers or otherwise that’s a great concern I always throw this back and say what is it what does not require to be included ideal 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 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 intricacy any place you look best ultimately building a knowledge base is absolutely crucial however all over you look with payroll payment they are like very payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the type 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 allowing us to kind of move on with that it likewise too to contribute to that payroll and financing require to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is definitely necessary that payroll and finance teams work closer together than ever um I’m always amazed when people state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they split 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people any place they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more crucial to add to type of the level of intricacy there’s a growing number of advantages being organ or being provided by services across the world so again you’re just aiming to include a growing number of payments to this currently intricate landscape so if you type of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of genuine obstacles or real difficult type of pay uses to play to pay individuals I think yeah I imply over the last well yeah a couple of decades I would definitely state that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are groups feeding info into the next function as it were that’s in fact 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 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 prompt they make them less effective and they do not make them what they need to be in in an age of tech and a period that you understand that we are working in today there is no reason we are still making this as challenging as it needs to be agreed and appropriately as you said payroll is the single biggest liability that any company has from an expense viewpoint from an effect perspective on employees it is absolutely critical that it’s done properly 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 destructive impact on people’s wellness and numerous other elements if people aren’t paid uh I’ve constantly been impressed coming into this Market sort of the last 5 to 10 years is how little thanks the
payroll group get um so I’m unsure anyone on this sort of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such an essential cycle all of us find out about it when it goes wrong everybody 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 consider 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 stuff is done properly so leveraging the first International Payments very first payroll payment option is a great initial step um providing an end-to-end payroll service for your staff members worldwide again I think is another huge um procedure again lining up and ensuring you have standardization Worldwide procedures all of those things are absolutely crucial to success success of services and lowering the number of tools platforms and savings account 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 have actually never had a hundred countless them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re suggested to be um I don’t believe any of us are in fact doing that for for the thanks
anyhow we know how how essential 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 simple as possible for everyone that’s associated with those processes and likewise so picture sorry I’m simply I was just gon na say think of 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 discussing numerous thousands possibly Millions imagine getting that many thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an interesting job trying to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to look through them and really see what was going on and sort of try to return to everybody so carrying on appearance why do business select to primary different bank accounts there are Papaya Global Splash Screen Then Nothing organizations out there doing precisely this for particular nations and I’ve worked in an organization or numerous services doing exactly that I can state it does not constantly feel efficient and it does create more work I understand we’re not deliberately doing that we’re not creating extra work for any person where we don’t have to and anybody that’s handling that process 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 reasons one is it’s the requirement I believe people have actually got so used to we need a new checking account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the standard the people have actually adopted and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and numerous other methods um to to type of do it so I think there’s a variety I believe this is a procedure that requires taking a look at it needs altering however ultimately individuals are extremely stuck to what they recognize
with best um modification is a difficult thing we all don’t like change um so I think it’s simply type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend certainly the advantages of having maintaining several bank accounts but there’s a substantial amount of intricacy goes with setting up a savings account maintaining it guaranteeing it can send International transfers ensuring it’s set up with the ideal user accesses for individual people so the intricacy is huge however I think the sincere response is change um people haven’t had the ability to alter or have not had necessarily the knowledge to really make that change into alternate Solutions aside from opening a checking account I believe you have actually struck the nail on the head I believe it is knowledge you know and there is an element of resistance to alter however we have actually constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what might nearly be determined to be the next Century or so there is a lot to track and this method does present a number of challenges um so Johnny might you tell us about those challenges yeah naturally so there’s a range 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 Global staff members you should have a corner workplace with a better parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Splash Screen Then Nothing