Over the last 5 or 6 years …Papaya Global V28.05.026… roles on the provider side and likewise on the supplier side from a payroll point of view so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just provide everybody another couple of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on already simply to hear where everybody is um it’s nice to to type of like see where everybody comes from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really very uninspiring and I want I was somewhere else at this moment in time fine so let’s start our agenda for today is as follows um we are going to be looking at the difficulty years of managing International payroll why companies keep different
Virtual payroll accounts are an option to standard bank accounts for managing payroll payments. This is particularly useful for international companies with dispersed and remote workforces, as it simplifies the intricate procedure of cross-border payments. Instead of maintaining separate checking account for payroll in various nations, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are becoming a strategic property for payroll executives. We will also provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Making sure accurate, efficient, and prompt payroll payments is a complex challenge for organizations running internationally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll checking account, find out how business anticipate payroll expenses to enhance working capital, and find how improving worldwide payroll payments can change them from a burdensome job into a strategic property.
Handling payroll worldwide is a difficult task due to different policies, compliance requirements, information security concerns, and banking guidelines. The sheer variety of employees and organizations contributes to the complexity, with an approximated 3.5 billion individuals in the worldwide workforce, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Standard payroll systems typically lead to manual processes, information silos, and an absence of combination, causing disparities and ineffectiveness. In spite of residing in an era of technological improvements, 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 provide insights and solutions to streamline and optimize global payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force data in real time that’s another number that gives me sleep deprived nights and quite frankly the more a company invests in global payroll the less of an image they see an absence of exposure also reaches payroll payments and failure to precisely track these payments can lead to compliance accidents in the last mile of the deal nearly half of international businesses have revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM information data entry errors badly communicated hires and terminations in addition to absence management and system configurations and then when you round everything off and the data is delivered to the wrong place the typical cost of a worldwide information 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 do not run smoothly if they depend on the necessary numerous processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges service face when they’re making payments to staff members or otherwise that’s a good question I constantly toss this back and state what is it what does not require to be included best 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 time frames there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the client’s own in-country account so there’s complexity wherever you look ideal ultimately constructing a knowledge base is definitely crucial but everywhere you look with payroll payment they are like very payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely essential and innovation is enabling us to sort of progress with that it likewise too to contribute to that payroll and financing require to work closer together um with varying Savings account Details varying banking requirements and setup processes is definitely important that payroll and financing teams work better together than ever um I’m always surprised when individuals state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession would they split the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being increasingly more crucial to contribute to kind of the level of intricacy there’s increasingly more benefits being organ or being offered by businesses across the world so once again you’re just looking to add 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 certain but have you got any experience in kind of genuine difficulties or genuine tough kind of pay uses to play to pay people I believe yeah I indicate over the last well yeah a couple of decades I would certainly 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 teams feeding info into the next function as it were that’s in fact managing the payment side of things however you know in in my opinion and my experience that does not necessarily need to be the case you understand long gone are the times where we need to develop extra handoffs while doing sos that we operate 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 age of tech and an age that you understand that we are working in today there is no reason why we are still making this as difficult as it requires to be concurred and rightly as you said payroll is the single most significant liability that any organization has from an expense viewpoint from an effect viewpoint on staff members it is definitely 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 most significant harmful effect on people’s wellness and many other aspects if people aren’t paid uh I have actually constantly been impressed coming into this Market kind of the last five to 10 years is how little thanks the
payroll team get um so I’m unsure anyone on this sort 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 goes wrong everyone jumps up and down when it goes wrong but 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 also like why WI-Fi Global why all of this stuff is absolutely essential that all of this things is done correctly so leveraging the very first Global Payments first payroll payment service is a fantastic first step um offering an end-to-end payroll service for your employees globally once again I think is another huge um process again aligning and guaranteeing you have standardization Global processes all of those things are definitely crucial to success success of organizations and lowering the number of tools platforms and bank accounts they need for their Global 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 had a hundred countless them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the grievances where things have not gone quite where they’re meant to be um I do not think any of us are in fact doing that for for the thanks
anyway we understand how how essential a function 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 simple as possible for everybody that’s associated with those procedures and likewise so envision sorry I’m just I was simply gon na state think of the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions imagine getting that lots of thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating job attempting to clean 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 try to look through them and really see what was going on and kind of shot to get back to everybody so proceeding appearance why do business select to main separate savings account there are Papaya Global V28.05.026 organizations out there doing precisely this for specific countries and I’ve worked in a service or numerous organizations doing exactly that I can say it does not constantly feel efficient and it does produce more work I understand we’re not purposely doing that we’re not producing additional work for anybody where we don’t have to and any person that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe lots of factors one is it’s the requirement I believe individuals have got so utilized to we need a new bank account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the standard individuals have adopted and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and numerous other methods um to to type of do it so I believe there’s a variety I think this is a process that requires taking a look at it needs changing however ultimately individuals are really stuck with what they’re familiar
with best um modification is a challenging thing all of us don’t like modification um so I believe 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 clearly the benefits of having preserving numerous bank accounts however there’s a huge quantity of intricacy opts for setting up a bank account maintaining it ensuring it can send International transfers guaranteeing it’s established with the ideal user accesses for private people so the intricacy is big but I believe the truthful response is change um individuals have not had the ability 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 have actually struck the nail on the head I think it is understanding you understand and there is a component of resistance to change but we’ve always done it that way is no real reason for not looking at the the benefits and the possibilities of moving on and moving into you know what might nearly be identified to be the next Century or so there is a lot to keep track of and this approach does present several difficulties um so Johnny might you inform us about those difficulties yeah obviously so there’s a variety right there is so
I just did you switched 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 Global workers you deserve a corner office with a more detailed parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global V28.05.026