Over the last five or 6 years …Webroot Papaya Global… functions on the company side and also on the supplier side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just give everyone another number of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everyone comes from and I truly do hope it’s much sunnier than it is 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 extremely extremely uninspiring 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 looking at the challenge years of managing Worldwide payroll why business keep separate
Virtual payroll accounts are an alternative to traditional savings account for handling payroll payments. This is especially helpful for worldwide organizations with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of keeping different bank accounts for payroll in various nations, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are becoming a strategic property for payroll executives. We will also supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
Making sure precise, effective, and prompt payroll payments is a complex challenge for services running worldwide. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll savings account, discover how business forecast payroll expenses to enhance working capital, and discover how streamlining international payroll payments can transform them from a challenging job into a tactical possession.
Managing payroll worldwide is an overwhelming task due to numerous regulations, compliance requirements, information security issues, and banking rules. The large number of workers and services adds to the complexity, with an approximated 3.5 billion individuals in the international labor force, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Conventional payroll systems often lead to manual processes, data silos, and a lack of integration, causing inconsistencies and ineffectiveness. In spite of 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 utilizing pen and paper. This webinar objectives to offer insights and options to streamline and enhance international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite frankly the more a business spends on global payroll the less of a photo they see an absence of exposure likewise encompasses payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the deal almost half of international organizations have expressed that they do not 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 errors poorly communicated hires and terminations along with absence management and system configurations and after that when you round all of it off and the information is shipped to the wrong place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the world payroll and payments don’t run efficiently if they rely on the essential numerous processes 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 challenges business face when they’re paying to workers or otherwise that’s a good concern I always throw this back and say what is it what does not require to be included right and what does
it require 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 complexity wherever you look ideal eventually developing a knowledge base is absolutely critical however all over you look with payroll payment they are like extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely basic and innovation is permitting us to kind of move on with that it also as well to add to that payroll and finance need to work closer together um with varying Checking account Details differing banking requirements and setup processes is absolutely imperative that payroll and financing teams work better together than ever um I’m always surprised when individuals say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t 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 frequently 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 anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being more and more important to contribute to type of the level of complexity there’s increasingly more benefits being organ or being provided by companies across the world so once again you’re just wanting to include increasingly more payments to this already intricate landscape so if you sort of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of real obstacles or real challenging type of pay utilizes to play to pay people I think yeah I mean over the last well yeah a number of years I would definitely say that the larger a service 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 teams feeding info into the next function as it were that’s really handling the payment side of things however you know in in my opinion and my experience that does not always need to be the case you know long gone are the times where we need to create 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 require to be in in a period of tech and a period that you understand that we are operating in today there is no reason that we are still making this as hard as it requires to be concurred and appropriately as you stated payroll is the single greatest liability that any organization has from a cost viewpoint from an impact viewpoint on workers it is absolutely critical 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 need to be done right it has the most significant damaging effect on individuals’s well-being and many other elements if individuals aren’t paid uh I’ve constantly been astonished entering into this Market type of the last 5 to 10 years is how little thanks the
payroll group get um so I’m uncertain anyone on this kind of webinar has been told 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 workers or not um however eventually payroll is such a crucial cycle we all hear about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely crucial that all of this stuff is done properly so leveraging the very first Worldwide Payments first payroll payment solution is a terrific first step um providing an end-to-end payroll service for your staff members worldwide again I believe is another big um procedure again lining up and guaranteeing you have standardization International processes all of those things are absolutely crucial to success success of organizations and lowering the number of tools platforms and savings account they require 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 ever had a hundred thousand of them within a payroll cycle do not anticipate 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 actually doing that for for the thanks
anyway we know 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 involved in those procedures and also so think of sorry I’m simply I was just gon na state envision the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions think of getting that many thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an intriguing job trying to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and really see what was going on and kind of shot to get back to everybody so carrying on appearance why do business choose to main separate checking account there are Webroot Papaya Global companies out there doing exactly this for particular countries and I have actually worked in a company or lots of services doing exactly that I can say it does not always feel effective and it does create more work I understand we’re not purposely doing that we’re not creating additional work for any person where we do not need to and anybody that’s managing 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 think many factors one is it’s the requirement I believe individuals have actually got so used to we need a new checking account we open an entity and appropriately so you need it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the standard individuals have actually adopted and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and many other methods um to to kind of do it so I think there’s a variety I think this is a process that requires taking a look at it needs altering however eventually individuals are very stuck with what they’re familiar
with right um change is a hard thing we all do not like change um so I believe it’s simply type of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand clearly the advantages of having preserving numerous checking account however there’s a huge quantity of intricacy opts for setting up a savings account maintaining it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for private people so the complexity is substantial but I believe the sincere answer is modification um people haven’t been able to alter or have not had necessarily the understanding to really make that change into alternate Solutions other than opening a savings account I believe you have actually hit the nail on the head I think it is understanding you know and there is an aspect of resistance to change but we’ve constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what might almost be determined to be the next Century approximately there is a lot to keep an eye on and this technique does pose several challenges um so Johnny might you tell us about those difficulties yeah naturally so there’s a variety right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually acquired another CFO, and with this enhanced capability, I have actually successfully secured payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is better, considering your achievements. Webroot Papaya Global