Over the last 5 or six years …Papaya Global 50 Support… functions on the service provider side and also on the supplier side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply provide everyone another couple of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I truly do hope it’s much sunnier than it is 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 extremely really gloomy and I want 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 difficulty years of managing Global payroll why business keep different
Virtual payroll accounts are an option to traditional savings account for handling payroll payments. This is particularly useful for worldwide organizations with dispersed and remote workforces, as it streamlines the complex process of cross-border payments. Instead of preserving separate checking account for payroll in different nations, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are ending up being a strategic 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.
Making sure accurate, efficient, and timely payroll payments is a complex obstacle for businesses running internationally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll savings account, discover how companies forecast payroll costs to enhance working capital, and find how enhancing international payroll payments can transform them from a burdensome task into a strategic property.
Handling payroll internationally is a difficult task due to numerous policies, compliance requirements, information security concerns, and banking rules. The large variety of workers and services contributes to the intricacy, with an approximated 3.5 billion individuals in the worldwide workforce, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Traditional payroll systems frequently lead to manual processes, information silos, and a lack of combination, leading to disparities and ineffectiveness. Despite residing in a period of technological developments, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar goals to offer 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 just 11 of services say they have Labor force data in real time that’s another number that provides me sleepless nights and rather honestly the more a service spends on worldwide payroll the less of an image they see an absence of presence likewise extends to payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the deal almost half of worldwide services have revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM data information entry errors improperly communicated hires and terminations in addition to absence management and system setups and then when you round it all off and the data is delivered to the wrong place the average expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the world payroll and payments do not run smoothly if they count on the essential multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles business face when they’re paying to workers or otherwise that’s an excellent question I constantly throw this back and state what is it what doesn’t need to be included ideal and what does
it require to be thought of there’s differing Bank information 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 abilities 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 complexity wherever you look right ultimately constructing a knowledge base is absolutely important however all over you look with payroll payment they are like super payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and technology is permitting us to type of progress with that it also as well to add to that payroll and financing require to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is absolutely vital that payroll and finance teams work closer together than ever um I’m always impressed when people state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate 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 data collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of essential to add to kind of the level of complexity there’s a growing number of advantages being organ or being used by organizations across the world so once again you’re just wanting to add more and more payments to this currently 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 sort of pay utilizes to play to pay individuals I think yeah I imply over the last well yeah a number of years I would absolutely say that the larger an organization 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 teams feeding information into the next function as it were that’s actually handling the payment side of things but you know in in my opinion and my experience that doesn’t always need to be the case you know long gone are the times where we need to produce 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 need to be in in an era of tech and an era that you understand that we are operating in today there is no reason we are still making this as difficult as it requires to be agreed and appropriately as you stated payroll is the single biggest liability that any service has from an expense point of view from an effect perspective on employees it is definitely critical that it’s done properly and on time so what we mean 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 detrimental result on people’s wellness and lots of other elements if people aren’t paid uh I have actually constantly been impressed entering into this Market sort of the last 5 to 10 years is how little thanks the
payroll team get um so I’m not exactly sure anyone on this type of webinar has been informed 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 employees or not um but eventually payroll is such an important cycle all of us hear 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 deem 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 very first Worldwide Payments first payroll payment service is a terrific first step um supplying an end-to-end payroll service for your workers worldwide once again I think is another huge um process once again lining up and ensuring you have standardization Worldwide processes all of those things are definitely crucial to success success of organizations and lowering the number of tools platforms and checking account they require for their International payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never ever had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone rather where they’re meant to be um I do not think any of us are actually 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 simple as possible for everybody that’s associated with those processes and also so think of sorry I’m simply I was simply gon na state think of the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re discussing numerous thousands potentially Millions envision getting that numerous thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting task trying to clean up 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 need days of the week to attempt to check out them and really see what was going on and sort of try to return to everyone so carrying on appearance why do companies choose to main different checking account there are Papaya Global 50 Support services out there doing precisely this for particular countries and I have actually worked in a service or numerous services doing exactly that I can say it does not always feel effective and it does develop more work I know we’re not deliberately doing that we’re not creating additional work for any person where we do not need to and any person 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 amount that we are I think lots of reasons one is it’s the requirement I think individuals have actually got so used to we require a brand-new savings account we open an entity and rightly so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals have actually embraced and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and numerous other ways um to to sort 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 ultimately individuals are extremely stuck to what they’re familiar
with right um modification is a difficult thing all of us don’t like modification um so I believe it’s simply kind of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand clearly the advantages of having keeping numerous checking account but there’s a huge quantity of complexity chooses establishing a checking account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for private individuals so the complexity is huge but I think the honest response is modification um individuals have not had the ability to alter 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 knowledge you understand and there is an aspect of resistance to change however we have actually always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of proceeding and moving into you understand what might nearly be identified to be the next Century approximately there is a lot to keep an eye on and this approach does posture numerous obstacles um so Johnny might you tell us about those difficulties yeah obviously so there’s a range 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 gotten another CFO, and with this enhanced capability, I have effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global 50 Support