Over the last five or 6 years …Papaya Global Payroll Fica… functions on the provider side and likewise on the supplier side from a payroll perspective so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just provide everybody another number of uh well one of 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 fascinating and I can see it going on already just to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I actually 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 raining here it’s really really bleak and I wish I was somewhere else at this moment in time alright so let’s start our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why business keep different
Virtual payroll accounts are an alternative to traditional checking account for handling payroll payments. This is particularly useful for global organizations with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of preserving separate savings account for payroll in various countries, virtual accounts and digital wallets provide a more structured service. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are becoming a tactical asset for payroll executives. We will likewise provide a recap of the main points covered and leave time for a Q&A session at the end.
Ensuring accurate, efficient, and timely payroll payments is a complex difficulty for organizations operating globally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll bank accounts, discover how companies anticipate payroll expenses to enhance working capital, and find how enhancing worldwide payroll payments can change them from a troublesome job into a strategic possession.
Managing payroll worldwide is a daunting job due to various regulations, compliance requirements, data security concerns, and banking rules. The sheer variety of staff members and organizations adds to the complexity, with an estimated 3.5 billion individuals in the international workforce, 500 million of whom remain in Africa, and 230 million services worldwide.
Conventional payroll systems typically result in manual procedures, data silos, and an absence of combination, resulting in disparities and inadequacies. Regardless of residing in an era of technological improvements, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar aims to supply insights and options to simplify and optimize global payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force data in real time that’s another number that gives me sleep deprived nights and quite honestly the more a business invests in global payroll the less of a picture they see a lack of visibility likewise encompasses payroll payments and inability to accurately track these payments can result in compliance incidents in the last mile of the transaction almost half of international organizations have revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM data data entry errors improperly communicated hires and terminations in addition to lack management and system setups and after that when you round all of it off and the data is shipped to the wrong location the typical expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the globe payroll and payments do not run efficiently if they depend on the necessary numerous processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges business face when they’re making payments to staff members or otherwise that’s a great question I constantly 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 details 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 capabilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s intricacy anywhere you look best ultimately building a knowledge base is definitely crucial however everywhere you look with payroll payment they are like very payments no if but 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 believe there’s now a bit more recognition that payroll payments are absolutely essential and innovation is allowing us to sort of move on with that it also also to contribute to that payroll and financing require to work closer together um with differing Checking account Details differing banking requirements and setup procedures is absolutely crucial that payroll and finance groups work more detailed together than ever um I’m always impressed when people say I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from calculation 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 ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being increasingly more important to add to kind of the level of complexity there’s more and more advantages being organ or being offered by businesses across the world so once again you’re simply looking to include more and more payments to this already complex landscape so if you sort of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of real obstacles or real difficult sort of pay uses to play to pay individuals I think yeah I mean over the last well yeah a number of decades I would definitely state that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are teams feeding details 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 doesn’t always need to be the case you understand long gone are the times where we require to create extra handoffs in the processes that we run in they simply make them more prompt they make them less efficient and they do not make them what they require to be in in a period of tech and an age that you understand that we are operating in today there is no reason that we are still making this as tough as it needs to be agreed and appropriately as you said payroll is the single biggest liability that any company has from an expense point of view from an impact point of view on employees it is absolutely crucial that it’s done properly 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 greatest destructive result on individuals’s well-being and numerous other factors if people aren’t paid uh I have actually always been amazed entering this Market type of the last five to ten years is how little thanks the
The payroll team may not have actually been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and individuals only discover when things fail. Nevertheless, when things go right, it’s seen as just a regular task. This is how it’s perceived externally also. For that reason, it is necessary to make sure that tasks like Wi-Fi Worldwide and other important matters are done correctly. Utilizing the very first International Payments very first payroll payment option is a great preliminary step towards supplying an extensive payroll option for workers worldwide. Standardization, international processes, and minimizing the number of tools, platforms, and bank accounts necessary for worldwide payroll are crucial consider achieving company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a few problems when things do not go as planned. Eventually, we don’t do it for the gratitude.
anyway we understand how how important 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 easy as possible for everybody that’s involved in those procedures and likewise so picture sorry I’m simply I was just gon na state think of the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions envision getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting job trying to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and actually see what was going on and kind of try to get back to everyone so carrying on look why do business choose to main separate checking account there are Papaya Global Payroll Fica services out there doing exactly this for particular nations and I have actually worked in a service or lots of companies doing exactly that I can state it doesn’t always feel effective and it does produce more work I know we’re not deliberately doing that we’re not producing additional work for anybody where we don’t need to and anyone that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think many factors one is it’s the standard I believe people have actually got so utilized to we require a new savings account we open an entity and rightly so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm the people have 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 methods um to to type of do it so I think there’s a range I think this is a process that needs taking a look at it requires altering however ultimately people are extremely stuck to what they’re familiar
with best um modification is a hard thing all of us do not like change um so I believe it’s simply type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend certainly the advantages of having preserving several checking account but there’s a big amount of complexity goes with establishing a savings account maintaining it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for private individuals so the complexity is substantial but I believe the sincere answer is modification um people have not been able to change or haven’t had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a checking account I think you have actually struck the nail on the head I think it is understanding you know and there is an element of resistance to alter however we’ve constantly 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 understand what could nearly be identified to be the next Century or two there is a lot to track and this approach does posture a number of challenges um so Johnny might you tell us about those obstacles yeah obviously 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’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 workplace with a closer parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Payroll Fica