Over the last 5 or six years …Papaya Global Payroll Onboarding… roles on the company side and also on the supplier side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just provide everybody another number of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everyone is um it’s nice to to kind of like see where everyone comes from and I really do hope it’s much sunnier than it remains 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 really very uninspiring and I want I was somewhere else at this moment in time alright so let’s begin our program for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why companies maintain separate
Virtual payroll accounts are an alternative to conventional savings account for managing payroll payments. This is especially beneficial for international organizations with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of preserving separate savings account for payroll in various countries, virtual accounts and digital wallets use 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 tactical asset 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.
Guaranteeing precise, efficient, and prompt payroll payments is a complex challenge for organizations operating internationally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll bank accounts, learn how companies forecast payroll costs to optimize working capital, and find how enhancing international payroll payments can transform them from a burdensome task into a strategic asset.
Managing payroll worldwide is a challenging task due to various guidelines, compliance requirements, data security concerns, and banking guidelines. The large variety of staff members and services adds to the complexity, with an approximated 3.5 billion people in the worldwide workforce, 500 million of whom are in Africa, and 230 million businesses worldwide.
Conventional payroll systems often result in manual procedures, data silos, and an absence of combination, causing inconsistencies and inadequacies. Regardless of residing in an age of technological improvements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar aims to supply insights and solutions to simplify and enhance global payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force information in real time that’s another number that provides me sleepless nights and rather frankly the more a service spends on international payroll the less of a picture they see an absence of presence also extends to payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the transaction almost half of global organizations have actually revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM data data entry mistakes inadequately communicated hires and terminations in addition to lack management and system setups and after that when you round everything off and the data is shipped to the incorrect place the average expense of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe payroll and payments do not run smoothly if they count on the needed numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties organization face when they’re paying to workers or otherwise that’s a good concern I constantly toss this back and say what is it what doesn’t require to be included ideal and what does
it require to be considered there’s varying 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 abilities 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 right eventually developing a knowledge base is absolutely critical but everywhere you look with payroll payment they resemble incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you look at the kind 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 definitely essential and innovation is permitting us to kind of progress with that it also too to contribute to that payroll and financing need to work closer together um with differing Savings account Details differing banking requirements and setup procedures is definitely important that payroll and finance groups work better together than ever um I’m constantly impressed when people say I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll occupation would they split the payroll payment from computation 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 data collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more crucial to add to sort of the level of complexity there’s increasingly more benefits being organ or being used by services throughout the world so once again you’re simply aiming to include a growing number of payments to this already intricate landscape so if you type of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of real difficulties or real difficult kind of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a number of decades I would absolutely say that the larger a service gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are teams feeding info into the next function as it were that’s in fact managing the payment side of things but you know in in my opinion and my experience that does not necessarily require to be the case you know long gone are the times where we need to develop additional handoffs while doing sos that we operate in they just make them more timely they make them less efficient and they don’t 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 tough as it requires to be concurred and rightly as you said payroll is the single biggest liability that any organization has from an expense point of view from an impact point of view on workers it is absolutely important 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 biggest detrimental effect on individuals’s wellness and lots of other factors if people aren’t paid uh I’ve 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 anybody on this sort of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such a crucial cycle all of us become aware of it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely important that all of this stuff is done correctly so leveraging the very first Global Payments first payroll payment option is a terrific initial step um supplying an end-to-end payroll option for your staff members globally again I believe is another substantial um procedure again aligning and guaranteeing you have standardization International processes all of those things are absolutely essential to success success of companies and minimizing the variety of tools platforms and savings account they require for their Worldwide 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 expect to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things haven’t gone quite where they’re indicated to be um I don’t think any of us are actually doing that for for the thanks
anyhow we know how how essential 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 associated with those procedures and likewise so picture sorry I’m simply I was simply gon na say imagine the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands possibly Millions envision getting that numerous thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating job trying to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to look through them and in fact see what was going on and type of try to return to everyone so carrying on look why do companies select to primary different savings account there are Papaya Global Payroll Onboarding companies out there doing exactly this for particular countries and I’ve worked in a service or numerous organizations doing exactly that I can state it does not always feel effective and it does create more work I understand we’re not intentionally doing that we’re not producing extra work for any person where we do not have 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 numerous factors one is it’s the standard I think individuals have actually got so utilized to we require a brand-new savings account we open an entity and appropriately so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have embraced and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and many other ways um to to sort of do it so I believe there’s a variety I think this is a procedure that needs taking a look at it requires altering but ultimately people are really stuck to what they recognize
with best um change is a difficult thing we all don’t like modification um so I think it’s simply sort 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 maintaining multiple bank accounts but there’s a substantial amount of complexity opts for establishing a bank account keeping it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for private individuals so the complexity is big but I think the sincere response is modification um people have not been able to change or have not had always the understanding to actually make that change into alternate Solutions aside from 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 a component of resistance to change but we’ve always done it that way is no real reason for not looking at the the advantages and the possibilities of carrying on and moving into you know what could almost be figured out to be the next Century or so there is a lot to monitor and this approach does position several challenges um so Johnny could you inform us about those obstacles yeah naturally so there’s a variety right there is so
I simply did you changed our Enterprise 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 staff members you are worthy of a corner workplace with a better parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Payroll Onboarding