Over the last 5 or six years …Papaya Global Tokelau… roles on the supplier side and likewise on the vendor side from a payroll point of view so actually anticipating this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just provide everyone another number of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I really 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 really very bleak and I wish I was elsewhere at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Worldwide payroll why companies preserve separate
Virtual payroll accounts are an option to conventional savings account for managing payroll payments. This is particularly useful for international organizations with dispersed and remote workforces, as it simplifies the complex process of cross-border payments. Instead of keeping separate checking account for payroll in different nations, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are becoming a tactical possession for payroll executives. We will also provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing precise, efficient, and timely payroll payments is a complex difficulty for companies operating worldwide. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll bank accounts, find out how business anticipate payroll costs to enhance working capital, and discover how enhancing international payroll payments can transform them from a difficult job into a tactical asset.
Managing payroll internationally is a daunting task due to numerous guidelines, compliance requirements, data security concerns, and banking guidelines. The large variety of workers and businesses 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.
Standard payroll systems typically lead to manual processes, information silos, and a lack of combination, causing inconsistencies and inadequacies. Regardless of residing in an era of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar objectives to offer insights and solutions to simplify and enhance worldwide payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce data in real time that’s another number that provides me sleep deprived nights and rather frankly the more a business spends on worldwide payroll the less of an image they see a lack of exposure also reaches payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the transaction almost half of worldwide organizations have expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM information information entry errors poorly interacted hires and terminations along with lack management and system setups and then when you round everything off and the data is delivered to the wrong location the typical cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money worldwide payroll and payments don’t run smoothly if they count on the necessary numerous procedures 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 difficulties organization face when they’re paying to workers or otherwise that’s a great question I always toss this back and state what is it what does not require to be consisted of best and what does
it need to be thought about 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 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 any place you look best eventually developing a knowledge base is definitely important but everywhere 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 take a 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 definitely essential and innovation is permitting us to kind of move on with that it likewise as well to add to that payroll and financing require to work closer together um with differing Checking account Details differing banking requirements and setup procedures is absolutely vital that payroll and finance teams work better together than ever um I’m always impressed when people say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll occupation 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 typically 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 anywhere they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being increasingly more essential to contribute to type of the level of complexity there’s more and more advantages being organ or being offered by businesses throughout the world so once again you’re simply wanting to include increasingly more payments to this currently complicated landscape so if you type of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of real obstacles or real difficult sort of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a number of years I would definitely state that the larger an organization gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are groups feeding information into the next function as it were that’s really managing the payment side of things however you understand in in my opinion and my experience that doesn’t always require to be the case you understand long gone are the times where we need to develop extra handoffs at the same times that we run in they simply make them more prompt they make them less efficient 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 we are still making this as challenging as it requires to be concurred and appropriately as you said payroll is the single greatest liability that any business has from a cost viewpoint from an impact perspective on workers it is absolutely critical that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the biggest destructive result on individuals’s well-being and lots of other factors if individuals aren’t paid uh I have actually always been astonished entering into this Market sort of the last five to ten years is how little thanks the
payroll team get um so I’m not sure anyone on this type of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an essential cycle all of us hear about it when it fails everyone jumps up and down when it fails but when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external consider as 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 first Worldwide Payments very first payroll payment option is a fantastic initial step um offering an end-to-end payroll solution for your employees worldwide once again I think is another big um process again lining up and guaranteeing you have standardization Worldwide processes all of those things are definitely key to success success of organizations and lowering the number of tools platforms and checking account they require for their Global 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 have actually never had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things have not gone quite where they’re implied to be um I do not think any of us are in fact doing that for for the thanks
anyhow we know how how important a role 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 everybody that’s associated with those procedures and likewise so envision sorry I’m simply I was just 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 speaking about numerous thousands potentially Millions envision getting that many 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 intriguing job attempting to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to check out them and actually see what was going on and sort of shot to return to everyone so carrying on appearance why do business select to primary different bank accounts there are Papaya Global Tokelau companies out there doing precisely this for specific countries and I have actually worked in an organization or numerous services doing exactly that I can state it does not always feel efficient and it does develop 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 dealing with that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe numerous reasons one is it’s the requirement I believe individuals have actually got so utilized to we require a brand-new savings account we open an entity and rightly 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 standard and the standard individuals have actually embraced and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a variety I think this is a procedure that needs looking at it needs changing but eventually people are really stuck to what they’re familiar
with ideal um change is a hard thing we all don’t like modification um so I think it’s just kind of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend clearly the benefits of having keeping multiple bank accounts but there’s a substantial quantity of intricacy chooses establishing a bank account maintaining it ensuring it can send International transfers ensuring it’s set up with the best user accesses for specific people so the complexity is substantial but I believe the truthful response is modification um individuals have not been able to alter or have not had always the knowledge to actually make that change into alternate Solutions other than opening a bank account I think you’ve hit the nail on the head I think it is understanding you understand and there is a component of resistance to alter however we have actually 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 understand what could nearly be determined to be the next Century or two there is a lot to monitor and this technique does present several obstacles um so Johnny might you tell us about those challenges yeah obviously so there’s a range right there is so
I just did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you deserve a corner office with a closer parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Tokelau