Over the last five or 6 years …Papaya Global Unicorn… roles on the service provider side and likewise on the supplier side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite intriguing 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 everybody originates from and I truly do hope it’s much sunnier than it remains 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 very uninspiring and I wish 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 looking at the challenge years of managing Worldwide payroll why business preserve separate
Virtual payroll accounts are an option to conventional savings account for managing payroll payments. This is particularly beneficial for international companies with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of maintaining separate bank accounts for payroll in different countries, virtual accounts and digital wallets use a more structured service. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a tactical property for payroll executives. We will also supply 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 difficulty for services operating worldwide. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll savings account, find out how companies forecast payroll expenses to enhance working capital, and discover how enhancing global payroll payments can transform them from a challenging job into a tactical asset.
Handling payroll internationally is a challenging task due to various regulations, compliance requirements, data security issues, and banking guidelines. The sheer number of staff members and companies contributes to the intricacy, with an approximated 3.5 billion people in the international labor force, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Traditional payroll systems often result in manual processes, data silos, and an absence of integration, leading to disparities and inadequacies. Regardless of residing in an era of technological advancements, 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 goals to offer insights and solutions to simplify and enhance worldwide payroll payments.
about it to give you a concept 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 gives me sleepless nights and quite honestly the more a service invests in international payroll the less of an image they see an absence of presence likewise extends to payroll payments and failure to properly track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of worldwide businesses have actually expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information data entry errors improperly interacted hires and terminations in addition to lack management and system setups and after that when you round it all off and the data is delivered to the incorrect place the average expense of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments do not run efficiently if they depend on the required several processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles service face when they’re making payments to staff members or otherwise that’s a good concern I always throw this back and say what is it what does not need to be included right 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 time frames 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 any place you look ideal eventually building a knowledge base is absolutely crucial however everywhere you look with payroll payment they are like super payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the sort 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 technology is allowing us to type of move on with that it likewise also to contribute to that payroll and financing need to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is definitely necessary that payroll and financing teams work closer together than ever um I’m constantly amazed when people say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of crucial to add to sort of the level of complexity there’s increasingly more advantages being organ or being used by companies across the world so once again you’re just looking to add increasingly more payments to this already complicated landscape so if you type of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of real obstacles or genuine tough type of pay uses to play to pay individuals I think yeah I mean over the last well yeah a number of decades I would certainly say that the bigger a business 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 groups feeding info into the next function as it were that’s in fact managing the payment side of things but you understand in in my opinion and my experience that doesn’t necessarily need to be the case you know long gone are the times where we require to produce extra handoffs at the same times that we run in they simply make them more timely they make them less efficient and they don’t make them what they require to be in in an era of tech and an age that you know that we are working in today there is no reason why we are still making this as difficult as it needs to be concurred and appropriately as you stated payroll is the single most significant liability that any organization has from an expense point of view from an effect viewpoint on workers it is definitely 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 need to be done right it has the greatest damaging result on people’s wellness and lots of other aspects if people aren’t paid uh I’ve always been amazed entering into this Market kind of the last 5 to ten years is how little thanks the
The payroll group may not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and people just discover when things fail. However, when things go right, it’s seen as simply a regular job. This is how it’s viewed externally too. Therefore, it is necessary to ensure that tasks like Wi-Fi International and other crucial matters are done correctly. Utilizing the first International Payments first payroll payment solution is a fantastic initial action towards offering a thorough payroll solution for staff members worldwide. Standardization, worldwide processes, and reducing the number of tools, platforms, and checking account needed for worldwide payroll are crucial factors in attaining organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of problems when things don’t go as planned. Eventually, we don’t do it for the thankfulness.
anyway we know how how crucial 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 everyone that’s involved in those processes and likewise so picture sorry I’m just I was simply gon na state picture the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re talking about numerous thousands possibly Millions envision getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing job attempting to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and really see what was going on and sort of try to get back to everyone so carrying on appearance why do business choose to primary different bank accounts there are Papaya Global Unicorn companies out there doing exactly this for specific countries and I have actually operated in a service or many services doing exactly that I can state it does not constantly feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not producing extra work for anybody where we do not have to and any person that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe many factors one is it’s the requirement I think people 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 believe it’s just been the requirement and the norm individuals have actually embraced and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a variety I think this is a procedure that needs looking at it needs altering but ultimately individuals are extremely stuck to what they’re familiar
with right um change is a difficult thing we all do not like modification um so I think it’s just type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the advantages of having preserving numerous savings account but there’s a huge quantity of complexity opts for establishing a savings account maintaining it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for specific people so the complexity is huge however I believe the honest response is modification um individuals haven’t had the ability to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions other than opening a bank account I believe you have actually struck the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter but we have actually always done it that way is no real reason for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what might practically be figured out to be the next Century or two there is a lot to keep an eye on and this technique does pose a number of obstacles um so Johnny might you inform us about those difficulties yeah obviously so there’s a range right there is so
I simply did you switched 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 International staff members you should have a corner office with a closer parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Unicorn