Over the last 5 or six years …Papaya Global Won\’t Accept New Licence… roles on the company side and also on the supplier side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply 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 sort of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to type of like see where everybody comes from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very really uninspiring and I want I was somewhere else at this moment in time fine so let’s start 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 business preserve different
Virtual payroll accounts are an alternative to traditional checking account for managing payroll payments. This is especially useful for international companies with dispersed and remote labor forces, as it streamlines the complicated procedure of cross-border payments. Instead of preserving separate savings account for payroll in different nations, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are ending up being 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.
Making sure accurate, efficient, and prompt payroll payments is a complex difficulty for services operating globally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll savings account, learn how companies forecast payroll expenses to enhance working capital, and discover how enhancing global payroll payments can change them from a challenging task into a tactical property.
Managing payroll internationally is a complicated job due to different regulations, compliance requirements, data security issues, and banking rules. The large number of workers and businesses contributes to the intricacy, with an approximated 3.5 billion people in the worldwide workforce, 500 million of whom are in Africa, and 230 million services worldwide.
Standard payroll systems typically result in manual processes, data silos, and a lack of integration, causing inconsistencies and ineffectiveness. Regardless of residing in a period of technological developments, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar goals to provide insights and options to simplify and optimize international payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of services say they have Labor force information in real time that’s another number that gives me sleep deprived nights and quite honestly the more an organization invests in international payroll the less of a photo they see a lack of visibility likewise reaches payroll payments and failure to accurately track these payments can cause compliance incidents in the last mile of the transaction almost half of international businesses have actually revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry errors improperly interacted hires and terminations in addition to lack management and system setups and then when you round it all off and the data is delivered to the incorrect place the typical cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments do not run efficiently if they rely on the required multiple procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties business face when they’re making payments to employees or otherwise that’s an excellent concern I always throw this back and say what is it what doesn’t require to be consisted of best 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 timespan there’s payment capabilities 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 customer’s own in-country account so there’s complexity anywhere you look right ultimately constructing a knowledge base is definitely important however all over you look with payroll payment they are like very payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely basic and innovation is enabling us to kind of progress with that it likewise also to add to that payroll and financing need to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is definitely vital that payroll and financing groups work better together than ever um I’m constantly amazed when individuals state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being more and more important to contribute to sort of the level of complexity there’s a growing number of advantages being organ or being used by businesses across the world so once again you’re just seeking to add more and more payments to this already intricate landscape so if you kind 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 challenges or genuine tough sort of pay uses to play to pay individuals I believe yeah I imply over the last well yeah a number of decades I would certainly state 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 job there are groups feeding details into the next function as it were that’s actually handling the payment side of things however you understand in in my viewpoint and my experience that doesn’t always need to be the case you know long gone are the times where we require to produce extra handoffs while doing sos that we operate in they simply make them more timely they make them less effective and they don’t make them what they require to be in in a period of tech and a period that you know that we are operating in today there is no reason that we are still making this as challenging as it requires to be agreed and rightly as you said payroll is the single greatest liability that any business has from an expense viewpoint from an impact viewpoint on employees it is definitely important that it’s done properly 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 detrimental impact on individuals’s wellness and numerous other aspects if people aren’t paid uh I have actually constantly been astonished entering this Market kind of the last 5 to 10 years is how little thanks the
payroll group get um so I’m unsure anyone on this kind of webinar has 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 employees or not um but eventually payroll is such an essential cycle we all hear about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise 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 absolutely crucial that all of this stuff is done properly so leveraging the first Worldwide Payments very first payroll payment service is a terrific initial step um providing an end-to-end payroll solution for your workers worldwide again I think is another substantial um process once again aligning and guaranteeing you have standardization International procedures all of those things are definitely key to success success of services and reducing the number of tools platforms and bank accounts they require for their Global payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re suggested to be um I don’t think any of us are actually doing that for for the thanks
anyhow we know how how important 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 easy as possible for everyone that’s associated with those procedures and likewise so imagine sorry I’m simply I was just gon na say picture the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions envision getting that many thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing job trying to clean 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 require days of the week to attempt to look through them and actually see what was going on and kind of try to get back to everyone so carrying on appearance why do companies pick to main separate savings account there are Papaya Global Won\’t Accept New Licence organizations out there doing precisely this for particular countries and I have actually worked in a company or numerous services doing exactly that I can say it doesn’t always feel efficient and it does develop more work I know we’re not intentionally doing that we’re not developing additional work for any person where we don’t need to and anybody 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 quantity that we are I think lots of reasons one is it’s the requirement I think people have got so used to we require a new bank account we open an entity and appropriately so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the standard the people have embraced and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a variety I believe this is a process that needs looking at it needs altering however eventually individuals are extremely stuck to what they recognize
with right um change is a hard thing all of us do not like modification um so I think it’s simply kind of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand certainly the benefits of having keeping several checking account but there’s a substantial quantity of complexity opts for establishing a bank account preserving it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for individual individuals so the intricacy is huge but I believe the sincere answer is modification um people haven’t had the ability to change or haven’t had always the knowledge to really make that change into alternate Solutions other than opening a checking account I believe you have actually hit the nail on the head I believe it is knowledge you know and there is an aspect of resistance to change however we have actually constantly done it that way is no real reason for not looking at the the advantages and the possibilities of moving on and moving into you understand what could nearly be identified to be the next Century approximately there is a lot to keep track of and this technique does posture several challenges um so Johnny might you tell us about those obstacles yeah of course so there’s a variety right there is so
I just 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 workers you deserve a corner office with a better parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Won\’t Accept New Licence