Over the last 5 or 6 years …Papaya Global Duplicate P45… roles on the provider side and likewise on the vendor side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply give everyone another couple of uh well one of the 30 seconds or so to join we all 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 simply to hear where everybody is um it’s nice to to sort of like see where everybody comes from and I truly do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely really dreary and I wish I was elsewhere at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why business keep separate
Virtual payroll accounts are an option to traditional bank accounts for handling payroll payments. This is especially useful for global companies with dispersed and remote labor forces, as it simplifies the complicated process of cross-border payments. Instead of preserving different checking account for payroll in different nations, virtual accounts and digital wallets offer a more structured service. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a strategic asset for payroll executives. We will also offer a recap of the main points covered and leave time for a Q&A session at the end.
Making sure precise, effective, and prompt payroll payments is a complex difficulty for businesses running globally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll savings account, learn how companies forecast payroll expenses to enhance working capital, and find how streamlining international payroll payments can transform them from a difficult task into a tactical possession.
Handling payroll globally is a difficult job due to different guidelines, compliance requirements, information security concerns, and banking guidelines. The sheer number of employees and services contributes to the complexity, with an estimated 3.5 billion people in the global workforce, 500 countless whom are in Africa, and 230 million services worldwide.
Conventional payroll systems typically result in manual processes, information silos, and a lack of combination, leading to disparities and ineffectiveness. Despite residing in an age 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 objectives to offer insights and options to streamline and optimize worldwide payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Workforce information in real time that’s another number that provides me sleep deprived nights and rather frankly the more an organization invests in worldwide payroll the less of a picture they see a lack of visibility also reaches payroll payments and failure to precisely track these payments can result in compliance accidents in the last mile of the transaction almost half of international companies have actually expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry mistakes inadequately communicated hires and terminations in addition to lack management and system configurations and after that when you round all of it off and the information is delivered to the incorrect place the average cost of a global data 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 efficiently if they depend on the essential several 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 obstacles organization face when they’re making payments to workers or otherwise that’s a good question I always toss this back and state what is it what does not need to be included best and what does
it require to be thought of 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 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 consumer’s own in-country account so there’s complexity any place you look ideal ultimately building a knowledge base is definitely critical but everywhere you look with payroll payment they resemble extremely payments no if however some children 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 acknowledgment that payroll payments are definitely fundamental and innovation is permitting us to sort of move forward with that it likewise too to add to that payroll and financing need to work closer together um with varying Checking account Details varying banking requirements and setup processes is absolutely important that payroll and finance groups work better together than ever um I’m constantly amazed when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession would they divide the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so often 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 individuals wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being a growing number of crucial to contribute to kind of the level of intricacy there’s increasingly more advantages being organ or being provided by companies throughout the world so once again you’re simply seeking to add increasingly more payments to this already complicated landscape so if you sort of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of real difficulties or real difficult type of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a couple of years I would definitely say that the larger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are teams feeding info into the next function as it were that’s in fact handling the payment side of things however you know in in my viewpoint and my experience that does not always need to be the case you understand long gone are the times where we require to create extra handoffs at the same times that we operate in they just make them more prompt 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 know that we are working in today there is no reason that we are still making this as difficult as it requires to be concurred and rightly as you stated payroll is the single biggest liability that any organization has from a cost perspective from an effect point of view on workers 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 have to be done right it has the greatest destructive effect on people’s well-being and numerous other factors if individuals aren’t paid uh I’ve constantly been amazed entering into this Market kind of the last 5 to ten years is how little thanks the
payroll team get um so I’m not sure anyone on this sort of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such a crucial cycle we all hear about it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I believe 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 things is absolutely essential that all of this stuff is done correctly so leveraging the first Global Payments very first payroll payment solution is a terrific initial step um offering an end-to-end payroll option for your staff members worldwide again I think is another huge um process again aligning and guaranteeing you have standardization International processes all of those things are definitely key to success success of organizations and decreasing 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 grievances where things haven’t gone rather where they’re suggested to be um I don’t believe any of us are in fact doing that for for the thanks
anyway we understand how how crucial 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 simple as possible for everybody that’s involved in those processes and likewise so think of sorry I’m just I was simply gon na say think of the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions think of getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an intriguing task attempting to clean all those up for sure oh absolutely I can’t picture 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 in fact see what was going on and kind of shot to get back to everybody so proceeding look why do companies select to primary separate bank accounts there are Papaya Global Duplicate P45 businesses out there doing precisely this for particular countries and I’ve worked in a business or numerous organizations doing exactly that I can say it doesn’t always feel effective and it does create more work I understand we’re not intentionally doing that we’re not creating extra work for anyone where we do not need to and anybody that’s handling that process 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 believe numerous reasons one is it’s the standard I think individuals have got so used to we require a brand-new checking account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard the people have embraced and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a range I think this is a process that requires looking at it needs changing but eventually people are extremely stuck with what they’re familiar
with best um modification is a tough thing we all do not like change um so I believe it’s simply type of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the benefits of having preserving numerous savings account however there’s a big amount of complexity chooses setting up 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 complexity is big however I believe the sincere response is change um individuals have not been able to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions aside from opening a checking account I think you’ve struck the nail on the head I believe it is understanding you understand and there is an aspect of resistance to alter but we’ve always done it that way is no real excuse for not looking at the the benefits and the possibilities of proceeding and moving into you know what could nearly be determined to be the next Century approximately there is a lot to monitor and this approach does position numerous challenges um so Johnny could you inform us about those difficulties yeah obviously so there’s a variety right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has gained another CFO, and with this boosted capability, I have effectively secured payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is better, considering your achievements. Papaya Global Duplicate P45