Over the last five or 6 years …Papaya Global Multi Company Tasks… functions on the provider side and also on the supplier side from a payroll viewpoint so really eagerly anticipating this conversation today um and yeah thank you quite for your time everybody all right 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 nowadays so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on currently simply to hear where everyone 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 certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely really uninspiring and I want I was elsewhere at this moment in time all right so let’s start our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why companies maintain different
Virtual payroll accounts are an alternative to traditional bank accounts for managing payroll payments. This is particularly helpful for global organizations with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of preserving different savings account for payroll in various countries, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a strategic property for payroll executives. We will likewise supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
Guaranteeing precise, effective, and prompt payroll payments is a complex obstacle for services operating globally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll savings account, discover how business anticipate payroll costs to enhance working capital, and find how simplifying worldwide payroll payments can change them from a burdensome job into a strategic possession.
Handling payroll globally is a difficult job due to different policies, compliance requirements, information security issues, and banking rules. The large variety of staff members and businesses contributes to the intricacy, with an estimated 3.5 billion individuals in the international workforce, 500 million of whom are in Africa, and 230 million companies worldwide.
Conventional payroll systems typically lead to manual processes, information silos, and a lack of combination, resulting in disparities and ineffectiveness. Regardless of residing in a period of technological advancements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar objectives to provide insights and services to streamline and enhance international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of services state they have Labor force information in real time that’s another number that offers me sleep deprived nights and rather honestly the more a company spends on global payroll the less of an image they see a lack of presence likewise extends to payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the deal nearly half of worldwide companies have expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM data information entry mistakes improperly communicated hires and terminations along with absence management and system setups and then when you round it all off and the data is shipped to the incorrect location the typical expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the globe payroll and payments do not run efficiently if they depend on the essential numerous procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles company face when they’re paying to staff members or otherwise that’s an excellent question I constantly throw this back and state what is it what doesn’t need to be included right and what does
it require to be considered there’s differing 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 need to pay from the client’s own in-country account so there’s intricacy wherever you look right eventually constructing a knowledge base is absolutely vital but all over you look with payroll payment they are like very payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely basic and innovation is permitting us to type of move forward with that it likewise too to add to that payroll and finance require to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is absolutely imperative that payroll and finance groups work more detailed together than ever um I’m always amazed when people say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll profession would they split the payroll payment from calculation 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 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 third parties so with the
world we reside in and wellness being more and more essential to contribute to kind of the level of complexity there’s more and more benefits being organ or being offered by companies throughout the world so once again you’re just seeking to add more and more payments to this currently 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 genuine challenges or genuine challenging type of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a number of decades I would certainly say 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 task there are groups feeding details into the next function as it were that’s really handling the payment side of things but you know in in my opinion and my experience that does not always need to be the case you know long gone are the times where we require to produce extra handoffs in the processes 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 age of tech and an era that you know that we are working in today there is no reason why we are still making this as hard as it needs to be agreed and appropriately as you stated payroll is the single most significant liability that any company has from an expense point of view from an effect perspective on employees it is absolutely important 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 have to be done right it has the biggest destructive effect on individuals’s wellness and lots of other elements if people aren’t paid uh I have actually always been amazed coming into this Market type of the last five to ten years is how little thanks the
payroll group get um so I’m not exactly sure anyone on this sort of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an essential cycle we all find out about it when it fails everyone jumps up and down when it fails however when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely essential that all of this stuff is done correctly so leveraging the very first International Payments first payroll payment option is a great initial step um offering an end-to-end payroll option for your staff members worldwide again I think is another huge um procedure again aligning and ensuring you have standardization Worldwide procedures all of those things are definitely essential to success success of services and lowering the number of tools platforms and savings account they need 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’ve never ever 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 problems where things haven’t gone quite where they’re implied to be um I don’t think any of us are really doing that for for the thanks
anyhow we understand how how essential 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 associated with those procedures and also so picture sorry I’m just I was simply gon na state imagine 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 possibly Millions imagine getting that numerous thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting job attempting to clean up 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 check out them and in fact see what was going on and kind of shot to return to everyone so carrying on look why do companies choose to primary separate bank accounts there are Papaya Global Multi Company Tasks companies out there doing exactly this for specific nations and I’ve worked in a company or many services doing precisely that I can say it does not always feel efficient and it does produce more work I know we’re not purposely doing that we’re not producing additional work for anyone where we don’t need to and anyone 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 standard I believe individuals have actually got so used to we need 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 requirement and the standard individuals have actually embraced and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a range I believe this is a process that needs looking at it needs changing however eventually people are very stuck with what they’re familiar
with best um modification is a challenging thing all of us do not like modification um so I believe it’s just kind 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 obviously the benefits of having preserving multiple checking account but there’s a substantial quantity of complexity goes with establishing a bank account preserving it ensuring it can send out International transfers ensuring it’s established with the right user accesses for specific people so the complexity is huge however I believe the honest response is change um individuals have not been able to alter or haven’t had always the knowledge to really make that change into alternate Solutions aside from opening a bank account I believe you have actually hit the nail on the head I believe it is knowledge you know and there is an element of resistance to change but we have actually constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what might nearly be figured out to be the next Century approximately there is a lot to monitor and this method does present numerous difficulties um so Johnny could you inform us about those difficulties yeah of course so there’s a range right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has gotten another CFO, and with this enhanced capability, I have actually successfully protected payments for our 10,000 workers worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global Multi Company Tasks