Over the last 5 or six years …Papaya Global Underpayment… roles on the provider side and also on the supplier side from a payroll perspective so truly looking forward to this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply give everybody another couple of uh well among the 30 seconds or so to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to kind 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 raining here it’s extremely extremely bleak and I wish I was somewhere else at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why business preserve different
Virtual payroll accounts are an option to traditional checking account for managing payroll payments. This is especially helpful for worldwide companies with dispersed and remote labor forces, as it streamlines the complex procedure of cross-border payments. Instead of maintaining separate savings account for payroll in various countries, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are ending up being a strategic asset for payroll executives. We will also supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Making sure precise, effective, and prompt payroll payments is a complex challenge for organizations running worldwide. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll savings account, learn how companies forecast payroll costs to enhance working capital, and discover how simplifying global payroll payments can transform them from a burdensome task into a tactical property.
Handling payroll internationally is a daunting job due to numerous regulations, compliance requirements, data security concerns, and banking guidelines. The large variety of workers and businesses contributes to the intricacy, with an estimated 3.5 billion people in the global workforce, 500 million of whom are in Africa, and 230 million businesses worldwide.
Conventional payroll systems frequently result in manual processes, data silos, and an absence of integration, resulting in inconsistencies and inadequacies. Despite living in an era of technological improvements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar objectives to provide insights and options to simplify and enhance global payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force information in real time that’s another number that provides me sleep deprived nights and quite honestly the more a service spends on worldwide payroll the less of a photo they see an absence of exposure also reaches payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the transaction nearly half of global services have revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM data information entry errors badly interacted hires and terminations along with lack management and system setups and then when you round it all off and the information is delivered to the wrong place the average cost of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the world payroll and payments don’t run efficiently if they count on the required several procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges organization face when they’re making payments to staff members or otherwise that’s a good question I constantly toss this back and state what is it what doesn’t need to be included right and what does
it need 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 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 intricacy anywhere you look right ultimately constructing a knowledge base is absolutely critical however all over you look with payroll payment they resemble super payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and technology is allowing us to type of move forward with that it likewise also to add to that payroll and financing require to work closer together um with differing Checking account Particulars varying banking requirements and setup processes is absolutely vital that payroll and financing teams work better together than ever um I’m always amazed when people say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll profession would they split 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 eventually 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 third parties so with the
world we reside in and well-being being increasingly more crucial to contribute to kind of the level of complexity there’s a growing number of advantages being organ or being provided by companies across the world so once again you’re just seeking to add more and more payments to this currently complex landscape so if you sort of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of real obstacles or genuine challenging kind of pay uses to play to pay individuals I believe yeah I imply over the last well yeah a couple of decades I would absolutely say that the larger a company gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are groups feeding info into the next function as it were that’s really handling the payment side of things but you understand in in my opinion and my experience that does not always require to be the case you understand long gone are the times where we need to produce additional handoffs while doing sos that we run in they just make them more timely they make them less efficient and they don’t make them what they require to be in in a period 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 tough as it requires to be agreed and rightly as you said payroll is the single biggest liability that any service has from an expense viewpoint from an effect viewpoint on workers it is absolutely critical 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 biggest harmful result on people’s wellness and lots of other elements if people aren’t paid uh I have actually always been surprised entering this Market kind of the last five to ten years is how little thanks the
payroll team get um so I’m uncertain anybody on this type of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an important cycle all of us become aware of it when it goes wrong everyone jumps up and down when it fails 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 things is done correctly so leveraging the very first International Payments first payroll payment option is a great primary step um supplying an end-to-end payroll option for your staff members globally again I believe is another big um process once again aligning and ensuring you have standardization International processes all of those things are definitely key to success success of businesses and reducing the number of tools platforms and checking account they require for their Worldwide payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred countless 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 have not gone quite where they’re suggested to be um I do not think any of us are actually doing that for for the thanks
anyhow we understand 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 involved in those procedures and likewise so think of sorry I’m just I was just gon na say think of the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re talking about numerous thousands potentially Millions envision getting that lots of thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an intriguing job trying 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 need days of the week to attempt to browse them and really see what was going on and kind of shot to get back to everybody so moving on look why do companies pick to primary separate bank accounts there are Papaya Global Underpayment organizations out there doing precisely this for specific countries and I’ve operated in a company or lots of businesses doing exactly that I can state it doesn’t always feel efficient and it does develop more work I know we’re not intentionally doing that we’re not developing extra work for anybody where we do not need to and anybody that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe lots of factors one is it’s the requirement I think individuals have actually got so utilized to we require a new savings 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 requirement and the standard the people have actually embraced and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and numerous other ways um to to type of do it so I think there’s a range I believe this is a process that requires looking at it requires altering however eventually people are extremely stuck to what they’re familiar
with best um change is a challenging thing all of us do not like change um so I think it’s simply type 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 comprehend clearly the advantages of having maintaining numerous savings account however there’s a big quantity of intricacy goes with establishing a savings account keeping it ensuring it can send International transfers ensuring it’s established with the right user accesses for specific individuals so the complexity is huge however I think the sincere answer is modification um people haven’t been able to change or have not had always the knowledge to actually make that change into alternate Solutions aside from opening a savings account I think you’ve struck the nail on the head I think it is understanding you know and there is an aspect of resistance to change however we have actually constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what could nearly be figured out to be the next Century or so there is a lot to track and this method does pose numerous challenges um so Johnny might you tell us about those challenges yeah obviously 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 handle our payroll and payment jobs on one platform. It feels like our CFO has actually gotten another CFO, and with this improved ability, I have actually effectively protected payments for our 10,000 workers worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Underpayment