Over the last 5 or six years …Add Worker\’s Com Class Papaya Global… roles on the service provider side and likewise on the supplier side from a payroll point of view so really looking forward to this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply offer everyone another number of uh well among the 30 seconds approximately 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 already simply to hear where everyone is um it’s nice to to kind of like see where everyone comes from and I really do hope it’s much sunnier than it is 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 extremely uninspiring and I wish I was somewhere else 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 difficulty years of managing International payroll why companies keep separate
Virtual payroll accounts are an option to conventional bank accounts for managing payroll payments. This is particularly helpful for global companies 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 nations, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are ending up being a tactical asset 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.
Ensuring accurate, efficient, and prompt payroll payments is a complex obstacle for businesses operating globally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll savings account, discover how business anticipate payroll costs to enhance working capital, and find how enhancing worldwide payroll payments can change them from a troublesome task into a strategic property.
Managing payroll internationally is a daunting job due to numerous guidelines, compliance requirements, information security issues, and banking guidelines. The large variety of workers and companies adds to the intricacy, with an estimated 3.5 billion individuals in the global labor force, 500 million of whom are in Africa, and 230 million organizations worldwide.
Traditional payroll systems typically lead to manual procedures, information silos, and a lack of integration, causing disparities and inadequacies. Regardless of residing in a period of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar objectives to offer insights and solutions to simplify and optimize worldwide payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce data in real time that’s another number that gives me sleepless nights and quite honestly the more a business invests in global payroll the less of a picture they see an absence of exposure also extends to payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the deal almost half of global services have expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM information data entry mistakes badly communicated hires and terminations in addition to lack management and system configurations and after that when you round everything off and the data is delivered to the incorrect location the typical cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash worldwide payroll and payments do not run smoothly if they count on the essential numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles organization face when they’re paying to staff members or otherwise that’s a good question I always toss this back and say what is it what does not require to be included ideal and what does
it require to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the client’s own in-country account so there’s intricacy any place you look ideal eventually constructing a knowledge base is definitely vital however everywhere you look with payroll payment they are like extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you take a 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 fundamental and technology is allowing us to type of move on with that it likewise as well to contribute to that payroll and financing require to work closer together um with differing Savings account Details varying banking requirements and setup procedures is definitely crucial that payroll and finance groups work better together than ever um I’m always astonished when people say I have actually divided payroll and payment um if you walk 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 frequently 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 3rd parties so with the
world we reside in and well-being being a growing number of important to contribute to type of the level of complexity there’s more and more advantages being organ or being used by businesses throughout the world so again you’re just looking to include more and more payments to this currently intricate landscape so if you type 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 genuine obstacles or genuine difficult sort of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a number of years I would certainly say that the larger a service 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 really handling the payment side of things but you understand 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 produce extra handoffs while doing sos that we operate in they just make them more timely they make them less effective and they don’t make them what they need to be in in an age of tech and an age that you understand that we are operating in today there is no reason we are still making this as challenging as it requires to be agreed and rightly as you said payroll is the single biggest liability that any organization has from a cost perspective from an impact viewpoint on workers it is definitely important that it’s done correctly and on time so what we imply 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 well-being and lots of other aspects if people aren’t paid uh I have actually always been surprised entering into this Market type of the last five to 10 years is how little thanks the
payroll team get um so I’m not sure anyone on this type of webinar has been informed 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 employees or not um however eventually payroll is such an important cycle all of us find out about it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box workout 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 stuff is absolutely important that all of this stuff is done correctly so leveraging the very first International Payments very first payroll payment option is a terrific initial step um providing an end-to-end payroll service for your staff members worldwide once again I believe is another big um procedure again aligning and ensuring you have standardization Global procedures all of those things are absolutely essential to success success of services and reducing the number of tools platforms and savings account they need for their Worldwide 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 have actually never ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the grievances where things have not gone quite where they’re suggested to be um I don’t believe any of us are really doing that for for the thanks
anyway we understand how how essential 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 everyone that’s associated with those processes and also so picture sorry I’m simply I was simply gon na state think of the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands potentially Millions think of getting that numerous thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would definitely be an intriguing task trying to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to check out them and in fact see what was going on and kind of shot to return to everybody so moving on look why do companies select to main different bank accounts there are Add Worker\’s Com Class Papaya Global companies out there doing precisely this for specific countries and I’ve operated in an organization or numerous services doing exactly that I can state it does not always feel efficient and it does produce more work I know we’re not deliberately doing that we’re not developing additional work for anybody where we don’t have to and any person that’s managing 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 think many reasons one is it’s the standard I believe individuals have got so utilized to we need a new checking account we open an entity and appropriately so you need it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm the people have actually embraced and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and many other methods um to to sort of do it so I believe there’s a range I think this is a procedure that requires taking a look at it needs changing but ultimately people are extremely stuck to what they recognize
with right um modification is a hard thing all of us don’t like change um so I believe it’s just sort of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the advantages of having preserving several savings account however there’s a huge quantity of complexity goes with establishing a checking account keeping it guaranteeing it can send out International transfers ensuring it’s set up with the ideal user accesses for specific individuals so the complexity is substantial but I believe the truthful answer is change um individuals have not been able to change or have not had necessarily the understanding to actually make that change into alternate Solutions other than opening a checking account I believe you have actually struck the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter however we have actually constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what might practically be determined to be the next Century or two there is a lot to track and this approach does present a number of obstacles um so Johnny might you tell us about those difficulties yeah naturally so there’s a variety right there is so
I recently made a modification to our Enterprise 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 boosted capability, I have actually effectively secured payments for our 10,000 workers worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is better, considering your achievements. Add Worker\’s Com Class Papaya Global