Over the last 5 or six years …Employer Allowance Papaya Global… functions on the company side and also on the vendor side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just offer everybody another couple of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather intriguing 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 everyone comes from and I actually 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 drizzling here it’s very very dreary and I want I was elsewhere 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 challenge years of handling Worldwide payroll why business preserve separate
Virtual payroll accounts are an option to traditional checking account for managing payroll payments. This is particularly helpful for worldwide organizations with dispersed and remote workforces, as it simplifies the intricate procedure of cross-border payments. Instead of maintaining separate checking account for payroll in various countries, virtual accounts and digital wallets offer a more structured service. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are ending up being a strategic asset for payroll executives. We will also supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
Making sure precise, effective, and timely payroll payments is a complex obstacle for organizations running internationally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll bank accounts, learn how companies anticipate payroll expenses to enhance working capital, and discover how enhancing global payroll payments can transform them from a burdensome job into a strategic asset.
Handling payroll worldwide is a difficult task due to numerous policies, compliance requirements, data security issues, and banking rules. The sheer variety of staff members and services adds to the complexity, with an estimated 3.5 billion people in the global labor force, 500 million of whom are in Africa, and 230 million organizations worldwide.
Standard payroll systems often result in manual procedures, information silos, and an absence of integration, causing inconsistencies and inadequacies. Despite living in an era of technological improvements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar objectives to provide insights and solutions to streamline and enhance global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Labor force data in real time that’s another number that offers me sleepless nights and quite honestly the more a company invests in global payroll the less of a picture they see a lack of visibility also extends to payroll payments and failure to properly track these payments can cause compliance accidents in the last mile of the deal almost half of worldwide 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 due to time reporting poor HCM information data entry mistakes inadequately interacted hires and terminations as well as lack management and system setups and then when you round all of it off and the data is delivered to the wrong location the average expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash worldwide payroll and payments do not run efficiently if they rely on the needed multiple procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges business face when they’re paying to workers or otherwise that’s a great question I constantly toss this back and say what is it what doesn’t need to be included ideal 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 nation there’s payment time frames there’s payment capabilities 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 anywhere you look ideal ultimately building a knowledge base is definitely important but all over 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 type 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 permitting us to type of move on with that it likewise also to contribute to that payroll and financing need to work closer together um with varying Savings account Details differing banking requirements and setup processes is absolutely crucial that payroll and financing groups work closer together than ever um I’m constantly amazed when people state I’ve split 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 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 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 however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more essential to contribute to sort of the level of intricacy there’s a growing number of advantages being organ or being used by companies across the world so again you’re just wanting to include increasingly more payments to this already complicated landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of genuine obstacles or genuine difficult kind of pay uses to play to pay people I believe yeah I indicate over the last well yeah a number of decades I would absolutely state that the bigger an organization 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 information 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 necessarily require to be the case you know long gone are the times where we require to develop additional handoffs at the same times that we operate in they simply make them more prompt they make them less effective and they don’t make them what they need to be in in an age of tech and a period that you understand that we are operating in today there is no reason that we are still making this as difficult as it needs to be concurred and appropriately as you said payroll is the single most significant liability that any service has from a cost perspective from an impact perspective on staff members it is definitely critical that it’s done properly and on time so what we indicate 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 damaging result on people’s wellness and numerous other elements if individuals aren’t paid uh I have actually always been amazed entering into this Market sort of the last 5 to 10 years is how little thanks the
The payroll group might not have actually been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and people just notice when things go wrong. Nevertheless, when things go right, it’s seen as just a routine task. This is how it’s perceived externally as well. For that reason, it is essential to guarantee that tasks like Wi-Fi Worldwide and other essential matters are done correctly. Utilizing the first Global Payments very first payroll payment service is a fantastic preliminary action towards offering an extensive payroll solution for employees worldwide. Standardization, international processes, and minimizing the number of tools, platforms, and bank accounts necessary for international payroll are key factors in achieving organization success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of complaints when things don’t go as planned. Eventually, we don’t do it for the appreciation.
anyway we know how how essential 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 involved in those processes and also so picture 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 people that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions envision getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating task attempting to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and actually see what was going on and sort of shot to get back to everybody so moving on appearance why do business choose to primary separate savings account there are Employer Allowance Papaya Global services out there doing exactly this for specific nations and I have actually worked in a business or lots of services doing precisely that I can say it does not constantly feel effective and it does create more work I know we’re not intentionally doing that we’re not creating additional work for anyone where we don’t have to and anybody that’s handling 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 many reasons one is it’s the standard I think individuals have actually got so utilized to we need a new savings account we open an entity and rightly so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have embraced and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and numerous other ways um to to type of do it so I think there’s a variety I believe this is a process that needs taking a look at it needs changing however eventually people are extremely stuck to what they recognize
with best um change is a challenging thing we all don’t like change um so I think it’s just type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend certainly the benefits of having keeping multiple savings account however there’s a huge amount of complexity chooses setting up a bank account keeping it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for specific individuals so the intricacy is big however I believe the sincere answer is change um people have not been able to alter or have not had necessarily the knowledge to actually make that change into alternate Solutions other than opening a bank account I think you’ve struck the nail on the head I think it is knowledge you understand and there is a component of resistance to change but we’ve always done it that way is no genuine reason for not looking at the the benefits and the possibilities of proceeding and moving into you know what could nearly be identified to be the next Century approximately there is a lot to monitor and this approach does position a number of difficulties um so Johnny could you tell us about those challenges yeah obviously so there’s a variety right there is so
I simply did you switched our Business 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 employees you should have a corner workplace with a more detailed parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Employer Allowance Papaya Global