Over the last five or six years …Papaya Global Atlanta… roles on the service provider side and likewise on the supplier side from a payroll perspective so really looking forward to this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just give everybody another couple of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everyone originates from and I really do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely very uninspiring and I want I was elsewhere at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why business preserve separate
Virtual payroll accounts are an alternative to standard savings account for handling payroll payments. This is especially useful for global organizations with dispersed and remote workforces, as it streamlines the complex process of cross-border payments. Instead of maintaining different savings account for payroll in various countries, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are ending up being a strategic possession for payroll executives. We will likewise provide a recap of the main points covered and leave time for a Q&A session at the end.
Making sure precise, efficient, and prompt payroll payments is a complex difficulty for businesses running worldwide. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll bank accounts, discover how business anticipate payroll costs to optimize working capital, and discover how streamlining worldwide payroll payments can change them from a difficult job into a tactical asset.
Handling payroll internationally is a difficult task due to different regulations, compliance requirements, data security issues, and banking rules. The large number of workers and companies adds to the complexity, with an approximated 3.5 billion people in the worldwide labor force, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Traditional payroll systems typically lead to manual processes, data silos, and an absence of integration, resulting in inconsistencies and inadequacies. Regardless of living in an era of technological improvements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar objectives to supply insights and services to streamline and optimize worldwide payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force information in real time that’s another number that provides me sleep deprived nights and rather honestly the more a company spends on global payroll the less of a picture they see an absence of exposure likewise extends to payroll payments and failure to precisely track these payments can result in compliance mishaps in the last mile of the transaction nearly half of global businesses have expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry mistakes poorly communicated hires and terminations in addition to lack management and system configurations and after that when you round it all off and the information is delivered to the incorrect place the typical expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments don’t run efficiently if they count on the needed several processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges organization face when they’re paying to employees or otherwise that’s an excellent question I constantly toss this back and state what is it what does not require to be included ideal 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 amount of time there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s complexity wherever you look right eventually developing a knowledge base is absolutely critical however all over you look with payroll payment they are like very payments no if but some children 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 essential and technology is allowing us to type of progress with that it likewise as well to contribute to that payroll and financing need to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is absolutely crucial that payroll and financing teams work better together than ever um I’m always impressed when individuals say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they split the payroll payment from computation I would say no so why do we as an industry 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 information collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being increasingly more essential to add to sort of the level of intricacy there’s increasingly more benefits being organ or being provided by services throughout the world so again you’re simply wanting to include more and more payments to this currently complex landscape so if you type of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of real obstacles or real challenging sort of pay uses to play to pay people I think yeah I mean over the last well yeah a couple of years I would certainly state 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 groups feeding information into the next function as it were that’s in fact managing the payment side of things but you understand in in my opinion and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we need to develop additional handoffs while doing sos that we operate in they just make them more prompt they make them less efficient and they do not make them what they require to be in in an era of tech and a period that you know that we are working in today there is no reason we are still making this as difficult as it needs to be agreed and rightly as you stated payroll is the single biggest liability that any company has from a cost point of view from an impact point of view on employees it is definitely crucial 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 need to be done right it has the biggest detrimental result on individuals’s well-being and numerous other aspects if individuals aren’t paid uh I’ve always been impressed coming 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 anybody on this type of webinar has 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 staff members or not um but 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 however when it goes right it’s simply a tick box workout and I believe 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 things is definitely important that all of this stuff is done properly so leveraging the very first Worldwide Payments very first payroll payment solution is an excellent first step um providing an end-to-end payroll option for your workers internationally once again I believe is another huge um process again lining up and ensuring you have standardization Worldwide processes all of those things are definitely crucial to success success of companies and minimizing the variety of tools platforms and bank accounts they need for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle do not anticipate 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 quite where they’re indicated to be um I don’t think any of us are really doing that for for the thanks
anyhow 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 everyone that’s associated with those procedures and likewise so imagine sorry I’m simply I was just gon na say picture the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions imagine getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing task attempting to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and really see what was going on and type of try to get back to everybody so proceeding appearance why do business select to main separate savings account there are Papaya Global Atlanta services out there doing precisely this for specific countries and I’ve operated in a business or many businesses doing precisely that I can say it doesn’t always feel efficient and it does develop more work I understand we’re not purposely doing that we’re not creating additional work for anyone where we don’t have to and anybody that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe numerous factors one is it’s the requirement I think people have got so used to we require a brand-new savings account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the standard the people have 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 lots of other methods um to to sort of do it so I believe there’s a variety I think this is a process that requires taking a look at it requires changing but eventually individuals are very stuck to what they’re familiar
with right um change is a challenging thing we all do not like modification um so I believe it’s simply type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand certainly the benefits of having preserving several checking account but there’s a substantial quantity of intricacy opts for setting up a savings account preserving it ensuring it can send International transfers ensuring it’s established with the right user accesses for private individuals so the complexity is huge however I believe the truthful answer is modification um people have not had the ability to change or haven’t had always the understanding to truly make that change into alternate Solutions aside from opening a savings account I believe you have actually hit the nail on the head I believe it is understanding you understand and there is an aspect of resistance to alter but we’ve constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of carrying on and moving into you understand what might nearly be identified to be the next Century approximately there is a lot to keep track of and this approach does present a number of challenges um so Johnny could you tell us about those challenges yeah naturally so there’s a variety right there is so
I just recently made a modification to our Enterprise 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 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 using Papaya payroll OS is commendable. You should have a corner office with a parking space that is better, considering your achievements. Papaya Global Atlanta