Over the last 5 or six years …Papaya Global Run A Payroll… functions on the supplier side and likewise on the vendor side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply provide everyone another number of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everybody 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 extremely dreary and I want I was somewhere else at this moment in time alright so let’s get started our program for today is as follows um we are going to be looking at the difficulty years of managing International payroll why business preserve different
Virtual payroll accounts are an option to conventional bank accounts for handling payroll payments. This is particularly useful for worldwide companies with dispersed and remote labor forces, as it simplifies the intricate procedure of cross-border payments. Instead of maintaining different checking account for payroll in various nations, virtual accounts and digital wallets offer a more structured option. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a tactical possession for payroll executives. We will also provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing precise, efficient, and timely payroll payments is a complex obstacle for services running internationally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll checking account, discover how business anticipate payroll costs to enhance working capital, and discover how simplifying worldwide payroll payments can change them from a difficult job into a tactical property.
Managing payroll internationally is a difficult job due to various guidelines, compliance requirements, information security issues, and banking rules. The sheer number of employees and companies adds to the intricacy, with an approximated 3.5 billion individuals in the global workforce, 500 countless whom are in Africa, and 230 million companies worldwide.
Traditional payroll systems often result in manual processes, data silos, and a lack of integration, leading to inconsistencies and inefficiencies. In spite of residing in a period of technological improvements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar objectives to offer insights and services to streamline and optimize international payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of businesses state 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 international payroll the less of a picture they see an absence of visibility likewise extends to payroll payments and inability to properly track these payments can result in compliance mishaps in the last mile of the deal nearly half of global organizations have expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM data data entry mistakes badly communicated hires and terminations along with lack management and system configurations and after that when you round all of it off and the information is shipped to the wrong place the typical cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money all over the world payroll and payments do not run smoothly if they depend on the needed several procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties business face when they’re making payments to workers or otherwise that’s an excellent question I always throw this back and say what is it what does not need to be included right and what does
it need to be considered there’s varying Bank information 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 abilities 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 client’s own in-country account so there’s intricacy any place you look ideal eventually developing a knowledge base is absolutely crucial but everywhere you look with payroll payment they are like super payments no if but 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 definitely essential and innovation is enabling us to type of move forward with that it also as well to contribute to that payroll and financing need to work closer together um with varying Savings account Details differing banking requirements and setup procedures is definitely imperative that payroll and finance teams work closer 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 anyone what is payroll who does not work in the payroll occupation 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 typically 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 people any place they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being a growing number of essential to contribute to type of the level of complexity there’s more and more advantages being organ or being offered by organizations across the world so once again you’re just aiming to include a growing number of payments to this currently complex landscape so if you kind of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of genuine difficulties or genuine tough sort of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a number of years I would certainly say that the bigger an organization gets the more it tends to segregate the payroll and the payments works um there are teams 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 however you understand in in my viewpoint and my experience that doesn’t always require to be the case you understand long gone are the times where we need to create extra handoffs while doing sos 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 era of tech and an era that you understand that we are operating in today there is no reason we are still making this as tough as it needs to be agreed and appropriately as you said payroll is the single greatest liability that any business has from an expense point of view from an effect point of view on staff members it is definitely vital that it’s done properly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the greatest harmful effect on people’s well-being and lots of other elements if people aren’t paid uh I’ve constantly been impressed coming into this Market type of the last five to 10 years is how little thanks the
payroll group get um so I’m not sure anyone on this kind of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um but eventually payroll is such an important cycle all of us hear about it when it fails everyone jumps up and down when it fails but when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely essential that all of this stuff is done correctly so leveraging the very first International Payments very first payroll payment option is an excellent initial step um offering an end-to-end payroll option for your employees internationally again I believe is another big um process again lining up and ensuring you have standardization Worldwide processes all of those things are absolutely key to success success of companies and decreasing the number of tools platforms and checking account they need for their Global payroll too could not 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 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 complaints where things haven’t gone rather where they’re indicated to be um I don’t think any of us are really doing that for for the thanks
anyhow we know 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 easy as possible for everybody that’s associated with those processes and likewise so imagine sorry I’m just I was simply gon na say imagine the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions imagine getting that lots of thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing job trying to clean all those up for sure oh absolutely 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 check out them and actually see what was going on and type of shot to get back to everybody so moving on look why do business choose to primary separate savings account there are Papaya Global Run A Payroll services out there doing exactly this for particular countries and I have actually operated in an organization or many businesses doing exactly that I can say it does not always feel effective and it does develop more work I understand we’re not intentionally doing that we’re not producing extra work for any person where we don’t have to and anyone that’s handling 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 amount that we are I believe numerous factors one is it’s the requirement I believe people have got so used to we need a brand-new bank account we open an entity and rightly 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 individuals have embraced and continue to do over years and years gone past to add to that people have 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 range I believe this is a procedure that requires looking at it needs changing however ultimately individuals are extremely stuck with what they recognize
with ideal um modification is a challenging thing all of us do not like modification um so I think it’s simply kind of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend clearly the advantages of having maintaining numerous bank accounts but there’s a substantial quantity of complexity goes with establishing a savings account preserving it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for individual people so the intricacy is huge however I believe the sincere response is change um individuals have not had the ability to alter or haven’t had always the knowledge to truly make that change into alternate Solutions other than 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 element of resistance to change however we have actually always done it that way is no real excuse for not looking at the the benefits and the possibilities of moving on and moving into you know what might nearly be figured out to be the next Century or two there is a lot to keep an eye on and this technique does pose several obstacles um so Johnny could you tell us about those difficulties yeah of course so there’s a variety right there is so
I simply did you changed 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 Worldwide staff members you deserve a corner office with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Run A Payroll