Over the last 5 or six years …Papaya Global System… functions on the supplier side and likewise on the vendor side from a payroll viewpoint so actually 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 one of 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 rather fascinating and I can see it going on already just to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I truly 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 really extremely dreary and I want I was elsewhere 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 obstacle years of handling Global payroll why business preserve different
Virtual payroll accounts are an alternative to conventional bank accounts for handling payroll payments. This is particularly beneficial for global organizations with dispersed and remote workforces, as it streamlines the complicated process of cross-border payments. Instead of maintaining separate checking account for payroll in different nations, virtual accounts and digital wallets provide a more streamlined service. 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 asset for payroll executives. We will likewise offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring accurate, effective, and timely payroll payments is a complex difficulty for organizations operating globally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll savings account, learn how business anticipate payroll expenses to optimize working capital, and find how streamlining global payroll payments can transform them from a difficult task into a tactical possession.
Managing payroll worldwide is a daunting job due to numerous policies, compliance requirements, data security concerns, and banking rules. The sheer number of employees and organizations contributes to the intricacy, with an approximated 3.5 billion people in the global workforce, 500 countless whom remain in Africa, and 230 million services worldwide.
Standard payroll systems often lead to manual procedures, information silos, and an absence of combination, leading to disparities and inadequacies. Regardless of living in an age of technological improvements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar goals to offer insights and services to streamline and enhance international payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce data in real time that’s another number that offers me sleep deprived nights and rather honestly the more a service invests in global payroll the less of a photo they see an absence of visibility likewise extends to payroll payments and inability to accurately track these payments can cause compliance incidents in the last mile of the deal nearly half of global businesses 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 errors badly communicated hires and terminations as well as lack management and system setups and after that when you round everything off and the data is delivered to the wrong place the typical cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the world payroll and payments don’t run smoothly if they depend on the necessary several processes 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 business face when they’re making payments to employees or otherwise that’s a great concern I always toss this back and say what is it what doesn’t need to be included best 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 nation 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 need to pay from the customer’s own in-country account so there’s complexity anywhere you look ideal ultimately developing a knowledge base is definitely important however all over you look with payroll payment they are like very payments no if however some children about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is permitting us to sort of move on with that it also also to add to that payroll and finance need to work closer together um with differing Bank Account Details varying banking requirements and setup processes is absolutely crucial that payroll and finance groups work closer together than ever um I’m always astonished when individuals state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um ultimately 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 but also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being more and more essential to add to sort of the level of complexity there’s increasingly more advantages being organ or being provided by companies throughout the world so once again you’re just seeking to include increasingly more payments to this currently intricate landscape so if you sort of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of genuine challenges or genuine tough type of pay uses to play to pay people I think yeah I imply 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 operates um there are groups doing one part of the job there are groups feeding information into the next function as it were that’s actually handling the payment side of things but you understand in in my viewpoint and my experience that doesn’t always need to be the case you understand long gone are the times where we need to create additional handoffs in the processes that we run in they simply make them more prompt they make them less effective and they don’t make them what they require to be in in an age of tech and a period that you know that we are operating in today there is no reason that we are still making this as challenging as it needs to be concurred and appropriately as you stated payroll is the single greatest liability that any organization has from a cost point of view from an effect perspective on employees it is definitely crucial that it’s done properly 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 greatest detrimental effect on people’s wellness and numerous other elements if people aren’t paid uh I have actually always been impressed entering this Market sort of the last 5 to 10 years is how little thanks the
payroll group get um so I’m not exactly sure anyone on this sort of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be great 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 find out about it when it fails everybody jumps up and down when it fails however when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely vital that all of this stuff is done correctly so leveraging the very first International Payments first payroll payment solution is a fantastic primary step um providing an end-to-end payroll option for your employees globally again I think is another substantial um process once again aligning and ensuring you have standardization Global processes all of those things are absolutely key to success success of organizations and decreasing the variety of tools platforms and bank accounts they require for their International 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 anticipate to you do get the odd five or ten or whatever it might be with the with the the problems where things have not gone quite where they’re indicated to be um I don’t believe any of us are really doing that for for the thanks
anyhow we understand how how crucial 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 simple as possible for everybody that’s involved in those processes and likewise so imagine sorry I’m simply I was just gon na state picture the quantity 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 numerous thousands possibly Millions picture 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 however it would definitely be a fascinating 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 need days of the week to attempt to check out them and really see what was going on and kind of try to return to everybody so proceeding look why do companies choose to primary different savings account there are Papaya Global System services out there doing exactly this for particular nations and I’ve worked in an organization or many organizations doing exactly that I can state it does not constantly feel effective and it does develop more work I understand we’re not deliberately doing that we’re not creating additional work for anyone where we do not need to and anyone that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I think numerous reasons one is it’s the requirement I think people have actually got so utilized to we require a brand-new checking 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 simply been the requirement and the norm individuals have actually adopted and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and lots of other methods um to to kind of do it so I believe there’s a variety I think this is a procedure that needs taking a look at it requires altering however eventually individuals are very stuck with what they’re familiar
with right um modification is a tough thing all of us do not like change um so I believe it’s simply sort of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend obviously the benefits of having preserving numerous savings account however there’s a substantial amount of complexity goes with establishing a checking account preserving it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for individual individuals so the intricacy is big but I believe the honest answer is modification um individuals have not had the ability to change or have not had necessarily the understanding to actually make that change into alternate Solutions besides opening a savings account I believe you’ve struck the nail on the head I think it is understanding you know and there is a component of resistance to alter but we’ve always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of carrying on and moving into you know what might nearly be determined to be the next Century or two there is a lot to monitor and this method does present numerous obstacles um so Johnny could you inform us about those difficulties yeah naturally so there’s a range 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International workers you are worthy of a corner office with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global System