Over the last five or six years …Papaya Global Wallet Payroll… roles on the supplier side and likewise on the supplier side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply provide everyone another number of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everybody comes from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really extremely gloomy and I wish I was somewhere else at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why business maintain separate
Virtual payroll accounts are an option to standard checking account for handling payroll payments. This is particularly beneficial for worldwide companies with dispersed and remote workforces, as it streamlines the complicated procedure of cross-border payments. Instead of preserving different bank accounts for payroll in different countries, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are becoming a tactical property for payroll executives. We will likewise supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
Making sure accurate, effective, and prompt payroll payments is a complex challenge for services operating globally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll bank accounts, learn how companies anticipate payroll costs to optimize working capital, and discover how simplifying worldwide payroll payments can transform them from a difficult job into a tactical possession.
Managing payroll worldwide is a challenging task due to different guidelines, compliance requirements, information security issues, and banking rules. The sheer variety of staff members and services contributes to the intricacy, with an approximated 3.5 billion people in the global labor force, 500 million of whom are in Africa, and 230 million services worldwide.
Conventional payroll systems typically lead to manual procedures, data silos, and a lack of integration, resulting in inconsistencies and inefficiencies. Regardless of residing in an era of technological improvements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar objectives to supply insights and services to streamline and optimize worldwide payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force data in real time that’s another number that provides me sleep deprived nights and quite frankly the more a company spends on international payroll the less of an image they see a lack of presence likewise encompasses payroll payments and failure to precisely track these payments can cause compliance accidents in the last mile of the deal almost half of global businesses have expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM data information entry mistakes inadequately interacted hires and terminations along with absence management and system configurations and then when you round everything off and the information is delivered to the incorrect place the typical expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the world 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 viewpoint and in your experience what else needs to be factored into the difficulties business face when they’re paying to employees or otherwise that’s an excellent question I constantly throw this back and state what is it what doesn’t require to be included ideal and what does
it need to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment abilities 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 client’s own in-country account so there’s complexity wherever you look right ultimately building a knowledge base is absolutely important however everywhere you look with payroll payment they are like very payments no if however 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 think there’s now a bit more recognition that payroll payments are definitely fundamental and innovation is permitting us to sort of progress with that it also too to contribute to that payroll and financing require to work closer together um with differing Savings account Details varying banking requirements and setup processes is definitely necessary that payroll and financing groups work better together than ever um I’m always amazed when people say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll occupation would they divide the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being more and more important to add to kind of the level of intricacy there’s more and more advantages being organ or being provided by businesses throughout the world so again you’re just seeking to include a growing number of payments to this currently intricate landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of real obstacles or genuine challenging kind of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a couple of years I would definitely say that the larger a business gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are groups feeding details into the next function as it were that’s in fact 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 understand long gone are the times where we require to develop extra handoffs at the same times that we run in they just make them more prompt they make them less efficient and they don’t make them what they need to be in in a period of tech and an age that you understand that we are working in today there is no reason that we are still making this as difficult as it requires to be concurred and rightly as you said payroll is the single most significant liability that any service has from a cost perspective from an effect perspective 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 have to be done right it has the biggest damaging effect on individuals’s well-being and lots of other aspects if individuals aren’t paid uh I have actually always been impressed entering this Market type of the last five to 10 years is how little thanks the
The payroll group might not have actually been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and people just notice when things fail. Nevertheless, when things go right, it’s viewed as just a regular job. This is how it’s perceived externally too. For that reason, it is vital to guarantee that tasks like Wi-Fi Worldwide and other crucial matters are done properly. Using the very first International Payments very first payroll payment option is a fantastic initial step towards supplying a comprehensive payroll solution for staff members worldwide. Standardization, international procedures, and lowering the variety of tools, platforms, and savings account necessary for global payroll are key factors in accomplishing service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few problems when things do not go as planned. Eventually, we don’t do it for the gratitude.
anyway 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 easy as possible for everybody that’s associated with those procedures and also so envision sorry I’m just I was just gon na say picture the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions imagine getting that numerous thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting task trying to clean 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 try to look through them and really see what was going on and sort of shot to get back to everyone so moving on look why do companies choose to primary different checking account there are Papaya Global Wallet Payroll businesses out there doing exactly this for particular nations and I’ve worked in a business or lots of businesses doing exactly that I can state it does not constantly feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not producing extra work for anybody where we do not have to and any person that’s handling that procedure I ‘d be interested to hear your ideas 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 individuals have got so utilized to we need a new checking account we open an entity and rightly so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm the people have adopted and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a range I believe this is a procedure that needs taking a look at it needs altering but ultimately people are extremely stuck to what they recognize
with right um change is a difficult thing all of us do not like modification um so I think it’s just sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having preserving several checking account but there’s a substantial amount of intricacy chooses establishing a savings account keeping it guaranteeing it can send International transfers guaranteeing it’s set up with the ideal user accesses for individual individuals so the intricacy is substantial however I think the sincere answer is change um people haven’t been able to change or have not had necessarily the knowledge to actually make that change into alternate Solutions besides opening a bank account I think you have actually struck the nail on the head I think it is knowledge you know and there is an element of resistance to change but we’ve constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might almost be determined to be the next Century or so there is a lot to keep track of and this approach does present several obstacles um so Johnny could you tell us about those difficulties yeah obviously so there’s a range right there is so
I just did you changed our Enterprise 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 Global workers you should have a corner office with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Wallet Payroll