Over the last 5 or six years …Papaya Global Who Cant Use Direct Deposit… roles on the supplier side and also on the supplier side from a payroll perspective so truly anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just give everyone another couple of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I actually 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 very gloomy and I want I was somewhere else at this moment in time fine so let’s start our program for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why companies maintain separate
Virtual payroll accounts are an option to standard bank accounts for handling payroll payments. This is particularly helpful for global companies with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of preserving different bank accounts for payroll in various nations, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are ending up being a strategic property for payroll executives. We will likewise supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring precise, effective, and timely payroll payments is a complex difficulty for businesses operating globally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll savings account, learn how business forecast payroll costs to optimize working capital, and find how improving global payroll payments can transform them from a burdensome task into a tactical possession.
Managing payroll globally is a difficult task due to different regulations, compliance requirements, information security issues, and banking guidelines. The sheer number of workers and companies contributes to the complexity, with an estimated 3.5 billion people in the worldwide labor force, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Traditional payroll systems frequently lead to manual procedures, data silos, and an absence of integration, causing inconsistencies and ineffectiveness. Regardless of residing in a period of technological advancements, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar goals to offer insights and services to simplify and enhance global payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce information in real time that’s another number that offers me sleep deprived nights and rather honestly the more a company spends on worldwide payroll the less of an image they see an absence of presence likewise extends to payroll payments and inability to accurately track these payments can cause compliance incidents in the last mile of the deal almost half of international businesses have actually revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry mistakes badly communicated hires and terminations along with absence management and system configurations and after that when you round all of it off and the data is shipped to the wrong place the average expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash all over the world payroll and payments do not run smoothly if they count on the necessary several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges company face when they’re paying to employees or otherwise that’s a good concern I constantly throw this back and say what is it what doesn’t require to be included right and what does
it need to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s intricacy wherever you look right eventually constructing a knowledge base is definitely critical however all over you look with payroll payment they are like extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the sort 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 absolutely basic and technology is allowing us to sort of move on with that it also as well to add to that payroll and finance need to work closer together um with varying Savings account Particulars differing banking requirements and setup processes is definitely imperative that payroll and finance teams work closer together than ever um I’m always astonished when individuals state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll profession would they split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more crucial to contribute to kind of the level of complexity there’s more and more advantages being organ or being used by businesses across the world so once again you’re just seeking to include more and more payments to this currently intricate landscape so if you type of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of genuine challenges or genuine challenging type of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a number of decades I would absolutely say that the larger a business gets the more it tends to segregate the payroll and the payments works um there are groups 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 know in in my opinion and my experience that doesn’t always require to be the case you understand long gone are the times where we need to develop extra handoffs at the same times that we operate in they just make them more timely they make them less efficient and they do not make them what they require to be in in an era of tech and an age that you know that we are working in today there is no reason that we are still making this as challenging as it requires to be concurred and rightly as you stated payroll is the single most significant liability that any organization has from an expense perspective from an effect viewpoint on workers it is absolutely vital that it’s done correctly 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 harmful result on individuals’s wellness and numerous other elements if individuals aren’t paid uh I have actually 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 anyone on this kind of webinar has been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um however eventually payroll is such a crucial cycle all of us find out about it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely crucial that all of this things is done properly so leveraging the first International Payments first payroll payment service is a great first step um offering an end-to-end payroll solution for your staff members internationally again I believe is another huge um process once again lining up and ensuring you have standardization International procedures all of those things are definitely key to success success of businesses and minimizing the variety of tools platforms and savings account they need for their Global 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’ve never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or 10 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 think any of us are in fact doing that for for the thanks
anyway we know how how essential a function 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 involved in those processes and likewise so think of sorry I’m simply I was simply gon na say envision the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions imagine getting that many thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating task trying to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and really see what was going on and kind of shot to get back to everyone so carrying on appearance why do business pick to main different bank accounts there are Papaya Global Who Cant Use Direct Deposit companies out there doing precisely this for particular nations and I’ve operated in a service or lots of services doing exactly that I can say it doesn’t constantly feel efficient and it does develop more work I know we’re not deliberately doing that we’re not creating additional work for any person where we don’t have to and any person that’s managing that process 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 think lots of reasons one is it’s the requirement I believe people have got so utilized to we require a 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 simply been the standard and the standard the people have embraced and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and numerous other methods um to to type of do it so I think there’s a variety I think this is a process that requires taking a look at it needs altering but ultimately individuals are extremely stuck with what they’re familiar
with right um change is a tough thing all of us don’t like change um so I think it’s just sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend obviously the advantages of having maintaining several bank accounts but there’s a huge quantity of complexity chooses establishing a bank account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for private people so the complexity is huge however I believe the truthful answer is change um individuals have not had the ability to alter or have not had always the understanding to actually make that change into alternate Solutions besides opening a checking account I believe you have actually hit the nail on the head I think it is understanding you understand and there is an element of resistance to change however we’ve always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what might practically be identified to be the next Century approximately there is a lot to monitor and this method does present numerous challenges um so Johnny might you tell 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 Worldwide workers you are worthy of a corner workplace with a more detailed parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Who Cant Use Direct Deposit