Over the last five or 6 years …When Opening Papaya Global Company File Screen Just Closes… roles on the provider side and also on the supplier side from a payroll viewpoint so really eagerly anticipating this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to sort of like see where everybody comes from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely extremely dreary and I wish I was somewhere else at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of managing International payroll why companies keep different
Virtual payroll accounts are an option to traditional bank accounts for handling payroll payments. This is particularly beneficial for international companies with dispersed and remote labor forces, as it streamlines the complicated process of cross-border payments. Instead of keeping separate bank accounts for payroll in various nations, virtual accounts and digital wallets provide a more structured option. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are becoming a strategic asset 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.
Ensuring precise, efficient, and timely payroll payments is a complex challenge for companies operating worldwide. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll bank accounts, learn how business forecast payroll expenses to enhance working capital, and discover how improving global payroll payments can transform them from a burdensome job into a strategic asset.
Managing payroll globally is a daunting task due to numerous regulations, compliance requirements, data security concerns, and banking guidelines. The sheer variety of employees and businesses contributes to the complexity, with an approximated 3.5 billion individuals in the worldwide workforce, 500 million of whom remain in Africa, and 230 million companies worldwide.
Traditional payroll systems often result in manual procedures, information silos, and a lack of integration, leading to disparities and inefficiencies. In spite of living in an age of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar objectives to provide insights and solutions to simplify and enhance worldwide payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of services say they have Workforce information in real time that’s another number that provides me sleepless nights and rather honestly the more a service invests in global payroll the less of a picture they see a lack of visibility likewise extends to payroll payments and inability to properly track these payments can result in compliance accidents in the last mile of the deal almost half of worldwide companies have actually revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry errors poorly communicated hires and terminations along with absence management and system setups and then when you round everything off and the data is shipped to the incorrect place the typical expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash all over the world payroll and payments don’t run smoothly if they count on the necessary multiple processes 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 organization face when they’re paying to workers or otherwise that’s an excellent question I always toss this back and say what is it what doesn’t require to be included right and what does
it require to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment abilities 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 consumer’s own in-country account so there’s intricacy any place you look best ultimately developing a knowledge base is definitely important but everywhere you look with payroll payment they are like super payments no if but some babies about it you are all superheroes processing payments for payroll if you take a 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 absolutely basic and innovation is enabling us to sort of move forward with that it also 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 processes is absolutely essential that payroll and financing teams work more detailed together than ever um I’m always surprised when people state I have actually divided payroll and payment um if you walk down the street and asked anybody 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 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 3rd parties so with the
world we reside in and well-being being more and more important to add to type of the level of complexity there’s more and more benefits being organ or being offered by services across the world so again you’re just wanting to include a growing number of payments to this already complex landscape so if you type of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of genuine difficulties or genuine tough type of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a couple of decades I would absolutely state that the bigger a service gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding details into the next function as it were that’s in fact managing the payment side of things however you know in in my viewpoint and my experience that does not necessarily need to be the case you understand long gone are the times where we need to produce additional handoffs in the processes that we operate in they just make them more prompt they make them less efficient and they do not make them what they need to be in in an age of tech and an age that you understand that we are working in today there is no reason why we are still making this as hard as it needs to be agreed and appropriately as you stated payroll is the single most significant liability that any business has from a cost point of view from an impact viewpoint on employees it is definitely critical 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 have to be done right it has the greatest harmful result on individuals’s wellness and lots of other elements if individuals aren’t paid uh I’ve always been amazed coming into this Market type of the last five to 10 years is how little thanks the
payroll team get um so I’m not exactly sure anyone on this kind 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 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 deem well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely vital that all of this stuff is done correctly so leveraging the first International Payments very first payroll payment solution is an excellent primary step um supplying an end-to-end payroll solution for your staff members worldwide again I think is another huge um process once again aligning and guaranteeing you have standardization Global procedures all of those things are absolutely key to success success of companies and minimizing the variety of tools platforms and checking account they need for their Worldwide payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things have not gone quite where they’re suggested to be um I don’t believe any of us are actually doing that for for the thanks
anyhow we know how how crucial 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 everyone that’s involved in those processes and also so imagine sorry I’m just I was just gon na state picture the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions think of getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing task attempting to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse them and really see what was going on and kind of try to get back to everyone so carrying on appearance why do business choose to primary separate checking account there are When Opening Papaya Global Company File Screen Just Closes organizations out there doing exactly this for specific nations and I’ve operated in an organization or numerous organizations doing exactly that I can state it does not always feel effective and it does produce more work I understand we’re not deliberately doing that we’re not producing extra work for any person where we don’t need to and any person that’s dealing with that process 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 think many factors one is it’s the standard I believe individuals have got so used to we require a new bank account we open an entity and appropriately so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have actually embraced and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and many other ways um to to type of do it so I believe there’s a range I think this is a procedure that needs looking at it needs changing however eventually people are very stuck to what they’re familiar
with right um modification is a hard thing we all don’t like change um so I believe it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the advantages of having maintaining numerous bank accounts however there’s a big quantity of intricacy goes with establishing a bank account preserving it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for specific individuals so the complexity is substantial but I think the truthful response is change um individuals haven’t been able to change or have not had necessarily the knowledge to truly make that change into alternate Solutions besides opening a checking account I think you’ve struck the nail on the head I believe it is knowledge you know and there is a component of resistance to alter however we have actually always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what might nearly be figured out to be the next Century approximately there is a lot to keep track of and this technique does pose several challenges um so Johnny might you inform us about those difficulties yeah of course so there’s a range right there is so
I simply did you switched 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 Worldwide workers you are worthy of a corner office with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you When Opening Papaya Global Company File Screen Just Closes