Over the last 5 or six years …Papaya Global Aeps… roles on the supplier side and likewise on the vendor side from a payroll point of view so really looking forward to this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just provide everybody another number of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I really 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 really uninspiring and I want I was elsewhere at this moment in time fine so let’s start our agenda 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 standard checking account for handling payroll payments. This is especially helpful for international organizations with dispersed and remote workforces, as it simplifies the complicated process of cross-border payments. Instead of keeping different savings account for payroll in various countries, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are ending up being a tactical 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.
Making sure accurate, efficient, and prompt payroll payments is a complex challenge for services operating worldwide. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll checking account, discover how companies forecast payroll expenses to optimize working capital, and find how improving worldwide payroll payments can transform them from a troublesome job into a tactical asset.
Handling payroll worldwide is a daunting task due to different guidelines, compliance requirements, information security issues, and banking rules. The large number of workers and businesses adds to the complexity, with an estimated 3.5 billion people in the worldwide labor force, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Traditional payroll systems frequently result in manual procedures, information silos, and an absence of integration, causing inconsistencies and inadequacies. In spite of living in an era of technological developments, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar goals to supply insights and options to streamline and optimize global payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services state they have Workforce data in real time that’s another number that offers me sleep deprived nights and rather frankly the more a service invests in global payroll the less of a photo they see an absence of exposure likewise extends to payroll payments and failure to properly track these payments can result in 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 need in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM data data entry mistakes poorly communicated hires and terminations along with lack management and system configurations and then when you round all of it off and the data is shipped to the incorrect location the average expense of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments don’t run efficiently if they count on the needed multiple procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties business face when they’re making payments to workers or otherwise that’s a good question I always toss this back and say what is it what does not need to be included best and what does
it need to be thought of there’s varying 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 capabilities 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 customer’s own in-country account so there’s complexity any place you look right eventually developing a knowledge base is absolutely critical but everywhere you look with payroll payment they are like very payments no if but some children 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 believe there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is allowing us to kind of move on with that it likewise also to contribute to that payroll and financing require to work closer together um with varying Checking account Particulars differing banking requirements and setup processes is definitely vital that payroll and finance teams work closer together than ever um I’m constantly impressed when individuals state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll occupation 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 frequently 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 people wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more important to add to kind of the level of intricacy there’s a growing number of advantages being organ or being used by services across the world so once again you’re simply seeking to include increasingly more payments to this already complicated landscape so if you type of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of genuine obstacles or genuine tough kind of pay uses to play to pay people I believe yeah I indicate over the last well yeah a couple of decades I would certainly state that the bigger a business gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are groups feeding details into the next function as it were that’s really handling the payment side of things but you understand in in my opinion and my experience that doesn’t necessarily require to be the case you know long gone are the times where we need to create additional handoffs while doing sos 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 understand that we are working in today there is no reason we are still making this as hard as it needs to be concurred and appropriately as you stated payroll is the single biggest liability that any service has from an expense perspective from an impact perspective on employees it is absolutely 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 most significant detrimental impact on people’s wellness and numerous other factors if people aren’t paid uh I have actually constantly been impressed entering this Market kind of the last five to 10 years is how little thanks the
payroll team get um so I’m unsure anyone on this sort of webinar has been informed 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 employees or not um but eventually payroll is such an important cycle we all become aware of it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise 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 stuff is absolutely vital that all of this stuff is done correctly so leveraging the first Worldwide Payments first payroll payment service is an excellent first step um providing an end-to-end payroll option for your staff members worldwide again I think is another substantial um process once again lining up and ensuring you have standardization International processes all of those things are definitely key to success success of organizations and lowering 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 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 anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t gone quite where they’re implied to be um I do not believe any of us are in fact 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 simple as possible for everyone that’s associated with those procedures and also so envision sorry I’m just I was simply gon na state think of the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions picture getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing task trying to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to check out them and actually see what was going on and type of shot to get back to everybody so carrying on appearance why do companies choose to main separate savings account there are Papaya Global Aeps companies out there doing exactly this for particular nations and I’ve worked in an organization or lots of businesses doing precisely that I can say it does not always feel effective and it does create more work I know we’re not purposely doing that we’re not creating extra work for anybody where we don’t have to and any person that’s managing 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 amount that we are I believe many factors one is it’s the requirement I think individuals have got so used to we require a new bank account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the standard the people have actually embraced and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a range I think this is a procedure that requires looking at it requires altering however ultimately people are extremely stuck with what they’re familiar
with ideal um modification is a challenging thing all of us do not like modification um so I think it’s simply sort of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the benefits of having keeping multiple checking account but there’s a big amount of complexity chooses establishing a savings account keeping it guaranteeing it can send out International transfers ensuring it’s established with the right user accesses for specific people so the intricacy is big but I think the sincere response is modification um people have not had the ability to alter or have not had necessarily the knowledge to really make that change into alternate Solutions aside from opening a bank account I think you’ve struck the nail on the head I think it is knowledge you know and there is an element of resistance to alter however we’ve constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what could practically be determined to be the next Century or so there is a lot to monitor and this method does present several difficulties um so Johnny might you tell us about those challenges yeah of course so there’s a range right there is so
I just 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 staff members you deserve a corner workplace with a closer parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Aeps