Over the last 5 or six years …Papaya Global Process Leaver… roles on the supplier side and likewise on the supplier side from a payroll viewpoint so truly looking forward to this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply provide everybody another couple of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite intriguing 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 truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very really gloomy and I want I was somewhere else at this moment in time fine so let’s get going our program for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why business keep different
Virtual payroll accounts are an option to traditional checking account for managing payroll payments. This is particularly beneficial for global organizations with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of preserving separate savings account for payroll in various countries, virtual accounts and digital wallets provide a more structured service. 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 also provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
Making sure precise, effective, and prompt payroll payments is a complex challenge for businesses operating worldwide. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll checking account, discover how business forecast payroll costs to optimize working capital, and find how improving international payroll payments can transform them from a challenging job into a strategic asset.
Managing payroll worldwide is an overwhelming job due to numerous regulations, compliance requirements, data security issues, and banking guidelines. The large number of staff members and companies contributes to the intricacy, with an estimated 3.5 billion people in the international workforce, 500 million of whom are in Africa, and 230 million organizations worldwide.
Standard payroll systems often lead to manual processes, information silos, and an absence of combination, leading to disparities and inadequacies. Despite residing in a period of technological developments, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar goals to offer insights and services to simplify and optimize worldwide payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force data in real time that’s another number that offers me sleepless nights and rather frankly the more a company invests in global payroll the less of an image they see an absence of exposure also reaches payroll payments and inability to precisely track these payments can lead to compliance incidents in the last mile of the deal nearly half of worldwide businesses have actually revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM data information entry errors improperly interacted hires and terminations in addition to 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 cost 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 money all over the world payroll and payments do not run smoothly if they depend on the necessary numerous procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties service face when they’re making payments to employees or otherwise that’s an excellent question I constantly throw this back and say what is it what doesn’t need to be included ideal and what does
it require to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames 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 any place you look right ultimately developing a knowledge base is absolutely vital however all over you look with payroll payment they resemble very payments no if however some children 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 believe there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is allowing us to type of move on with that it also too to contribute to that payroll and finance require to work closer together um with varying Savings account Details varying banking requirements and setup processes is definitely necessary that payroll and financing groups work more detailed together than ever um I’m always surprised when people state I have actually divided 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 divide 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 eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being increasingly more important to add to kind of the level of complexity there’s a growing number of advantages being organ or being offered by businesses throughout the world so once again you’re just wanting to include a growing number of payments to this currently complicated landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of real obstacles or genuine tough sort of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a number of years I would absolutely say that the bigger a service gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are groups feeding information into the next function as it were that’s really handling the payment side of things however 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 require to produce extra handoffs at the same times that we run in they just make them more prompt they make them less effective and they don’t make them what they need to be in in an era 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 tough as it needs to be agreed and appropriately as you stated payroll is the single greatest liability that any business has from a cost point of view from an effect point of view on staff members it is absolutely critical that it’s done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the most significant damaging impact on people’s well-being and lots of other factors if individuals aren’t paid uh I’ve constantly been astonished entering into this Market sort of the last 5 to 10 years is how little thanks the
payroll team get um so I’m uncertain anyone on this sort of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such an essential 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 exercise and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely vital that all of this things is done correctly so leveraging the first Worldwide Payments first payroll payment service is an excellent initial step um supplying an end-to-end payroll solution for your workers worldwide again I think is another substantial um process again aligning and guaranteeing you have standardization Worldwide procedures all of those things are absolutely crucial to success success of organizations and lowering the number of tools platforms and checking account they need for their Worldwide 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 expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things haven’t gone rather where they’re indicated to be um I don’t believe any of us are in fact doing that for for the thanks
anyhow we know how how important 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 everybody that’s involved in those procedures and also so think of sorry I’m just I was just gon na say think of the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions imagine getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would definitely be an intriguing task attempting to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and really see what was going on and type of shot to get back to everyone so carrying on look why do business choose to main different savings account there are Papaya Global Process Leaver organizations out there doing exactly this for specific countries and I have actually worked in a service or many companies doing exactly that I can say it does not constantly feel efficient and it does develop more work I know we’re not intentionally doing that we’re not creating extra work for anyone where we do not have to and any person that’s handling 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 amount that we are I think many reasons one is it’s the requirement I believe people have actually got so used to we require a brand-new savings account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm individuals have actually embraced and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and many other methods um to to kind of do it so I believe there’s a range I believe this is a process that requires taking a look at it requires changing but ultimately individuals are very stuck to what they’re familiar
with right um modification is a hard thing we all do not like change um so I think it’s just type 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 comprehend undoubtedly the benefits of having preserving multiple bank accounts however there’s a huge amount of intricacy goes with establishing a checking account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for individual people so the complexity is big but I believe the honest response is modification um individuals haven’t had the ability to alter or haven’t had always the knowledge to truly make that change into alternate Solutions besides opening a savings account I think you’ve hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter but we have actually always done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could practically be identified to be the next Century or so there is a lot to monitor and this approach does pose numerous difficulties um so Johnny could you inform us about those challenges yeah of course so there’s a range right there is so
I simply did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International staff members you deserve a corner workplace with a better parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Process Leaver