Over the last five or six years …Papaya Global Switzerland… roles on the service provider side and also on the vendor side from a payroll perspective so actually looking forward to this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just offer everybody another number of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everyone is um it’s nice to to type 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 sunshine is it it’s not no it’s it’s raining here it’s very extremely bleak and I want I was somewhere else at this moment in time all right so let’s begin our program for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why business keep different
Virtual payroll accounts are an alternative to conventional checking account for handling payroll payments. This is especially useful for worldwide organizations with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of keeping different savings account for payroll in various countries, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are becoming a tactical possession 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, effective, and timely payroll payments is a complex obstacle for services operating worldwide. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll checking account, discover how business forecast payroll expenses to optimize working capital, and find how improving worldwide payroll payments can transform them from a troublesome job into a strategic possession.
Handling payroll globally is a complicated job due to various guidelines, compliance requirements, information security concerns, and banking rules. The sheer variety of employees and services contributes to the complexity, with an approximated 3.5 billion people in the global workforce, 500 countless whom are in Africa, and 230 million businesses worldwide.
Conventional payroll systems often result in manual processes, information silos, and a lack of combination, causing inconsistencies and inadequacies. In spite of living in an era of technological improvements, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar goals to supply insights and options 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 companies state they have Labor force data in real time that’s another number that provides me sleepless nights and rather frankly the more an organization invests in international payroll the less of an image they see an absence of exposure likewise reaches payroll payments and inability to accurately track these payments can lead to compliance accidents in the last mile of the transaction almost half of global organizations have expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM information data entry mistakes improperly interacted hires and terminations as well as lack management and system configurations and then when you round everything off and the data is delivered to the incorrect location the average expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash worldwide payroll and payments don’t run efficiently if they count on the essential several 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 paying to employees or otherwise that’s a great question I constantly toss this back and state what is it what doesn’t need to be included best and what does
it require to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy any place you look best ultimately constructing a knowledge base is definitely critical but everywhere you look with payroll payment they are like incredibly 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 believe there’s now a bit more recognition that payroll payments are definitely essential and technology is permitting us to kind of move forward with that it likewise too to contribute to that payroll and financing require to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is absolutely important that payroll and finance groups work better together than ever um I’m constantly 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 doesn’t work in the payroll profession would they divide the payroll payment from calculation 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people wherever 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 contribute to kind of the level of complexity there’s more and more advantages being organ or being offered by companies throughout the world so again you’re just 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 certain but have you got any experience in kind of genuine challenges or real difficult type of pay uses to play to pay people I believe yeah I suggest over the last well yeah a number of decades I would certainly say that the larger a company gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are teams feeding details into the next function as it were that’s really managing the payment side of things but you understand in in my opinion and my experience that does not always need to be the case you understand long gone are the times where we require to develop additional handoffs at the same times that we run in they just make them more prompt they make them less effective and they do not make them what they require to be in in a period of tech and a period that you understand that we are operating in today there is no reason that we are still making this as hard as it needs to be agreed and rightly as you stated payroll is the single biggest liability that any service has from a cost perspective from an impact viewpoint on staff members it is absolutely crucial 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 have to be done right it has the most significant detrimental effect on people’s well-being and lots of other aspects if people aren’t paid uh I have actually constantly been amazed entering this Market sort of the last five to ten years is how little thanks the
payroll team get um so I’m not sure anybody on this sort of webinar has been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um however eventually payroll is such an essential cycle we all become aware of it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s simply a tick box workout and I believe 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 essential that all of this things is done correctly so leveraging the very first Global Payments first payroll payment solution is an excellent initial step um offering an end-to-end payroll option for your workers globally again I believe is another huge um procedure once again aligning and guaranteeing you have standardization Worldwide procedures all of those things are definitely essential to success success of services and minimizing the variety of tools platforms and checking account they need for their International 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’ve never had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the problems where things have not gone quite where they’re meant to be um I don’t think any of us are really doing that for for the thanks
anyhow we understand 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 likewise so envision sorry I’m just I was simply gon na state think of the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions picture getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating task attempting to clean all those up for sure oh absolutely 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 try to look through them and actually see what was going on and type of try to get back to everybody so moving on appearance why do business pick to main separate bank accounts there are Papaya Global Switzerland organizations out there doing precisely this for specific countries and I have actually worked in a company or numerous businesses doing precisely that I can say it doesn’t constantly feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not developing extra work for anyone where we do not need to and any person that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I believe lots of factors one is it’s the requirement I think people have actually got so used to we need a brand-new savings account we open an entity and rightly so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I think 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 people have actually taken a look at things like trust accounts and numerous other methods um to to type of do it so I believe there’s a range I think this is a process that needs taking a look at it needs altering but eventually individuals are really stuck to what they recognize
with right um change is a challenging thing we all do not like modification um so I believe it’s simply sort of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the benefits of having preserving numerous savings account however there’s a big quantity of intricacy goes with setting up a savings account keeping it ensuring it can send International transfers ensuring it’s established with the best user accesses for specific people so the intricacy is huge however I think the honest answer is modification um individuals haven’t had the ability to change or haven’t had necessarily the understanding to actually make that change into alternate Solutions aside from opening a checking account I believe you’ve hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to change but we’ve always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what could almost be identified to be the next Century or two there is a lot to keep an eye on and this approach does present several challenges um so Johnny might you tell us about those challenges yeah obviously 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 Global employees you deserve a corner office 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 Switzerland