Over the last 5 or 6 years …Papaya Global Hours Worked Report… roles on the company side and also on the vendor side from a payroll viewpoint so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just give everybody another couple of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everyone originates from and I really do hope it’s much sunnier than it remains 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 extremely really bleak and I want I was somewhere else at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why companies preserve separate
Virtual payroll accounts are an option to conventional savings account for handling payroll payments. This is particularly helpful for international companies with dispersed and remote workforces, as it simplifies the complicated process of cross-border payments. Instead of preserving different savings account for payroll in different countries, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are ending up being a tactical possession for payroll executives. We will also offer a wrap-up of the bottom lines 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 companies running worldwide. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll checking account, discover how companies forecast payroll costs to optimize working capital, and discover how improving global payroll payments can transform them from a troublesome task into a tactical property.
Handling payroll internationally is a daunting task due to various guidelines, compliance requirements, data security issues, and banking guidelines. The large number of workers and services adds to the complexity, with an approximated 3.5 billion people in the international workforce, 500 countless whom remain in Africa, and 230 million companies worldwide.
Conventional payroll systems often result in manual processes, data silos, and an absence of combination, resulting in disparities and inadequacies. Despite living in an era of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar goals to supply insights and services to streamline and optimize worldwide payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services say they have Workforce data in real time that’s another number that provides me sleep deprived nights and quite frankly the more a company spends on worldwide payroll the less of a picture they see a lack of exposure likewise encompasses payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the transaction almost half of worldwide companies have actually revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry mistakes badly interacted hires and terminations along with lack management and system setups and then when you round all of it off and the information is delivered to the wrong place the average expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe payroll and payments do not run smoothly if they count on the necessary numerous procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties business face when they’re paying to workers or otherwise that’s an excellent concern I constantly throw this back and say what is it what doesn’t require to be included best and what does
it need 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 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 client’s own in-country account so there’s intricacy wherever you look right eventually building a knowledge base is absolutely important but everywhere you look with payroll payment they resemble extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the kind 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 essential and technology is enabling us to kind of move on with that it likewise too to contribute to that payroll and financing need to work closer together um with varying Checking account Details varying banking requirements and setup processes is absolutely necessary that payroll and financing teams work better together than ever um I’m constantly astonished when individuals say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll occupation would they split the payroll payment from estimation 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 procedure it’s the point of information collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being increasingly more crucial to contribute to sort of the level of complexity there’s a growing number of benefits being organ or being offered by businesses across the world so once again you’re simply aiming to add more and more payments to this currently complicated landscape so if you sort of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of real challenges or real tough type of pay uses to play to pay individuals I believe yeah I imply over the last well yeah a couple of years I would definitely state that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are groups feeding info into the next function as it were that’s actually managing the payment side of things however you know in in my opinion and my experience that doesn’t always need to be the case you know long gone are the times where we need to develop extra handoffs at the same times that we operate in they simply make them more timely 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 know that we are working in today there is no reason why we are still making this as tough as it requires to be agreed and rightly as you stated payroll is the single biggest liability that any company has from a cost viewpoint from an effect viewpoint on workers it is absolutely critical that it’s done correctly and on time so what we mean 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 detrimental effect on people’s well-being and many other elements if individuals aren’t paid uh I’ve constantly been surprised entering this Market sort of the last 5 to ten years is how little thanks the
payroll team get um so I’m not sure anybody on this sort of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um however eventually payroll is such an important cycle we all find out about it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely important that all of this stuff is done properly so leveraging the very first Worldwide Payments first payroll payment solution is a great first step um providing an end-to-end payroll solution for your staff members globally once again I believe is another big um process once again lining up and guaranteeing you have standardization Global procedures all of those things are absolutely crucial to success success of businesses and lowering the number of tools platforms and savings account they need for their International 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’ve never ever had a hundred countless them within a payroll cycle don’t anticipate 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 rather where they’re suggested to be um I don’t think any of us are actually doing that for for the thanks
anyhow we understand how how important 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 simple as possible for everybody that’s involved in those processes and likewise so think of sorry I’m simply I was simply 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’m sure we’re talking about numerous thousands potentially Millions picture getting that numerous thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating task attempting to clean up 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 look through them and really see what was going on and sort of try to return to everybody so moving on look why do business choose to main separate checking account there are Papaya Global Hours Worked Report services out there doing exactly this for particular nations and I’ve operated in an organization or lots of organizations doing precisely that I can state it doesn’t always feel efficient and it does create more work I know we’re not deliberately doing that we’re not developing extra work for anybody where we do not need to and any person that’s managing 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 amount that we are I think numerous reasons one is it’s the requirement I think individuals have actually got so used to we require a new bank account we open an entity and rightly so you need it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have actually embraced and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a variety I believe this is a process that needs taking a look at it needs changing but eventually individuals are extremely stuck with what they’re familiar
with best um modification is a challenging thing we all don’t like modification um so I believe it’s simply kind of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand obviously the benefits of having preserving numerous checking account however there’s a huge amount of intricacy goes with establishing a checking account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the ideal user accesses for specific people so the complexity is substantial but I believe the sincere answer is change um people have not had the ability to alter or haven’t had necessarily the understanding to really make that change into alternate Solutions other than opening a checking account I think 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 have actually always done it that way is no real excuse for not looking at the the advantages and the possibilities of proceeding and moving into you understand what could nearly be figured out to be the next Century or so there is a lot to track and this approach does pose a number of obstacles um so Johnny could you inform us about those challenges yeah of course so there’s a variety right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has acquired another CFO, and with this improved ability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Hours Worked Report