Over the last five or 6 years …Papaya Global Ltd Israel… roles on the supplier side and likewise on the supplier side from a payroll viewpoint so really anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just provide everyone another couple of uh well among the 30 seconds or so to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everybody comes from and I truly 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 very very gloomy and I want I was elsewhere at this moment in time alright so let’s start our agenda for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why companies keep different
Virtual payroll accounts are an alternative to standard bank accounts for managing payroll payments. This is especially useful for international companies with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of preserving separate checking account for payroll in different nations, virtual accounts and digital wallets offer a more structured option. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are ending up being a strategic property for payroll executives. We will also provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring accurate, efficient, and prompt payroll payments is a complex obstacle for companies operating globally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll savings account, find out how companies anticipate payroll expenses to optimize working capital, and discover how improving international payroll payments can change them from a difficult job into a tactical asset.
Managing payroll internationally is a challenging job due to various policies, compliance requirements, information security concerns, and banking rules. The sheer variety of staff members and companies adds to the intricacy, with an approximated 3.5 billion individuals in the global workforce, 500 countless whom are in Africa, and 230 million companies worldwide.
Traditional payroll systems typically result in manual procedures, data silos, and an absence of integration, leading to disparities and inadequacies. Regardless of living in an era of technological improvements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar objectives to supply insights and services to simplify and optimize global payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Workforce data in real time that’s another number that provides me sleepless nights and quite honestly the more a service invests in global payroll the less of a photo they see a lack of presence likewise reaches payroll payments and inability to accurately track these payments can result in compliance incidents in the last mile of the transaction almost half of global businesses have actually expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry errors poorly interacted hires and terminations as well as absence management and system setups and after that when you round it all off and the data is shipped to the incorrect location the typical expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments do not run smoothly if they rely on the necessary numerous processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges company face when they’re paying to workers or otherwise that’s an excellent question I always throw this back and state what is it what does not need to be included ideal and what does
it require to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment abilities 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 consumer’s own in-country account so there’s complexity anywhere you look best eventually constructing a knowledge base is absolutely crucial however 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 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 definitely fundamental and innovation is allowing 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 Savings account Details varying banking requirements and setup procedures is absolutely imperative that payroll and financing groups work closer together than ever um I’m always astonished when people say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from estimation I would say no so why do we as a market 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 data collection all the way through to paying people any place they are but also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being increasingly more crucial to add to sort of the level of intricacy there’s more and more benefits being organ or being used by services throughout the world so once again you’re simply seeking to include more and more payments to this currently complex landscape so if you kind 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 genuine obstacles or real tough type of pay uses to play to pay people I believe yeah I suggest over the last well yeah a couple of decades 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 teams doing one part of the job there are groups feeding info into the next function as it were that’s really handling the payment side of things but you understand in in my viewpoint and my experience that does not always need to be the case you understand long gone are the times where we require to produce extra handoffs while doing sos that we run in they simply make them more timely they make them less efficient and they don’t make them what they require to be in in an age 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 challenging as it requires to be agreed and appropriately as you said payroll is the single biggest liability that any organization has from an expense perspective from an impact viewpoint on staff members it is definitely vital 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 destructive impact on people’s well-being and many other factors if individuals aren’t paid uh I have actually constantly been amazed entering into this Market sort of the last 5 to ten years is how little thanks the
payroll team get um so I’m unsure anybody on this sort of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such a crucial cycle we all become aware of it when it fails everybody jumps up and down when it fails but when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely crucial that all of this things is done properly so leveraging the first International Payments very first payroll payment service is an excellent first step um supplying an end-to-end payroll service for your employees internationally again I think is another huge um procedure once again aligning and guaranteeing you have standardization Global processes all of those things are absolutely crucial to success success of services and decreasing the number of tools platforms and bank accounts they require for their Global 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’ve never had a hundred countless them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re indicated to be um I don’t think any of us are actually doing that for for the thanks
anyhow we understand how how crucial a role it is which’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 involved in those processes and likewise so imagine sorry I’m just I was simply gon na say think of the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions imagine getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting task trying to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and really see what was going on and sort of try to return to everyone so moving on look why do companies pick to main separate bank accounts there are Papaya Global Ltd Israel organizations out there doing precisely this for specific countries and I’ve operated in a service or lots of services doing exactly that I can state it doesn’t constantly feel effective and it does create more work I know we’re not deliberately doing that we’re not creating additional work for anybody where we do not need to and anybody 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 think many factors one is it’s the requirement I believe individuals have got so utilized to we need a new savings account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard the people have actually adopted and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a variety I believe this is a procedure that needs looking at it requires altering but ultimately individuals are extremely stuck with what they recognize
with ideal um modification is a hard thing we all do not like change 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 great deal of track of things um I understand obviously the benefits of having keeping multiple savings account however there’s a big quantity of intricacy goes with setting up a bank account keeping it ensuring it can send International transfers guaranteeing it’s established with the best user accesses for private people so the intricacy is huge however I believe the sincere answer is change um individuals haven’t had the ability to change or haven’t had always the knowledge to actually 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 aspect of resistance to change but we’ve always 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 might nearly be identified to be the next Century approximately there is a lot to keep an eye on and this approach does posture numerous difficulties um so Johnny could you tell us about those obstacles yeah of course so there’s a range right there is so
I just 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 staff members you are worthy of a corner office with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Ltd Israel