Over the last five or 6 years …Papaya Global Martinique… functions on the company side and also on the supplier side from a payroll viewpoint so really anticipating this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just give everyone another number of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I actually do hope it’s much sunnier than it is 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 very bleak and I wish I was elsewhere at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why business keep separate
Virtual payroll accounts are an option to standard checking account for handling payroll payments. This is particularly useful for international organizations with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of maintaining separate savings account for payroll in different countries, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are ending up being a tactical property for payroll executives. We will likewise supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing precise, effective, and timely payroll payments is a complex difficulty for organizations operating worldwide. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll checking account, learn how business forecast payroll costs to enhance working capital, and find how simplifying global payroll payments can transform them from a difficult task into a strategic possession.
Handling payroll worldwide is a challenging task due to various policies, compliance requirements, data security issues, and banking guidelines. The large variety of employees and services adds to the intricacy, with an approximated 3.5 billion people in the international workforce, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Traditional payroll systems often lead to manual procedures, information silos, and a lack of combination, causing disparities and ineffectiveness. Despite residing in an era of technological improvements, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar goals to provide insights and services to simplify and enhance international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Workforce data in real time that’s another number that offers me sleepless nights and quite frankly the more a business invests in global payroll the less of a photo they see an absence of exposure likewise reaches payroll payments and inability to precisely track these payments can lead to compliance incidents in the last mile of the transaction nearly half of global businesses have expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM information data entry errors badly interacted hires and terminations in addition to absence management and system setups and then when you round everything off and the data is delivered to the incorrect place the average expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the globe payroll and payments do not run smoothly if they depend on the essential multiple processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges 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 does not need to be consisted of ideal and what does
it need to be thought about there’s differing 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 abilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s complexity wherever you look right eventually developing a knowledge base is absolutely vital however all over you look with payroll payment they are like extremely payments no if but some babies 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 absolutely basic and innovation is permitting us to kind of move on with that it likewise too to contribute to that payroll and finance need to work closer together um with varying Savings account Details varying banking requirements and setup procedures is absolutely important that payroll and financing groups work closer together than ever um I’m constantly astonished when individuals state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession would they divide the payroll payment from calculation 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 process it’s the point of information collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being a growing number of crucial to contribute to kind of the level of complexity there’s a growing number of benefits being organ or being used by organizations across the world so once again you’re just looking to include increasingly more payments to this already complex landscape so if you kind of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of genuine obstacles or genuine challenging sort of pay uses to play to pay individuals I believe yeah I imply over the last well yeah a number of years I would definitely state that the bigger a business 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 groups feeding details into the next function as it were that’s actually handling the payment side of things but you understand 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 create extra handoffs while doing sos that we operate in they simply make them more timely they make them less effective and they do not make them what they need to be in in a period 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 challenging as it needs to be agreed and rightly as you stated payroll is the single greatest liability that any organization has from a cost point of view from an effect perspective on employees it is definitely vital that it’s done correctly 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 harmful impact on people’s wellness and lots of other aspects if individuals aren’t paid uh I’ve always been impressed entering into this Market type of the last five to ten years is how little thanks the
payroll team get um so I’m uncertain anyone on this kind of webinar has actually 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 staff members or not um however eventually payroll is such an essential cycle all of us hear about it when it fails 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 view as well um so yeah it’s likewise 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 Worldwide Payments first payroll payment solution is an excellent first step um supplying an end-to-end payroll option for your workers globally once again I think is another substantial um process again aligning and ensuring you have standardization Worldwide procedures all of those things are absolutely key to success success of organizations and minimizing the variety of tools platforms and bank accounts they require 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 ever had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things haven’t gone quite where they’re meant to be um I do not believe any of us are really doing that for for the thanks
anyway we understand how how essential a function 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 easy as possible for everybody that’s involved in those processes and likewise so think of sorry I’m simply I was just gon na state envision the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re discussing hundreds of thousands potentially Millions think of getting that lots of thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting job attempting to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and really see what was going on and sort of shot to return to everyone so carrying on appearance why do business choose to main separate savings account there are Papaya Global Martinique services out there doing exactly this for specific nations and I’ve operated in an organization or numerous services doing precisely that I can state it doesn’t constantly feel efficient and it does produce more work I know we’re not intentionally doing that we’re not developing extra work for anybody where we don’t need to and anyone that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think numerous reasons one is it’s the standard I believe individuals have got so used to we require a brand-new bank account we open an entity and appropriately so you need it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard the people have adopted and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a range I believe this is a process that requires taking a look at it needs changing but eventually individuals are really stuck to what they’re familiar
with right um modification is a tough thing we all don’t like modification um so I believe it’s simply type of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the benefits of having maintaining multiple checking account but there’s a substantial quantity of intricacy opts for establishing a bank account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for private people so the intricacy is big but I think the sincere answer is modification um individuals have not had the ability to alter or haven’t had necessarily the understanding to actually make that change into alternate Solutions besides opening a savings account I believe you have actually struck the nail on the head I believe it is knowledge you know and there is an aspect of resistance to change but we have actually always done it that way is no genuine reason for not looking at the the advantages and the possibilities of carrying on and moving into you know what might nearly be identified to be the next Century or so there is a lot to monitor and this approach does position several challenges um so Johnny could you tell us about those challenges 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide staff members you should have a corner workplace with a closer parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Martinique