Over the last five or six years …Papaya Global Payroll Unemploymwnt… functions on the provider 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 everyone alright thanks Johnny uh we’ll just offer everyone another number of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll kind 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 sort of like see where everyone comes from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely extremely bleak and I want I was elsewhere at this moment in time fine so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of managing Global payroll why business keep separate
Virtual payroll accounts are an alternative to standard bank accounts for handling payroll payments. This is especially useful for worldwide companies with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of keeping different bank accounts for payroll in various nations, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are becoming a strategic asset for payroll executives. We will also supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Making sure accurate, efficient, and timely payroll payments is a complex challenge for services operating globally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll bank accounts, find out how business forecast payroll costs to enhance working capital, and find how enhancing international payroll payments can change them from a challenging task into a strategic asset.
Managing payroll worldwide is a daunting task due to various policies, compliance requirements, information security issues, and banking guidelines. The large number of employees and businesses adds to the intricacy, with an approximated 3.5 billion individuals in the global labor force, 500 million of whom are in Africa, and 230 million organizations worldwide.
Standard payroll systems typically lead to manual processes, information silos, and a lack of integration, resulting in inconsistencies and inefficiencies. Despite residing in an era of technological advancements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar objectives to offer insights and solutions 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 only 11 of services say they have Labor force information in real time that’s another number that gives me sleepless nights and rather honestly the more a business spends on worldwide payroll the less of an image they see an absence of visibility also encompasses payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the transaction almost half of international services have actually expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry errors badly interacted hires and terminations as well as absence management and system setups and after that when you round everything off and the data is delivered to the incorrect place the typical cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments do not run efficiently if they rely on the essential numerous procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles organization face when they’re making payments to workers or otherwise that’s a good question I constantly toss this back and state what is it what doesn’t require to be included right and what does
it need to be considered 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 anywhere you look best ultimately constructing a knowledge base is definitely important but everywhere you look with payroll payment they are like super 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 acknowledgment that payroll payments are absolutely fundamental and technology is enabling us to type of move forward with that it likewise also to add to that payroll and financing need to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is definitely necessary that payroll and financing groups work better together than ever um I’m always astonished when people say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation 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 often 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 however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being a growing number of crucial to add to type of the level of complexity there’s more and more benefits being organ or being offered by services throughout the world so again you’re just looking to add increasingly more payments to this already complicated landscape so if you sort of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of real challenges or genuine tough sort of pay utilizes to play to pay individuals I think yeah I indicate over the last well yeah a number of years I would certainly say that the bigger a company gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are groups feeding details into the next function as it were that’s actually managing the payment side of things but you understand in in my viewpoint and my experience that does not necessarily require to be the case you understand long gone are the times where we need to develop additional handoffs at the same times that we run 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 an era of tech and a period that you understand that we are operating in today there is no reason why we are still making this as challenging as it needs to be agreed and rightly as you said payroll is the single greatest liability that any service has from a cost point of view from an effect perspective on employees 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 biggest detrimental impact on people’s wellness and lots of other aspects if individuals aren’t paid uh I’ve always been impressed entering this Market kind of the last five to 10 years is how little thanks the
payroll team get um so I’m not sure anybody on this type of webinar has been told 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 employees or not um however ultimately payroll is such an important cycle all of us become aware of it when it goes wrong everyone jumps up and down when it goes wrong but 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 things is absolutely vital that all of this stuff is done correctly so leveraging the first Worldwide Payments very first payroll payment option is a terrific first step um supplying an end-to-end payroll solution for your workers globally again I think is another big um procedure once again aligning and guaranteeing you have standardization Global procedures all of those things are definitely essential to success success of organizations and lowering the number of tools platforms and bank accounts they require 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 have actually never had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or ten 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 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 everybody that’s associated with those processes and likewise so think of sorry I’m simply I was simply gon na say think of the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions picture getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting job trying 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 need days of the week to attempt to look through them and actually see what was going on and sort of shot to get back to everyone so carrying on appearance why do business select to primary separate bank accounts there are Papaya Global Payroll Unemploymwnt companies out there doing precisely this for particular nations and I have actually worked in a business or lots of organizations doing exactly that I can say it doesn’t always feel effective and it does produce more work I understand we’re not deliberately doing that we’re not creating additional work for anybody where we don’t have to and any person that’s dealing with 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 believe numerous factors one is it’s the requirement I believe individuals have got so used to we require a brand-new savings account we open an entity and appropriately so you need it for payroll purposes 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 individuals have adopted and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and many other ways um to to sort of do it so I believe there’s a variety I believe this is a process that requires taking a look at it needs altering but ultimately individuals are really stuck with what they’re familiar
with ideal um change is a challenging thing all of us don’t like modification um so I believe it’s simply kind of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand undoubtedly the benefits of having preserving multiple bank accounts however there’s a huge amount of intricacy opts for setting up a checking account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for individual individuals so the intricacy is huge but I believe the truthful response is modification um people have not had the ability to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions besides opening a checking account I think you’ve struck the nail on the head I think it is understanding you know and there is a component of resistance to alter however we have actually constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of moving on and moving into you understand what might practically be figured out to be the next Century or so there is a lot to monitor and this technique does posture several difficulties um so Johnny could you tell us about those obstacles yeah naturally so there’s a range right there is so
I just did you switched our Business 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 workers you are worthy of a corner workplace with a better parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Payroll Unemploymwnt