Over the last 5 or six years …Papaya Global Time And Attendance… roles on the provider side and also on the supplier side from a payroll perspective so actually eagerly anticipating this conversation 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 among the 30 seconds approximately to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really extremely bleak and I wish I was somewhere else at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why business preserve separate
Virtual payroll accounts are an option to traditional savings account for managing payroll payments. This is particularly beneficial for international companies with dispersed and remote labor forces, as it streamlines the complicated procedure of cross-border payments. Instead of keeping separate checking account for payroll in different nations, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are becoming a strategic possession 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.
Guaranteeing accurate, effective, and prompt payroll payments is a complex obstacle for organizations running internationally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll savings account, learn how companies anticipate payroll costs to enhance working capital, and discover how simplifying international payroll payments can change them from a burdensome job into a tactical possession.
Managing payroll globally is a daunting job due to various policies, compliance requirements, information security issues, and banking rules. The large number of workers and businesses adds to the complexity, with an approximated 3.5 billion people in the worldwide labor force, 500 countless whom are in Africa, and 230 million services worldwide.
Traditional payroll systems often result in manual procedures, information silos, and a lack of integration, leading to disparities and inadequacies. Regardless of residing in an era of technological advancements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar aims to provide insights and solutions to streamline and optimize global payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of services say they have Labor force information in real time that’s another number that offers me sleepless nights and rather honestly the more an organization invests in worldwide payroll the less of an image they see a lack of visibility likewise reaches payroll payments and failure to precisely track these payments can result in compliance mishaps in the last mile of the deal nearly half of global organizations have actually expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM information data entry errors improperly communicated hires and terminations as well as lack management and system configurations and then when you round everything off and the information is delivered to the wrong place the typical cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash all over the world payroll and payments do not run smoothly if they rely on the necessary 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 company face when they’re paying to staff members or otherwise that’s a good concern I constantly throw this back and state what is it what doesn’t require to be included best and what does
it require 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 timespan 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 customer’s own in-country account so there’s intricacy anywhere you look best eventually building a knowledge base is absolutely critical however all over you look with payroll payment they resemble incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you look at the type 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 essential and technology is enabling us to type of move on with that it also as well to add to that payroll and finance need to work closer together um with varying Checking account Particulars varying banking requirements and setup processes is absolutely imperative that payroll and finance teams work better together than ever um I’m always impressed when individuals say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation would they split 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 data collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being increasingly more important to add to sort of the level of intricacy there’s more and more benefits being organ or being used by businesses across the world so again you’re simply seeking to add increasingly more payments to this already complicated landscape so if you kind of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of genuine challenges or genuine difficult type of pay utilizes to play to pay people I think yeah I imply over the last well yeah a number of years I would absolutely state that the bigger an organization 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 actually managing the payment side of things but you know in in my viewpoint and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we need to develop additional handoffs while doing sos that we operate in they just make them more prompt they make them less effective and they don’t make them what they require to be in in an age of tech and an era that you know 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 appropriately as you said payroll is the single biggest liability that any service has from an expense perspective from an impact point of view on staff members it is definitely crucial that it’s done properly 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 biggest damaging result on people’s well-being and many other aspects if people aren’t paid uh I’ve always 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 not exactly sure anybody on this sort of webinar has been told 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 staff members or not um but ultimately payroll is such a crucial cycle we all become aware of it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s simply a tick box workout and I think 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 absolutely essential that all of this things is done correctly so leveraging the very first Worldwide Payments first payroll payment option is a great initial step um offering an end-to-end payroll option for your workers internationally once again I think is another substantial um procedure again lining up and guaranteeing you have standardization International processes all of those things are absolutely crucial to success success of companies and decreasing the number of tools platforms and bank accounts they need for their Global payroll too could not 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 anticipate to you do get the odd 5 or ten or whatever it might be with the with the the problems where things haven’t gone rather where they’re suggested to be um I don’t think any of us are really doing that for for the thanks
anyhow we know how how important 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 also so think of sorry I’m just I was just gon na state envision the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions picture getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting job attempting to clean all those up for sure oh definitely 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 look through them and actually see what was going on and type of try to return to everybody so moving on look why do business select to main separate bank accounts there are Papaya Global Time And Attendance services out there doing exactly this for particular nations and I’ve operated in a service or numerous organizations doing exactly that I can say it does not always feel efficient and it does create more work I understand we’re not intentionally doing that we’re not creating additional work for anyone where we don’t have to and anyone that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe numerous reasons one is it’s the standard I believe people have got so utilized to we need a brand-new savings account we open an entity and rightly so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm individuals 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 kind of do it so I think there’s a range I think this is a procedure that needs looking at it requires changing however eventually individuals are very stuck to what they recognize
with ideal um change is a difficult thing all of us do not like change um so I think it’s just type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand certainly the benefits of having preserving several bank accounts but there’s a substantial amount of intricacy chooses setting up a savings account maintaining it ensuring it can send International transfers ensuring it’s established with the best user accesses for individual people so the complexity is big but I believe the honest answer is change um individuals have not been able to alter or have not had always the understanding to actually make that change into alternate Solutions besides opening a bank account I believe you have actually struck the nail on the head I believe it is understanding you know and there is an aspect of resistance to change however we’ve always done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you understand what could practically be identified to be the next Century or so there is a lot to keep an eye on and this technique does present several challenges um so Johnny could you tell us about those obstacles yeah naturally 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 jobs on one platform. It seems like our CFO has actually acquired another CFO, and with this improved capability, I have effectively protected payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Time And Attendance