Over the last 5 or 6 years …Papaya Global Tonga… functions on the service provider side and also on the vendor side from a payroll perspective so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everyone originates from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely very uninspiring and I want I was elsewhere at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why companies preserve different
Virtual payroll accounts are an option to conventional bank accounts for managing payroll payments. This is particularly helpful for global organizations with dispersed and remote workforces, as it simplifies the intricate procedure of cross-border payments. Instead of keeping separate bank accounts for payroll in various countries, virtual accounts and digital wallets provide a more structured service. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a tactical possession for payroll executives. We will likewise offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing precise, efficient, and prompt payroll payments is a complex obstacle for companies running globally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll checking account, learn how business forecast payroll costs to enhance working capital, and discover how streamlining worldwide payroll payments can change them from a challenging task into a strategic asset.
Handling payroll globally is an overwhelming job due to various regulations, compliance requirements, information security issues, and banking rules. The large variety of employees and organizations adds to the complexity, with an estimated 3.5 billion individuals in the global workforce, 500 countless whom remain in Africa, and 230 million companies worldwide.
Traditional payroll systems often lead to manual processes, information silos, and a lack of integration, resulting in inconsistencies and ineffectiveness. In spite of residing in a period of technological improvements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar goals to supply insights and services to simplify and optimize worldwide payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce information in real time that’s another number that provides me sleepless nights and rather frankly the more a company invests in worldwide payroll the less of a picture they see an absence of exposure likewise encompasses payroll payments and inability to accurately track these payments can lead to compliance accidents in the last mile of the deal nearly half of global services 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 due to time reporting bad HCM information data entry errors poorly interacted hires and terminations in addition to lack management and system configurations and after that when you round it all off and the data is delivered to the wrong place the average cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments do not run efficiently if they depend on the required several procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles organization face when they’re making payments to staff members or otherwise that’s a good question I constantly toss this back and state what is it what does not need to be included ideal and what does
it require to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment capabilities 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 consumer’s own in-country account so there’s intricacy wherever you look ideal ultimately constructing a knowledge base is definitely vital but all over you look with payroll payment they are like very payments no if however some infants 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 definitely basic and innovation is enabling us to kind of move on with that it also too to add to that payroll and finance require to work closer together um with differing Savings account Details differing banking requirements and setup processes is definitely imperative that payroll and financing groups work closer together than ever um I’m constantly surprised when people say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession would they split the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people wherever they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more crucial to contribute to kind of the level of complexity there’s more and more advantages being organ or being used by services across the world so once again you’re simply wanting to include more and more payments to this already intricate landscape so if you kind of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of real difficulties or genuine challenging sort of pay uses to play to pay people I think yeah I suggest over the last well yeah a number of decades I would absolutely say that the bigger a service gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are teams feeding information into the next function as it were that’s in fact handling the payment side of things however you know 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 create extra handoffs in the processes that we operate in they simply make them more timely they make them less effective and they don’t make them what they need to be in in an era of tech and an age that you understand that we are operating in today there is no reason we are still making this as tough as it requires to be concurred and appropriately as you stated payroll is the single biggest liability that any company has from a cost viewpoint from an effect viewpoint on staff members 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 need to be done right it has the most significant damaging impact on individuals’s wellness and lots of other factors if people aren’t paid uh I have actually constantly been amazed 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 anybody on this sort of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um however eventually payroll is such a crucial cycle we all find out about it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely vital that all of this stuff is done correctly so leveraging the very first Global Payments very first payroll payment solution is an excellent initial step um supplying an end-to-end payroll service for your employees internationally again I believe is another substantial um process again lining up and guaranteeing you have standardization Worldwide procedures all of those things are absolutely key to success success of businesses and decreasing the variety of tools platforms and savings account they need for their Worldwide 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 have actually never ever had a hundred thousand of 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 have not gone rather where they’re suggested to be um I do not think any of us are really doing that for for the thanks
anyhow we know how how crucial 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 easy as possible for everyone that’s associated with those processes and likewise so imagine sorry I’m simply I was simply gon na say picture the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions imagine getting that many thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an interesting job attempting to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case 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 everybody so proceeding appearance why do business select to primary separate checking account there are Papaya Global Tonga businesses out there doing precisely this for particular countries and I have actually operated in an organization or many organizations doing exactly that I can state it doesn’t constantly feel efficient and it does create more work I know we’re not deliberately doing that we’re not developing additional work for anyone where we do not need to and anyone that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe lots of reasons one is it’s the requirement I believe individuals have got so used to we need a brand-new checking account we open an entity and rightly so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard the people have adopted and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a range I believe this is a procedure that needs looking at it needs altering but eventually people are very stuck to what they recognize
with best um change is a difficult thing we all do not like change um so I believe it’s just kind 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 certainly the benefits of having preserving numerous checking account however there’s a substantial quantity of complexity chooses setting up a savings account keeping it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for specific individuals so the intricacy is huge but I think the honest answer is modification um individuals have not been able to change or haven’t had necessarily the understanding to really make that change into alternate Solutions besides opening a bank account I believe you’ve struck the nail on the head I believe it is knowledge you know and there is an element of resistance to change but we have actually always done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what might almost be identified to be the next Century or so there is a lot to keep track of and this approach does pose a number of difficulties um so Johnny might you inform us about those difficulties yeah obviously so there’s a variety right there is so
I simply did you switched our Business 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 more detailed parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Tonga