Over the last 5 or six years …Papaya Global Year End 2020… roles on the company side and likewise on the vendor side from a payroll point of view so really eagerly anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply offer everyone another number of uh well among 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 intriguing and I can see it going on already just to hear where everybody is um it’s nice to to sort of like see where everyone comes 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 raining here it’s extremely extremely bleak and I want I was somewhere else at this moment in time fine so let’s begin our program for today is as follows um we are going to be looking at the obstacle years of managing International payroll why business maintain different
Virtual payroll accounts are an alternative to conventional bank accounts for handling payroll payments. This is especially helpful for worldwide companies with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of preserving different bank accounts for payroll in various countries, virtual accounts and digital wallets use a more structured option. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are becoming a tactical asset for payroll executives. We will also offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
Making sure accurate, effective, and prompt payroll payments is a complex challenge for services operating internationally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll checking account, find out how companies anticipate payroll costs to enhance working capital, and find how simplifying worldwide payroll payments can transform them from a difficult job into a tactical asset.
Handling payroll worldwide is an overwhelming job due to various guidelines, compliance requirements, data security issues, and banking rules. The large variety of employees and organizations contributes to the complexity, with an estimated 3.5 billion people in the international workforce, 500 countless whom are in Africa, and 230 million companies worldwide.
Standard payroll systems typically lead to manual procedures, information silos, and an absence of integration, causing disparities and inadequacies. Despite living in an age of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar aims to supply insights and options to streamline and enhance international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Labor force information in real time that’s another number that offers me sleepless nights and rather frankly the more an organization invests in worldwide payroll the less of a picture they see a lack of visibility likewise encompasses payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the transaction almost half of global services 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 mistakes are because of time reporting poor HCM information information entry errors inadequately interacted hires and terminations as well as lack management and system setups and then when you round all of it off and the data is shipped to the incorrect place the typical expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money all over the world payroll and payments do not run smoothly if they depend on the needed several procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles company face when they’re making payments to staff members or otherwise that’s a good question I constantly throw this back and say what is it what doesn’t need to be included best and what does
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it require to be thought of there’s differing Bank information 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 capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy wherever you look best eventually constructing a knowledge base is absolutely critical however everywhere 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 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 technology is enabling us to type of move on with that it also also to contribute to that payroll and finance need to work closer together um with varying Checking account Details differing banking requirements and setup procedures is absolutely essential that payroll and financing teams work closer together than ever um I’m constantly surprised when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they split the payroll payment from estimation 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 eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being a growing number of important to contribute to type of the level of complexity there’s increasingly more advantages being organ or being offered by organizations across the world so again you’re just aiming to add increasingly more payments to this currently intricate landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of real difficulties or real tough kind of pay utilizes to play to pay people I think yeah I imply over the last well yeah a couple of years I would certainly state that the larger 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 teams feeding information into the next function as it were that’s in fact managing the payment side of things however you know in in my viewpoint and my experience that does not necessarily need to be the case you know long gone are the times where we require to produce extra handoffs in the processes that we run in they just make them more timely they make them less effective and they don’t make them what they require to be in in an age of tech and an age that you understand that we are operating in today there is no reason why we are still making this as hard as it needs to be concurred and rightly as you said payroll is the single greatest liability that any business has from a cost point of view from an impact point of view on workers it is absolutely vital that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the greatest harmful impact on people’s well-being and lots of other factors if people aren’t paid uh I have actually constantly been surprised coming into this Market sort of the last 5 to 10 years is how little thanks the
payroll team get um so I’m not exactly sure anyone on this sort 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 but eventually payroll is such an important cycle we all become aware of it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s simply a tick box exercise 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 definitely crucial that all of this stuff is done correctly so leveraging the very first International Payments first payroll payment service is an excellent first step um offering an end-to-end payroll solution for your workers worldwide again I believe is another big um procedure again aligning and ensuring you have standardization International processes all of those things are definitely key to success success of services and reducing the number of tools platforms and bank accounts they need 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 have actually never ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the problems where things have not gone rather where they’re indicated to be um I do not think any of us are actually doing that for for the thanks
anyhow we understand how how essential a role 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 procedures and also so imagine sorry I’m simply I was just gon na say imagine the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions picture getting that lots of thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an intriguing job trying to clean up all those up for sure oh definitely I can’t envision 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 type of try to get back to everybody so carrying on appearance why do companies select to primary different savings account there are Papaya Global Year End 2020 businesses out there doing exactly this for particular countries and I’ve operated in a company or lots of organizations doing precisely that I can state it doesn’t always feel effective and it does produce more work I understand we’re not deliberately doing that we’re not creating extra work for anybody where we do not need to and anyone that’s handling that procedure 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 numerous reasons one is it’s the requirement I think people have got so utilized to we need a new savings account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have 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 ways um to to kind of do it so I think there’s a variety I believe this is a procedure that requires taking a look at it requires changing however eventually people are very stuck to what they’re familiar
with best um modification is a difficult thing we all do not like modification um so I believe it’s just sort of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend obviously the benefits of having keeping numerous bank accounts however there’s a big quantity of intricacy goes with establishing a checking account maintaining it ensuring it can send International transfers ensuring it’s established with the best 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 have not had necessarily the understanding to truly make that change into alternate Solutions other than opening a bank account I believe you have actually hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter 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 understand what might practically be identified to be the next Century or so there is a lot to monitor and this technique does present several challenges um so Johnny might you inform us about those difficulties yeah obviously so there’s a range right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has gotten another CFO, and with this boosted ability, I have effectively protected payments for our 10,000 employees worldwide. Your commitment 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 achievements. Papaya Global Year End 2020