Over the last five or six years …Papaya Global Year End… functions on the supplier side and also on the supplier side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply give everybody another number of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everyone originates from and I actually do hope it’s much sunnier than it remains 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 really uninspiring and I wish I was somewhere else at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be looking at the difficulty years of managing International payroll why companies keep different
Virtual payroll accounts are an alternative to conventional bank accounts for managing payroll payments. This is particularly beneficial for worldwide companies with dispersed and remote labor forces, as it streamlines the complex procedure of cross-border payments. Instead of preserving separate bank accounts for payroll in various nations, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are ending up being a tactical possession 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 precise, efficient, and prompt payroll payments is a complex obstacle for companies running globally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll bank accounts, find out how companies forecast payroll costs to optimize working capital, and discover how simplifying global payroll payments can change them from a challenging job into a tactical asset.
Handling payroll internationally is a difficult job due to various policies, compliance requirements, data security concerns, and banking rules. The sheer variety of workers and services contributes to the complexity, with an approximated 3.5 billion individuals in the international workforce, 500 million of whom remain in Africa, and 230 million services worldwide.
Traditional payroll systems typically lead to manual procedures, data silos, and a lack of combination, resulting in disparities and inadequacies. Regardless of residing in an era of technological advancements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar aims to offer insights and options to simplify and optimize worldwide payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force data in real time that’s another number that gives me sleep deprived nights and rather honestly the more an organization spends on worldwide payroll the less of an image they see an absence of visibility also extends to payroll payments and inability to precisely track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of international companies have expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM data data entry mistakes badly communicated hires and terminations as well as absence management and system configurations and after that when you round it all off and the data is delivered to the incorrect place the average expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the globe payroll and payments don’t run efficiently if they depend on the needed multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties company face when they’re paying to workers or otherwise that’s a great question I always throw this back and state what is it what does not require to be consisted of best and what does
it require to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames 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 intricacy any place you look best eventually developing a knowledge base is absolutely critical but everywhere 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 believe there’s now a bit more recognition that payroll payments are absolutely essential and technology is allowing us to kind of move forward with that it also also to contribute to that payroll and finance require to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is absolutely crucial that payroll and financing teams work closer together than ever um I’m constantly impressed when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as an industry 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 information collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being increasingly more important to contribute to type of the level of complexity there’s increasingly more benefits being organ or being used by businesses across the world so once again you’re just aiming to include more and more payments to this currently complicated landscape so if you type of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of genuine challenges or genuine tough type of pay utilizes to play to pay people I think yeah I suggest over the last well yeah a couple of years I would absolutely state that the bigger a company gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are teams feeding information into the next function as it were that’s in fact 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 know 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 don’t make them what they need to be in in an era of tech and an age that you know that we are working in today there is no reason that we are still making this as challenging as it requires to be concurred and rightly as you stated payroll is the single greatest liability that any organization has from a cost perspective from an impact perspective on workers it is absolutely important that it’s done correctly and on time so what we mean 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 individuals’s wellness and lots of other factors if people aren’t paid uh I have actually constantly been amazed coming into this Market kind of the last 5 to 10 years is how little thanks the
payroll team get um so I’m unsure anyone on this type of webinar has been informed thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an essential cycle we all become aware of it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external consider as 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 International Payments first payroll payment solution is a great primary step um providing an end-to-end payroll solution for your employees internationally again I think is another substantial um procedure again aligning and guaranteeing you have standardization Global processes all of those things are absolutely essential to success success of organizations and lowering the number of tools platforms and savings account they require for their Global 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’ve never ever had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things haven’t gone rather where they’re implied to be um I don’t think any of us are actually doing that for for the thanks
anyhow we understand 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 everybody that’s involved in those procedures and also so think of sorry I’m simply I was simply gon na say think of the amount of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions think of getting that numerous thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating 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 was the case um you ‘d need days of the week to try to browse them and in fact see what was going on and type of try to return to everybody so moving on appearance why do business choose to primary different checking account there are Papaya Global Year End services out there doing precisely this for specific nations and I have actually operated in a company or many businesses doing precisely that I can say it doesn’t always feel effective and it does produce more work I know we’re not intentionally doing that we’re not developing additional work for any person where we do not have to and anybody that’s handling 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 amount that we are I think many factors one is it’s the requirement I believe individuals have actually got so utilized to we need a brand-new checking account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the norm the people have actually embraced and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and many other methods um to to type of do it so I think there’s a range I believe this is a procedure that requires taking a look at it requires changing however ultimately individuals are really stuck to what they recognize
with right um modification is a tough thing all of us do not like modification um so I believe it’s simply sort 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 obviously the advantages of having maintaining numerous bank accounts however there’s a big quantity of complexity chooses establishing a bank account maintaining it ensuring it can send International transfers guaranteeing it’s established with the best user accesses for specific people so the intricacy is huge however I think the truthful response is modification um people haven’t had the ability to change or haven’t had always the understanding to truly make that change into alternate Solutions other than opening a savings account I believe you’ve hit the nail on the head I believe it is understanding you understand and there is a component of resistance to change but we have actually constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what could almost be identified to be the next Century or two there is a lot to track and this technique does position numerous difficulties um so Johnny could you tell us about those challenges yeah of course so there’s a range right there is so
I recently made a modification to our Enterprise 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 gotten another CFO, and with this improved capability, I have effectively protected payments for our 10,000 employees worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is good. You should have a corner office with a parking space that is closer, considering your accomplishments. Papaya Global Year End