Over the last five or 6 years …Payroll Through Papaya Global… functions on the company side and likewise on the supplier side from a payroll viewpoint so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just give everyone another couple of uh well one of the 30 seconds or two to join all of us 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 currently simply to hear where everybody is um it’s nice to to kind of like see where everyone originates from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really very gloomy and I want I was somewhere else at this moment in time alright so let’s begin our program for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why business keep separate
Virtual payroll accounts are an alternative to conventional savings account for handling payroll payments. This is particularly beneficial for worldwide organizations with dispersed and remote workforces, as it simplifies the complex procedure of cross-border payments. Instead of keeping different savings account for payroll in various nations, virtual accounts and digital wallets provide a more structured option. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are becoming a strategic property for payroll executives. We will also offer a recap of the main points covered and leave time for a Q&A session at the end.
Guaranteeing accurate, effective, and timely payroll payments is a complex challenge for organizations running globally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll checking account, learn how companies forecast payroll costs to optimize working capital, and find how streamlining international payroll payments can transform them from a troublesome job into a tactical possession.
Handling payroll globally is an overwhelming task due to various guidelines, compliance requirements, data security issues, and banking rules. The sheer variety of staff members and services adds to the intricacy, with an approximated 3.5 billion people in the global labor force, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Traditional payroll systems frequently result in manual procedures, information silos, and an absence of combination, resulting in inconsistencies and inadequacies. Despite residing in an age of technological improvements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar goals to supply insights and services 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 just 11 of services state they have Workforce information in real time that’s another number that offers me sleep deprived nights and rather honestly the more a company invests in global payroll the less of a photo they see a lack of exposure likewise extends to payroll payments and inability to accurately track these payments can result in compliance incidents in the last mile of the transaction nearly half of international services have actually expressed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry mistakes poorly interacted hires and terminations along with lack management and system configurations and then when you round all of it off and the information is shipped to the wrong place the average cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the world payroll and payments do not run efficiently if they count on the required multiple procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties business face when they’re paying to staff members or otherwise that’s a good question I always toss this back and state what is it what doesn’t require to be consisted of ideal and what does
it need to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames 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 customer’s own in-country account so there’s complexity any place you look best ultimately building a knowledge base is definitely vital however everywhere 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 take a look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and innovation is permitting us to sort of move forward with that it also as well to contribute to that payroll and finance require to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is absolutely important that payroll and financing groups work closer together than ever um I’m always astonished when people state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from computation 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 procedure it’s the point of data collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being increasingly more essential to add to type of the level of complexity there’s increasingly more benefits being organ or being provided by businesses across the world so again you’re simply wanting to add a growing number of payments to this already complex landscape so if you sort of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of genuine obstacles or genuine challenging kind of pay utilizes to play to pay people I believe yeah I imply over the last well yeah a couple of decades I would certainly state that the larger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are teams feeding information into the next function as it were that’s really handling the payment side of things but you understand in in my viewpoint and my experience that does not always require to be the case you know long gone are the times where we require to create additional handoffs at the same times that we run in they just make them more timely they make them less effective and they don’t make them what they need to be in in an age of tech and an era that you understand that we are operating in today there is no reason that we are still making this as difficult as it requires to be agreed and rightly as you stated payroll is the single biggest liability that any service has from a cost viewpoint from an impact viewpoint on employees 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 greatest destructive effect on people’s well-being and lots of other aspects if individuals aren’t paid uh I have actually constantly been surprised entering this Market kind of the last five to 10 years is how little thanks the
payroll group get um so I’m not exactly sure anybody on this sort of webinar has actually 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 staff members or not um but ultimately payroll is such a crucial cycle we all find out about it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely essential that all of this things is done correctly so leveraging the very first International Payments very first payroll payment option is a fantastic first step um offering an end-to-end payroll service for your staff members worldwide once again I think is another substantial um procedure once again lining up and ensuring you have standardization Global procedures all of those things are absolutely crucial to success success of organizations and lowering the number of tools platforms and savings account 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’ve never had a hundred countless them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the grievances where things haven’t gone rather where they’re meant to be um I don’t think any of us are actually doing that for for the thanks
anyway we know how how important 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 involved in those procedures and likewise so imagine sorry I’m simply I was just gon na say picture the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions think of getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an intriguing job trying to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and actually see what was going on and type of try to get back to everybody so proceeding appearance why do companies select to main separate savings account there are Payroll Through Papaya Global companies out there doing exactly this for specific nations and I have actually operated in a business or lots of companies doing precisely that I can state it does not constantly feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not producing additional work for anybody where we do not need to and anybody that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe numerous factors one is it’s the requirement I think people have actually got so utilized to we need a brand-new savings account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the standard the people have actually embraced and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and lots of other methods um to to type of do it so I think there’s a variety I think this is a procedure that requires taking a look at it requires altering however ultimately people are very stuck with what they’re familiar
with ideal um change is a challenging thing all of us do not like change um so I think it’s simply kind of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand certainly the advantages of having maintaining multiple bank accounts however there’s a substantial amount of complexity opts for setting up a savings account preserving it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for specific people so the intricacy is substantial however I think the sincere response is modification um individuals have not been able to alter or have not had always the knowledge to truly make that change into alternate Solutions besides opening a savings account I believe you have actually hit the nail on the head I think it is understanding you know and there is an aspect of resistance to alter however we’ve always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you know what might nearly be identified to be the next Century approximately there is a lot to track and this method does posture numerous obstacles um so Johnny could you inform us about those difficulties yeah obviously so there’s a range right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually gained another CFO, and with this enhanced capability, I have actually successfully secured payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is more detailed, considering your accomplishments. Payroll Through Papaya Global