Over the last five or 6 years …Papaya Global Coronavirus Update… functions on the service provider side and likewise on the vendor side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just provide everybody another number of uh well among the 30 seconds or so to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite 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 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 drizzling here it’s really really uninspiring and I wish I was somewhere else at this moment in time okay so let’s get started our program for today is as follows um we are going to be looking at the challenge years of managing Global payroll why companies maintain separate
Virtual payroll accounts are an option to standard checking account for handling payroll payments. This is particularly helpful for international companies with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of preserving separate checking account for payroll in various countries, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will explore the benefits 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 recap 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 obstacle for organizations operating internationally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll checking account, discover how business forecast payroll costs to enhance working capital, and find how enhancing worldwide payroll payments can change them from a troublesome task into a strategic asset.
Managing payroll globally is a difficult job due to different guidelines, compliance requirements, data security concerns, and banking guidelines. The large number of employees and businesses contributes to the complexity, with an estimated 3.5 billion people in the global labor force, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Conventional payroll systems often result in manual procedures, data silos, and a lack of integration, resulting in disparities and ineffectiveness. Despite living in a period 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 provide insights and solutions to streamline and optimize global 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 provides me sleep deprived nights and rather honestly the more a business spends on international payroll the less of a photo they see a lack of presence likewise reaches payroll payments and inability to precisely track these payments can result in compliance mishaps in the last mile of the deal almost half of international organizations have actually revealed 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 information entry mistakes inadequately interacted hires and terminations as well as lack management and system configurations and after that when you round all of it off and the data is delivered 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 cash around the globe payroll and payments don’t run efficiently if they count on the necessary several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties organization face when they’re paying to workers or otherwise that’s an excellent question I always toss this back and state what is it what doesn’t require to be included right and what does
it need to be thought about there’s varying Bank information 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 have to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s intricacy wherever you look best eventually constructing a knowledge base is absolutely important but everywhere you look with payroll payment they resemble very payments no if but 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 believe there’s now a bit more recognition that payroll payments are absolutely essential and innovation is allowing us to sort of move forward with that it likewise too to contribute to that payroll and finance need to work closer together um with differing Checking account Details differing banking requirements and setup procedures is absolutely essential that payroll and finance teams work closer together than ever um I’m always amazed 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 operate in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so often 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 people anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more essential to contribute to sort of the level of complexity there’s more and more advantages being organ or being offered by companies throughout the world so again you’re simply wanting to add increasingly 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 genuine obstacles or genuine tough type of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a couple of decades I would certainly say that the larger a company gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are groups feeding details into the next function as it were that’s actually managing the payment side of things however you understand in in my viewpoint and my experience that doesn’t always need to be the case you understand long gone are the times where we need to develop additional handoffs at the same times that we operate in they simply make them more timely they make them less effective and they do not 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 we are still making this as hard as it needs to be concurred and appropriately as you stated payroll is the single greatest liability that any business has from an expense viewpoint from an effect perspective on employees it is definitely important 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 need to be done right it has the most significant destructive effect on individuals’s wellness and lots of other aspects if individuals aren’t paid uh I have actually constantly been impressed coming into this Market type of the last five to ten years is how little thanks the
payroll group get um so I’m unsure anyone on this kind of webinar has actually 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 but ultimately payroll is such an important cycle we all find out about it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s simply a tick box workout and I believe 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 stuff is absolutely essential that all of this things is done correctly so leveraging the very first International Payments first payroll payment service is a terrific initial step um offering an end-to-end payroll option for your workers globally once again I believe is another big um procedure again lining up and guaranteeing you have standardization International procedures all of those things are absolutely crucial to success success of services and minimizing the number of tools platforms and checking account they require for their Worldwide 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 thousand of them within a payroll cycle don’t 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 quite where they’re indicated to be um I don’t believe any of us are actually doing that for for the thanks
anyway we know how how crucial a function 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 easy as possible for everybody that’s associated with those procedures and also so envision sorry I’m simply I was just gon na state picture 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 speaking about numerous thousands potentially Millions think of getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see the number of 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 held true um you ‘d need days of the week to attempt to browse them and in fact see what was going on and type of shot to return to everybody so proceeding appearance why do companies choose to primary separate bank accounts there are Papaya Global Coronavirus Update services out there doing precisely this for particular countries and I’ve worked in a business or lots of companies doing exactly that I can say it does not constantly feel effective and it does create more work I understand we’re not purposely doing that we’re not developing extra work for any person where we do not have to and anybody that’s handling 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 quantity that we are I believe many reasons one is it’s the requirement I think people have got so utilized to we require a 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 standard and the norm the people have embraced and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and many other methods um to to kind of do it so I believe there’s a variety I believe this is a procedure that requires looking at it needs altering but eventually individuals are really stuck to what they’re familiar
with ideal um change is a tough thing we all don’t 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 stuff um I comprehend clearly the advantages of having preserving several bank accounts but there’s a substantial quantity of intricacy goes with establishing a checking account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for specific people so the complexity is huge but I believe the honest response is change um people have not been able to change or haven’t had always the understanding to really make that change into alternate Solutions aside from opening a bank account I believe you’ve hit the nail on the head I think it is knowledge you know and there is an aspect of resistance to alter but we’ve constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what could practically be determined to be the next Century or so there is a lot to keep an eye on and this method does posture several difficulties um so Johnny could you tell us about those obstacles yeah of course so there’s a range right there is so
I just recently made a modification to our Enterprise 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 acquired another CFO, and with this improved capability, I have effectively protected payments for our 10,000 staff members worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is closer, considering your achievements. Papaya Global Coronavirus Update