Over the last five or six years …Papaya Global Dat Restore… functions on the company side and likewise on the supplier side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply provide everyone another couple of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll sort 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 everybody originates from and I really 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 raining here it’s very extremely bleak and I wish I was elsewhere at this moment in time all right so let’s get started 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 companies preserve different
Virtual payroll accounts are an option to standard checking account for handling payroll payments. This is particularly useful for global companies with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of maintaining separate bank accounts for payroll in various nations, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are ending up being a strategic property for payroll executives. We will likewise supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing precise, effective, and timely payroll payments is a complex obstacle for organizations operating globally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll savings account, find out how business anticipate payroll expenses to optimize working capital, and discover how improving international payroll payments can transform them from a difficult task into a strategic possession.
Handling payroll globally is a difficult job due to different policies, compliance requirements, information security issues, and banking rules. The sheer variety of workers and companies contributes to the complexity, with an estimated 3.5 billion individuals in the worldwide labor force, 500 million of whom are in Africa, and 230 million companies worldwide.
Traditional payroll systems often lead to manual procedures, data silos, and an absence of combination, leading to disparities and inadequacies. Despite living in an era of technological developments, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar objectives to provide insights and options to simplify and optimize global payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of companies 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 global payroll the less of a photo they see an absence of presence also encompasses payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the transaction almost half of global companies have revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM information data entry errors poorly communicated hires and terminations along with absence management and system configurations and after that when you round all of it off and the data is shipped to the wrong place the average cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the globe payroll and payments don’t run efficiently if they rely on the essential 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 company face when they’re paying to staff members or otherwise that’s a great question I constantly toss this back and say what is it what doesn’t need to be included ideal and what does
it need to be thought about there’s differing Bank details 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 have to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s complexity any place you look ideal eventually developing a knowledge base is absolutely important but 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 sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is allowing us to sort of move forward with that it likewise too to add to that payroll and finance require to work closer together um with varying Checking account Details differing banking requirements and setup procedures is absolutely imperative that payroll and finance groups work closer together than ever um I’m always amazed when individuals state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they divide 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 process it’s the point of data collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more important to contribute to sort of the level of intricacy there’s a growing number of advantages being organ or being offered by organizations throughout the world so once again you’re just looking to include more and more payments to this currently complicated landscape so if you sort of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of real challenges or genuine tough sort of pay uses to play to pay individuals I think yeah I mean over the last well yeah a couple of years I would absolutely state that the bigger a service 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 teams feeding details into the next function as it were that’s in fact handling the payment side of things but you understand in in my opinion and my experience that doesn’t always need to be the case you understand long gone are the times where we need to produce additional handoffs at the same times that we run in they just make them more prompt they make them less efficient and they don’t make them what they require to be in in an age of tech and an era that you understand that we are working in today there is no reason why we are still making this as challenging as it needs to be agreed and appropriately as you said payroll is the single greatest liability that any company has from an expense point of view from an impact viewpoint on employees it is absolutely critical 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 greatest detrimental impact on individuals’s well-being and many other aspects if people aren’t paid uh I’ve always been amazed entering this Market sort of the last 5 to 10 years is how little thanks the
payroll team get um so I’m unsure anyone on this sort of webinar has been told 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 workers or not um but eventually payroll is such an important cycle all of us find out about it when it fails everybody jumps up and down when it fails however when it goes right it’s just a tick box exercise and I think 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 things is definitely essential that all of this stuff is done correctly so leveraging the very first Global Payments very first payroll payment option is a fantastic initial step um providing an end-to-end payroll option for your employees internationally once again I think is another huge um procedure again aligning and ensuring you have standardization Worldwide processes all of those things are definitely crucial to success success of businesses and reducing the number of tools platforms and bank accounts they require 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 5 or 10 or whatever it might be with the with the the problems where things have not gone quite where they’re implied to be um I do not believe any of us are actually doing that for for the thanks
anyway we understand 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 also so envision sorry I’m simply I was just gon na say picture the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions picture getting that many thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting task attempting to clean up all those up for sure oh absolutely 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 attempt to check out them and actually see what was going on and kind of shot to return to everybody so moving on look why do business pick to main separate checking account there are Papaya Global Dat Restore organizations out there doing exactly this for specific nations and I’ve operated in a service or numerous businesses doing exactly that I can say it does not always feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not producing additional work for anyone where we do not have to and any person 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 amount that we are I believe numerous reasons one is it’s the standard I think people have actually got so utilized to we need a 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 think it’s just been the requirement and the norm individuals have adopted and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and numerous other ways um to to type of do it so I think there’s a variety I believe this is a process that requires looking at it needs changing however ultimately people are extremely stuck to what they’re familiar
with ideal um change is a difficult thing all of us do not like change um so I think it’s simply kind of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand obviously the advantages of having keeping multiple bank accounts however there’s a substantial amount of intricacy opts for establishing a savings account keeping it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for specific individuals so the intricacy is substantial however I believe the sincere answer is change um people haven’t been able to change or haven’t had always the knowledge to actually make that change into alternate Solutions aside from opening a bank account I believe you have actually hit the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change but we’ve constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of carrying on and moving into you know what might nearly be determined to be the next Century or so there is a lot to keep track of and this method does pose a number of difficulties um so Johnny could you inform us about those obstacles yeah of course so there’s a range right there is so
I simply did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International staff members you should have a corner workplace with a more detailed parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Dat Restore