Over the last 5 or six years …Papaya Global Nest Pension Change Percentage… roles on the company side and also on the vendor side from a payroll point of view so actually looking forward to this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just give everybody another number of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll sort 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 type of like see where everybody originates from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very very bleak and I want I was somewhere else at this moment in time fine so let’s start our program for today is as follows um we are going to be looking at the difficulty years of handling International payroll why companies keep separate
Virtual payroll accounts are an option to conventional savings account for managing payroll payments. This is especially useful for worldwide companies with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of keeping separate checking account for payroll in various nations, virtual accounts and digital wallets offer a more structured option. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are ending up being a tactical property for payroll executives. We will also supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
Ensuring precise, efficient, and prompt payroll payments is a complex obstacle for companies operating globally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll bank accounts, discover how companies forecast payroll costs to enhance working capital, and discover how enhancing global payroll payments can change them from a difficult task into a tactical asset.
Managing payroll internationally is a complicated job due to numerous regulations, compliance requirements, information security issues, and banking rules. The large number of employees and organizations adds to the intricacy, with an approximated 3.5 billion individuals in the global labor force, 500 countless whom are in Africa, and 230 million companies worldwide.
Standard payroll systems often lead to manual procedures, data silos, and a lack of integration, leading to disparities and inadequacies. Despite residing in an age of technological developments, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar aims to supply insights and solutions to simplify and enhance worldwide payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of services state they have Workforce data in real time that’s another number that gives me sleepless nights and rather honestly the more a business invests in international payroll the less of a photo they see a lack of visibility also encompasses payroll payments and inability to accurately track these payments can result in compliance mishaps in the last mile of the deal nearly half of worldwide companies have revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM data data entry mistakes improperly communicated hires and terminations as well as lack management and system setups and after that when you round it all off and the information is delivered to the wrong place the average cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money worldwide payroll and payments don’t run smoothly if they rely on the essential several procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles service face when they’re paying to workers or otherwise that’s an excellent concern I constantly toss this back and say what is it what does not need to be included ideal and what does
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 timespan there’s payment abilities 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 customer’s own in-country account so there’s complexity anywhere you look best ultimately building a knowledge base is definitely critical however everywhere you look with payroll payment they resemble very payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the type 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 essential and innovation is permitting us to sort of move forward with that it also too to add to that payroll and financing require to work closer together um with differing Checking account Details differing banking requirements and setup procedures is absolutely necessary that payroll and finance groups work closer together than ever um I’m constantly amazed when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation 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 typically 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 people wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more crucial 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 simply seeking to add a growing number of payments to this already intricate landscape so if you type of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of genuine difficulties or real tough type of pay uses to play to pay individuals I think yeah I mean over the last well yeah a number of decades I would certainly state that the larger an organization 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 details into the next function as it were that’s in fact handling the payment side of things however you know in in my opinion and my experience that does not always need to be the case you understand long gone are the times where we require to develop additional handoffs while doing sos that we run in they simply make them more prompt they make them less efficient and they do not make them what they require to be in in a period of tech and a period 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 appropriately as you said payroll is the single biggest liability that any service has from a cost point of view from an impact point of view on staff members it is definitely critical that it’s done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the most significant damaging impact on individuals’s well-being and many other factors if individuals aren’t paid uh I’ve always been surprised entering into this Market kind of the last five to 10 years is how little thanks the
payroll team get um so I’m not sure anybody on this type of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um but eventually payroll is such a crucial cycle all of us find out about it when it goes wrong everybody jumps up and down when it goes wrong 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 likewise like why WI-Fi Global why all of this things is definitely crucial that all of this stuff is done properly so leveraging the very first Global Payments very first payroll payment service is an excellent first step um offering an end-to-end payroll service for your staff members internationally again I believe is another huge um process once again aligning and ensuring you have standardization Worldwide processes all of those things are definitely essential to success success of businesses and lowering the number of tools platforms and bank accounts they require for their Worldwide payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things have not gone quite where they’re meant to be um I do not believe any of us are in fact 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 everybody that’s involved in those processes and likewise so imagine sorry I’m simply I was simply gon na say picture the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands potentially Millions envision getting that many thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating task attempting to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to browse them and really see what was going on and kind of try to get back to everyone so moving on look why do business pick to primary separate savings account there are Papaya Global Nest Pension Change Percentage businesses out there doing precisely this for particular nations and I’ve operated in a company or many businesses doing precisely that I can say it doesn’t constantly feel efficient and it does create more work I understand we’re not deliberately doing that we’re not producing additional work for any person where we do not need to and anyone that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think many reasons one is it’s the requirement I believe individuals have got so utilized to we require a new bank account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard individuals have actually embraced and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and numerous other methods um to to type of do it so I think there’s a range I think this is a procedure that requires taking a look at it requires changing however eventually individuals are really stuck with what they’re familiar
with best um modification is a hard thing all of us do not like modification um so I believe it’s simply kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend obviously the advantages of having preserving numerous savings account however there’s a big amount of complexity goes with setting up a bank account preserving it guaranteeing it can send out International transfers ensuring it’s set up with the right user accesses for individual individuals so the complexity is big but I think the truthful response is modification um people have not had the ability to change or haven’t had always the understanding to really make that change into alternate Solutions aside from opening a bank account I think you’ve hit the nail on the head I believe it is understanding you understand and there is a component of resistance to change however we have actually always 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 understand what might practically be determined to be the next Century approximately there is a lot to keep an eye on and this approach does position numerous challenges um so Johnny might you tell us about those challenges yeah obviously so there’s a range right there is so
I just did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide workers you deserve a corner office with a more detailed parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Nest Pension Change Percentage