Over the last five or six years …Updating Papaya Global Pension… functions on the supplier side and also on the vendor side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply give everyone another number of uh well one of 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 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 originates from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very extremely uninspiring and I want I was somewhere else at this moment in time alright so let’s start our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why business preserve different
Virtual payroll accounts are an alternative to standard bank accounts for managing payroll payments. This is particularly helpful for global companies with dispersed and remote workforces, as it streamlines the complex process of cross-border payments. Instead of maintaining separate savings account for payroll in different nations, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are becoming a tactical property for payroll executives. We will also offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing precise, effective, and prompt payroll payments is a complex obstacle for organizations running globally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll savings account, learn how companies anticipate payroll expenses to enhance working capital, and find how simplifying international payroll payments can change them from a challenging job into a tactical asset.
Handling payroll internationally is a difficult task due to various guidelines, compliance requirements, data security issues, and banking guidelines. The large variety of employees and companies contributes to the intricacy, with an estimated 3.5 billion people in the global labor force, 500 million of whom remain in Africa, and 230 million companies worldwide.
Traditional payroll systems frequently lead to manual processes, data silos, and a lack of combination, causing inconsistencies and inefficiencies. In spite of living in an age of technological improvements, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar objectives to supply insights and solutions to simplify and optimize worldwide payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of services say they have Labor force data in real time that’s another number that gives me sleepless nights and rather frankly the more a company spends on worldwide payroll the less of an image they see an absence of visibility likewise extends to payroll payments and inability to accurately track these payments can lead to compliance incidents in the last mile of the transaction nearly half of worldwide businesses have actually revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM data information entry mistakes badly interacted hires and terminations as well as lack management and system configurations and then when you round everything off and the data is shipped to the incorrect place the typical expense of a global 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 necessary numerous procedures 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 obstacles organization face when they’re making payments to employees or otherwise that’s a great concern I constantly toss this back and state what is it what does not need to be consisted of right and what does
it need to be thought of there’s varying Bank information 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 abilities 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 wherever you look ideal ultimately building a knowledge base is definitely crucial but all over 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 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 essential and technology is allowing us to type of progress with that it likewise also to add to that payroll and financing require to work closer together um with varying Bank Account Details varying banking requirements and setup processes is definitely important that payroll and finance teams work closer together than ever um I’m always surprised when individuals state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate 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 eventually 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 but 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 add to type of the level of intricacy there’s more and more benefits being organ or being provided by organizations throughout the world so once again you’re simply seeking to include a growing number of payments to this currently complex landscape so if you sort of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of real obstacles or genuine difficult sort of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a number of years I would certainly say that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are groups 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 doesn’t always need to be the case you understand long gone are the times where we need to produce extra handoffs in the processes that we run in they just make them more timely they make them less effective and they do not make them what they need to be in in a period of tech and an era that you know that we are working in today there is no reason why we are still making this as tough as it requires to be agreed and appropriately as you stated payroll is the single greatest liability that any company has from an expense point of view from an impact perspective on employees it is definitely vital that it’s done correctly and on time so what we indicate 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 result on individuals’s wellness and numerous other factors if people aren’t paid uh I have actually constantly been impressed entering this Market type of the last 5 to 10 years is how little thanks the
payroll group get um so I’m uncertain anybody on this type of webinar has 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 workers or not um but ultimately payroll is such an important cycle we all find out about it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely vital that all of this things is done correctly so leveraging the first Global Payments first payroll payment option is a fantastic initial step um providing an end-to-end payroll option for your employees worldwide again I think is another big um process again lining up and ensuring you have standardization Global processes all of those things are definitely key to success success of companies and decreasing the number of tools platforms and savings account they need 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 have actually never ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the problems where things haven’t gone quite where they’re meant to be um I don’t think any of us are in fact doing that for for the thanks
anyhow we know how how important a role 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 simple as possible for everyone that’s associated with those processes and also so envision sorry I’m simply I was just 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 make sure we’re discussing hundreds of thousands possibly Millions envision getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting task attempting to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and actually see what was going on and kind of shot to get back to everyone so proceeding appearance why do companies choose to main separate savings account there are Updating Papaya Global Pension services out there doing precisely this for particular countries and I’ve worked in a service or many organizations doing exactly that I can say it does not always feel effective and it does create more work I know we’re not purposely doing that we’re not producing additional work for anybody where we do not have to and anyone that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I think lots of reasons one is it’s the requirement I believe individuals have got so utilized to we need a brand-new checking account we open an entity and appropriately so you need it for payroll purposes but there are a number 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 contribute to that individuals have actually taken a look at things like trust accounts and many other methods um to to type of do it so I believe there’s a range I believe this is a procedure that needs looking at it requires changing but ultimately people are extremely stuck with what they’re familiar
with right um modification is a difficult thing we all don’t like modification um so I think it’s just type of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand certainly the benefits of having keeping numerous bank accounts however there’s a substantial quantity of complexity goes with establishing a checking account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the ideal user accesses for private people so the complexity is huge however I think the honest answer is modification um individuals have not had the ability to alter or have not had always the knowledge to actually make that change into alternate Solutions aside from opening a bank account I think you have actually hit the nail on the head I think it is understanding you understand and there is a component of resistance to change however 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 could almost be figured out to be the next Century approximately there is a lot to keep track of and this technique does position several difficulties um so Johnny might you tell us about those challenges yeah naturally 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 are worthy of a corner office with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you Updating Papaya Global Pension