Over the last 5 or six years …Papaya Global No National Insurance Number… functions on the company side and likewise on the supplier side from a payroll point of view so really anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just provide everybody another number of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on already simply to hear where everybody is um it’s nice to to type of like see where everyone comes from and I truly 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 really really uninspiring and I wish I was elsewhere at this moment in time fine so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why business preserve different
Virtual payroll accounts are an alternative to traditional bank accounts for managing payroll payments. This is especially useful for global companies with dispersed and remote labor forces, as it simplifies the intricate procedure of cross-border payments. Instead of keeping different bank accounts for payroll in various countries, virtual accounts and digital wallets use a more structured option. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a tactical asset for payroll executives. We will likewise offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing precise, efficient, and prompt payroll payments is a complex obstacle for services operating globally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll bank accounts, find out how business forecast payroll costs to enhance working capital, and find how improving global payroll payments can change them from a difficult job into a tactical asset.
Handling payroll worldwide is an overwhelming job due to different regulations, compliance requirements, data security issues, and banking rules. The large variety of workers and organizations contributes to the intricacy, with an estimated 3.5 billion people in the global workforce, 500 million of whom remain in Africa, and 230 million services worldwide.
Standard payroll systems often result in manual processes, data silos, and an absence of combination, resulting in inconsistencies and ineffectiveness. Despite living in a period of technological developments, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar objectives to provide insights and services to simplify and optimize worldwide payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce information in real time that’s another number that gives me sleep deprived nights and rather honestly the more a service spends on worldwide payroll the less of a picture they see an absence of presence likewise reaches payroll payments and failure to precisely track these payments can lead to compliance mishaps in the last mile of the transaction almost half of global companies have actually revealed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data 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 delivered to the incorrect location the average cost of a global data breach at this moment is 3.9 billion dollars once 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 needed several processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties service face when they’re paying to employees or otherwise that’s a great concern I constantly throw this back and say what is it what does not need to be included best 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 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 need to pay from the consumer’s own in-country account so there’s intricacy wherever you look ideal eventually building a knowledge base is absolutely important however everywhere you look with payroll payment they are like incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is permitting us to kind of move on with that it likewise also to contribute to that payroll and financing need to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is absolutely essential that payroll and financing teams work better together than ever um I’m always astonished when people state I’ve split 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 an industry 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 information collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being more and more essential to contribute to type of the level of intricacy there’s increasingly more advantages being organ or being used by services throughout the world so again you’re simply aiming to add 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 make certain however have you got any experience in kind of genuine obstacles or genuine challenging kind of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a couple of decades I would absolutely say that the larger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding info into the next function as it were that’s in fact managing the payment side of things however you know in in my opinion and my experience that does not necessarily require to be the case you know long gone are the times where we need to create extra handoffs at the same times that we run in they just make them more prompt they make them less efficient 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 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 business has from a cost point of view from an effect perspective on staff members it is definitely 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 have to be done right it has the biggest damaging effect on people’s well-being and numerous other aspects if people aren’t paid uh I have actually constantly been astonished entering into this Market type of the last 5 to 10 years is how little thanks the
payroll group get um so I’m not sure anyone on this kind of webinar has been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such an essential cycle all of us find out about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise 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 crucial that all of this stuff is done correctly so leveraging the first Global Payments first payroll payment service is an excellent first step um offering an end-to-end payroll option for your employees globally once again I think is another big um process again aligning and ensuring you have standardization International procedures all of those things are definitely essential to success success of organizations and lowering the number of tools platforms and bank accounts they require for their Global 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 have actually never ever had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the problems where things have not gone rather where they’re suggested to be um I don’t think any of us are in fact doing that for for the thanks
anyway we understand how how essential 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 simple as possible for everybody that’s involved in those procedures and also so imagine sorry I’m simply I was simply gon na say think of the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re discussing numerous thousands potentially Millions imagine getting that many thank you notes um I imply 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 picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to check out them and in fact see what was going on and type of try to return to everybody so proceeding look why do companies pick to primary separate checking account there are Papaya Global No National Insurance Number businesses out there doing exactly this for specific nations and I have actually operated in a service or many companies doing precisely that I can say it doesn’t always feel efficient and it does develop more work I know we’re not purposely doing that we’re not developing additional work for anyone where we don’t need to and any person that’s dealing with 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 amount that we are I think lots of factors one is it’s the requirement I think individuals have got so used to we require a brand-new bank account we open an entity and appropriately so you require it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard the people have actually embraced and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a range I think this is a procedure that requires taking a look at it needs altering but eventually individuals are extremely stuck with what they recognize
with right 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 great deal of track of things um I comprehend obviously the advantages of having maintaining several savings account but there’s a big amount of complexity goes with establishing a savings account keeping it ensuring it can send International transfers guaranteeing it’s set up with the right user accesses for private individuals so the intricacy is substantial but I believe the honest answer is modification um people have not been able to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a bank account I think you have actually hit the nail on the head I believe it is knowledge you know and there is an element of resistance to alter however we’ve always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what could almost be determined to be the next Century or so there is a lot to track and this technique does present a number of difficulties um so Johnny could you tell us about those obstacles yeah naturally 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 boosted ability, I have successfully protected payments for our 10,000 staff members worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is closer, considering your achievements. Papaya Global No National Insurance Number