Over the last 5 or 6 years …Dave Strickland Papaya Global… functions on the service provider side and also on the supplier side from a payroll perspective so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply give everybody another number of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to kind of like see where everyone comes from and I actually 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 really very gloomy 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 taking a look at the obstacle years of managing Global payroll why business maintain separate
Virtual payroll accounts are an alternative to conventional savings account for managing payroll payments. This is particularly useful for worldwide companies with dispersed and remote labor forces, as it simplifies the complex procedure of cross-border payments. Instead of keeping different savings account for payroll in different nations, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are becoming a strategic property for payroll executives. We will also supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing accurate, efficient, and prompt payroll payments is a complex challenge for organizations operating worldwide. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll savings account, learn how business anticipate payroll costs to optimize working capital, and find how improving worldwide payroll payments can change them from a challenging task into a tactical property.
Managing payroll worldwide is an overwhelming job due to various policies, compliance requirements, data security concerns, and banking rules. The sheer variety of workers and businesses adds to the intricacy, with an approximated 3.5 billion people in the global labor force, 500 million of whom are in Africa, and 230 million organizations worldwide.
Standard payroll systems typically lead to manual procedures, information silos, and an absence of integration, resulting in disparities and ineffectiveness. Regardless of living in an age of technological improvements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar objectives to supply insights and services to streamline and enhance worldwide payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce information in real time that’s another number that gives me sleep deprived nights and quite honestly the more an organization spends on global payroll the less of a photo they see a lack of presence likewise reaches payroll payments and failure to accurately track these payments can result in compliance incidents in the last mile of the deal nearly half of international businesses have actually revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry errors badly interacted hires and terminations in addition to absence management and system configurations and then when you round all of it off and the data is shipped to the incorrect location the average cost of a global data 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 do not run efficiently if they depend on the needed several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges organization face when they’re making payments to staff members or otherwise that’s a good concern I always toss this back and state what is it what does not require to be consisted of ideal and what does
it require to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment capabilities 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 client’s own in-country account so there’s intricacy anywhere you look right ultimately constructing a knowledge base is absolutely critical however everywhere you look with payroll payment they are like incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely basic and technology is permitting us to kind of move on with that it also too to add to that payroll and financing need to work closer together um with varying Checking account Particulars varying banking requirements and setup processes is absolutely imperative that payroll and finance teams work more detailed together than ever um I’m constantly surprised when individuals state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession would they divide the payroll payment from calculation 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 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 but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being more and more important to add to sort of the level of intricacy there’s a growing number of benefits being organ or being provided by businesses throughout the world so once again you’re simply wanting to add more and more payments to this already complex landscape so if you sort of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of genuine obstacles or genuine tough sort of pay utilizes to play to pay people I believe yeah I mean over the last well yeah a couple of decades I would definitely say that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are groups feeding information into the next function as it were that’s really managing the payment side of things however you know in in my viewpoint and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we require to develop extra handoffs while doing sos that we run in they simply make them more prompt they make them less effective and they do not make them what they need to be in in an era of tech and an age that you understand that we are working in today there is no reason that we are still making this as difficult as it needs to be concurred and rightly as you stated payroll is the single greatest liability that any service has from an expense point of view from an impact point of view on staff members it is absolutely important that it’s done correctly and on time so what we mean 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 destructive result on individuals’s wellness and numerous other aspects if individuals aren’t paid uh I have actually always been surprised entering this Market sort of the last five to 10 years is how little thanks the
The payroll group might not have actually been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and people only notice when things go wrong. Nevertheless, when things go right, it’s seen as simply a regular job. This is how it’s perceived externally also. For that reason, it is essential to make sure that jobs like Wi-Fi International and other vital matters are done properly. Utilizing the first Worldwide Payments first payroll payment option is a great initial action towards offering a comprehensive payroll service for workers worldwide. Standardization, international processes, and minimizing the number of tools, platforms, and bank accounts essential for international payroll are essential factors in achieving organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of grievances when things don’t go as prepared. Eventually, we do not do it for the appreciation.
anyhow we understand how how important a role 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 simple as possible for everybody that’s associated with those processes and also so picture sorry I’m simply I was just gon na state think of the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re talking about numerous 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 definitely be a fascinating task trying to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse them and actually see what was going on and kind of shot to return to everybody so proceeding look why do business select to primary separate savings account there are Dave Strickland Papaya Global organizations out there doing precisely this for particular nations and I have actually worked in a company or many services doing precisely that I can say it doesn’t always feel efficient and it does produce more work I know we’re not intentionally doing that we’re not creating extra work for anyone where we do not need to and anyone that’s handling 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 amount that we are I think numerous factors one is it’s the standard I think individuals have actually got so used to we need a brand-new checking account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard the people have embraced and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a variety I think this is a procedure that requires looking at it requires changing but ultimately people are really stuck with what they’re familiar
with right um change is a tough thing all of us don’t like change um so I think it’s simply sort of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend clearly the benefits of having maintaining multiple checking account however there’s a huge amount of complexity opts for establishing a savings account preserving it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for individual people so the complexity is big however I think the sincere response is change um people have not been able to change or have not had always the understanding to truly make that change into alternate Solutions besides opening a bank account I believe you have actually hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter however we have actually always done it that way is no real reason for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what could almost be figured out to be the next Century approximately there is a lot to keep an eye on and this technique does position several obstacles um so Johnny could you tell us about those difficulties yeah naturally so there’s a range right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has actually acquired another CFO, and with this enhanced capability, I have effectively secured payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is good. You deserve a corner workplace with a parking space that is better, considering your achievements. Dave Strickland Papaya Global