Over the last five or 6 years …Papaya Global Bureau Pension Module… functions on the service provider side and also on the supplier side from a payroll point of view so really looking forward to this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply provide everyone another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everybody comes from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely really gloomy and I wish I was somewhere else at this moment in time okay so let’s get going our program for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why companies keep separate
Virtual payroll accounts are an alternative to standard bank accounts for handling payroll payments. This is especially beneficial for global companies with dispersed and remote labor forces, as it streamlines the complicated procedure of cross-border payments. Instead of maintaining different checking account for payroll in different nations, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a strategic asset for payroll executives. We will likewise supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
Making sure accurate, efficient, and prompt payroll payments is a complex obstacle for businesses running worldwide. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll checking account, learn how companies forecast payroll costs to optimize working capital, and find how enhancing global payroll payments can transform them from a challenging job into a strategic property.
Handling payroll globally is a complicated job due to various policies, compliance requirements, information security concerns, and banking guidelines. The sheer variety of workers and organizations adds to the intricacy, with an approximated 3.5 billion individuals in the worldwide labor force, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Standard payroll systems typically lead to manual processes, data silos, and an absence of combination, causing disparities and inadequacies. Regardless of living in a period of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar goals to provide insights and options to simplify and enhance global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of services state they have Workforce data in real time that’s another number that gives me sleepless nights and quite frankly the more a service invests in worldwide payroll the less of a picture they see a lack of exposure also encompasses payroll payments and inability to accurately track these payments can result in compliance accidents in the last mile of the deal nearly half of international companies have revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM data data entry errors poorly communicated hires and terminations along with lack management and system setups and after that when you round everything off and the data is delivered to the wrong location the typical cost of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the globe payroll and payments don’t run smoothly if they rely on the needed several processes 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 obstacles business face when they’re making payments to staff members or otherwise that’s a good question I constantly throw this back and state what is it what does not need to be included ideal and what does
it need to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment abilities 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 complexity anywhere you look ideal ultimately developing a knowledge base is absolutely important but all over you look with payroll payment they are like super payments no if however some children about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely essential and technology is enabling us to kind of progress with that it likewise also to contribute to that payroll and finance require to work closer together um with varying Savings account Details varying banking requirements and setup processes is absolutely necessary that payroll and finance groups work better together than ever um I’m constantly astonished 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 operate in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so often 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 reside in and well-being being increasingly more crucial to contribute to kind of the level of intricacy there’s increasingly more advantages being organ or being offered by services across the world so once again you’re simply aiming to add increasingly more payments to this currently intricate landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of real difficulties or genuine tough type of pay utilizes to play to pay people I believe yeah I imply over the last well yeah a couple of decades I would absolutely say that the larger a business gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are teams feeding details into the next function as it were that’s actually managing the payment side of things but 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 require to produce extra handoffs at the same times 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 an era 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 hard as it needs to be concurred and rightly as you stated payroll is the single biggest liability that any service has from a cost viewpoint from an effect viewpoint on staff members it is absolutely critical that it’s done properly and on time so what we indicate 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 wellness and lots of other aspects if people aren’t paid uh I’ve always been surprised entering into this Market sort of the last 5 to 10 years is how little thanks the
The payroll team may not have been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and individuals just see when things go wrong. However, when things go right, it’s seen as just a regular task. This is how it’s perceived externally as well. For that reason, it is essential to ensure that tasks like Wi-Fi Global and other vital matters are done properly. Utilizing the first Worldwide Payments very first payroll payment option is a terrific preliminary action towards providing a thorough payroll solution for employees worldwide. Standardization, worldwide processes, and minimizing the variety of tools, platforms, and bank accounts essential for global payroll are key factors in achieving business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few complaints when things don’t go as prepared. Ultimately, we don’t do it for the thankfulness.
anyhow 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 procedures and also so picture sorry I’m simply I was just gon na state imagine the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re discussing hundreds of thousands potentially Millions envision getting that numerous thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing task trying 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 check out them and really see what was going on and kind of try to return to everyone so carrying on appearance why do business pick to primary different savings account there are Papaya Global Bureau Pension Module organizations out there doing precisely this for specific countries and I’ve operated in a business or lots of services doing precisely that I can state it doesn’t constantly feel efficient and it does develop more work I know we’re not purposely doing that we’re not producing extra work for anyone where we do not 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 quantity that we are I think lots of reasons one is it’s the standard I think people have actually got so used to we require a new bank account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have actually embraced and continue to do over years and years passed by to contribute to that individuals have actually looked at things like trust accounts and lots of other methods um to to type of do it so I think there’s a range I think this is a procedure that needs taking a look at it requires altering however ultimately individuals are very stuck to what they’re familiar
with ideal um change is a tough thing we all don’t like change um so I think it’s simply sort of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand clearly the benefits of having maintaining several savings account but there’s a huge amount of complexity opts for setting up a savings account preserving it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for individual individuals so the intricacy is huge however I think the truthful response is change um people haven’t been able to change or have not had always the understanding to really make that change into alternate Solutions aside from opening a savings account I think you have actually struck the nail on the head I believe it is understanding you know and there is a component of resistance to alter but we’ve always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what might almost be figured out to be the next Century approximately there is a lot to track and this technique does pose several challenges um so Johnny might you inform us about those difficulties yeah obviously so there’s a variety right there is so
I just 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 Worldwide workers you deserve a corner office with a more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Bureau Pension Module