Over the last five or 6 years …Papaya Global Montenegro… roles on the provider side and likewise on the vendor side from a payroll viewpoint so actually anticipating this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just provide everybody another number of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really extremely bleak and I wish I was elsewhere at this moment in time alright so let’s begin our program for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why companies maintain different
Virtual payroll accounts are an option to conventional savings account for managing payroll payments. This is especially beneficial for international organizations with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of preserving different bank accounts for payroll in various countries, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a tactical property for payroll executives. We will likewise offer a wrap-up 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 companies operating internationally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll bank accounts, find out how business anticipate payroll costs to optimize working capital, and discover how simplifying international payroll payments can transform them from a burdensome task into a strategic asset.
Handling payroll worldwide is a daunting job due to different policies, compliance requirements, information security concerns, and banking guidelines. The large number of staff members and companies contributes to the intricacy, with an estimated 3.5 billion people in the worldwide workforce, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Conventional payroll systems frequently result in manual processes, data silos, and an absence of integration, leading to inconsistencies and ineffectiveness. Despite living in an age of technological advancements, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar goals to provide insights and solutions to streamline and enhance international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force data in real time that’s another number that provides me sleepless nights and quite frankly the more a company spends on international payroll the less of a photo they see a lack of visibility also extends to payroll payments and failure to accurately track these payments can lead to compliance mishaps in the last mile of the transaction almost half of worldwide companies have actually expressed that they do not 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 information information entry errors poorly interacted hires and terminations along with lack management and system setups and after that when you round all of it off and the data is shipped to the wrong location the typical expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the world payroll and payments don’t run efficiently if they rely on the needed multiple processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties business face when they’re making payments to workers or otherwise that’s a good concern I constantly throw this back and say what is it what does not require 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 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 right eventually developing a knowledge base is definitely important however all over you look with payroll payment they are like super payments no if however some babies 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 believe there’s now a bit more recognition that payroll payments are absolutely basic and technology is enabling us to kind of progress with that it likewise as well to contribute to that payroll and financing require to work closer together um with differing Bank Account Details differing banking requirements and setup processes is absolutely crucial that payroll and financing groups work more detailed together than ever um I’m constantly impressed when people say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll profession would they divide 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being more and more essential to add to sort of the level of intricacy there’s a growing number of benefits being organ or being provided by companies throughout the world so once again you’re simply wanting to include increasingly more payments to this already complex landscape so if you sort 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 genuine challenges or real challenging sort of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a number of years I would certainly state that the larger a service gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding info into the next function as it were that’s actually managing the payment side of things but you know in in my viewpoint and my experience that does not necessarily need to be the case you understand long gone are the times where we require to develop 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 require to be in in an era of tech and an age that you know that we are operating in today there is no reason why we are still making this as difficult as it requires to be agreed and appropriately as you stated payroll is the single most significant liability that any service has from a cost viewpoint from an effect viewpoint on workers 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 need to be done right it has the most significant detrimental impact on individuals’s well-being and lots of other factors if people aren’t paid uh I have actually constantly been surprised coming into this Market kind of the last 5 to ten years is how little thanks the
payroll group get um so I’m not sure anyone on this kind of webinar has been informed 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 however eventually payroll is such an essential cycle we all find out about it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s just a tick box workout and I believe 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 essential that all of this stuff is done properly so leveraging the very first International Payments first payroll payment option is an excellent primary step um supplying an end-to-end payroll option for your staff members worldwide once again I believe is another huge um procedure once again aligning and ensuring you have standardization Global processes all of those things are absolutely essential to success success of organizations and decreasing the variety of tools platforms and savings account they need for their Worldwide payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never ever had a hundred countless them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things haven’t gone quite where they’re suggested to be um I don’t believe any of us are really doing that for for the thanks
anyway we know how how essential 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 easy as possible for everyone that’s involved in those processes and also so envision sorry I’m just I was just gon na say envision the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions think of getting that numerous thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an interesting job trying to clean all those up for sure oh definitely 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 shot to return to everybody so moving on look why do companies pick to primary separate checking account there are Papaya Global Montenegro businesses out there doing exactly this for particular nations and I’ve worked in an organization or lots of organizations doing exactly that I can say it doesn’t always feel effective and it does develop more work I understand we’re not intentionally doing that we’re not creating additional work for any person where we do not have to and any person that’s managing that process I ‘d be interested to hear your ideas 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 need a new checking account we open an entity and rightly so you require 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 requirement and the standard individuals have actually adopted and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and many other ways um to to type of do it so I believe there’s a variety I believe this is a process that needs looking at it requires altering however eventually individuals are very stuck with what they’re familiar
with best um change is a difficult thing we all do not like change um so I believe it’s simply kind of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the benefits of having preserving multiple bank accounts however there’s a big amount of intricacy chooses establishing a bank account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for private people so the complexity is huge however I think the truthful response is change um individuals haven’t had the ability to alter or haven’t had always the understanding to really make that change into alternate Solutions other than opening a bank account I believe you have actually struck the nail on the head I believe it is knowledge you know and there is an element of resistance to change but we have actually always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what might almost be figured out to be the next Century or two there is a lot to track and this technique does present several obstacles um so Johnny might you tell us about those challenges yeah of course so there’s a variety right there is so
I just did you changed our Business 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 International employees you are worthy of a corner workplace with a better parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Montenegro