Over the last five or 6 years …Small Business Payroll Papaya Global… roles on the service provider side and also on the supplier side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just offer everyone 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 sort of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everyone 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 sunshine is it it’s not no it’s it’s raining here it’s extremely really uninspiring and I want I was elsewhere at this moment in time all right so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of managing Global payroll why business keep separate
Virtual payroll accounts are an alternative to conventional savings account for handling payroll payments. This is especially useful for worldwide organizations with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of preserving different savings account for payroll in various nations, virtual accounts and digital wallets offer a more structured option. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are becoming a tactical possession for payroll executives. We will also supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
Ensuring accurate, effective, and timely payroll payments is a complex difficulty for businesses running internationally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll checking account, learn how business forecast payroll costs to optimize working capital, and discover how simplifying global payroll payments can change them from a difficult task into a tactical possession.
Handling payroll globally is a difficult job due to various regulations, compliance requirements, information security issues, and banking guidelines. The sheer variety of employees and businesses adds to the intricacy, with an approximated 3.5 billion people in the global workforce, 500 countless whom are in Africa, and 230 million businesses worldwide.
Conventional payroll systems typically result in manual procedures, data silos, and an absence of integration, causing inconsistencies and inefficiencies. Regardless of residing in an era of technological developments, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar aims to offer insights and services to simplify and enhance international 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 Labor force data in real time that’s another number that offers me sleep deprived nights and rather honestly the more a company invests in worldwide payroll the less of a picture they see an absence of visibility also reaches payroll payments and inability to accurately track these payments can result in compliance accidents in the last mile of the deal almost half of worldwide organizations have expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry errors badly interacted hires and terminations in addition to absence management and system setups and after that when you round all of it off and the data is shipped to the incorrect place the average expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the globe payroll and payments do not run smoothly if they rely on the needed multiple procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties business face when they’re making payments to employees or otherwise that’s a good question I constantly throw this back and say what is it what does not require to be included ideal and what does
it require to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment amount of time 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 client’s own in-country account so there’s complexity wherever you look ideal ultimately developing a knowledge base is definitely vital 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 think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is allowing us to sort of move forward with that it likewise also to add to that payroll and financing require to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is definitely essential that payroll and finance teams work closer together than ever um I’m constantly impressed when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession 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 often split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being a growing number of important to contribute to sort of the level of intricacy there’s more and more advantages being organ or being provided by services throughout the world so once again you’re simply wanting to include increasingly more payments to this currently intricate landscape so if you sort of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of genuine difficulties or genuine tough sort of pay uses to play to pay individuals I think yeah I suggest over the last well yeah a couple of years I would definitely state that the bigger a company gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are teams feeding info into the next function as it were that’s in fact managing the payment side of things but you understand in in my opinion and my experience that does not always need to be the case you know long gone are the times where we need to create extra handoffs at the same times that we operate in they just make them more prompt they make them less effective and they do not make them what they need to be in in an age of tech and a period that you understand that we are operating in today there is no reason that we are still making this as challenging as it requires to be concurred and rightly as you stated payroll is the single most significant liability that any company has from a cost viewpoint from an impact viewpoint on staff members it is absolutely vital that it’s done properly and on time so what we mean 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 destructive effect on people’s well-being and numerous other elements if individuals aren’t paid uh I’ve always been impressed coming into this Market type of the last five to ten years is how little thanks the
payroll team get um so I’m uncertain anyone on this sort of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such a crucial cycle all of us become aware of it when it fails 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 consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely essential 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 service for your employees globally again I think is another huge um procedure once again lining up and ensuring you have standardization Worldwide processes all of those things are absolutely key to success success of services and minimizing the number of tools platforms and checking account they require for their Worldwide 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 had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things haven’t gone rather where they’re suggested to be um I don’t believe any of us are in fact doing that for for the thanks
anyhow we know 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 easy as possible for everybody that’s involved in those procedures and also so picture sorry I’m just I was simply gon na say picture 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 speaking about numerous thousands possibly Millions envision getting that many thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating task trying to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and actually see what was going on and kind of shot to return to everybody so carrying on appearance why do business select to primary different bank accounts there are Small Business Payroll Papaya Global services out there doing exactly this for specific countries and I’ve worked in a business or many organizations doing precisely that I can state it doesn’t always feel effective and it does develop more work I understand we’re not intentionally doing that we’re not producing additional work for anyone where we don’t need to and anybody that’s managing that procedure I ‘d be interested to hear your ideas 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 people have actually got so utilized to we need a new bank 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 believe it’s simply been the standard and the standard the people have actually embraced and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and lots of other ways um to to type of do it so I think there’s a range I think this is a procedure that requires taking a look at it needs changing but eventually individuals are extremely stuck to what they recognize
with ideal um change is a challenging thing we all don’t like change um so I believe 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 stuff um I understand certainly the benefits of having keeping several bank accounts but there’s a big quantity of intricacy goes with establishing a savings account maintaining it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for private individuals so the intricacy is huge however I think the truthful answer is modification um people haven’t had the ability to alter or have not had necessarily the understanding to actually make that change into alternate Solutions aside from opening a savings account I believe you have actually hit the nail on the head I think it is knowledge you understand and there is an element of resistance to change however we’ve always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what could almost be identified to be the next Century approximately there is a lot to keep an eye on and this technique does pose a number of obstacles um so Johnny might you inform us about those difficulties yeah of course so there’s a range right there is so
I recently made a modification to our Enterprise 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 gained another CFO, and with this improved ability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is closer, considering your achievements. Small Business Payroll Papaya Global