Over the last five or 6 years …Zapier Papaya Global… functions on the provider side and also on the supplier side from a payroll viewpoint so truly looking forward to this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll simply offer everybody another number of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everyone originates from and I truly 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 extremely very uninspiring and I want I was elsewhere at this moment in time okay so let’s get going our program for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why companies keep separate
Virtual payroll accounts are an alternative to conventional savings account for managing payroll payments. This is particularly beneficial for international organizations with dispersed and remote workforces, as it streamlines the complicated process of cross-border payments. Instead of preserving different checking account for payroll in different countries, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are ending up being a strategic 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.
Making sure accurate, efficient, and timely payroll payments is a complex challenge for services operating internationally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll savings account, discover how companies forecast payroll costs to optimize working capital, and find how improving international payroll payments can transform them from a troublesome task into a tactical asset.
Managing payroll globally is a daunting job due to different guidelines, compliance requirements, data security concerns, and banking rules. The large variety of employees and companies contributes to the complexity, with an approximated 3.5 billion people in the global workforce, 500 countless whom remain in Africa, and 230 million companies worldwide.
Conventional payroll systems often lead to manual procedures, information silos, and an absence of integration, leading to disparities and ineffectiveness. Regardless of residing in an era of technological advancements, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar objectives to supply insights and solutions 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 organizations say they have Workforce data in real time that’s another number that provides me sleepless nights and rather honestly the more a business spends on worldwide payroll the less of a picture they see an absence of exposure also encompasses payroll payments and inability to accurately track these payments can lead to compliance incidents in the last mile of the transaction nearly half of international businesses have revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry errors improperly interacted hires and terminations as well as 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 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 world payroll and payments don’t run smoothly if they count on the needed numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties organization face when they’re paying to employees or otherwise that’s a good question I always toss this back and state what is it what does not require to be included best and what does
it require to be thought of 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 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 intricacy any place you look best ultimately building a knowledge base is absolutely important but everywhere you look with payroll payment they resemble super payments no if but some infants 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 think there’s now a bit more recognition that payroll payments are absolutely essential and technology is allowing us to type of move on with that it likewise also to add to that payroll and finance require to work closer together um with differing Checking account Details differing banking requirements and setup processes is definitely vital that payroll and financing groups work closer together than ever um I’m constantly amazed when people state 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 occupation 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being more and more important to add to type of the level of intricacy there’s more and more advantages being organ or being used by companies across the world so once again you’re just aiming to add more and more payments to this currently complicated landscape so if you sort of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of real obstacles or genuine difficult sort of pay uses to play to pay individuals I believe yeah I imply over the last well yeah a number of years I would absolutely say 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 details into the next function as it were that’s in fact managing the payment side of things but you know in in my viewpoint and my experience that doesn’t always require to be the case you know long gone are the times where we need to develop additional handoffs in the processes that we run in they just make them more timely they make them less efficient and they do not make them what they require to be in in an age of tech and an age that you understand that we are operating in today there is no reason that we are still making this as tough as it requires to be agreed and appropriately as you said payroll is the single greatest liability that any organization has from an expense perspective from an impact viewpoint on employees it is definitely critical that it’s done correctly 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 biggest detrimental effect on individuals’s well-being and lots of other aspects if individuals aren’t paid uh I’ve always been surprised entering this Market sort of the last five to 10 years is how little thanks the
payroll team get um so I’m uncertain anyone on this sort of webinar has actually been told 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 staff members or not um however eventually payroll is such an important cycle we all find out about it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely vital that all of this things is done correctly so leveraging the first International Payments first payroll payment solution is a fantastic initial step um providing an end-to-end payroll option for your workers globally again I think is another huge um procedure once again lining up and ensuring you have standardization International procedures all of those things are definitely essential to success success of services and lowering the number of tools platforms and savings account they require for their Global 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 have actually never had a hundred thousand of 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 have not gone quite where they’re implied to be um I do not believe any of us are really doing that for for the thanks
anyhow we understand how how essential a role 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 everyone that’s associated with those procedures and likewise so picture sorry I’m simply I was simply gon na state envision the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions envision getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would definitely be a fascinating task attempting to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and really see what was going on and kind of try to return to everybody so carrying on look why do business choose to primary different savings account there are Zapier Papaya Global businesses out there doing exactly this for specific nations and I have actually operated in a service or many businesses doing exactly that I can say it doesn’t always feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not producing additional work for anyone where we don’t have to and any person 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 quantity that we are I think lots of reasons one is it’s the standard I think individuals have actually got so used to we require a brand-new savings account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the standard the people have actually embraced and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and many other methods um to to kind of do it so I think there’s a range I believe this is a process that requires taking a look at it needs altering however eventually individuals are really stuck to what they recognize
with best um change is a challenging thing all of us do not like change um so I believe it’s just sort of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the benefits of having keeping numerous bank accounts however there’s a huge quantity of complexity chooses establishing a bank account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the ideal user accesses for private people so the complexity is substantial but I believe the truthful response is modification um people haven’t had the ability to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions other than opening a checking account I think you’ve hit the nail on the head I think it is knowledge you know and there is an element of resistance to alter but we have actually constantly done it that way is no real reason for not looking at the the benefits and the possibilities of moving on and moving into you understand what might practically be determined to be the next Century or so there is a lot to monitor and this technique does posture numerous difficulties um so Johnny could you inform us about those challenges yeah of course 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 tasks on one platform. It feels like our CFO has actually gotten another CFO, and with this enhanced ability, I have successfully secured payments for our 10,000 staff members worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is closer, considering your achievements. Zapier Papaya Global