Over the last five or 6 years …Calculating Deductipns Papaya Global Checksfor… roles on the service provider side and also on the vendor side from a payroll point of view so truly looking forward to this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everybody comes from and I truly 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 drizzling here it’s very extremely bleak and I wish I was elsewhere at this moment in time all right so let’s begin our program for today is as follows um we are going to be taking a look at the obstacle years of managing International payroll why business maintain different
Virtual payroll accounts are an alternative to standard savings account for handling payroll payments. This is particularly useful for worldwide companies with dispersed and remote workforces, as it simplifies the complex procedure of cross-border payments. Instead of keeping different checking account for payroll in different countries, virtual accounts and digital wallets use a more structured option. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are ending up being a tactical 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.
Ensuring precise, effective, and timely payroll payments is a complex challenge for businesses operating internationally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll bank accounts, discover how business forecast payroll expenses to enhance working capital, and discover how simplifying worldwide payroll payments can change them from a burdensome task into a strategic asset.
Managing payroll worldwide is a difficult job due to different regulations, compliance requirements, data security concerns, and banking rules. The sheer variety of workers and companies contributes to the intricacy, with an approximated 3.5 billion individuals in the worldwide labor force, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Traditional payroll systems typically lead to manual processes, information silos, and a lack of integration, resulting in disparities and ineffectiveness. In spite of living in a period of technological developments, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar aims to provide insights and solutions to simplify and optimize international payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce data in real time that’s another number that provides me sleepless nights and rather frankly the more an organization invests in worldwide payroll the less of a photo they see an absence of visibility likewise reaches payroll payments and inability to properly track these payments can cause compliance incidents in the last mile of the transaction almost half of global services have revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry errors poorly interacted hires and terminations in addition to lack management and system setups and then when you round all of it off and the data is delivered to the incorrect place 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 money worldwide payroll and payments don’t run smoothly if they depend on the required several 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 company face when they’re paying to staff members or otherwise that’s a great question I constantly throw this back and say what is it what doesn’t require to be included right and what does
it require to be thought about 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 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 intricacy any place you look right eventually developing a knowledge base is absolutely important however everywhere you look with payroll payment they are like super payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the type 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 basic and technology is enabling us to sort of move on with that it also as well to contribute to that payroll and financing need to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is definitely necessary that payroll and finance teams work better together than ever um I’m always surprised when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation would they split 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 process it’s the point of data collection all the way through to paying people any place they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being a growing number of crucial to add to type of the level of complexity there’s more and more advantages being organ or being provided by services across the world so again you’re just seeking to include a growing number of payments to this already intricate landscape so if you kind 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 real difficulties or real difficult kind of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a number of years I would absolutely say that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are teams feeding info into the next function as it were that’s really handling the payment side of things however you understand in in my viewpoint and my experience that does not necessarily need to be the case you know long gone are the times where we require to develop additional handoffs at the same times that we operate in they just make them more timely they make them less efficient and they do not make them what they need 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 rightly as you stated payroll is the single greatest liability that any service has from an expense point of view from an effect point of view on workers it is definitely important 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 have to be done right it has the greatest destructive impact on people’s well-being and lots of other elements if people aren’t paid uh I have actually always been amazed entering this Market sort of the last five to ten years is how little thanks the
payroll team get um so I’m unsure anybody on this kind of webinar has been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an important cycle all of us become aware of it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely vital that all of this stuff is done correctly so leveraging the first International Payments first payroll payment option is a great first step um offering an end-to-end payroll service for your employees globally again I believe is another substantial um procedure once again aligning and ensuring you have standardization International processes all of those things are absolutely essential to success success of companies and minimizing the number of tools platforms and bank accounts they need for their Worldwide payroll too could not 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 countless them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things haven’t gone rather where they’re implied to be um I don’t think any of us are actually doing that for for the thanks
anyway we know how how crucial 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 associated with those procedures and also so picture sorry I’m just I was simply gon na say imagine 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 discussing hundreds of thousands potentially Millions envision getting that many thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would definitely be a fascinating job trying to clean all those up for sure oh absolutely I can’t imagine 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 actually see what was going on and type of try to get back to everybody so proceeding appearance why do business choose to primary different savings account there are Calculating Deductipns Papaya Global Checksfor companies out there doing precisely this for specific nations and I’ve worked in a company or many organizations doing exactly that I can say it does not always feel effective and it does create more work I know we’re not intentionally doing that we’re not developing extra work for any person where we don’t need to and anyone that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe numerous factors one is it’s the standard I believe people have actually got so used to we need a brand-new checking account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard the people have adopted and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and many other ways um to to sort of do it so I believe there’s a range I believe this is a procedure that needs taking a look at it needs altering but eventually people are very stuck with what they’re familiar
with best um modification is a hard thing we all don’t like change um so I believe it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the advantages of having preserving numerous bank accounts however there’s a substantial amount of complexity opts for establishing a savings account maintaining it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for specific individuals so the complexity is big however I think the truthful response is change um people haven’t been able to change or have not had necessarily the knowledge to truly make that change into alternate Solutions other than opening a bank account I think you’ve struck the nail on the head I believe it is understanding you know and there is a component of resistance to alter however we’ve 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 know what might practically be determined to be the next Century or so there is a lot to monitor and this technique does position numerous obstacles um so Johnny might you inform us about those difficulties yeah naturally so there’s a variety right there is so
I recently made a change 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 acquired another CFO, and with this enhanced capability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is closer, considering your achievements. Calculating Deductipns Papaya Global Checksfor