Over the last 5 or six years …Install Papaya Global On New Computer… roles on the service provider side and also on the supplier side from a payroll point of view so really looking forward to this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply offer everyone another number of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everyone originates from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very really dreary and I want 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 looking at the difficulty years of handling Global payroll why companies preserve separate
Virtual payroll accounts are an alternative to traditional checking account for managing payroll payments. This is particularly beneficial for worldwide companies with dispersed and remote workforces, as it streamlines the complex process of cross-border payments. Instead of keeping different savings account for payroll in various countries, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are ending up being a tactical property for payroll executives. We will likewise supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring precise, effective, and prompt payroll payments is a complex challenge for companies operating globally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll bank accounts, learn how business anticipate payroll costs to optimize working capital, and discover how enhancing international payroll payments can transform them from a difficult job into a strategic asset.
Handling payroll worldwide is a complicated job due to various policies, compliance requirements, data security concerns, and banking guidelines. The sheer variety of staff members and companies adds to the intricacy, with an approximated 3.5 billion people in the international labor force, 500 countless whom are in Africa, and 230 million organizations worldwide.
Traditional payroll systems frequently lead to manual processes, data silos, and an absence of combination, leading to inconsistencies and inadequacies. In spite of living in an age of technological developments, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar objectives to supply insights and services to simplify and enhance international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of services say they have Labor force information in real time that’s another number that offers me sleep deprived nights and quite honestly the more an organization spends on global payroll the less of an image they see an absence of presence likewise reaches payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the deal almost half of international businesses have expressed 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 poor HCM data information entry errors improperly communicated hires and terminations as well as lack management and system configurations and after that when you round it all off and the data is shipped to the wrong location the average expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the globe payroll and payments do not run efficiently if they depend on the essential several processes 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 service face when they’re making payments to employees or otherwise that’s a great concern I constantly toss this back and say what is it what doesn’t require to be consisted of right and what does
it need to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan 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 customer’s own in-country account so there’s complexity any place you look ideal eventually building a knowledge base is definitely critical however everywhere you look with payroll payment they resemble super payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is enabling us to type of move forward with that it likewise too to add to that payroll and finance require to work closer together um with varying Savings account Details differing banking requirements and setup processes is definitely necessary that payroll and financing groups work better together than ever um I’m always surprised when people state 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 profession 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 wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being more and more important to contribute to type of the level of intricacy there’s increasingly more benefits being organ or being provided by businesses throughout the world so again you’re simply aiming to include increasingly more payments to this currently complicated landscape so if you type of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of genuine difficulties or real tough sort of pay uses to play to pay individuals I think yeah I mean over the last well yeah a number of decades I would definitely say that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are teams feeding info into the next function as it were that’s in fact handling the payment side of things however you know in in my opinion and my experience that does not 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 operate in they just make them more timely they make them less effective and they don’t make them what they need 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 hard as it needs to be agreed and rightly as you said payroll is the single most significant liability that any business has from an expense viewpoint from an impact point of view on workers 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 most significant harmful impact on individuals’s well-being and numerous other elements if individuals aren’t paid uh I have actually always been astonished entering into this Market type of the last 5 to ten years is how little thanks the
payroll team get um so I’m not exactly sure anybody on this sort of webinar has actually been told 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 workers or not um however ultimately payroll is such an essential cycle all of us hear about it when it fails everyone jumps up and down when it fails however when it goes right it’s simply a tick box workout 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 definitely important that all of this stuff is done correctly so leveraging the first International Payments first payroll payment service is a terrific primary step um offering an end-to-end payroll solution for your staff members globally again I think is another huge um procedure again aligning and guaranteeing you have standardization Worldwide procedures all of those things are definitely essential to success success of services and reducing the variety of tools platforms and checking account they need 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’ve never ever had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the problems where things have not gone quite where they’re indicated to be um I do not believe any of us are really doing that for for the thanks
anyhow we know how how important a function 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 everybody that’s associated with those procedures and also so envision sorry I’m simply I was simply gon na say envision the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions think of getting that numerous thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting task trying to clean up 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 need days of the week to try to check out them and really see what was going on and sort of try to return to everybody so moving on look why do companies select to main separate checking account there are Install Papaya Global On New Computer businesses out there doing exactly this for particular nations and I have actually worked in a company or many businesses doing exactly that I can state it doesn’t always feel effective and it does develop more work I know we’re not intentionally doing that we’re not producing additional work for any person where we do not have to and anyone that’s handling that process 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 believe lots of factors one is it’s the requirement I believe people have got so utilized to we require a new bank account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the standard the people have embraced and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and many other methods um to to sort of do it so I believe there’s a variety I believe this is a procedure that requires taking a look at it requires altering but ultimately people are really stuck to what they recognize
with ideal um modification is a hard thing all of us don’t like change um so I think it’s just type of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the advantages of having preserving numerous savings account but there’s a big amount of complexity chooses setting up a checking account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for specific individuals so the complexity is substantial however I think the sincere response is change um people haven’t been able to alter or have not had necessarily the understanding to actually make that change into alternate Solutions aside from opening a checking account I believe you’ve struck the nail on the head I think it is knowledge you understand and there is an aspect of resistance to alter but we’ve always done it that way is no real reason for not looking at the the advantages and the possibilities of carrying on and moving into you know what might practically be determined to be the next Century approximately there is a lot to track and this technique does present several obstacles um so Johnny might you inform us about those obstacles yeah naturally so there’s a range right there is so
I just did you changed 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 International employees you should have a corner workplace with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you Install Papaya Global On New Computer