Over the last 5 or 6 years …Moving From Papaya Global To Xero… functions on the provider side and likewise on the supplier side from a payroll perspective so really anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just provide everyone another couple of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everybody comes from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really really dreary and I wish I was somewhere else at this moment in time alright so let’s start our program for today is as follows um we are going to be looking at the difficulty years of managing International payroll why business keep separate
Virtual payroll accounts are an alternative to standard bank accounts for handling payroll payments. This is especially useful for global companies with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of preserving separate savings account for payroll in various countries, 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 go over why they are becoming a tactical possession for payroll executives. We will also provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
Ensuring precise, efficient, and prompt payroll payments is a complex obstacle for services running internationally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll checking account, find out how business forecast payroll expenses to enhance working capital, and find how simplifying worldwide payroll payments can change them from a troublesome job into a strategic property.
Handling payroll worldwide is a complicated job due to various guidelines, compliance requirements, information security issues, and banking guidelines. The large variety of employees and businesses contributes to the intricacy, with an estimated 3.5 billion individuals in the global labor force, 500 million of whom remain in Africa, and 230 million services worldwide.
Standard payroll systems frequently result in manual procedures, data silos, and an absence of integration, causing disparities and inefficiencies. Despite living in an era of technological advancements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar objectives to provide insights and options to streamline and optimize international payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Labor force information in real time that’s another number that provides me sleepless nights and quite honestly the more an organization spends on global payroll the less of an image they see a lack of visibility also reaches payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the deal almost half of worldwide companies have expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry mistakes inadequately communicated hires and terminations in addition to lack management and system configurations and after that when you round it all off and the data is delivered to the incorrect place the average expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need 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 simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges company face when they’re making payments to staff members or otherwise that’s an excellent concern I always throw this back and say what is it what does not require to be included ideal and what does
it need 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 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 need to pay from the consumer’s own in-country account so there’s complexity anywhere you look right ultimately developing a knowledge base is absolutely crucial but all over you look with payroll payment they are like very payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the kind 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 essential and innovation is permitting us to type of move forward with that it also too to add to that payroll and financing need to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is definitely vital that payroll and finance groups work more detailed together than ever um I’m always astonished when individuals state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession 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 eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being more and more crucial to contribute to kind of the level of complexity there’s a growing number of advantages being organ or being offered by businesses across the world so once again you’re simply wanting to include increasingly more payments to this already intricate landscape so if you type of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of real challenges or real tough kind of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a number of years I would definitely state that the bigger a service 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 information into the next function as it were that’s actually handling the payment side of things however you understand in in my viewpoint and my experience that doesn’t necessarily require to be the case you know long gone are the times where we require to create additional handoffs while doing sos that we run in they just make them more prompt they make them less effective and they don’t make them what they need to be in in an age of tech and an age that you understand that we are working in today there is no reason why we are still making this as difficult as it needs to be agreed and appropriately as you said payroll is the single most significant liability that any organization has from a cost viewpoint from an impact point of view on employees it is absolutely vital that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the most significant harmful effect on people’s well-being and many other aspects if individuals aren’t paid uh I’ve always been astonished entering into this Market kind of the last 5 to 10 years is how little thanks the
The payroll team may not have been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and people only notice when things go wrong. Nevertheless, when things go right, it’s seen as just a regular task. This is how it’s perceived externally too. Therefore, it is essential to ensure that jobs like Wi-Fi Global and other crucial matters are done correctly. Using the very first Global Payments first payroll payment service is a terrific initial step towards offering an extensive payroll service for workers worldwide. Standardization, international procedures, and reducing the number of tools, platforms, and bank accounts essential for international payroll are crucial factors in achieving business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few grievances when things don’t go as planned. Eventually, we don’t do it for the gratitude.
anyway we understand how how important 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 easy as possible for everyone that’s involved in those processes and also so envision sorry I’m simply I was just gon na say envision the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re talking about numerous thousands potentially Millions imagine getting that many thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be a fascinating job 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 need days of the week to try to browse them and really see what was going on and type of shot to return to everyone so proceeding look why do business pick to primary different savings account there are Moving From Papaya Global To Xero businesses out there doing exactly this for specific countries and I have actually operated in a company or many businesses doing exactly that I can say it does not always feel effective and it does produce more work I know we’re not purposely doing that we’re not developing additional work for anybody where we don’t have to and anyone that’s handling 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 standard I believe people have got so used to we require a brand-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 standard and the norm the people have adopted and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and many other methods um to to sort of do it so I think there’s a range I believe this is a procedure that requires looking at it needs changing however eventually people are extremely stuck with what they recognize
with right um change is a tough thing we all don’t like change um so I believe it’s just type of moving far from the standard 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 keeping several bank accounts but there’s a big quantity of complexity chooses establishing a savings account maintaining it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for individual individuals so the complexity is substantial but I think the truthful answer is change um people have not been able to change or haven’t had always the knowledge to actually make that change into alternate Solutions besides opening a bank account I think you have actually struck the nail on the head I think it is understanding you understand and there is an aspect of resistance to change but we’ve always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of carrying on and moving into you understand what might almost be figured out to be the next Century approximately there is a lot to keep track of and this technique does posture numerous obstacles um so Johnny could you inform us about those obstacles yeah of course so there’s a variety right there is so
I simply did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you should have a corner workplace with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you Moving From Papaya Global To Xero