Over the last 5 or 6 years …Order Payslips.For Using.Wirh Papaya Global… roles on the supplier side and likewise on the vendor side from a payroll viewpoint so truly looking forward to this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply provide everybody another couple of uh well one of 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 intriguing and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I truly 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 raining here it’s really extremely 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 maintain separate
Virtual payroll accounts are an alternative to standard savings account for handling payroll payments. This is particularly helpful for international companies with dispersed and remote workforces, as it simplifies the complex procedure of cross-border payments. Instead of preserving separate savings account for payroll in various countries, virtual accounts and digital wallets provide a more structured service. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are becoming a tactical asset for payroll executives. We will likewise provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
Ensuring precise, effective, and prompt payroll payments is a complex challenge for services operating globally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll bank accounts, find out how business anticipate payroll costs to enhance working capital, and find how streamlining international payroll payments can transform them from a difficult task into a tactical asset.
Handling payroll worldwide is an overwhelming job due to different policies, compliance requirements, data security concerns, and banking rules. The large variety of staff members and services contributes to the complexity, with an estimated 3.5 billion individuals in the global labor force, 500 million of whom remain in Africa, and 230 million companies worldwide.
Traditional payroll systems often lead to manual procedures, information silos, and a lack of combination, leading to disparities and inadequacies. In spite of living in an era of technological advancements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar aims to offer insights and services to simplify and optimize international payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce information in real time that’s another number that offers me sleep deprived nights and rather frankly the more a service invests in worldwide payroll the less of an image they see a lack of presence likewise reaches payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the transaction almost half of international organizations have actually revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry mistakes badly interacted hires and terminations along with lack management and system configurations and then when you round all of it off and the data is shipped to the wrong place the typical expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments do not run smoothly if they rely on the essential several processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges service face when they’re making payments to employees or otherwise that’s an excellent concern I constantly throw this back and say what is it what does not require to be consisted of right and what does
it need to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames 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 consumer’s own in-country account so there’s complexity wherever you look right ultimately constructing a knowledge base is absolutely important but all over you look with payroll payment they are like incredibly 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 definitely essential and technology is allowing us to type of progress with that it likewise also to contribute to that payroll and financing require to work closer together um with differing Bank Account Details differing banking requirements and setup processes is definitely necessary that payroll and finance teams work better together than ever um I’m always surprised when people say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t 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 typically 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 people any place they are however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more essential to add to type of the level of complexity there’s more and more benefits being organ or being provided by services throughout the world so once again you’re just seeking to add increasingly more payments to this currently complicated landscape so if you type of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of real challenges or real challenging type of pay uses to play to pay individuals I think yeah I mean over the last well yeah a couple 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 groups doing one part of the task there are teams feeding info into the next function as it were that’s actually managing the payment side of things however you know in in my opinion and my experience that doesn’t necessarily require to be the case you know long gone are the times where we require to create extra handoffs in the processes that we operate in they simply make them more timely they make them less effective and they don’t make them what they need to be in in a period of tech and an age that you know that we are working in today there is no reason we are still making this as hard as it requires to be agreed and appropriately as you stated payroll is the single biggest liability that any business has from a cost perspective from an impact perspective on staff members it is absolutely vital that it’s done properly and on time so what we suggest 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 detrimental impact on individuals’s wellness and lots of other factors if people aren’t paid uh I’ve always been amazed entering this Market type of the last 5 to 10 years is how little thanks the
payroll group get um so I’m unsure anybody on this type of webinar has actually been informed thank you for processing my payroll properly 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 ultimately payroll is such an essential cycle we all become aware of it when it fails everybody 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 view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely crucial that all of this things is done correctly so leveraging the first Global Payments very first payroll payment option is a great primary step um offering an end-to-end payroll option for your staff members worldwide again I think is another big um procedure again lining up and ensuring you have standardization International procedures all of those things are definitely essential to success success of services and minimizing the number of tools platforms and bank accounts they require 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’ve never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the problems where things haven’t gone quite where they’re suggested to be um I don’t think any of us are in fact doing that for for the thanks
anyhow we understand how how crucial 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 everybody that’s involved in those procedures and also so picture sorry I’m just I was simply gon na state think of the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re speaking about numerous thousands potentially Millions envision getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating job trying to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to check out them and actually see what was going on and kind of shot to return to everybody so proceeding appearance why do companies choose to primary different checking account there are Order Payslips.For Using.Wirh Papaya Global organizations out there doing exactly this for specific nations and I have actually operated in a service or lots of organizations doing exactly that I can say it does not always feel effective and it does develop more work I know we’re not deliberately doing that we’re not creating additional work for any person where we do not need to and anybody that’s handling that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I think lots of reasons one is it’s the requirement I think individuals have got so used to we require a new checking account we open an entity and appropriately so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the standard the people have actually adopted and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a range I think this is a procedure that needs looking at it requires altering however eventually people are really stuck to what they’re familiar
with best um modification is a challenging thing all of us don’t like change um so I believe it’s simply type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the advantages of having keeping multiple bank accounts but there’s a big amount of intricacy goes with establishing a savings account preserving it ensuring it can send out International transfers guaranteeing it’s established with the best user accesses for individual individuals so the complexity is big but I believe the truthful answer is modification um people have not been able to change or haven’t had necessarily the understanding to really make that change into alternate Solutions besides opening a checking account I think you have actually hit the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to change however we have actually always done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could practically be determined to be the next Century or so there is a lot to monitor and this method does present several obstacles um so Johnny could you inform us about those challenges yeah obviously so there’s a variety 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global workers you deserve a corner workplace with a more detailed parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Order Payslips.For Using.Wirh Papaya Global