Over the last five or six years …Papaya Global 50 Payment After Leaving… roles on the company side and also on the vendor side from a payroll perspective so really looking forward to this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply offer everybody another number of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite interesting 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 remains 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 very really uninspiring and I want I was somewhere else at this moment in time fine so let’s start 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 different
Virtual payroll accounts are an alternative to standard checking account for handling payroll payments. This is particularly helpful for worldwide companies with dispersed and remote workforces, as it streamlines the complex process of cross-border payments. Instead of keeping different checking account for payroll in different nations, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are becoming a strategic possession for payroll executives. We will also supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring accurate, efficient, and timely payroll payments is a complex challenge for services operating globally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll checking account, learn how companies forecast payroll expenses to enhance working capital, and discover how improving international payroll payments can change them from a difficult job into a tactical property.
Managing payroll worldwide is a complicated task due to numerous regulations, compliance requirements, information security issues, and banking guidelines. The sheer number of workers and companies contributes to the intricacy, with an approximated 3.5 billion people in the worldwide labor force, 500 countless whom are in Africa, and 230 million businesses worldwide.
Conventional payroll systems typically lead to manual processes, information silos, and a lack of combination, resulting in disparities and inefficiencies. Despite residing in an age of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar objectives to provide insights and services to simplify and enhance international payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force information in real time that’s another number that gives me sleepless nights and rather honestly the more a company invests in worldwide payroll the less of a picture they see an absence of exposure likewise encompasses payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the transaction almost half of global services have actually expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM information information entry errors badly communicated hires and terminations in addition to lack management and system configurations and then when you round everything off and the information is shipped to the incorrect place the average expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money worldwide payroll and payments don’t run smoothly if they rely on the needed several procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles business face when they’re paying to employees or otherwise that’s a good concern I always toss this back and state what is it what does not require to be consisted of best and what does
it need to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy any place you look ideal eventually building a knowledge base is absolutely critical but all over you look with payroll payment they resemble extremely 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 acknowledgment that payroll payments are absolutely essential and innovation is allowing us to kind of move forward with that it also as well to contribute to that payroll and financing require to work closer together um with varying Checking account Details differing banking requirements and setup procedures is absolutely vital that payroll and financing teams work better together than ever um I’m always surprised when individuals state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll occupation 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 frequently split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information 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 well-being being a growing number of essential to add to type of the level of intricacy there’s more and more advantages being organ or being offered by services throughout the world so once again you’re simply seeking to add a growing number of payments to this currently complex landscape so if you kind of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of real difficulties or real tough sort of pay utilizes to play to pay individuals I think yeah I imply over the last well yeah a number of years I would absolutely state that the larger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding information into the next function as it were that’s really managing the payment side of things but you understand in in my opinion and my experience that doesn’t always require to be the case you understand long gone are the times where we require to develop additional handoffs at the same times that we operate in they simply make them more prompt they make them less effective and they do not make them what they need to be in in an era of tech and an era that you understand that we are working in today there is no reason why we are still making this as difficult as it requires to be concurred and appropriately as you said payroll is the single greatest liability that any company has from a cost point of view from an effect perspective on workers it is definitely vital 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 have to be done right it has the greatest destructive effect on individuals’s wellness and lots of other aspects if individuals aren’t paid uh I have actually always been astonished entering into this Market type of the last five to 10 years is how little thanks the
payroll team get um so I’m unsure anyone on this sort of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um however eventually 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 however when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely important that all of this things is done properly so leveraging the first International Payments first payroll payment option is a great primary step um providing an end-to-end payroll option for your employees globally once again I think is another huge um procedure once again lining up and ensuring you have standardization Global processes all of those things are definitely key to success success of businesses and reducing the number of tools platforms and checking 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’ve never ever had a hundred thousand of 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 have not gone quite where they’re indicated to be um I do not believe any of us are actually doing that for for the thanks
anyway we understand 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 simple as possible for everyone that’s involved in those processes and also so envision sorry I’m just I was simply gon na state envision the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions envision getting that lots of thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be a fascinating task attempting to clean up all those up for sure oh absolutely 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 try to check out them and actually see what was going on and kind of shot to return to everybody so carrying on look why do business choose to main different checking account there are Papaya Global 50 Payment After Leaving businesses out there doing exactly this for specific nations and I have actually worked in an organization or many businesses doing precisely that I can say it does not constantly feel efficient and it does create more work I understand we’re not deliberately doing that we’re not creating extra work for any person where we do not need to and anyone that’s dealing with 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 quantity that we are I think many reasons one is it’s the requirement I believe people have actually got so utilized to we need a new checking account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the standard the people have actually adopted and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a variety I think this is a procedure that requires looking at it requires altering but ultimately people are really stuck to what they’re familiar
with right um change is a tough thing we all do not like modification um so I believe it’s just sort of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend clearly the benefits of having preserving several savings account but there’s a big quantity of intricacy opts for setting up a checking account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for private individuals so the complexity is huge however I think the sincere response is change um individuals haven’t had the ability to change or haven’t had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a checking account I think you have actually hit the nail on the head I believe it is understanding you know and there is a component of resistance to alter but we’ve always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might almost be determined to be the next Century or so there is a lot to keep an eye on and this technique does position numerous difficulties um so Johnny might you tell us about those obstacles yeah naturally so there’s a range right there is so
I simply 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 Worldwide employees you are worthy of a corner office with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global 50 Payment After Leaving