Over the last 5 or 6 years …Papaya Global Courses London… roles on the company side and likewise on the supplier side from a payroll point of view so truly looking forward to this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just offer everybody another number of uh well one of 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 fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everybody originates from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely really gloomy and I want I was elsewhere at this moment in time alright so let’s get started our program for today is as follows um we are going to be taking a look at the obstacle years of managing Worldwide payroll why companies maintain different
Virtual payroll accounts are an option to conventional bank accounts for managing payroll payments. This is especially beneficial for worldwide companies with dispersed and remote workforces, as it simplifies the complex process of cross-border payments. Instead of preserving different checking account for payroll in different countries, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are ending up being a tactical property for payroll executives. We will also offer a recap of the main points covered and leave time for a Q&A session at the end.
Guaranteeing precise, effective, and timely payroll payments is a complex obstacle for services operating globally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll checking account, find out how business anticipate payroll expenses to optimize working capital, and find how improving global payroll payments can transform them from a burdensome task into a tactical possession.
Handling payroll worldwide is a complicated task due to different regulations, compliance requirements, information security issues, and banking rules. The sheer variety of employees and businesses adds to the complexity, with an approximated 3.5 billion individuals in the international workforce, 500 countless whom are in Africa, and 230 million businesses worldwide.
Traditional payroll systems often result in manual processes, data silos, and an absence of integration, leading to inconsistencies and inefficiencies. Regardless of residing in a period of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar objectives to provide insights and services to streamline and enhance worldwide payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force data in real time that’s another number that offers me sleepless nights and rather frankly the more a company spends on worldwide payroll the less of a picture they see a lack of presence also extends to payroll payments and inability to properly track these payments can cause compliance mishaps in the last mile of the transaction nearly half of global businesses have revealed 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 because of time reporting poor HCM information information entry errors inadequately communicated hires and terminations as well as absence management and system configurations and then when you round all of it off and the data is delivered to the incorrect location the average cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments do not run smoothly if they rely on the needed 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 challenges company face when they’re paying to staff members or otherwise that’s a great concern I constantly toss this back and state what is it what does not require to be included ideal 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 nation there’s payment amount of time 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 customer’s own in-country account so there’s complexity any place you look ideal ultimately building a knowledge base is definitely crucial however everywhere you look with payroll payment they resemble incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is enabling us to kind of progress with that it also as well to add to that payroll and finance need to work closer together um with differing Checking account Details differing banking requirements and setup procedures is definitely vital that payroll and finance teams work more detailed together than ever um I’m always astonished when people state 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 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 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 any place they are however likewise paying statutory authorities and on statutory third parties so with the
The modern-day world places a high worth on well-being and the payment landscape is becoming increasingly complex. Businesses are constantly introducing brand-new benefits and payment alternatives, which contributes to the general intricacy. Big corporations often divide their payroll and payment processing into separate teams, which can lead to inadequacies and traffic jams. In my viewpoint, this doesn’t need to hold true. In today’s technologically advanced period, there’s no validation for preserving troublesome procedures. Payroll, the company’s biggest cost, need to be processed correctly and on time. Even small hold-ups can adversely affect workers’ well-being and have significant consequences. Therefore, it’s important to prioritize precise and timely payments.
payroll team get um so I’m not sure anyone on this kind of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um however eventually payroll is such a crucial cycle we all become aware of it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s just a tick box exercise and I think 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 properly so leveraging the very first Global Payments very first payroll payment solution is a great first step um providing an end-to-end payroll option for your staff members globally again I think is another substantial um procedure once again lining up and guaranteeing you have standardization International procedures all of those things are definitely crucial to success success of businesses and reducing the number of tools platforms and checking account they require for their Global payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things have not gone quite where they’re meant to be um I do not believe any of us are actually doing that for for the thanks
anyway we understand 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 easy as possible for everybody that’s involved in those processes and also so think of sorry I’m just I was just gon na state envision 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 talking about numerous thousands possibly Millions imagine getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing job trying to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and actually see what was going on and type of try to get back to everybody so carrying on look why do companies select to main separate checking account there are Papaya Global Courses London companies out there doing exactly this for specific nations and I’ve worked in a service or lots of services doing precisely that I can say it does not constantly feel effective and it does develop more work I understand we’re not intentionally doing that we’re not creating extra work for any person where we don’t need to and any person that’s managing 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 quantity that we are I believe numerous factors one is it’s the requirement I believe people have got so utilized to we require a brand-new bank account we open an entity and appropriately so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the norm individuals have actually embraced and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and lots of other methods um to to sort of do it so I think there’s a range I believe this is a procedure that needs taking a look at it requires altering but ultimately individuals are extremely stuck to what they recognize
with ideal um change is a difficult thing all of us do not like modification um so I think it’s simply sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand undoubtedly the benefits of having maintaining numerous bank accounts however there’s a big quantity of intricacy chooses setting up a checking account preserving it ensuring it can send out International transfers guaranteeing it’s established with the best user accesses for individual people so the intricacy is substantial but I believe the truthful answer is change um individuals have not had the ability to alter or have not had necessarily the understanding to actually make that change into alternate Solutions other than opening a checking account I think you’ve struck the nail on the head I believe it is understanding you know and there is an element of resistance to change however we’ve 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 know what might practically be determined to be the next Century or two there is a lot to track and this approach does position a number of difficulties um so Johnny might you tell us about those obstacles yeah obviously so there’s a range 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International employees you deserve a corner office with a closer parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Courses London