Over the last 5 or six years …Papaya Global Online Payslips Free… roles on the supplier side and also on the supplier side from a payroll viewpoint so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just offer everyone another couple of uh well one of 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 simply to hear where everybody is um it’s nice to to type of like see where everyone comes from and I truly 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 very very gloomy and I wish I was elsewhere at this moment in time fine so let’s get started our program for today is as follows um we are going to be looking at the challenge years of handling Global payroll why companies maintain different
Virtual payroll accounts are an alternative to traditional savings account for managing payroll payments. This is particularly helpful for global companies with dispersed and remote labor forces, as it simplifies the intricate procedure of cross-border payments. Instead of preserving different savings account for payroll in various nations, virtual accounts and digital wallets offer a more structured service. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are ending up being a strategic possession for payroll executives. We will likewise provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring precise, effective, and timely payroll payments is a complex difficulty for services operating globally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll bank accounts, find out how companies forecast payroll expenses to optimize working capital, and find how simplifying international payroll payments can change them from a troublesome task into a strategic asset.
Managing payroll internationally is a daunting task due to numerous guidelines, compliance requirements, information security issues, and banking rules. The large variety of staff members and businesses contributes to the complexity, with an approximated 3.5 billion people in the international labor force, 500 million of whom are in Africa, and 230 million organizations worldwide.
Traditional payroll systems often result in manual procedures, information silos, and an absence of integration, leading to inconsistencies and inefficiencies. In spite of residing in an age of technological developments, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar goals to offer insights and services to simplify and enhance worldwide payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force information in real time that’s another number that gives me sleepless nights and quite honestly the more an organization invests in worldwide payroll the less of a picture they see an absence of presence likewise extends to payroll payments and failure to precisely track these payments can lead to compliance mishaps in the last mile of the deal almost half of global companies have expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry errors inadequately communicated hires and terminations in addition to absence management and system setups and after that when you round it all off and the information is shipped to the incorrect place the average expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the world payroll and payments do not run smoothly if they depend on the required multiple procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges service face when they’re making payments to workers or otherwise that’s an excellent concern I constantly throw this back and say what is it what does not need to be consisted of ideal and what does
it need to be considered 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 capabilities 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 complexity any place you look right eventually building a knowledge base is absolutely critical however all over you look with payroll payment they resemble extremely payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and technology is allowing us to type of move on with that it also as well to add to that payroll and finance require to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is definitely important that payroll and finance groups work closer together than ever um I’m always amazed when individuals say I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll profession would they divide the payroll payment from calculation 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 eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people any place they are but also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being a growing number of essential to add to kind of the level of complexity there’s more and more benefits being organ or being used by businesses throughout the world so again you’re simply wanting to include more and more payments to this already complex landscape so if you sort 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 real obstacles or real tough type of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a number of decades I would definitely state that the bigger a business gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are groups feeding details into the next function as it were that’s in fact managing 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 need to produce additional handoffs in the processes that we run 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 an era of tech and an era that you understand that we are operating in today there is no reason why we are still making this as difficult as it needs to be concurred and rightly as you said payroll is the single greatest liability that any service has from an expense perspective from an effect perspective on employees it is definitely important that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the biggest detrimental impact on individuals’s well-being and numerous other factors if individuals aren’t paid uh I’ve always been amazed coming into this Market kind of the last 5 to ten years is how little thanks the
payroll team get um so I’m not sure anyone on this sort of webinar has been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an essential cycle all of us hear about it when it fails everybody jumps up and down when it fails but when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s likewise 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 Worldwide Payments first payroll payment solution is a great first step um offering an end-to-end payroll service for your employees internationally again I believe is another huge um procedure once again aligning and ensuring you have standardization Global processes all of those things are definitely essential to success success of businesses and decreasing the variety of tools platforms and checking account they need for their International 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 have actually never had a hundred thousand of them within a payroll cycle don’t 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 suggested to be um I do not believe any of us are in fact doing that for for the thanks
anyhow 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 simple as possible for everybody that’s involved in those processes and also so envision sorry I’m simply I was simply gon na say envision the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re talking about numerous thousands potentially Millions envision getting that many thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating job attempting to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and actually see what was going on and type of shot to return to everyone so proceeding appearance why do companies select to main different bank accounts there are Papaya Global Online Payslips Free companies out there doing precisely this for particular nations and I’ve worked in a business or many companies doing exactly that I can say it does not constantly feel effective and it does produce more work I understand we’re not intentionally doing that we’re not producing extra work for anybody where we don’t have to and any person that’s dealing with 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 think lots of factors one is it’s the requirement I think people have got so used to we require a brand-new savings account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the norm the people have embraced 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 kind of do it so I believe there’s a variety I think this is a procedure that requires looking at it needs changing but eventually people are really stuck to what they recognize
with ideal um change is a hard thing all of us don’t like modification um so I believe it’s just kind of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend certainly the advantages of having preserving several bank accounts but there’s a big quantity of complexity chooses establishing a bank account keeping it ensuring it can send out International transfers guaranteeing it’s established with the best user accesses for private people so the complexity is huge however I think the honest answer is change um individuals haven’t been able to change or haven’t had necessarily the knowledge to really make that change into alternate Solutions besides opening a checking account I think you’ve hit the nail on the head I think it is knowledge you know and there is a component of resistance to change but we have actually constantly 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 understand what could nearly be determined to be the next Century or two there is a lot to keep track of and this technique does present several challenges um so Johnny might you tell us about those obstacles yeah obviously so there’s a variety right there is so
I simply did you switched our Business 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 workers you deserve a corner workplace with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Online Payslips Free