Over the last 5 or six years …Papaya Global Payroll Layoffs… roles on the company side and also on the supplier side from a payroll perspective so actually anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply offer everybody another couple of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll kind 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 kind of like see where everyone comes from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really very bleak and I want I was somewhere else at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why companies preserve separate
Virtual payroll accounts are an alternative to standard savings account for managing payroll payments. This is particularly beneficial for worldwide organizations with dispersed and remote labor forces, as it streamlines the complicated process of cross-border payments. Instead of maintaining separate checking account for payroll in various nations, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are becoming a tactical possession for payroll executives. We will also supply a recap of the main points covered and leave time for a Q&A session at the end.
Making sure accurate, efficient, and timely payroll payments is a complex obstacle for services operating worldwide. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll savings account, discover how business forecast payroll costs to optimize working capital, and discover how streamlining global payroll payments can transform them from a burdensome task into a strategic asset.
Handling payroll worldwide is a complicated job due to different regulations, compliance requirements, data security concerns, and banking guidelines. The large variety of staff members and organizations contributes to the intricacy, with an approximated 3.5 billion individuals in the worldwide labor force, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Conventional payroll systems frequently result in manual procedures, information silos, and a lack of integration, leading to disparities and inadequacies. Regardless of living in an age of technological advancements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar aims to supply insights and options to streamline and enhance global payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force information in real time that’s another number that offers me sleepless nights and quite honestly the more a service invests in international payroll the less of an image they see an absence of visibility also extends to payroll payments and inability to accurately track these payments can lead to compliance accidents in the last mile of the transaction nearly half of worldwide businesses have expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM information data entry mistakes poorly communicated hires and terminations in addition to absence management and system configurations and after that when you round everything off and the information is shipped to the incorrect place the typical cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments don’t run efficiently if they count on the essential numerous 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 a great question I always toss this back and state what is it what doesn’t need to be consisted of ideal and what does
it require 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 timespan there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the client’s own in-country account so there’s complexity wherever you look right eventually constructing a knowledge base is absolutely critical however everywhere you look with payroll payment they resemble very payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the type 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 permitting us to type of move on with that it also as well to contribute to that payroll and finance require to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is definitely crucial that payroll and finance teams work better together than ever um I’m constantly amazed when individuals say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from estimation 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 procedure 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 third parties so with the
world we reside in and well-being being a growing number of essential to add to sort of the level of complexity there’s increasingly more benefits being organ or being offered by businesses across the world so once again you’re simply looking to include more and more payments to this currently complicated landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of genuine challenges or genuine difficult sort of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a number of years I would definitely state that the bigger a company 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 teams feeding information into the next function as it were that’s in fact managing the payment side of things however you understand in in my viewpoint and my experience that does not necessarily need to be the case you understand long gone are the times where we need to produce additional handoffs at the same times that we operate in they simply make them more timely they make them less effective and they do not make them what they need to be in in a period of tech and an era that you understand that we are operating in today there is no reason that we are still making this as difficult as it needs to be concurred and rightly as you stated payroll is the single greatest liability that any company has from a cost perspective from an impact point of view on employees it is absolutely important 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 need to be done right it has the biggest detrimental effect on individuals’s well-being and many other factors if people aren’t paid uh I’ve always been amazed coming into this Market kind of the last five to ten years is how little thanks the
payroll group get um so I’m not exactly sure anybody on this type of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an important cycle all of us become aware of it when it fails everybody jumps up and down when it fails but when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely essential that all of this things is done correctly so leveraging the very first Worldwide Payments first payroll payment option is a great initial step um supplying an end-to-end payroll option for your staff members internationally again I believe is another substantial um process again aligning and ensuring you have standardization Worldwide procedures all of those things are definitely key to success success of services and reducing the variety of tools platforms and savings account they require for their Worldwide 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’ve never ever had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things have not gone rather where they’re indicated to be um I don’t believe any of us are actually doing that for for the thanks
anyhow we know how how essential a function 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 easy as possible for everybody that’s associated with those procedures and likewise so imagine sorry I’m simply I was simply gon na say envision the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions think of getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing job attempting to clean up all those up for sure oh absolutely I can’t envision 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 type of try to return to everybody so carrying on look why do companies pick to main separate bank accounts there are Papaya Global Payroll Layoffs organizations out there doing exactly this for particular nations and I have actually operated in a service or lots of services doing precisely that I can say it does not constantly feel effective and it does create more work I understand we’re not intentionally doing that we’re not producing additional work for anybody where we do not have to and anyone that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I think lots of factors one is it’s the standard I think people have got so utilized to we require a brand-new bank 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 norm the people have actually embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and many other methods um to to kind of do it so I believe there’s a variety I believe this is a process that requires taking a look at it needs changing however eventually people are very stuck to what they’re familiar
with right um change is a tough thing we all do not like change um so I think it’s simply type of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand clearly the benefits of having keeping several savings account but there’s a huge amount of intricacy opts for establishing a savings account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the ideal user accesses for specific people so the intricacy is substantial but I believe the honest response is modification um people haven’t had the ability to alter or have not had always the knowledge to really make that change into alternate Solutions other than opening a savings 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’ve always done it that way is no real reason for not looking at the the benefits and the possibilities of moving on and moving into you understand what could almost be determined to be the next Century approximately there is a lot to track and this method does present several obstacles um so Johnny could you tell us about those difficulties yeah naturally so there’s a variety 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 Global staff members you are worthy of a corner workplace with a closer parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Payroll Layoffs