Over the last five or six years …Papaya Global Server 2016… roles on the company side and also on the vendor side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply give everyone another number of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everybody 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 very gloomy and I wish I was somewhere else at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why companies maintain separate
Virtual payroll accounts are an option to standard savings account for handling payroll payments. This is particularly helpful for worldwide organizations with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of maintaining different savings account for payroll in various nations, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are ending up being a strategic 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 accurate, efficient, and timely payroll payments is a complex challenge for organizations operating internationally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll savings account, discover how companies anticipate payroll expenses to enhance working capital, and find how enhancing global payroll payments can transform them from a burdensome job into a strategic asset.
Handling payroll worldwide is a difficult job due to numerous guidelines, compliance requirements, information security issues, and banking guidelines. The sheer variety of staff members and services adds to the intricacy, with an approximated 3.5 billion people 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 an absence of integration, resulting in inconsistencies and ineffectiveness. Regardless of living in an age of technological advancements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar aims to provide insights and solutions 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 companies say they have Workforce information in real time that’s another number that gives me sleepless nights and quite frankly the more a company spends on international payroll the less of an image they see an absence of presence also encompasses payroll payments and failure to properly track these payments can lead to compliance mishaps in the last mile of the deal nearly half of global organizations have revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM information data entry mistakes inadequately communicated hires and terminations along with lack management and system setups and after that when you round it all off and the information is delivered to the wrong location the average cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the world payroll and payments do not run smoothly if they count on the necessary 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 company face when they’re making payments to employees or otherwise that’s an excellent concern I constantly throw this back and state what is it what does not need to be consisted of ideal 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 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 wherever you look right eventually developing a knowledge base is definitely vital but everywhere you look with payroll payment they resemble extremely payments no if however some children 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 think there’s now a bit more recognition that payroll payments are absolutely basic and innovation is permitting us to kind of progress with that it also as well to contribute to that payroll and financing need to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is definitely essential that payroll and finance groups work more detailed together than ever um I’m always impressed when individuals state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation 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 eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being a growing number of crucial to contribute to sort of the level of complexity there’s increasingly more advantages being organ or being used by companies across the world so again you’re simply aiming to include a growing number of payments to this currently complex landscape so if you sort of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of genuine obstacles or real difficult 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 definitely state that the bigger a service gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are groups feeding details into the next function as it were that’s actually managing the payment side of things however you know in in my viewpoint and my experience that does not always require to be the case you know long gone are the times where we need to develop additional handoffs in the processes that we run in they just make them more timely they make them less efficient and they do not make them what they need to be in in a period of tech and a period that you know that we are operating in today there is no reason why we are still making this as hard as it needs to be agreed and appropriately as you said payroll is the single most significant liability that any organization has from a cost perspective from an effect perspective on employees it is absolutely crucial that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the most significant detrimental result on people’s well-being and lots of other aspects if people aren’t paid uh I have actually always been surprised entering 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 type of webinar has been told 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 eventually 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 just a tick box exercise and I believe 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 stuff is absolutely important that all of this things is done properly so leveraging the first Global Payments first payroll payment solution is a terrific first step um providing an end-to-end payroll option for your staff members internationally again I believe is another big um procedure again lining up and ensuring you have standardization Global processes all of those things are definitely essential to success success of organizations and decreasing the variety of tools platforms and bank accounts they need for their Worldwide 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 have actually never ever had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things haven’t gone quite where they’re meant to be um I do not believe any of us are really doing that for for the thanks
anyway we know how how essential 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 associated with those processes and likewise so think of sorry I’m simply I was just gon na say think of the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re discussing numerous thousands potentially Millions think of getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing job trying to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to look through them and in fact see what was going on and type of shot to get back to everyone so carrying on look why do business select to main separate checking account there are Papaya Global Server 2016 companies out there doing precisely this for specific nations and I’ve operated in a business or lots of organizations doing precisely that I can say it does not always feel effective and it does produce more work I understand we’re not purposely doing that we’re not developing extra work for any person where we don’t need to and anyone that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I believe lots of factors one is it’s the requirement I believe individuals have got so utilized to we need a brand-new checking 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 standard individuals have adopted and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and many other methods um to to kind of do it so I think there’s a variety I think this is a procedure that needs looking at it needs altering but ultimately individuals are really stuck with what they recognize
with right um modification is a difficult thing all of us do not like change um so I think it’s just 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 preserving several bank accounts however there’s a substantial amount of intricacy chooses establishing a checking account preserving it ensuring it can send out International transfers ensuring it’s established with the best user accesses for individual people so the complexity is substantial however I think the sincere response is modification um individuals have not had the ability to change or haven’t had necessarily the understanding to really make that change into alternate Solutions besides opening a savings account I think you’ve struck the nail on the head I think it is knowledge you know and there is an element of resistance to change however we have actually constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you understand what could nearly be identified to be the next Century approximately there is a lot to keep an eye on and this technique does position a number of challenges um so Johnny could you inform us about those obstacles yeah obviously so there’s a variety right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has actually acquired another CFO, and with this enhanced ability, I have actually successfully secured payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is good. You should have a corner office with a parking space that is closer, considering your achievements. Papaya Global Server 2016