Over the last five or 6 years …Papaya Global Time Tracking… roles on the company side and likewise 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 okay thanks Johnny uh we’ll just offer everyone another couple of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite fascinating 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 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 sunlight is it it’s not no it’s it’s drizzling here it’s really very bleak and I wish I was somewhere else at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why business preserve separate
Virtual payroll accounts are an option to conventional savings account for handling payroll payments. This is especially beneficial for international organizations with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of keeping different savings account for payroll in different countries, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are becoming a tactical property for payroll executives. We will also provide a recap of the main points covered and leave time for a Q&A session at the end.
Ensuring precise, effective, and prompt payroll payments is a complex difficulty for businesses operating internationally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll savings account, find out how business anticipate payroll expenses to enhance working capital, and discover how streamlining worldwide payroll payments can transform them from a difficult task into a strategic property.
Managing payroll internationally is a daunting job due to numerous policies, compliance requirements, data security issues, and banking rules. The large variety of staff members and services contributes to the intricacy, with an estimated 3.5 billion people in the worldwide labor force, 500 countless whom are in Africa, and 230 million companies worldwide.
Conventional payroll systems typically lead to manual procedures, information silos, and an absence of integration, resulting in disparities and inadequacies. In spite of living in a period of technological developments, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar goals to supply insights and solutions to streamline and enhance worldwide payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of services say they have Workforce data in real time that’s another number that provides me sleep deprived nights and rather honestly the more an organization invests in international payroll the less of an image they see an absence of visibility also reaches payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the transaction almost half of global businesses have actually expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM information information entry errors poorly communicated hires and terminations in addition to lack management and system setups and after that when you round all of it off and the data is delivered to the wrong location the average expense of a global information 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 essential numerous processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles service face when they’re paying to employees or otherwise that’s a great concern I always throw this back and state what is it what does not require to be included best and what does
it need to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per country 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 need to pay from the customer’s own in-country account so there’s complexity anywhere you look ideal eventually building a knowledge base is definitely crucial however everywhere you look with payroll payment they resemble super payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely fundamental and technology is allowing us to type of progress with that it also too to add to that payroll and financing require to work closer together um with differing Bank Account Details varying banking requirements and setup processes is definitely important that payroll and finance teams work closer together than ever um I’m constantly surprised when people state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation would they split the payroll payment from estimation 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 procedure it’s the point of information 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 well-being being increasingly more essential to contribute to type of the level of complexity there’s increasingly more benefits being organ or being offered by organizations throughout the world so once again you’re simply looking to include more and more payments to this currently intricate landscape so if you kind of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of genuine challenges or genuine difficult type of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a number of years I would certainly say that the larger a service gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are teams feeding info into the next function as it were that’s really handling the payment side of things but you know 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 require to develop additional handoffs while doing sos that we run in they simply make them more prompt they make them less efficient and they do not make them what they require to be in in a period of tech and an age that you know that we are operating in today there is no reason that we are still making this as tough as it needs to be concurred and rightly as you said payroll is the single biggest liability that any company has from an expense perspective from an impact perspective on employees it is absolutely vital that it’s done properly 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 greatest damaging impact on individuals’s well-being and numerous other aspects if individuals aren’t paid uh I’ve always been astonished coming into this Market type of the last 5 to 10 years is how little thanks the
payroll group get um so I’m not exactly sure anyone on this kind of webinar has been told 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 but eventually payroll is such an essential cycle we all hear about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s simply 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 things is definitely vital that all of this stuff is done correctly so leveraging the first Worldwide Payments very first payroll payment option is an excellent initial step um providing an end-to-end payroll service for your workers globally again I believe is another huge um procedure again lining up and ensuring you have standardization International procedures all of those things are absolutely essential to success success of services and lowering the variety of tools platforms and bank accounts 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 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 grievances where things have not gone quite where they’re implied to be um I do not believe any of us are actually doing that for for the thanks
anyhow we know how how crucial a role 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 likewise so picture sorry I’m just I was just gon na say picture the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions picture getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting task attempting 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 browse them and in fact see what was going on and kind of shot to return to everybody so carrying on appearance why do companies choose to primary separate checking account there are Papaya Global Time Tracking companies out there doing precisely this for specific nations and I have actually operated in a company or lots of businesses doing exactly that I can state it doesn’t always feel efficient and it does produce more work I understand we’re not purposely doing that we’re not developing extra work for anyone where we don’t have to and any person 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 quantity that we are I think numerous reasons one is it’s the requirement I believe individuals have actually got so utilized to we require a new checking account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard individuals have actually adopted and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and lots of other ways um to to type of do it so I think there’s a variety I believe this is a process that needs looking at it requires altering however ultimately people are very stuck to what they recognize
with right um modification is a challenging thing we all do not like change um so I think it’s simply 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 benefits of having keeping numerous checking account but there’s a huge amount of complexity opts for establishing a savings account maintaining it guaranteeing it can send International transfers guaranteeing it’s established with the right user accesses for specific individuals so the complexity is big but I believe the sincere answer is change um people haven’t had the ability to change or have not had necessarily the understanding to actually make that change into alternate Solutions aside from opening a bank account I believe you’ve hit the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change but we’ve always done it that way is no real excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what might almost be figured out to be the next Century approximately there is a lot to track and this method does present several obstacles um so Johnny could you inform us about those obstacles yeah obviously so there’s a variety right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has acquired another CFO, and with this boosted capability, I have actually effectively protected payments for our 10,000 workers worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Time Tracking