Over the last 5 or 6 years …Papaya Global Training Birmingham… roles on the provider side and also on the supplier side from a payroll perspective so truly looking forward to this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite interesting 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 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 drizzling here it’s really very bleak and I wish I was elsewhere at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why business preserve separate
Virtual payroll accounts are an alternative to conventional savings account for handling payroll payments. This is particularly beneficial for global companies with dispersed and remote labor forces, as it streamlines the complex procedure of cross-border payments. Instead of maintaining separate checking account for payroll in various nations, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are becoming a strategic asset 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.
Making sure precise, efficient, and timely payroll payments is a complex challenge for companies operating globally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll checking account, find out how companies forecast payroll costs to enhance working capital, and discover how improving global payroll payments can change them from a burdensome job into a strategic property.
Handling payroll worldwide is a challenging job due to numerous regulations, compliance requirements, information security concerns, and banking guidelines. The sheer number of staff members and services adds to the intricacy, with an estimated 3.5 billion people in the worldwide workforce, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Traditional payroll systems often result in manual processes, data silos, and a lack of combination, leading to inconsistencies and inadequacies. In spite of residing in a period of technological improvements, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar objectives to provide insights and options to simplify and enhance global payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce data in real time that’s another number that provides me sleepless nights and rather honestly the more a business invests in global payroll the less of an image they see an absence of exposure also reaches payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the transaction almost half of global organizations have actually expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM information information entry mistakes improperly communicated hires and terminations along with lack management and system setups and then when you round it all off and the information is delivered to the wrong location the average expense of a worldwide information 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 efficiently if they depend on the required multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges service face when they’re paying to employees or otherwise that’s a good concern I always toss this back and say what is it what doesn’t need to be consisted of ideal and what does
it require to be considered there’s varying Bank details 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 need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy anywhere you look ideal eventually constructing a knowledge base is absolutely crucial but all over you look with payroll payment they are like super payments no if but some children about it you are all superheroes processing payments for payroll if you 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 absolutely essential and technology is allowing us to kind of move on with that it likewise also to add to that payroll and financing need to work closer together um with differing Savings account Details differing banking requirements and setup procedures is definitely imperative that payroll and financing groups work better together than ever um I’m constantly astonished when people say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll occupation 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 often split and cut up um ultimately 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 also 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 kind of the level of intricacy there’s a growing number of advantages being organ or being offered by businesses across the world so again you’re just seeking to include a growing number of payments to this already complex landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of real obstacles or real difficult kind of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a couple of decades I would definitely state that the larger a service gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task 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 opinion and my experience that doesn’t always need to be the case you know long gone are the times where we require to develop additional handoffs in the processes that we run in they simply make them more prompt they make them less efficient and they don’t make them what they need to be in in an age of tech and an era that you understand that we are operating in today there is no reason we are still making this as difficult as it needs to be concurred and appropriately as you stated payroll is the single greatest liability that any business has from an expense perspective from an effect viewpoint on workers it is definitely critical 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 biggest detrimental effect on individuals’s well-being and lots of other factors if people aren’t paid uh I’ve always been amazed entering into this Market kind of the last five to ten years is how little thanks the
The payroll team may not have actually been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and individuals just discover when things go wrong. Nevertheless, when things go right, it’s viewed as simply a regular job. This is how it’s perceived externally too. Therefore, it is essential to make sure that jobs like Wi-Fi Global and other crucial matters are done properly. Utilizing the first Global Payments very first payroll payment service is a fantastic initial step towards providing a thorough payroll service for workers worldwide. Standardization, worldwide procedures, and lowering the number of tools, platforms, and bank accounts needed for international payroll are key factors in accomplishing company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a few problems when things don’t go as prepared. Ultimately, we do not do it for the gratitude.
anyhow we understand 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 simple as possible for everyone that’s involved in those processes and also so envision sorry I’m just I was simply gon na say envision the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions envision getting that numerous thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating job trying to clean up all those up for sure oh absolutely 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 moving on look why do business choose to main separate bank accounts there are Papaya Global Training Birmingham services out there doing precisely this for specific countries and I have actually worked in a service or lots of services doing exactly that I can state it doesn’t always feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not creating additional work for anybody where we don’t have to and anyone that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I believe lots of factors one is it’s the requirement I believe people have actually got so used to we need a brand-new savings account we open an entity and appropriately so you require 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 standard and the norm individuals have adopted and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and many other methods um to to kind of do it so I believe there’s a range I believe this is a process that needs looking at it requires changing but eventually individuals are extremely stuck to what they’re familiar
with ideal um change is a hard thing all of us don’t like modification um so I believe it’s simply kind of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the advantages of having preserving numerous savings account however there’s a big amount of intricacy chooses establishing a checking account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for private people so the intricacy is substantial but I think the truthful response is modification um individuals have not had the ability to change or haven’t had always the knowledge to truly make that change into alternate Solutions aside from opening a bank account I believe you’ve hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter but we’ve always done it that way is no genuine reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could practically be determined to be the next Century approximately there is a lot to keep an eye on and this approach does pose numerous difficulties um so Johnny might you tell us about those difficulties yeah naturally so there’s a range right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has acquired another CFO, and with this enhanced ability, I have actually effectively secured payments for our 10,000 workers worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is good. You deserve a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global Training Birmingham