Over the last five or 6 years …Papaya Global Training Bristol… functions on the supplier side and likewise on the vendor side from a payroll viewpoint so really looking forward to this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just give everybody 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 intriguing and I can see it going on currently simply to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely really dreary and I want I was elsewhere at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why companies keep separate
Virtual payroll accounts are an alternative to traditional bank accounts for handling payroll payments. This is particularly helpful for global companies with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of maintaining different bank accounts 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 talk about why they are ending up being a tactical asset for payroll executives. We will also provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing accurate, effective, and prompt payroll payments is a complex obstacle for businesses operating worldwide. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll savings account, learn how companies forecast payroll costs to enhance working capital, and find how simplifying global payroll payments can change them from a difficult job into a tactical possession.
Handling payroll worldwide is a difficult job due to various guidelines, compliance requirements, data security concerns, and banking guidelines. The sheer variety of staff members and organizations contributes to the complexity, with an estimated 3.5 billion individuals in the worldwide labor force, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Traditional payroll systems often result in manual processes, data silos, and a lack of integration, leading to disparities and inadequacies. In spite of residing in a period of technological advancements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar aims to provide insights and services to simplify and enhance international 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 information in real time that’s another number that provides me sleepless nights and quite frankly the more a service invests in worldwide payroll the less of an image they see an absence of visibility likewise extends to payroll payments and failure to accurately track these payments can lead to compliance accidents in the last mile of the transaction nearly half of international companies have revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM information information entry errors badly interacted hires and terminations along with absence management and system setups and then when you round all of it off and the data is shipped to the incorrect location the typical cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the globe payroll and payments don’t run smoothly if they rely on the needed several procedures 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 obstacles company face when they’re making payments to staff members or otherwise that’s an excellent question I always throw this back and state what is it what doesn’t need to be consisted of right and what does
it need to be thought about 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 have to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy any place you look ideal eventually building a knowledge base is definitely vital however everywhere you look with payroll payment they are like very payments no if however 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 think there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is permitting us to type of progress with that it likewise also to contribute to that payroll and financing need to work closer together um with differing Checking account Details varying banking requirements and setup processes is definitely essential that payroll and financing groups work more detailed together than ever um I’m always impressed when individuals state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll occupation would they split 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more essential to add to sort of the level of intricacy there’s increasingly more advantages being organ or being offered by companies across the world so again you’re simply seeking to include increasingly more payments to this already complicated 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 challenges or genuine challenging type of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a number of decades I would definitely say that the larger 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 information into the next function as it were that’s in fact handling the payment side of things however you know in in my viewpoint and my experience that doesn’t always need to be the case you understand long gone are the times where we require to produce extra handoffs while doing sos that we operate in they simply make them more prompt they make them less effective and they do not make them what they require to be in in an age of tech and a period that you know that we are working in today there is no reason that we are still making this as hard as it needs to be agreed and rightly as you stated payroll is the single greatest liability that any service has from an expense viewpoint from an effect viewpoint on employees it is definitely crucial that it’s done properly and on time so what we imply 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 harmful effect on individuals’s wellness and many other aspects if individuals aren’t paid uh I have actually constantly been impressed entering this Market sort of the last five to 10 years is how little thanks the
The payroll team might not have been thanked for properly processing payroll during a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and people just discover when things go wrong. However, when things go right, it’s seen as simply a regular job. This is how it’s perceived externally too. For that reason, it is necessary to make sure that jobs like Wi-Fi Global and other crucial matters are done correctly. Using the very first International Payments very first payroll payment solution is a great preliminary step towards supplying an extensive payroll solution for employees worldwide. Standardization, international processes, and minimizing the number of tools, platforms, and bank accounts essential for worldwide payroll are crucial factors in accomplishing service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few problems when things do not go as prepared. Ultimately, we don’t do it for the appreciation.
anyhow we understand how how important 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 simple as possible for everyone that’s associated with those procedures and likewise so picture sorry I’m simply I was just gon na state think of the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions picture getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an interesting task trying to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and really see what was going on and kind of try to return to everyone so moving on look why do companies choose to main separate checking account there are Papaya Global Training Bristol services out there doing exactly this for specific countries and I’ve operated in an organization or numerous companies doing exactly that I can state it doesn’t constantly feel efficient and it does create more work I know we’re not deliberately doing that we’re not developing extra work for anybody where we do not need to and anybody that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe numerous reasons one is it’s the requirement I believe individuals have actually got so utilized to we require a new bank account we open an entity and appropriately so you need it for payroll functions 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 adopted and continue to do over years and years gone past to add to that people have looked at things like trust accounts and numerous 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 requires changing however eventually individuals are very stuck with what they recognize
with best um change is a challenging thing all of us don’t like modification um so I believe it’s simply sort 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 comprehend certainly the benefits of having maintaining multiple checking account but there’s a huge amount of intricacy goes with setting up a savings account preserving it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for individual individuals so the complexity is big but I think the truthful answer is modification um individuals haven’t had the ability to change or haven’t had always the understanding to really make that change into alternate Solutions besides opening a savings account I think you’ve hit the nail on the head I think it is understanding you understand and there is a component of resistance to alter but we’ve always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what might practically be identified to be the next Century or two there is a lot to keep track of and this method does position several challenges um so Johnny could you tell us about those difficulties yeah naturally so there’s a range right there is so
I simply did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International staff members you should have a corner workplace with a more detailed parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Training Bristol