Over the last five or 6 years …Papaya Global Training Courses In London… roles on the service provider side and also on the supplier side from a payroll viewpoint so really anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just offer everyone another number of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I really do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very very dreary and I wish 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 International payroll why business maintain different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts streamlining papaya Global payroll payments as a tactical possession uh we’ll also discuss a recap which needs to leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become more and more common and managing them ends up being more and more complicated International companies are looking to find Solutions and new methods to improve procedures specifically from a payroll and cross-border payment perspective lots of companies keep different checking account just for payroll while some have several accounts in various nations does it make sense for business to maintain different checking account in some cases in different nations it does but just for payroll exists a better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international companies streamline the episode complex processes of
Ensuring accurate, efficient, and timely payroll payments is a complex difficulty for businesses operating globally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll bank accounts, discover how companies forecast payroll expenses to optimize working capital, and find how enhancing worldwide payroll payments can change them from a troublesome task into a tactical property.
Managing payroll worldwide is a daunting job due to numerous regulations, compliance requirements, data security issues, and banking guidelines. The sheer number of workers and companies adds to the intricacy, with an estimated 3.5 billion people in the worldwide labor force, 500 countless whom are in Africa, and 230 million businesses worldwide.
Conventional payroll systems typically result in manual processes, information silos, and an absence of combination, resulting in disparities and ineffectiveness. In spite of residing in a period of technological developments, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar aims to offer insights and options to simplify and optimize international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of companies 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 spends on worldwide payroll the less of an image they see a lack of visibility also encompasses payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the deal almost half of international services have expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM information information entry errors improperly interacted hires and terminations as well as absence management and system configurations and after that when you round it all off and the information is delivered to the incorrect place the average cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments don’t run efficiently if they rely on the essential multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges business face when they’re making payments to employees or otherwise that’s a great concern I constantly toss this back and state what is it what does not need to be included ideal and what does
it require to be considered there’s varying 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 consumer’s own in-country account so there’s complexity anywhere you look best eventually developing a knowledge base is absolutely critical 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 kind of link 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 innovation is enabling us to type of progress with that it likewise as well to add to that payroll and financing need to work closer together um with varying Checking account Particulars varying banking requirements and setup processes is definitely vital that payroll and finance teams work better together than ever um I’m always amazed 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 work in the payroll profession 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 frequently split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being a growing number of essential to add to kind of the level of complexity there’s a growing number of benefits being organ or being offered by companies across the world so once again you’re simply looking to add increasingly more payments to this already intricate landscape so if you kind of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of genuine difficulties or genuine tough sort of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a number of decades I would certainly state that the bigger a business gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are groups feeding information into the next function as it were that’s actually managing the payment side of things however you understand in in my viewpoint and my experience that does not necessarily require to be the case you know long gone are the times where we require to develop additional handoffs while doing sos that we run in they simply make them more timely they make them less efficient and they do not make them what they need to be in in an age of tech and an age that you understand that we are working in today there is no reason we are still making this as challenging as it requires to be agreed and appropriately as you stated payroll is the single greatest liability that any company has from an expense viewpoint from an impact perspective on employees it is definitely important 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 greatest destructive effect on individuals’s wellness and lots of other elements if individuals aren’t paid uh I have actually constantly been amazed entering into this Market kind of the last five to ten years is how little thanks the
payroll team get um so I’m not exactly 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 workers or not um but eventually payroll is such a crucial cycle we all hear about it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely crucial that all of this stuff is done correctly so leveraging the very first International Payments first payroll payment option is a great initial step um offering an end-to-end payroll service for your staff members worldwide again I believe is another big um procedure once again lining up and ensuring you have standardization International processes all of those things are definitely key to success success of companies and lowering the number of tools platforms and checking account they need for their International payroll too could not 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 expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things have not gone quite where they’re indicated to be um I do not believe any of us are really doing that for for the thanks
anyway we know 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 involved in those processes and likewise so think of sorry I’m simply I was simply gon na say envision 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 talking about hundreds of thousands potentially Millions picture getting that many 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 job trying to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and really see what was going on and kind of shot to get back to everybody so proceeding appearance why do business select to primary different savings account there are Papaya Global Training Courses In London companies out there doing exactly this for particular countries and I’ve operated in a business or numerous companies doing exactly that I can say it does not always feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not developing extra work for any person where we do not need to and any person that’s dealing with 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 think lots of reasons one is it’s the standard I believe people have actually got so utilized to we require a brand-new bank account we open an entity and rightly 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 just been the requirement and the norm the people have embraced and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and many other ways um to to kind of do it so I think there’s a range I think this is a procedure that requires looking at it needs altering however eventually individuals are extremely stuck to what they’re familiar
with ideal um modification is a challenging thing we all don’t like change um so I think it’s simply sort of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the advantages of having preserving several checking account but there’s a big amount of complexity goes with establishing a savings account maintaining it guaranteeing it can send out International transfers guaranteeing it’s established with the ideal user accesses for specific individuals so the complexity is huge however I think the sincere answer is change um people have not been able to change or have not had necessarily the understanding to truly make that change into alternate Solutions besides opening a checking account I think you’ve struck the nail on the head I think it is understanding you understand and there is an aspect of resistance to change but we have actually constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of carrying on and moving into you understand what might practically be figured out to be the next Century approximately there is a lot to track and this technique does pose numerous difficulties um so Johnny might you inform us about those obstacles yeah naturally so there’s a range right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually gotten another CFO, and with this boosted ability, I have effectively secured payments for our 10,000 employees worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is closer, considering your accomplishments. Papaya Global Training Courses In London