Over the last 5 or 6 years …Papaya Global Tutorial 2017… functions on the supplier side and likewise on the vendor side from a payroll perspective so really eagerly anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just provide everybody another number of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everybody 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 remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very extremely uninspiring and I wish I was elsewhere at this moment in time alright so let’s start our program for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why companies maintain different
Virtual payroll accounts are an alternative to standard bank accounts for managing payroll payments. This is especially beneficial for international companies with dispersed and remote workforces, as it simplifies the intricate procedure of cross-border payments. Instead of preserving separate bank accounts for payroll in different countries, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are ending up being a strategic asset for payroll executives. We will also provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing precise, efficient, and timely payroll payments is a complex difficulty for businesses operating globally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll savings account, discover how companies forecast payroll expenses to optimize working capital, and discover how enhancing worldwide payroll payments can transform them from a challenging job into a strategic possession.
Handling payroll internationally is a difficult task due to numerous guidelines, compliance requirements, information security concerns, and banking rules. The large number of employees and companies contributes to the intricacy, with an estimated 3.5 billion people in the international labor force, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Conventional payroll systems often result in manual processes, information silos, and an absence of combination, leading to disparities and inadequacies. Regardless of residing in an era of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar objectives to offer insights and services to streamline and enhance international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force information in real time that’s another number that offers me sleepless nights and rather honestly the more a company spends on international payroll the less of an image they see a lack of exposure also encompasses payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the transaction nearly half of worldwide services 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 data entry errors badly communicated hires and terminations as well as absence management and system configurations and after that when you round all of it off and the data is shipped to the wrong location the average expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments don’t run smoothly if they depend on the essential multiple processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties service face when they’re paying to staff members or otherwise that’s a good concern I constantly toss this back and say what is it what does not require to be included best 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 timespan there’s payment abilities 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 consumer’s own in-country account so there’s intricacy wherever you look best eventually building a knowledge base is absolutely important however all over you look with payroll payment they resemble incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the sort 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 absolutely basic and innovation is permitting us to kind of progress with that it also also 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 essential that payroll and financing groups work more detailed together than ever um I’m always astonished when individuals 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 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 process it’s the point of information 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 live in and wellness being a growing number of crucial to add to kind of the level of complexity there’s increasingly more benefits being organ or being provided by businesses throughout the world so again you’re just seeking to include increasingly more payments to this already intricate landscape so if you kind of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of real challenges or real difficult sort of pay uses to play to pay people I believe yeah I indicate over the last well yeah a couple of decades I would definitely state that the bigger a business gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are groups 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 require to be the case you understand long gone are the times where we need to develop additional handoffs at the same times that we operate in they simply make them more timely they make them less effective and they do not make them what they need to be in in a period of tech and an era that you understand that we are working in today there is no reason why we are still making this as hard as it requires to be concurred and appropriately as you said payroll is the single biggest liability that any organization has from an expense viewpoint from an effect point of view on workers it is definitely important 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 harmful effect on individuals’s wellness and numerous other aspects if individuals aren’t paid uh I’ve always been impressed entering into this Market kind of the last 5 to 10 years is how little thanks the
payroll group get um so I’m unsure anybody on this type of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an essential cycle all of us become aware of it when it fails everybody jumps up and down when it goes wrong however 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 stuff is absolutely important that all of this things is done properly so leveraging the very first Global Payments very first payroll payment option is a terrific initial step um providing an end-to-end payroll service for your employees globally once again I think is another substantial um process again aligning and ensuring you have standardization Worldwide procedures all of those things are definitely crucial to success success of services and reducing the number of tools platforms and checking account they require for their Global 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 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 grievances where things have not gone rather where they’re indicated to be um I do not think any of us are in fact doing that for for the thanks
anyway we understand how how crucial 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 easy as possible for everyone that’s involved in those procedures and likewise so picture sorry I’m just I was just gon na state think of the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions picture getting that numerous thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would definitely be an intriguing task trying to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and really see what was going on and kind of try to get back to everyone so moving on look why do business pick to main different savings account there are Papaya Global Tutorial 2017 businesses out there doing precisely this for specific nations and I have actually operated in a business or many companies doing exactly that I can say it does not constantly feel effective and it does create more work I know we’re not purposely doing that we’re not producing additional work for anyone where we don’t have to and any person that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe numerous reasons one is it’s the standard I believe individuals have actually got so used to we need a new savings account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the norm individuals have actually adopted and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and many other ways um to to kind of do it so I think there’s a variety I believe this is a procedure that requires looking at it needs changing but ultimately individuals are extremely stuck with what they’re familiar
with ideal um modification is a hard 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 lot of track of things um I comprehend clearly the advantages of having maintaining numerous savings account but there’s a big quantity of intricacy goes with establishing a checking account keeping it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for specific people so the intricacy is huge however I think the sincere answer is change um individuals haven’t had the ability to alter or haven’t had always the understanding to truly make that change into alternate Solutions besides opening a savings account I believe you’ve struck the nail on the head I think it is understanding you know and there is an element of resistance to alter but we’ve constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of moving on and moving into you know what might practically be figured out to be the next Century or so there is a lot to keep track of and this approach does present numerous challenges um so Johnny could you tell us about those challenges yeah naturally so there’s a variety right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually acquired another CFO, and with this boosted ability, I have actually successfully protected payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Tutorial 2017