Over the last 5 or six years …Papaya Global Validation Error Payslips… functions on the provider side and also on the vendor side from a payroll perspective so actually anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just offer everyone another number of uh well among the 30 seconds approximately 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 fascinating and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everyone 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 extremely really dreary and I wish I was elsewhere at this moment in time all right so let’s start our program for today is as follows um we are going to be looking at the obstacle years of handling International payroll why companies keep separate
Virtual payroll accounts are an option to standard checking account for handling payroll payments. This is especially beneficial for worldwide companies with dispersed and remote labor forces, as it simplifies the complex procedure of cross-border payments. Instead of keeping different savings account for payroll in different countries, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are ending up being a tactical possession for payroll executives. We will also supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
Guaranteeing precise, efficient, and prompt payroll payments is a complex obstacle for businesses running globally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll bank accounts, discover how companies anticipate payroll costs to enhance working capital, and discover how improving global payroll payments can transform them from a troublesome job into a strategic possession.
Handling payroll worldwide is an overwhelming job due to different guidelines, compliance requirements, data security concerns, and banking guidelines. The large number of staff members and organizations adds to the intricacy, with an approximated 3.5 billion people in the global labor force, 500 million of whom are in Africa, and 230 million companies worldwide.
Standard payroll systems often lead to manual procedures, information silos, and an absence of combination, resulting in inconsistencies and ineffectiveness. Despite living in a period of technological developments, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar goals to offer insights and services to streamline and optimize international payroll payments.
about it to offer 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 gives me sleep deprived nights and quite honestly the more an organization spends on international payroll the less of a picture they see an absence of presence also reaches payroll payments and failure to properly track these payments can cause compliance accidents in the last mile of the transaction nearly half of worldwide organizations have actually expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM data data entry mistakes poorly interacted hires and terminations as well as absence management and system setups and then when you round all of it off and the information is delivered to the incorrect location the typical expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the world payroll and payments do not run efficiently if they count on the required several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles service face when they’re paying to workers or otherwise that’s a good concern I constantly toss this back and state what is it what does not need to be included right and what does
it require to be considered 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 need to pay from the client’s own in-country account so there’s complexity any place you look ideal ultimately developing a knowledge base is absolutely crucial however everywhere you look with payroll payment they are like very 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 acknowledgment that payroll payments are definitely basic and innovation is permitting us to sort of move forward with that it likewise too to contribute to that payroll and finance need to work closer together um with differing Bank 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 impressed when people say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they divide 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 process it’s the point of information collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being increasingly more crucial to contribute to kind of the level of complexity there’s increasingly more advantages being organ or being offered by companies across the world so once again you’re just seeking to add a growing number of payments to this already complex landscape so if you type of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of genuine challenges or real difficult kind of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a number of decades I would absolutely say that the bigger an organization gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are teams feeding details into the next function as it were that’s in fact managing the payment side of things however you know in in my opinion and my experience that does not always require to be the case you know long gone are the times where we need to create extra handoffs while doing sos that we run in they just make them more prompt they make them less effective and they don’t make them what they need to be in in a period of tech and an era that you know that we are working in today there is no reason we are still making this as difficult as it needs to be concurred and appropriately as you said payroll is the single biggest liability that any organization has from a cost viewpoint from an impact viewpoint on workers it is definitely vital that it’s done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the greatest detrimental effect on individuals’s wellness and many other factors if people aren’t paid uh I’ve always been astonished entering 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 sort of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um but eventually payroll is such an important cycle all of us find out about it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely crucial that all of this things is done correctly so leveraging the very first Worldwide Payments first payroll payment option is a great primary step um providing an end-to-end payroll service for your employees internationally once again I think is another huge um procedure once again lining up and guaranteeing you have standardization International procedures all of those things are definitely key to success success of services and reducing the number of tools platforms and savings account they need for their International 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 have actually never had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things have not gone rather where they’re indicated to be um I do not think any of us are actually doing that for for the thanks
anyhow we know 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 everybody that’s involved in those procedures and likewise so envision sorry I’m simply I was simply gon na state picture the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions imagine 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 but it would absolutely be an intriguing task trying 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 need days of the week to try to check out them and actually see what was going on and sort of try to get back to everyone so proceeding appearance why do business pick to main different savings account there are Papaya Global Validation Error Payslips organizations out there doing exactly this for particular nations and I have actually worked in a company or many services doing precisely that I can say it does not constantly feel efficient and it does create more work I know we’re not intentionally doing that we’re not developing extra work for any person where we do not have to and any person that’s handling 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 lots of reasons one is it’s the standard I believe people have got so used to we require a new savings account we open an entity and rightly so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard the people have actually adopted and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and many other methods um to to sort of do it so I believe there’s a variety I think this is a process that needs looking at it requires altering but eventually individuals are very stuck to what they recognize
with right um modification is a hard thing we all don’t like change um so I think it’s just type of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the advantages of having keeping numerous savings account however there’s a huge amount of complexity chooses setting up a bank account keeping it ensuring it can send out International transfers ensuring it’s set up with the ideal user accesses for private individuals so the complexity is huge but I believe the sincere answer is modification um people have not been able to alter or have not had necessarily the knowledge to really make that change into alternate Solutions besides opening a savings account I believe you have actually hit the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change but we have actually constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what might nearly be determined to be the next Century approximately there is a lot to keep an eye on and this approach does position a number of obstacles um so Johnny might you inform us about those obstacles yeah of course so there’s a range right there is so
I just did you switched our Enterprise 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 Global workers you deserve a corner office with a better parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Validation Error Payslips