Over the last five or six years …Download Papaya Global 50… roles on the provider side and likewise on the vendor side from a payroll point of view so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply provide everybody another couple of uh well one of 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 type of like see where everyone originates from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very very bleak and I wish I was somewhere else at this moment in time all right so let’s start our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why business maintain different
Virtual payroll accounts are an option to traditional savings account for handling payroll payments. This is particularly beneficial for global organizations with dispersed and remote workforces, as it streamlines the complex process of cross-border payments. Instead of preserving different checking account for payroll in different nations, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are becoming a strategic possession 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.
Making sure accurate, effective, and prompt payroll payments is a complex difficulty for companies operating worldwide. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll savings account, discover how companies forecast payroll expenses to enhance working capital, and discover how simplifying international payroll payments can transform them from a challenging task into a tactical possession.
Managing payroll worldwide is a challenging job due to numerous regulations, compliance requirements, information security concerns, and banking rules. The large variety of workers and companies adds to the complexity, with an estimated 3.5 billion individuals in the global workforce, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Standard payroll systems often lead to manual processes, data silos, and a lack of integration, resulting in inconsistencies and ineffectiveness. Despite living in an age of technological advancements, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar objectives to supply insights and options to simplify and enhance global payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services state they have Workforce information in real time that’s another number that offers me sleepless nights and rather honestly the more a business spends on international payroll the less of a picture they see an absence of presence also encompasses payroll payments and inability to precisely track these payments can lead to compliance mishaps in the last mile of the deal almost half of global businesses have 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 due to time reporting poor HCM data information entry mistakes inadequately interacted hires and terminations along with lack management and system configurations and then when you round everything off and the data is shipped to the wrong location the average cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money all over the world payroll and payments do not 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 obstacles company face when they’re making payments to staff members or otherwise that’s an excellent question I constantly throw this back and state what is it what does not require to be consisted of right and what does
it require to be thought of there’s differing 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 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 customer’s own in-country account so there’s intricacy wherever you look best eventually building a knowledge base is definitely crucial but everywhere you look with payroll payment they are like extremely payments no if however some infants 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 recognition that payroll payments are absolutely essential and technology is permitting us to sort of progress with that it likewise too to contribute to that payroll and financing need to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is absolutely essential that payroll and finance teams work closer together than ever um I’m always astonished when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate 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 process it’s the point of information collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being increasingly more essential to contribute to kind of the level of complexity there’s more and more advantages being organ or being provided by organizations throughout the world so once again you’re just wanting to add more and more payments to this already complex landscape so if you sort of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of genuine challenges or genuine tough type of pay uses to play to pay individuals I think yeah I imply over the last well yeah a number of years I would definitely state that the larger a company gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are teams feeding information into the next function as it were that’s actually handling 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 know long gone are the times where we need to create additional 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 need to be in in a period of tech and an age that you understand that we are operating in today there is no reason why we are still making this as challenging as it needs to be concurred and rightly as you said payroll is the single most significant liability that any business has from an expense point of view from an impact point of view on workers it is absolutely 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 most significant damaging impact on people’s wellness and many other elements if individuals aren’t paid uh I’ve constantly been surprised entering into this Market sort of the last 5 to ten years is how little thanks the
The payroll group might not have been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and individuals just see when things go wrong. However, when things go right, it’s seen as just a routine task. This is how it’s viewed externally also. Therefore, it is necessary to make sure that tasks like Wi-Fi Worldwide and other important matters are done correctly. Using the very first International Payments very first payroll payment option is a fantastic preliminary action towards providing an extensive payroll solution for employees worldwide. Standardization, international procedures, and decreasing the variety of tools, platforms, and bank accounts required for international payroll are essential factors in accomplishing organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a few grievances when things don’t go as prepared. Ultimately, we do not do it for the appreciation.
anyway we know 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 associated with those procedures and likewise so picture sorry I’m simply I was simply gon na state envision the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re speaking about numerous thousands possibly Millions envision getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating job attempting to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to check out them and in fact see what was going on and sort of try to get back to everybody so moving on appearance why do companies pick to primary different bank accounts there are Download Papaya Global 50 organizations out there doing precisely this for specific countries and I’ve operated in a company or lots of services doing exactly that I can state it doesn’t always feel effective and it does develop more work I understand we’re not purposely doing that we’re not creating additional work for anyone where we do not have to and anyone that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I think numerous reasons one is it’s the standard I believe individuals have actually got so utilized to we require a brand-new checking account we open an entity and rightly so you need it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have embraced and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and many other ways um to to sort of do it so I think there’s a variety I believe this is a process that needs taking a look at it needs changing however ultimately individuals are very stuck to what they’re familiar
with right um change is a difficult thing we all do not like modification um so I believe it’s simply kind of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend obviously the advantages of having preserving several savings account however there’s a big quantity of intricacy opts for setting up a bank account keeping it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for private individuals so the intricacy is big but I believe the sincere answer is modification um individuals have not had the ability to alter or haven’t had necessarily the understanding to really make that change into alternate Solutions other than opening a savings account I believe you have actually struck the nail on the head I believe it is knowledge you know and there is a component of resistance to change but we’ve constantly done it that way is no real reason for not looking at the the advantages and the possibilities of moving on and moving into you understand what could nearly be determined to be the next Century or so there is a lot to monitor and this technique does present several difficulties um so Johnny could you inform us about those difficulties yeah of course so there’s a range right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has actually gotten another CFO, and with this boosted capability, I have actually successfully secured payments for our 10,000 employees worldwide. Your dedication to mastering global 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. Download Papaya Global 50