Over the last five or six years …How To Run Termination Payroll Papaya Global Time Off… functions on the company side and likewise on the supplier side from a payroll point of view so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply provide everyone another couple of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather intriguing 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 truly 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 bleak and I wish 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 Worldwide payroll why business maintain different
Virtual payroll accounts are an alternative to traditional checking account for managing payroll payments. This is especially useful for international companies with dispersed and remote labor forces, as it simplifies the complex procedure of cross-border payments. Instead of keeping separate bank accounts for payroll in various countries, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are becoming a tactical possession for payroll executives. We will also offer 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 challenge for services operating globally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll checking account, find out how business anticipate payroll expenses to optimize working capital, and discover how improving global payroll payments can change them from a difficult job into a tactical asset.
Handling payroll globally is a challenging task due to different policies, compliance requirements, information security concerns, and banking guidelines. The large number of employees and businesses adds to the intricacy, with an approximated 3.5 billion people in the international labor force, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Traditional payroll systems frequently lead to manual procedures, data silos, and a lack of combination, leading to inconsistencies and inadequacies. Regardless 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, frequently using pen and paper. This webinar goals to provide insights and services to simplify and enhance worldwide payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force information in real time that’s another number that offers me sleepless nights and quite frankly the more a service invests in international payroll the less of a photo they see a lack of exposure likewise encompasses payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the deal almost half of international companies have actually 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 data entry errors badly communicated hires and terminations in addition to lack management and system setups and after that when you round all of it off and the data is delivered to the incorrect place the average cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the world payroll and payments don’t run smoothly if they rely on the necessary several procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles service face when they’re making payments to workers or otherwise that’s an excellent concern I always throw this back and state what is it what doesn’t require to be consisted of best and what does
it require to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames 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 intricacy anywhere you look right eventually building a knowledge base is absolutely vital but all over you look with payroll payment they resemble very payments no if however some infants 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 recognition that payroll payments are absolutely fundamental and innovation is enabling us to type of progress with that it likewise as well to add to that payroll and finance need to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is absolutely important that payroll and financing teams work closer together than ever um I’m always astonished when individuals say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work 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 ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals wherever 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 important to contribute to type of the level of intricacy there’s a growing number of benefits being organ or being used by services throughout the world so once again you’re simply looking to add more and more payments to this already intricate landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of real challenges or real challenging sort of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a couple of decades I would certainly say that the bigger a service gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are groups feeding info into the next function as it were that’s really handling the payment side of things but 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 extra handoffs in the processes that we operate in they just make them more prompt they make them less effective and they do not make them what they require to be in in a period of tech and an era that you know that we are operating in today there is no reason that we are still making this as hard as it needs to be agreed and appropriately as you stated payroll is the single greatest liability that any service has from a cost viewpoint from an impact point of view on workers it is definitely crucial that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the biggest detrimental result on individuals’s well-being and numerous other aspects if people aren’t paid uh I’ve constantly been impressed entering this Market sort of the last five to 10 years is how little thanks the
payroll group get um so I’m unsure anyone on this kind of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an important cycle we all find out about it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely essential that all of this stuff is done properly so leveraging the first Global Payments very first payroll payment service is a fantastic initial step um offering an end-to-end payroll service for your employees worldwide again I think is another big um process once again lining up and guaranteeing you have standardization International procedures all of those things are absolutely key to success success of services and minimizing the variety of tools platforms and bank accounts they require for their Worldwide 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 don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the problems where things have not gone rather where they’re suggested to be um I do not think any of us are actually doing that for for the thanks
anyhow 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 easy as possible for everybody that’s associated with those processes and likewise so imagine sorry I’m just I was just gon na state imagine the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re talking about numerous thousands possibly Millions think of getting that many thank you keeps in mind um I indicate 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 up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and in fact see what was going on and type of shot to get back to everyone so proceeding appearance why do business select to primary different bank accounts there are How To Run Termination Payroll Papaya Global Time Off businesses out there doing exactly this for particular countries and I have actually worked in a company or lots of organizations doing precisely that I can state it does not always feel effective and it does develop more work I understand we’re not purposely doing that we’re not producing extra work for anybody where we do not need to and anyone 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 think lots of reasons one is it’s the requirement I think individuals have actually got so used 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 variety of markets where it’s not a requirement so I think it’s just 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 actually looked at things like trust accounts and numerous other ways um to to type of do it so I believe there’s a variety I believe this is a procedure that requires taking a look at it needs changing however eventually people are extremely stuck with what they recognize
with best um change is a tough thing we all do not like change um so I think it’s just sort of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand certainly the advantages of having maintaining numerous bank accounts however there’s a big quantity of complexity goes with setting up a checking account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the right user accesses for specific individuals so the intricacy is substantial however I believe the sincere answer is modification um individuals haven’t been able to change or haven’t had always the understanding to truly make that change into alternate Solutions besides opening a checking account I believe you’ve hit the nail on the head I think it is understanding you know and there is an aspect of resistance to change but we have actually 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 might nearly be identified to be the next Century approximately there is a lot to monitor and this approach does position a number of difficulties um so Johnny might you tell us about those obstacles yeah naturally so there’s a range right there is so
I just did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you are worthy of a corner office with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you How To Run Termination Payroll Papaya Global Time Off