Over the last 5 or six years …Https Reviews.Financesonline.Com P Papaya Global User-review… functions on the supplier side and also on the vendor side from a payroll point of view so actually anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply provide everyone another couple of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everyone 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 raining here it’s extremely very uninspiring and I wish I was elsewhere 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 handling Worldwide payroll why business keep separate
Virtual payroll accounts are an option to traditional savings account for managing payroll payments. This is especially helpful for international companies with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of keeping separate savings account for payroll in various countries, virtual accounts and digital wallets offer a more structured service. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are becoming a tactical property for payroll executives. We will likewise 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 timely payroll payments is a complex challenge for organizations operating globally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll bank accounts, find out how business forecast payroll expenses to optimize working capital, and find how simplifying global payroll payments can transform them from a troublesome task into a strategic property.
Handling payroll worldwide is a daunting job due to various policies, compliance requirements, information security issues, and banking guidelines. The large number of workers and organizations contributes to the intricacy, with an estimated 3.5 billion individuals in the worldwide labor force, 500 countless whom are in Africa, and 230 million services worldwide.
Standard payroll systems typically result in manual processes, information silos, and a lack of integration, causing inconsistencies and inefficiencies. In spite of living in an age of technological developments, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar aims to provide insights and solutions to simplify and enhance international payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Labor force information in real time that’s another number that gives me sleep deprived nights and rather frankly the more a service spends on global payroll the less of a picture they see an absence of exposure likewise extends to payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the transaction almost half of worldwide organizations have actually revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM information information entry mistakes badly communicated hires and terminations along with lack management and system configurations and after that when you round all of it off and the data is delivered to the incorrect place the average expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash worldwide payroll and payments don’t run smoothly if they depend on the required several procedures 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 business face when they’re making payments to employees or otherwise that’s a great question I always throw this back and say what is it what doesn’t need to be consisted of right and what does
it require to be thought of 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 abilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the client’s own in-country account so there’s intricacy any place you look ideal eventually developing a knowledge base is definitely vital however everywhere you look with payroll payment they are like super payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the type 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 definitely fundamental and technology is enabling us to kind of move forward with that it likewise as well to add to that payroll and financing need to work closer together um with varying Checking account Details varying banking requirements and setup procedures is definitely vital that payroll and finance groups work better together than ever um I’m always amazed when individuals state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from estimation 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 ultimately 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 a growing number of essential to add to sort of the level of intricacy there’s a growing number of benefits being organ or being provided by services across the world so once again you’re just wanting to add increasingly more payments to this currently intricate landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of genuine obstacles or genuine difficult sort of pay uses to play to pay people I think yeah I imply over the last well yeah a number of years I would definitely state that the larger an organization gets the more it tends to segregate the payroll and the payments works 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 but you know in in my viewpoint and my experience that does not always require to be the case you understand long gone are the times where we require to create additional handoffs in the processes that we run in they simply make them more prompt they make them less efficient and they do not make them what they require to be in in an age of tech and an age that you know that we are operating in today there is no reason that we are still making this as challenging as it requires to be concurred and rightly as you said payroll is the single biggest liability that any business has from a cost point of view from an effect viewpoint on workers it is definitely vital 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 need to be done right it has the greatest harmful effect on people’s wellness and many other factors if people aren’t paid uh I’ve constantly been surprised entering into this Market sort of the last five to ten years is how little thanks the
The payroll team may not have actually been thanked for correctly processing payroll during a webinar. If anybody has actually 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 people only discover when things go wrong. However, when things go right, it’s seen as simply a regular job. This is how it’s perceived externally also. For that reason, it is important to make sure that tasks like Wi-Fi International and other important matters are done properly. Using the very first Global Payments very first payroll payment service is a great initial action towards offering a thorough payroll service for workers worldwide. Standardization, worldwide procedures, and minimizing the number of tools, platforms, and checking account needed for international payroll are essential consider attaining organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of grievances when things do not go as planned. Ultimately, we do not do it for the appreciation.
anyway 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 associated with those processes and also so envision sorry I’m just I was simply gon na say think of the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions think of getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting job attempting to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse them and in fact see what was going on and type of try to return to everybody so carrying on appearance why do business select to main different bank accounts there are Https Reviews.Financesonline.Com P Papaya Global User-review services out there doing exactly this for specific countries and I have actually operated in a business or many businesses doing precisely that I can say it does not always feel effective and it does create more work I understand we’re not deliberately doing that we’re not developing extra work for any person where we do not have to and anyone 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 quantity that we are I think lots of reasons one is it’s the standard I believe people have got so utilized to we require a brand-new savings account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the norm individuals have adopted and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and lots of other methods um to to kind of do it so I think there’s a variety I believe this is a process that requires looking at it requires changing however eventually people are extremely stuck with what they recognize
with ideal um modification is a hard thing we all don’t like change um so I believe it’s simply kind 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 preserving numerous bank accounts but there’s a huge quantity of complexity chooses setting up a savings account preserving it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for individual individuals so the intricacy is substantial however I believe the sincere answer is modification um individuals haven’t been able to alter or have not had necessarily the understanding to really make that change into alternate Solutions besides opening a bank account I believe you have actually hit the nail on the head I think it is understanding you understand and there is an element of resistance to change however we’ve always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what could nearly be determined to be the next Century approximately there is a lot to keep an eye on and this method does position several difficulties um so Johnny might you tell us about those obstacles yeah of course 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global workers you should have a corner office with a more detailed parking space because I mastered International payroll and payments with Papaya payroll OS did you Https Reviews.Financesonline.Com P Papaya Global User-review