Over the last five or six years …Loket Papaya Globals Dimana… functions on the service provider side and likewise on the vendor side from a payroll perspective so really anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just give everyone another couple of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll sort 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 comes from and I actually do hope it’s much sunnier than it is 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 very dreary and I want I was somewhere else at this moment in time all right so let’s begin our program for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why business keep separate
Virtual payroll accounts are an alternative to traditional bank accounts for handling payroll payments. This is especially helpful for international organizations with dispersed and remote labor forces, as it streamlines the complicated process of cross-border payments. Instead of keeping different savings account for payroll in different nations, virtual accounts and digital wallets provide a more structured option. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a strategic possession for payroll executives. We will also provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
Making sure accurate, efficient, and prompt payroll payments is a complex obstacle for services operating internationally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll checking account, discover how companies forecast payroll expenses to enhance working capital, and find how improving worldwide payroll payments can transform them from a troublesome job into a strategic property.
Managing payroll globally is a complicated task due to different regulations, compliance requirements, data security concerns, and banking rules. The sheer number of employees and companies adds to the complexity, with an approximated 3.5 billion people in the global labor force, 500 countless whom are in Africa, and 230 million organizations worldwide.
Standard payroll systems often lead to manual processes, information silos, and a lack of integration, resulting in disparities and ineffectiveness. Regardless of living in an age of technological developments, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar objectives to provide insights and solutions to streamline and optimize global payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force data in real time that’s another number that gives me sleepless nights and rather frankly the more a service invests in worldwide payroll the less of an image they see a lack of visibility likewise encompasses payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the deal almost half of global organizations have actually expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry mistakes improperly 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 wrong location the average cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the world payroll and payments do not run efficiently if they depend on the required numerous 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 business face when they’re making payments to workers or otherwise that’s an excellent question I constantly throw this back and say what is it what does not require to be included right and what does
it need to be thought about there’s differing Bank details 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 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 any place you look ideal ultimately developing a knowledge base is absolutely crucial but everywhere you look with payroll payment they resemble very payments no if but some children about it you are all superheroes processing payments for payroll if you look at the type 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 absolutely essential and innovation is allowing us to sort of move forward with that it also as well to contribute to that payroll and finance need to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is definitely vital that payroll and financing teams work better together than ever um I’m constantly astonished 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 calculation I would say no so why do we as a market accept that why our payroll and payments so often 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 any place they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more crucial to contribute to type of the level of complexity there’s increasingly more advantages being organ or being offered by services throughout the world so once again you’re simply seeking to add increasingly more payments to this currently complex landscape so if you kind of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of genuine obstacles or real 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 certainly say that the bigger a business 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 groups feeding information into the next function as it were that’s in fact handling the payment side of things but you understand in in my opinion and my experience that does not always require to be the case you understand long gone are the times where we need to develop extra handoffs while doing sos that we operate in they simply make them more timely they make them less efficient and they do not make them what they require to be in in a period of tech and an age that you understand 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 said payroll is the single biggest liability that any organization has from an expense viewpoint from an effect point of view on employees it is absolutely vital that it’s done correctly and on time so what we suggest 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 destructive effect on people’s well-being and numerous other factors if individuals aren’t paid uh I have actually always been astonished entering this Market sort of the last 5 to 10 years is how little thanks the
payroll group get um so I’m uncertain anyone on this sort of webinar has been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an essential cycle all of us hear about it when it fails everybody jumps up and down when it fails however when it goes right it’s just a tick box workout 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 definitely important that all of this things is done properly so leveraging the very first Worldwide Payments first payroll payment option is a great first step um providing an end-to-end payroll service for your employees internationally once again I think is another huge um procedure again lining up and guaranteeing you have standardization Global processes all of those things are absolutely crucial to success success of businesses and minimizing the variety of tools platforms and checking account they require for their International payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the problems where things haven’t gone quite where they’re suggested to be um I don’t think any of us are really doing that for for the thanks
anyhow we know how how important 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 easy as possible for everyone that’s associated with those procedures and also so picture sorry I’m simply I was simply gon na say imagine the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re speaking about numerous thousands potentially Millions think of getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating job attempting to clean all those up for sure oh absolutely I can’t imagine 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 really see what was going on and type of shot to get back to everyone so proceeding look why do business pick to main different checking account there are Loket Papaya Globals Dimana services out there doing precisely this for specific countries and I have actually operated in an organization or lots of companies doing precisely that I can state it doesn’t always feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not developing additional work for any person where we do not need to and anybody that’s managing 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 numerous factors one is it’s the standard I believe people have actually got so utilized to we need a new savings account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals have actually embraced and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and numerous other ways um to to type of do it so I think there’s a variety I believe this is a process that needs taking a look at it requires altering however eventually individuals are very stuck to what they’re familiar
with best um modification is a tough thing all of us don’t like change um so I think it’s simply type of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand undoubtedly the advantages of having maintaining multiple bank accounts however there’s a huge amount of intricacy chooses establishing a checking account maintaining it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for individual people so the intricacy is big but I think the sincere answer is modification um individuals haven’t had the ability to change or have not had always the knowledge to really make that change into alternate Solutions besides opening a checking account I think you have actually struck the nail on the head I think it is knowledge you know and there is a component of resistance to change however we’ve always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could almost be figured out to be the next Century or two there is a lot to monitor and this method does position several challenges um so Johnny might you inform us about those difficulties yeah obviously so there’s a range right there is so
I 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 acquired another CFO, and with this enhanced ability, I have actually effectively secured payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is more detailed, considering your accomplishments. Loket Papaya Globals Dimana