Over the last 5 or six years …Papaya Global 50 Won\’t Print P45… roles on the service provider side and likewise on the vendor side from a payroll viewpoint so truly looking forward to this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply provide everybody another couple of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everybody comes 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 extremely extremely bleak and I wish I was elsewhere at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing International payroll why business keep separate
Virtual payroll accounts are an alternative to traditional savings account for managing payroll payments. This is particularly useful for worldwide companies with dispersed and remote workforces, as it streamlines the complex process of cross-border payments. Instead of maintaining separate bank accounts for payroll in different countries, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are becoming a strategic possession for payroll executives. We will likewise supply a recap of the main points covered and leave time for a Q&A session at the end.
Guaranteeing accurate, efficient, and prompt payroll payments is a complex difficulty for companies running worldwide. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll checking account, learn how business anticipate payroll costs to enhance working capital, and discover how streamlining worldwide payroll payments can transform them from a troublesome task into a strategic asset.
Managing payroll internationally is a complicated job due to various guidelines, compliance requirements, information security issues, and banking guidelines. The sheer number of workers and organizations adds to the intricacy, with an approximated 3.5 billion people in the international workforce, 500 countless whom remain in Africa, and 230 million services worldwide.
Traditional payroll systems typically lead to manual processes, information silos, and a lack of combination, resulting in inconsistencies and inefficiencies. Despite residing in an age of technological advancements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar objectives to offer insights and services to simplify and enhance global payroll payments.
about it to provide you a concept 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 sleep deprived nights and rather honestly the more an organization spends on worldwide payroll the less of a photo they see a lack of exposure likewise reaches payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the deal nearly half of international businesses have revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM information data entry errors badly interacted hires and terminations as well as absence management and system setups and then when you round everything off and the data is delivered to the wrong location the typical expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money worldwide payroll and payments do not run efficiently if they count on the essential multiple procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges service face when they’re making payments to staff members or otherwise that’s an excellent question I always toss this back and say what is it what does not need to be included best and what does
it need to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment capabilities 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 any place you look best eventually building a knowledge base is absolutely vital however all over you look with payroll payment they resemble very payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely fundamental and innovation is enabling us to type of progress with that it likewise too to contribute to that payroll and finance require to work closer together um with varying Savings account Particulars differing banking requirements and setup processes is definitely imperative that payroll and financing groups work better together than ever um I’m always impressed when individuals state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation 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 ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more important to add to sort of the level of intricacy there’s increasingly more benefits being organ or being provided by services throughout the world so again you’re simply seeking to include a growing number of payments to this currently intricate landscape so if you sort of got any experience well I’m from your large experience here and I make 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 believe yeah I suggest over the last well yeah a couple of decades I would absolutely state that the larger a service 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 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 necessarily require to be the case you understand long gone are the times where we require to produce 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 an era 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 challenging as it needs to be agreed and appropriately as you said payroll is the single most significant liability that any business has from a cost point of view from an impact viewpoint on employees it is definitely vital that it’s done properly 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 biggest destructive effect on individuals’s well-being and lots of other factors if individuals aren’t paid uh I’ve constantly been amazed coming into this Market type of the last 5 to 10 years is how little thanks the
The payroll group might not have been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and people only see when things fail. Nevertheless, when things go right, it’s viewed as just a routine job. This is how it’s perceived externally also. Therefore, it is important to guarantee that tasks like Wi-Fi Worldwide and other vital matters are done correctly. Utilizing the very first Worldwide Payments very first payroll payment service is a terrific initial step towards providing a detailed payroll solution for staff members worldwide. Standardization, international processes, and decreasing the variety of tools, platforms, and bank accounts necessary for international payroll are key factors in attaining organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically get a few complaints when things don’t go as prepared. Ultimately, we do not do it for the thankfulness.
anyhow we understand how how crucial 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 simple as possible for everyone that’s associated with those processes and likewise so think of sorry I’m just I was simply gon na state picture the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions imagine getting that many thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing task attempting to clean 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 try to browse them and really see what was going on and kind of shot to return to everybody so moving on appearance why do companies choose to primary different savings account there are Papaya Global 50 Won\’t Print P45 companies out there doing exactly this for specific countries and I have actually worked in a business or lots of businesses doing precisely that I can state it does not constantly feel effective and it does produce more work I understand we’re not intentionally doing that we’re not producing extra work for any person where we don’t have to and anybody that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe many factors one is it’s the standard I think people have actually got so utilized to we need a new checking account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm the people have actually embraced and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and lots of other methods um to to kind of do it so I think there’s a range I believe this is a process that needs taking a look at it requires altering however eventually individuals are really stuck with what they recognize
with right um modification is a difficult thing we all don’t like change um so I think it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand certainly the benefits of having maintaining several savings account however there’s a huge amount of complexity opts for setting up a checking account preserving it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for specific people so the complexity is substantial however I think the honest response is change um individuals haven’t been able to alter or have not had always the knowledge to actually make that change into alternate Solutions aside from opening a checking account I believe you’ve struck the nail on the head I think it is knowledge you understand and there is a component of resistance to alter but we have actually always done it that way is no real reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what might almost be determined to be the next Century approximately there is a lot to monitor and this approach does pose numerous challenges um so Johnny could you tell us about those difficulties yeah naturally so there’s a range right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has actually gotten another CFO, and with this boosted capability, I have actually effectively secured payments for our 10,000 staff members worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is more detailed, considering your achievements. Papaya Global 50 Won\’t Print P45