Over the last five or 6 years …Papaya Global Calendar 2020/21… functions on the company side and also on the supplier side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everybody comes from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely extremely bleak and I want I was somewhere else at this moment in time fine 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 maintain different
Virtual payroll accounts are an alternative to traditional checking account for managing payroll payments. This is particularly beneficial for international companies with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of preserving different savings account for payroll in different countries, virtual accounts and digital wallets use a more structured service. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are ending up being a strategic property for payroll executives. We will also supply a recap of the main points covered and leave time for a Q&A session at the end.
Ensuring accurate, effective, and prompt payroll payments is a complex challenge for services running globally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll checking account, find out how companies anticipate payroll expenses to enhance working capital, and find how streamlining international payroll payments can change them from a burdensome job into a tactical property.
Managing payroll globally is an overwhelming job due to various regulations, compliance requirements, information security concerns, and banking guidelines. The sheer variety of staff members and companies adds to the intricacy, with an approximated 3.5 billion people in the international labor force, 500 countless whom remain in Africa, and 230 million services worldwide.
Traditional payroll systems typically result in manual procedures, information silos, and a lack of integration, resulting in inconsistencies and ineffectiveness. In spite of living in an era of technological advancements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar objectives to provide insights and options to simplify and optimize global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Workforce data in real time that’s another number that provides me sleep deprived nights and rather frankly the more a service spends on international payroll the less of a picture they see a lack of presence also reaches payroll payments and failure to accurately track these payments can cause compliance incidents in the last mile of the transaction almost half of international companies have expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information data entry mistakes poorly interacted hires and terminations in addition to absence management and system configurations and then when you round all of it off and the information is delivered to the incorrect location the typical cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the world payroll and payments do not run efficiently if they count on the required multiple processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles service face when they’re paying to staff members or otherwise that’s a good question I always throw this back and say what is it what doesn’t require to be included best and what does
it require to be considered there’s varying 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 capabilities 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 customer’s own in-country account so there’s complexity any place you look best eventually constructing a knowledge base is definitely crucial however everywhere you look with payroll payment they resemble super payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is permitting us to kind of move on with that it likewise as well to add to that payroll and finance need to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is definitely essential that payroll and finance groups work more detailed together than ever um I’m always astonished when people state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession would they split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um eventually 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 but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being increasingly more essential to contribute to kind of the level of intricacy there’s a growing number of benefits being organ or being used by businesses across the world so once again you’re simply seeking to include increasingly more payments to this already complicated landscape so if you sort of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of genuine obstacles or genuine tough type of pay utilizes to play to pay people I think yeah I suggest over the last well yeah a couple of years I would absolutely say that the larger a company 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 details into the next function as it were that’s in fact managing the payment side of things but you understand in in my viewpoint and my experience that does not always need to be the case you know long gone are the times where we need to create extra handoffs in the processes that we run in they just make them more timely they make them less efficient and they don’t make them what they need to be in in an era of tech and an era that you understand that we are working in today there is no reason why we are still making this as hard as it requires to be concurred and appropriately as you said payroll is the single biggest liability that any company has from an expense viewpoint from an effect perspective on employees it is definitely crucial 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 most significant damaging effect on people’s well-being and numerous other factors if people aren’t paid uh I’ve constantly been impressed coming into this Market type of the last 5 to ten years is how little thanks the
The payroll team might not have actually been thanked for properly 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 notice when things go wrong. Nevertheless, when things go right, it’s seen as just a routine task. This is how it’s perceived externally too. For that reason, it is important to make sure that jobs like Wi-Fi Worldwide and other essential matters are done correctly. Using the first Worldwide Payments very first payroll payment service is an excellent initial action towards supplying a comprehensive payroll solution for staff members worldwide. Standardization, worldwide procedures, and minimizing the variety of tools, platforms, and bank accounts essential for worldwide payroll are crucial factors in attaining organization success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a few problems when things do not go as prepared. Eventually, we don’t do it for the thankfulness.
anyway we understand how how essential 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 everyone that’s involved in those processes and also so imagine sorry I’m just I was simply gon na state picture the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions picture getting that many thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing task trying to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to browse them and actually see what was going on and sort of try to get back to everyone so moving on look why do business pick to main different bank accounts there are Papaya Global Calendar 2020/21 companies out there doing exactly this for particular nations and I’ve worked in a business or lots of businesses doing exactly that I can say it does not always feel efficient and it does create more work I understand we’re not deliberately doing that we’re not creating additional work for anybody where we don’t have to and anyone that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe lots of factors one is it’s the requirement I think people have actually got so utilized to we require a brand-new checking 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 norm the people have adopted and continue to do over years and years passed by to contribute to that individuals have actually looked at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a range I think this is a process that needs taking a look at it requires changing however eventually individuals are really stuck with what they recognize
with right um modification is a hard thing we all do not like change um so I think it’s simply kind of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand certainly the benefits of having maintaining several bank accounts but there’s a big quantity of intricacy opts for establishing a savings account preserving it ensuring it can send out International transfers ensuring it’s established with the right user accesses for private people so the intricacy is huge however I believe the honest response is modification um people have not had the ability to change or have not had necessarily the understanding to really make that change into alternate Solutions aside from opening a savings account I believe you have actually hit the nail on the head I believe it is understanding you understand and there is an element of resistance to change but we have actually always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might nearly be determined to be the next Century or two there is a lot to keep an eye on and this approach does posture numerous obstacles um so Johnny might you inform us about those challenges yeah of course so there’s a variety right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has acquired another CFO, and with this enhanced capability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is better, considering your achievements. Papaya Global Calendar 2020/21