Over the last 5 or six years …Papaya Global Demo Download… roles on the provider side and likewise on the supplier side from a payroll point of view so really anticipating this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply provide everybody another couple of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to sort of like see where everyone originates from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really really bleak and I want I was somewhere else at this moment in time fine so let’s start our program for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why companies preserve separate
Virtual payroll accounts are an alternative to standard savings account for handling payroll payments. This is particularly beneficial for global organizations with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of preserving separate checking account for payroll in various nations, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are becoming a strategic property for payroll executives. We will also supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
Making sure accurate, efficient, and timely payroll payments is a complex obstacle for services running globally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll checking account, find out how business forecast payroll costs to optimize working capital, and discover how simplifying global payroll payments can change them from a challenging job into a strategic property.
Handling payroll internationally is a complicated task due to various regulations, compliance requirements, data security issues, and banking guidelines. The large number of workers and businesses adds to the intricacy, with an approximated 3.5 billion people in the worldwide workforce, 500 countless whom remain in Africa, and 230 million companies worldwide.
Traditional payroll systems typically lead to manual procedures, information silos, and a lack of combination, resulting in disparities and inefficiencies. Regardless of living in an era of technological improvements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar goals to supply insights and solutions to streamline and enhance international payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Labor force data in real time that’s another number that provides me sleep deprived nights and quite frankly the more a business spends on worldwide payroll the less of an image they see an absence of visibility likewise extends to payroll payments and inability to precisely track these payments can cause compliance mishaps in the last mile of the transaction nearly half of international organizations have actually expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information data entry mistakes badly interacted hires and terminations along with absence management and system configurations and after that when you round everything off and the data is delivered to the incorrect location the average expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the globe payroll and payments do not run smoothly if they depend on the necessary 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 employees or otherwise that’s an excellent concern I always toss this back and say what is it what doesn’t require to be consisted of right 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 timespan 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 customer’s own in-country account so there’s complexity any place you look right ultimately building a knowledge base is definitely important but everywhere you look with payroll payment they resemble extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is enabling us to sort of move on with that it also as well to add to that payroll and financing require to work closer together um with varying Savings account Details varying banking requirements and setup procedures is definitely essential that payroll and financing teams work more detailed together than ever um I’m always impressed when individuals state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they split the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so often 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 people wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being more and more crucial to contribute to kind of the level of complexity there’s more and more advantages being organ or being used by businesses throughout the world so once again you’re simply looking to include more and more payments to this already complex landscape so if you type of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of real challenges or genuine challenging type of pay uses to play to pay individuals I think yeah I mean over the last well yeah a number of decades I would absolutely say that the larger a business gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are groups feeding info into the next function as it were that’s actually managing the payment side of things but you understand in in my viewpoint and my experience that doesn’t necessarily require to be the case you know long gone are the times where we need to produce extra handoffs in the processes that we operate in they just make them more prompt they make them less efficient and they don’t make them what they need to be in in an age of tech and an era that you understand that we are operating in today there is no reason that we are still making this as tough as it requires to be concurred and appropriately as you stated payroll is the single most significant liability that any organization has from an expense perspective from an impact viewpoint on staff members it is definitely critical that it’s done properly and on time so what we imply 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 harmful effect on individuals’s wellness and numerous other elements if individuals aren’t paid uh I have actually constantly been amazed entering into this Market sort of the last 5 to 10 years is how little thanks the
payroll team get um so I’m not sure anyone on this type of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an essential cycle all of us find out about it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this things is definitely essential that all of this stuff is done correctly so leveraging the first Worldwide Payments very first payroll payment service is a terrific first step um providing an end-to-end payroll option for your employees worldwide again I think is another huge um process once again aligning and ensuring you have standardization Worldwide procedures all of those things are definitely essential to success success of organizations and decreasing the number of tools platforms and bank accounts they require for their Global payroll too couldn’t 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 countless 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 grievances where things haven’t gone quite where they’re implied to be um I don’t think any of us are really doing that for for the thanks
anyhow 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 simple as possible for everyone that’s involved in those processes and also so think of sorry I’m simply I was just gon na say picture the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions imagine getting that many thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting job trying to clean all those up for sure oh absolutely I can’t imagine 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 in fact see what was going on and type of shot to get back to everyone so carrying on appearance why do companies pick to main separate checking account there are Papaya Global Demo Download organizations out there doing precisely this for specific countries and I have actually operated in a company or many services doing precisely that I can state it doesn’t constantly feel efficient and it does develop more work I know we’re not deliberately doing that we’re not developing additional work for anybody where we don’t need to and anybody that’s managing that process 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 think numerous reasons one is it’s the requirement I believe individuals have actually got so used to we need a brand-new savings account we open an entity and appropriately so you require it for payroll functions but 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 embraced and continue to do over years and years passed by to add to that individuals have 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 think this is a procedure that requires looking at it needs changing however eventually individuals are extremely stuck with what they’re familiar
with best um change is a tough thing we all do not like change um so I believe it’s just type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand undoubtedly the benefits of having preserving multiple bank accounts but there’s a big quantity of intricacy goes with establishing a bank account keeping it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for private individuals so the complexity is big however I think the truthful answer is modification um individuals have not been able to alter or have not had always the knowledge to truly make that change into alternate Solutions aside from opening a savings account I think you’ve hit the nail on the head I think it is knowledge you understand and there is an element of resistance to alter however we have actually constantly done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could almost be identified to be the next Century or so there is a lot to keep an eye on and this method does pose numerous obstacles um so Johnny could you tell us about those difficulties yeah of course so there’s a range right there is so
I just did you switched our Enterprise 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 International employees you deserve a corner office with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Demo Download