Over the last 5 or six years …Papaya Global Maternity Pay… functions on the supplier side and likewise on the vendor side from a payroll viewpoint so actually anticipating this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just provide everybody another couple of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to kind 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 sunlight is it it’s not no it’s it’s raining here it’s really extremely uninspiring and I wish I was somewhere else at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why companies maintain different
Virtual payroll accounts are an alternative to standard checking account for handling payroll payments. This is particularly helpful for worldwide organizations with dispersed and remote workforces, as it streamlines the complicated procedure of cross-border payments. Instead of maintaining separate savings account for payroll in various nations, 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 discuss why they are ending up being a strategic asset 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.
Making sure precise, efficient, and timely payroll payments is a complex difficulty for services running globally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll savings account, find out how companies forecast payroll costs to optimize working capital, and find how improving global payroll payments can transform them from a burdensome job into a tactical property.
Managing payroll internationally is a daunting task due to different policies, compliance requirements, data security issues, and banking rules. The sheer number of employees and services adds to the complexity, with an estimated 3.5 billion people in the worldwide workforce, 500 million of whom are in Africa, and 230 million businesses worldwide.
Traditional payroll systems often result in manual processes, data silos, and a lack of combination, causing disparities and ineffectiveness. Regardless of living in a period of technological advancements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar goals to supply insights and options to streamline and enhance global payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force information in real time that’s another number that offers me sleep deprived nights and quite frankly the more a business invests in global payroll the less of a picture they see an absence of visibility also encompasses payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the transaction almost half of international businesses have actually expressed that they do not 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 data information entry mistakes inadequately communicated hires and terminations in addition to lack management and system configurations and after that when you round it all off and the data is delivered to the incorrect place the average cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments don’t run smoothly if they rely on the required numerous processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties service face when they’re paying to workers or otherwise that’s a good question I always toss this back and state what is it what does not need to be included best and what does
it need to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames 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 customer’s own in-country account so there’s intricacy wherever you look ideal ultimately building a knowledge base is definitely vital however everywhere you look with payroll payment they resemble extremely payments no if but some children 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 believe there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is enabling us to sort of move forward with that it also also to contribute to that payroll and finance need to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is definitely crucial that payroll and finance groups work better together than ever um I’m always astonished when individuals say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from estimation 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 information collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of crucial to add to kind of the level of intricacy there’s increasingly more advantages being organ or being used by businesses across the world so once again you’re simply wanting to include increasingly more payments to this currently complicated 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 obstacles or real tough kind 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 service gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are groups feeding information 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 require to create extra handoffs at the same times that we run in they just make them more prompt they make them less effective and they don’t make them what they require to be in in an era of tech and an era that you understand that we are working in today there is no reason we are still making this as tough as it needs to be agreed and rightly as you stated payroll is the single biggest liability that any organization has from an expense viewpoint from an effect point of view on workers it is definitely important 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 have to be done right it has the biggest detrimental effect on individuals’s wellness and numerous other factors if individuals aren’t paid uh I’ve always been impressed entering this Market type of the last 5 to 10 years is how little thanks the
payroll team get um so I’m not exactly sure anyone on this sort of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an important cycle all of us hear about it when it goes wrong everybody jumps up and down when it goes wrong 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 also like why WI-Fi Global why all of this stuff is absolutely crucial that all of this things is done properly so leveraging the first Global Payments very first payroll payment solution is a great primary step um supplying an end-to-end payroll service for your employees internationally again I think is another big um process once again aligning and ensuring you have standardization Worldwide processes all of those things are definitely key to success success of businesses and minimizing the number of tools platforms and bank accounts 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 have actually never had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things haven’t gone rather where they’re meant to be um I do not think any of us are actually 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 easy as possible for everyone that’s associated with those procedures and also so imagine sorry I’m just I was just gon na say envision the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions envision getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting task 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 require days of the week to try to check out them and really see what was going on and sort of shot to return to everyone so proceeding look why do business select to main different savings account there are Papaya Global Maternity Pay companies out there doing exactly this for specific nations and I’ve operated in a service or numerous organizations doing precisely that I can say it does not constantly feel efficient and it does create more work I know we’re not intentionally doing that we’re not developing additional work for anyone where we don’t need to and any person that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe many reasons one is it’s the standard I think individuals have actually got so utilized to we require a new bank account we open an entity and appropriately so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard individuals have actually adopted and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and many other methods um to to sort of do it so I think there’s a range I believe this is a procedure that needs looking at it needs changing however ultimately people are extremely stuck to what they’re familiar
with best um modification is a challenging thing all of us do not like change um so I believe it’s just sort of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand obviously the advantages of having keeping several savings account however there’s a substantial quantity of intricacy goes with establishing a bank account preserving it ensuring it can send International transfers ensuring it’s set up with the ideal user accesses for private people so the complexity is big however I think the sincere answer is change um individuals have not been able to change or have not had always the knowledge to actually make that change into alternate Solutions other than opening a bank account I think you have actually struck the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter however we’ve 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 know what could nearly be figured out to be the next Century approximately there is a lot to monitor and this method does position several difficulties um so Johnny could you tell us about those obstacles yeah naturally so there’s a variety right there is so
I simply did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International employees you should have a corner workplace with a closer parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Maternity Pay