Over the last 5 or six years …Papaya Global Rti Problems… functions on the provider side and also on the supplier side from a payroll point of view so really eagerly anticipating this discussion today um and yeah thank you very much for your time everyone 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 type of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everyone originates from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely very bleak and I wish I was elsewhere at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why business preserve separate
Virtual payroll accounts are an option to conventional bank accounts for managing payroll payments. This is especially beneficial for worldwide organizations with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of keeping separate bank accounts for payroll in different countries, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are becoming a strategic possession for payroll executives. We will likewise 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 timely payroll payments is a complex challenge for organizations operating globally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll checking account, learn how companies anticipate payroll expenses to enhance working capital, and discover how improving international payroll payments can transform them from a burdensome job into a tactical asset.
Handling payroll globally is a difficult job due to various regulations, compliance requirements, information security concerns, and banking guidelines. The sheer number of staff members and businesses adds to the complexity, with an approximated 3.5 billion individuals in the global workforce, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Conventional payroll systems often lead to manual procedures, data silos, and a lack of integration, resulting in inconsistencies and inadequacies. Despite living in an age of technological advancements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar aims to provide insights and options to streamline and optimize international payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force information in real time that’s another number that gives me sleepless nights and rather frankly the more a service invests in international payroll the less of a picture they see an absence of presence also encompasses payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the deal nearly half of worldwide organizations have actually revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry errors improperly interacted hires and terminations in addition to absence management and system setups and then when you round all of it off and the data is delivered to the wrong place the average expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money all over the world payroll and payments do not run efficiently if they rely on the necessary numerous procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties organization face when they’re making payments to employees or otherwise that’s a good question I constantly throw this back and say what is it what doesn’t require to be consisted of right 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 nation there’s payment time frames 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 intricacy anywhere you look ideal ultimately developing a knowledge base is definitely critical but everywhere you look with payroll payment they are like incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the kind 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 essential and technology is allowing us to type of progress with that it likewise too to contribute to that payroll and financing require to work closer together um with differing Bank Account Details differing banking requirements and setup procedures is absolutely essential that payroll and financing teams work better together than ever um I’m constantly surprised when individuals say I have actually 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 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 procedure 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 3rd parties so with the
world we reside in and wellness being more and more essential to contribute to sort of the level of intricacy there’s more and more benefits being organ or being used by services throughout the world so once again you’re simply looking to add increasingly more payments to this already complex landscape so if you type of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of genuine challenges or real challenging type of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a couple of decades I would definitely state that the larger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding information into the next function as it were that’s actually handling the payment side of things but you know in in my opinion and my experience that does not necessarily require to be the case you understand long gone are the times where we need to create additional handoffs at the same times that we operate in they just make them more timely they make them less efficient and they do not make them what they require to be in in an era of tech and a period that you understand that we are operating in today there is no reason why we are still making this as tough as it requires to be concurred and appropriately as you said payroll is the single greatest liability that any business has from an expense point of view from an impact viewpoint on workers 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 have to be done right it has the greatest detrimental effect on people’s well-being and lots of other factors if people aren’t paid uh I have actually always been amazed coming into this Market kind of the last 5 to 10 years is how little thanks the
payroll team get um so I’m unsure anyone on this type 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 however ultimately payroll is such a crucial cycle we all become aware of it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s simply 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 definitely important that all of this things is done properly so leveraging the very first International Payments first payroll payment option is a great first step um offering an end-to-end payroll solution for your employees worldwide again I think is another big um process again lining up and ensuring you have standardization International procedures all of those things are definitely crucial to success success of organizations and lowering the number of tools platforms and checking account they need 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 thousand of them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the complaints where things have not gone rather where they’re indicated to be um I don’t think any of us are really doing that for for the thanks
anyhow we know how how essential 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 likewise so envision sorry I’m just I was simply gon na say think of the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions picture getting that lots of thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an interesting task attempting to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and in fact see what was going on and sort of shot to get back to everyone so proceeding appearance why do business select to main different savings account there are Papaya Global Rti Problems businesses out there doing exactly this for specific nations and I’ve operated in a service or numerous companies doing exactly that I can state it doesn’t constantly feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not developing additional work for anybody where we do not need to and any person that’s handling that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I think many reasons one is it’s the standard I believe individuals have got so utilized to we require a new savings account we open an entity and rightly so you require it for payroll purposes 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 actually taken a look at things like trust accounts and lots of other ways um to to kind of do it so I think there’s a variety I believe this is a procedure that needs taking a look at it requires changing however eventually people are very stuck with what they recognize
with best um modification is a challenging thing all of us don’t like modification um so I believe it’s just type of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand clearly the benefits of having maintaining multiple savings account but there’s a big quantity of intricacy goes with establishing a bank account maintaining it ensuring it can send out International transfers ensuring it’s established with the right user accesses for specific people so the complexity is big however I think the sincere answer is modification um individuals haven’t had the ability to alter or haven’t had always the knowledge to truly make that change into alternate Solutions besides opening a checking account I think you have actually hit the nail on the head I think it is knowledge you understand and there is a component of resistance to alter but we’ve always done it that way is no genuine 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 or so there is a lot to monitor and this method does posture numerous difficulties um so Johnny could you inform us about those obstacles 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide staff members you are worthy of a corner workplace with a better parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Rti Problems