Over the last 5 or six years …Papaya Global Software 2018 Reviews Pricing & Demosoftware Advice… functions on the supplier side and likewise on the supplier side from a payroll point of view so actually anticipating this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just offer everybody another number of uh well among the 30 seconds or so to join we all work back to back these days 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 everyone is um it’s nice to to type of like see where everyone originates from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very really gloomy and I want I was somewhere else at this moment in time okay so let’s begin our program for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why business maintain different
Virtual payroll accounts are an option to traditional checking account for handling payroll payments. This is especially beneficial for international organizations with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of keeping different savings account for payroll in various nations, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are becoming a strategic asset for payroll executives. We will also offer a recap of the main points covered and leave time for a Q&A session at the end.
Making sure precise, effective, and timely payroll payments is a complex obstacle for services operating globally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll bank accounts, discover how business anticipate payroll expenses to optimize working capital, and discover how simplifying global payroll payments can change them from a troublesome task into a strategic possession.
Handling payroll worldwide is a complicated task due to numerous guidelines, compliance requirements, information security issues, and banking guidelines. The sheer number of employees and companies contributes to the complexity, with an approximated 3.5 billion individuals in the global labor force, 500 million of whom are in Africa, and 230 million businesses worldwide.
Standard payroll systems typically result in manual processes, data silos, and an absence of integration, causing inconsistencies and ineffectiveness. In spite of living in an era of technological advancements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar goals to offer insights and services to streamline 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 services state they have Workforce data in real time that’s another number that offers me sleep deprived nights and rather honestly the more a company spends on worldwide payroll the less of a picture they see a lack of exposure also reaches payroll payments and failure to precisely track these payments can result in compliance mishaps in the last mile of the transaction nearly half of global companies have expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry mistakes improperly interacted hires and terminations as well as lack management and system setups and after that when you round everything off and the data is shipped to the wrong place the typical cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the world payroll and payments do not run efficiently if they count on the required several procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles service face when they’re paying to employees or otherwise that’s an excellent concern I constantly toss this back and state what is it what does not require to be included ideal and what does
it require to be considered 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 have to pay from an in-country account do you need to pay from the client’s own in-country account so there’s complexity wherever you look right ultimately building a knowledge base is absolutely crucial but everywhere you look with payroll payment they are like incredibly payments no if however 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 enabling us to kind of progress with that it also too to contribute to that payroll and finance need to work closer together um with varying Checking account Details differing banking requirements and setup procedures is definitely essential that payroll and finance groups 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 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 procedure it’s the point of data collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being a growing number of crucial to add to kind of the level of intricacy there’s more and more benefits being organ or being used by companies throughout the world so once again you’re just looking to include increasingly more payments to this currently intricate landscape so if you type of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of real difficulties or genuine tough type of pay uses to play to pay people I believe yeah I suggest over the last well yeah a number of years I would absolutely say that the larger an organization 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 information into the next function as it were that’s really managing the payment side of things however you know in in my viewpoint and my experience that doesn’t always require to be the case you know long gone are the times where we need to create extra handoffs in the processes that we operate in they simply make them more prompt they make them less effective and they do not make them what they require to be in in a period of tech and a period that you understand that we are operating in today there is no reason that we are still making this as hard as it requires to be agreed and appropriately as you stated payroll is the single biggest liability that any business has from an expense point of view from an effect perspective on staff members it is definitely important that it’s done correctly 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 greatest harmful result on people’s wellness and many other aspects if people aren’t paid uh I have actually always been surprised entering this Market type of the last 5 to ten years is how little thanks the
payroll group get um so I’m unsure anyone on this kind 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 staff members or not um however ultimately payroll is such a crucial 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 exercise and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely crucial that all of this stuff is done correctly so leveraging the first International Payments first payroll payment service is an excellent initial step um supplying an end-to-end payroll service for your staff members globally once again I think is another huge um procedure again aligning and ensuring you have standardization International procedures all of those things are definitely essential to success success of businesses and lowering the variety of tools platforms and bank accounts 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 had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or 10 or whatever it might be with the with the the problems where things haven’t gone rather where they’re indicated to be um I don’t believe any of us are actually doing that for for the thanks
anyway we know how how important 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 everybody that’s involved in those processes and likewise so think of sorry I’m simply I was just gon na state envision 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 talking about numerous thousands potentially Millions picture getting that lots of thank you notes um I indicate 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 definitely 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 look through them and in fact see what was going on and type of try to return to everyone so proceeding look why do companies pick to primary separate checking account there are Papaya Global Software 2018 Reviews Pricing & Demosoftware Advice businesses out there doing precisely this for specific nations and I’ve worked in an organization or lots of businesses doing exactly that I can say it doesn’t constantly feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not producing additional work for any person where we do not have to and anyone 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 quantity that we are I think lots of factors one is it’s the requirement I think people have actually got so used to we need a new bank account we open an entity and appropriately so you need 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 standard and the norm individuals have actually embraced and continue to do over years and years passed by to add to that people have looked at things like trust accounts and lots of other methods um to to type of do it so I think there’s a range I think this is a procedure that requires looking at it needs changing but ultimately individuals are very stuck with what they recognize
with right um change is a hard thing we all don’t like modification um so I believe it’s simply kind of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand undoubtedly the advantages of having maintaining numerous checking account however there’s a huge quantity of intricacy chooses setting up a checking account preserving it ensuring it can send International transfers ensuring it’s established with the best user accesses for private individuals so the complexity is huge but I believe the sincere answer is change um people have not been able to alter or haven’t had always the understanding to really make that change into alternate Solutions other than opening a bank account I believe you have actually struck the nail on the head I think it is knowledge you understand and there is an element of resistance to change however we’ve always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what could practically be determined to be the next Century approximately there is a lot to keep an eye on and this method does posture several difficulties um so Johnny could you inform us about those difficulties yeah of course so there’s a range right there is so
I simply did you switched our Business 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 Global workers you deserve a corner workplace with a better parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Software 2018 Reviews Pricing & Demosoftware Advice