Over the last 5 or 6 years …Papaya Global Training Belfast… functions on the supplier side and likewise on the supplier side from a payroll point of view so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds or two to join we all 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 currently just to hear where everybody is um it’s nice to to type of like see where everybody comes from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely extremely uninspiring and I wish I was somewhere else at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing Worldwide payroll why business keep different
Virtual payroll accounts are an option to traditional bank accounts for handling payroll payments. This is particularly helpful for global organizations with dispersed and remote labor forces, as it streamlines the complex procedure of cross-border payments. Instead of preserving different checking account for payroll in different countries, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a tactical possession for payroll executives. We will likewise offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring precise, efficient, and timely payroll payments is a complex challenge for organizations operating worldwide. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll checking account, discover how business anticipate payroll expenses to optimize working capital, and find how enhancing global payroll payments can transform them from a troublesome job into a tactical property.
Handling payroll worldwide is an overwhelming task due to numerous policies, compliance requirements, information security issues, and banking rules. The large number of workers and businesses contributes to the intricacy, with an estimated 3.5 billion people in the international workforce, 500 countless whom are in Africa, and 230 million companies worldwide.
Conventional payroll systems frequently result in manual processes, data silos, and a lack of integration, leading to disparities and ineffectiveness. Regardless of living in an age of technological advancements, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar aims to provide insights and solutions to simplify and enhance worldwide payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of services state they have Labor force information in real time that’s another number that provides me sleep deprived nights and rather honestly the more a service invests in international payroll the less of an image they see an absence of visibility also reaches payroll payments and inability to properly track these payments can result in compliance accidents in the last mile of the deal almost half of international businesses have actually expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry errors poorly interacted hires and terminations in addition to absence management and system configurations and after that when you round it all off and the information is delivered to the incorrect place the average expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments don’t run smoothly if they count on the required multiple procedures 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 challenges organization face when they’re paying to workers or otherwise that’s a good question I constantly throw this back and say what is it what doesn’t need to be included right and what does
it need to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment amount of time 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 consumer’s own in-country account so there’s intricacy any place you look ideal eventually developing a knowledge base is definitely important however all over you look with payroll payment they resemble very payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely essential and innovation is permitting us to type of progress with that it likewise also to contribute to that payroll and financing require to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is definitely vital that payroll and financing groups work more detailed together than ever um I’m constantly impressed when people say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation would they divide the payroll payment from calculation 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 eventually 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 also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being a growing number of important to add to kind of the level of intricacy there’s more and more benefits being organ or being offered by businesses throughout the world so once again you’re just wanting to include a growing number of payments to this already intricate landscape so if you sort of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of genuine challenges or genuine tough sort of pay uses to play to pay people I believe yeah I mean over the last well yeah a couple of decades I would certainly state that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are teams feeding information into the next function as it were that’s in fact handling the payment side of things however you know in in my opinion and my experience that doesn’t necessarily need to be the case you know long gone are the times where we require to produce extra handoffs at the same times that we run in they simply make them more prompt they make them less efficient and they do not make them what they require to be in in an era of tech and an era that you know 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 rightly as you stated payroll is the single greatest liability that any company has from an expense perspective from an impact perspective on employees it is absolutely crucial 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 biggest harmful impact on individuals’s wellness and numerous other aspects if people aren’t paid uh I’ve constantly been surprised entering this Market sort of the last five to 10 years is how little thanks the
The payroll team may not have been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and people only observe when things go wrong. Nevertheless, when things go right, it’s viewed as simply a regular job. This is how it’s viewed externally too. Therefore, it is necessary to ensure that tasks like Wi-Fi Global and other crucial matters are done correctly. Utilizing the first Global Payments very first payroll payment option is an excellent initial step towards providing a comprehensive payroll service for workers worldwide. Standardization, global processes, and lowering the number of tools, platforms, and bank accounts needed for international payroll are essential factors in accomplishing service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of grievances when things don’t go as planned. Ultimately, we do not do it for the thankfulness.
anyhow we understand how how essential a function 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 simply gon na state think of the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions think of getting that numerous 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 a fascinating job attempting to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to check out them and really see what was going on and kind of try to get back to everyone so moving on look why do business pick to primary different checking account there are Papaya Global Training Belfast services out there doing precisely this for particular nations and I have actually worked in a business or lots of services doing precisely that I can state it does not constantly feel effective and it does produce more work I understand we’re not purposely doing that we’re not producing additional work for anybody where we don’t have to and anyone that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I believe many reasons one is it’s the standard I believe people have actually got so used to we require a new bank account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard the people have actually embraced and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and lots of other ways um to to type of do it so I think there’s a variety I believe this is a procedure that requires looking at it requires changing but ultimately individuals are very stuck to what they recognize
with best um modification is a hard thing we all don’t like change um so I think it’s just sort of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend certainly the benefits of having preserving numerous bank accounts but there’s a big amount of intricacy chooses establishing a bank account maintaining it ensuring it can send International transfers guaranteeing it’s set up with the best user accesses for private people so the complexity is substantial but I believe the truthful answer is modification um individuals have not had the ability to alter or have not had necessarily the understanding to actually make that change into alternate Solutions aside from opening a bank account I think you have actually struck the nail on the head I think 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 excuse for not looking at the the advantages and the possibilities of carrying on and moving into you understand what might almost be identified to be the next Century approximately there is a lot to monitor and this method does position several difficulties um so Johnny could you inform us about those difficulties yeah naturally so there’s a range 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International employees you are worthy of a corner office with a better parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Training Belfast