Over the last 5 or six years …Papaya Global Update 2017… roles on the service provider side and also on the supplier side from a payroll viewpoint so truly looking forward to this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply offer everybody another number of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather intriguing 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 everyone comes 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 extremely very dreary and I want I was elsewhere at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Global payroll why business preserve separate
Virtual payroll accounts are an alternative to standard bank accounts for handling payroll payments. This is particularly beneficial for worldwide companies with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of keeping different savings account for payroll in different countries, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are becoming a tactical possession for payroll executives. We will likewise supply a recap 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 difficulty for services running worldwide. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll bank accounts, learn how business forecast payroll costs to optimize working capital, and find how streamlining international payroll payments can transform them from a difficult task into a strategic asset.
Handling payroll globally is a difficult job due to numerous regulations, compliance requirements, information security issues, and banking guidelines. The large number of workers and organizations adds to the complexity, with an approximated 3.5 billion individuals in the global workforce, 500 countless whom remain in Africa, and 230 million companies worldwide.
Conventional payroll systems often lead to manual procedures, data silos, and an absence of integration, leading to inconsistencies and ineffectiveness. Despite living in an age of technological improvements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar goals to provide insights and solutions to streamline and enhance international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Workforce information in real time that’s another number that provides me sleepless nights and quite honestly the more a business spends on global payroll the less of an image they see an absence of presence also encompasses payroll payments and inability to precisely track these payments can lead to compliance incidents in the last mile of the transaction nearly half of global businesses have expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry errors badly communicated hires and terminations in addition to absence management and system configurations and after that when you round all of it off and the information is shipped to the wrong location the typical expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money all over the world payroll and payments don’t run smoothly 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 obstacles business face when they’re paying to staff members or otherwise that’s a great question I always toss this back and state what is it what does not require to be consisted of ideal and what does
it need to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan 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 ideal ultimately constructing a knowledge base is absolutely crucial however everywhere you look with payroll payment they are like incredibly payments no if however some babies 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 basic and technology is permitting us to kind of move forward with that it likewise as well to add to that payroll and finance need to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is definitely vital that payroll and finance teams work closer together than ever um I’m always astonished when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so typically 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 but also paying statutory authorities and on statutory 3rd parties so with the
The modern world positions a high value on wellness and the payment landscape is becoming significantly complex. Businesses are continuously introducing new advantages and payment options, which contributes to the general complexity. Big corporations frequently divide their payroll and payment processing into different teams, which can cause inadequacies and traffic jams. In my viewpoint, this doesn’t need to be the case. In today’s technologically sophisticated period, there’s no justification for preserving cumbersome procedures. Payroll, the business’s greatest expenditure, need to be processed properly and on time. Even small delays can negatively impact workers’ well-being and have significant repercussions. For that reason, it’s vital to prioritize accurate and prompt payments.
payroll group get um so I’m not exactly sure anybody on this type of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such a crucial cycle we all become aware of it when it fails everybody jumps up and down when it fails however when it goes right it’s just a tick box workout and I believe 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 absolutely important that all of this stuff is done correctly so leveraging the first Global Payments very first payroll payment service is a great first step um providing an end-to-end payroll solution for your staff members worldwide again I think is another big um process once again lining up and ensuring you have standardization Worldwide processes all of those things are absolutely crucial to success success of organizations and lowering the number of tools platforms and savings account they require for their Worldwide 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 countless them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the complaints where things have not gone quite where they’re suggested to be um I don’t believe any of us are in fact doing that for for the thanks
anyhow we understand 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 simple as possible for everybody that’s involved in those processes and likewise so imagine sorry I’m just I was simply gon na state picture the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions envision 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 definitely be an interesting task trying to clean up 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 browse them and actually see what was going on and sort of try to get back to everyone so moving on appearance why do business select to main different checking account there are Papaya Global Update 2017 businesses out there doing precisely this for specific countries and I have actually operated in a service or lots of organizations doing exactly that I can state it does not constantly feel efficient and it does create more work I understand we’re not intentionally doing that we’re not creating additional work for anybody where we don’t need to and anybody that’s managing that procedure 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 lots of reasons one is it’s the requirement I believe individuals have actually got so utilized to we need a brand-new checking account we open an entity and rightly 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 norm the people have adopted and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and many other ways um to to kind of do it so I think there’s a variety I think this is a procedure that requires taking a look at it needs altering but ultimately individuals are very stuck with what they recognize
with ideal um change is a hard thing all of us do not like change um so I think it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend certainly the benefits of having preserving multiple savings account however there’s a huge amount of intricacy goes with establishing a checking account maintaining it ensuring it can send International transfers ensuring it’s set up with the right user accesses for individual individuals so the complexity is huge however I think the truthful answer is modification um individuals haven’t had the ability to change or haven’t had necessarily the knowledge to actually make that change into alternate Solutions other than opening a checking account I believe you’ve struck the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change but we’ve constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what might practically be determined to be the next Century approximately there is a lot to monitor and this approach does present a number of difficulties um so Johnny might you tell us about those challenges yeah obviously so there’s a variety right there is so
I just 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 Worldwide workers you should have a corner office with a more detailed parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Update 2017