Over the last 5 or six years …Papaya Global Year End 2018 Guide… roles on the service provider side and also on the supplier side from a payroll point of view so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just give everyone 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 intriguing and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everybody originates 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 drizzling here it’s really extremely dreary and I wish I was elsewhere at this moment in time alright so let’s start our agenda for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why business preserve separate
Virtual payroll accounts are an alternative to traditional checking account for managing payroll payments. This is especially beneficial for international companies with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of preserving separate bank accounts for payroll in various countries, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are becoming a tactical property for payroll executives. We will also provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
Ensuring accurate, efficient, and timely payroll payments is a complex difficulty for organizations running internationally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll checking account, find out how companies forecast payroll costs to enhance working capital, and discover how improving international payroll payments can change them from a burdensome task into a tactical asset.
Handling payroll internationally is a difficult job due to various policies, compliance requirements, data security issues, and banking rules. The sheer number of workers and businesses adds to the complexity, with an estimated 3.5 billion individuals in the worldwide labor force, 500 million of whom are in Africa, and 230 million services worldwide.
Standard payroll systems frequently result in manual processes, data silos, and an absence of integration, leading to inconsistencies and inadequacies. Despite residing in an age of technological improvements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar goals to provide insights and solutions to simplify and optimize worldwide payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce data in real time that’s another number that provides me sleepless nights and rather honestly the more an organization spends on global payroll the less of a picture they see a lack of exposure also reaches payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the deal almost half of global services 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 errors are because of time reporting bad HCM data data entry mistakes improperly interacted hires and terminations as well as lack management and system configurations and then when you round it all off and the data is delivered to the incorrect place the average cost of an international 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 don’t run efficiently if they depend on the essential multiple processes 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 challenges service face when they’re making payments to staff members or otherwise that’s a great concern I always throw this back and say what is it what does not require to be consisted of right and what does
it need 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 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 intricacy any place you look right eventually constructing a knowledge base is absolutely vital but everywhere you look with payroll payment they resemble incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is enabling us to sort of move forward with that it likewise also to contribute to that payroll and finance require to work closer together um with varying Bank Account Details varying banking requirements and setup processes is absolutely essential that payroll and financing teams work closer together than ever um I’m constantly surprised when individuals say I’ve 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 split the payroll payment from computation 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 information collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory third parties so with the
The modern-day world puts a high worth on wellness and the payment landscape is becoming progressively elaborate. Companies are continually introducing new benefits and payment alternatives, which contributes to the total complexity. Large corporations typically divide their payroll and payment processing into separate groups, which can lead to inadequacies and traffic jams. In my opinion, this doesn’t need to hold true. In today’s technologically innovative era, there’s no validation for maintaining cumbersome treatments. Payroll, the business’s most significant expense, need to be processed properly and on time. Even slight hold-ups can adversely affect workers’ well-being and have far-reaching consequences. For that reason, it’s vital to focus on precise and prompt payments.
payroll group get um so I’m unsure anyone on this type of webinar has been told thank you for processing my payroll correctly 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 an important cycle all of us 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 exercise and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely crucial that all of this things is done correctly so leveraging the first Worldwide Payments first payroll payment solution is a fantastic first step um supplying an end-to-end payroll option for your staff members globally once again I think is another substantial um procedure once again lining up and ensuring you have standardization International processes all of those things are definitely key to success success of services and lowering the variety of tools platforms and bank accounts they need for their Global 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’ve never had a hundred countless them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things have not gone quite where they’re implied to be um I don’t believe any of us are actually doing that for for the thanks
anyhow we understand how how crucial 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 simple as possible for everybody that’s involved in those processes and likewise so envision sorry I’m just I was simply gon na say think of the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands potentially Millions imagine getting that numerous thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing task trying to clean up 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 try to browse them and actually see what was going on and kind of try to return to everyone so proceeding look why do business select to main different bank accounts there are Papaya Global Year End 2018 Guide services out there doing precisely this for particular nations and I have actually worked in an organization or numerous companies doing precisely that I can say it does not always feel effective and it does produce more work I understand we’re not deliberately doing that we’re not producing extra work for anybody 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 amount that we are I believe many factors one is it’s the requirement I believe people have actually got so utilized to we require a new checking account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm the people have adopted and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and many other methods um to to kind of do it so I believe there’s a range I believe this is a procedure that needs taking a look at it needs altering but ultimately individuals are extremely stuck with what they’re familiar
with ideal um change is a difficult thing we all don’t like change um so I believe it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the benefits of having maintaining numerous bank accounts but there’s a huge amount of intricacy chooses setting up a bank account preserving it ensuring it can send out International transfers ensuring it’s set up with the right user accesses for specific individuals so the intricacy is substantial but I think the honest answer is modification um people haven’t had the ability to change or haven’t had necessarily the knowledge to really make that change into alternate Solutions besides opening a savings account I believe you have actually struck the nail on the head I believe it is understanding you know and there is a component of resistance to alter but we have actually constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what might nearly be identified to be the next Century or so there is a lot to track and this method does position numerous challenges um so Johnny could you inform us about those obstacles yeah naturally so there’s a variety 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 Global employees you should have a corner office with a better parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Year End 2018 Guide