Over the last 5 or six years …Printing P60 Papaya Global 2021… functions on the company side and also on the supplier side from a payroll viewpoint so actually anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply provide everyone another number of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll sort 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 kind of like see where everybody comes 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 raining here it’s extremely really uninspiring and I wish I was elsewhere at this moment in time fine so let’s start our program for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why business maintain separate
Virtual payroll accounts are an option to traditional bank accounts for managing payroll payments. This is especially beneficial for international companies with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of maintaining separate checking account for payroll in different nations, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are ending up being a strategic possession for payroll executives. We will likewise offer a recap 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 obstacle for services running internationally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll savings account, discover how business anticipate payroll costs to optimize working capital, and find how simplifying international payroll payments can change them from a challenging task into a tactical possession.
Managing payroll worldwide is a complicated task due to different policies, compliance requirements, information security concerns, and banking guidelines. The large variety of workers and services 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 businesses worldwide.
Traditional payroll systems typically result in manual processes, information silos, and an absence of integration, resulting in disparities and inadequacies. Regardless of living in an era of technological developments, 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 aims to offer insights and services to streamline and optimize worldwide payroll payments.
about it to give 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 frankly the more a company invests in worldwide payroll the less of an image they see a lack of visibility likewise extends to payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the deal nearly half of worldwide businesses have actually revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry mistakes inadequately communicated hires and terminations as well as absence management and system setups and then when you round it all off and the data is shipped to the incorrect location the average cost of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash worldwide payroll and payments don’t run efficiently if they rely on the required several procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges service face when they’re making payments to staff members or otherwise that’s a good question I always toss this back and say what is it what does not need to be included right and what does
it require 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 time frames there’s payment capabilities 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 client’s own in-country account so there’s intricacy anywhere you look best eventually building a knowledge base is definitely crucial but everywhere you look with payroll payment they are like extremely payments no if however 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 fundamental and technology is allowing 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 varying Bank Account Particulars differing banking requirements and setup processes is absolutely important that payroll and financing groups work more detailed together than ever um I’m constantly astonished when people say I have actually split payroll and payment um if you walk down the street and asked anyone 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 a market accept that why our payroll and payments so frequently 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 anywhere they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being more and more essential to contribute to type of the level of complexity there’s increasingly more benefits being organ or being used by organizations throughout the world so once again you’re just looking to add increasingly more payments to this already intricate landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of real difficulties or genuine difficult kind of pay uses to play to pay people I think yeah I suggest over the last well yeah a couple of decades I would certainly say that the larger a service gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job 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 viewpoint and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we require to produce additional handoffs in the processes that we operate 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 age 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 difficult as it needs to be agreed and appropriately as you stated payroll is the single biggest liability that any company has from an expense point of view from an impact perspective on workers it is absolutely crucial that it’s done properly and on time so what we imply 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 harmful impact on individuals’s well-being and numerous other elements if individuals aren’t paid uh I have actually always been impressed entering into this Market type of the last five to ten years is how little thanks the
payroll team get um so I’m not exactly sure anyone on this type of webinar has actually been informed 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 an important cycle we all hear about it when it goes wrong everyone 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 view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely vital that all of this things is done properly so leveraging the first International Payments very first payroll payment service is an excellent primary step um supplying an end-to-end payroll service for your employees worldwide again I believe is another huge um process again lining up and guaranteeing you have standardization International procedures all of those things are absolutely crucial to success success of services and lowering the variety of tools platforms and savings account they require for their International payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the problems where things haven’t gone quite where they’re suggested to be um I do not think any of us are actually doing that for for the thanks
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 procedures and likewise so picture sorry I’m simply I was simply gon na say picture the amount of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions picture getting that numerous thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting task trying to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and actually see what was going on and kind of try to get back to everybody so proceeding appearance why do companies select to main separate savings account there are Printing P60 Papaya Global 2021 businesses out there doing exactly this for particular nations and I’ve operated in a company or numerous services doing precisely that I can say it does not always feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not developing additional work for anybody where we do not have to and anyone that’s dealing with 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 numerous reasons one is it’s the requirement I believe individuals have actually got so utilized to we require a new savings account we open an entity and appropriately so you need it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have actually embraced and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and many other ways um to to kind of do it so I believe there’s a range I think this is a procedure that requires looking at it needs altering however ultimately people are really stuck to what they’re familiar
with right um change is a challenging thing we all don’t like modification um so I think it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the benefits of having preserving multiple bank accounts but there’s a big quantity of intricacy goes with establishing a bank account preserving it guaranteeing it can send out International transfers ensuring it’s set up with the right user accesses for private individuals so the complexity is substantial however I think the truthful response is modification um people have not had the ability to change or have not had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a savings account I believe you have actually hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to change however we’ve always done it that way is no real reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what could nearly be determined to be the next Century or two there is a lot to keep an eye on and this technique does posture numerous challenges um so Johnny could you inform us about those challenges yeah obviously so there’s a variety right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has actually gotten another CFO, and with this enhanced ability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is closer, considering your accomplishments. Printing P60 Papaya Global 2021