Over the last 5 or 6 years …Papaya Global V26.1 Download… roles on the supplier side and likewise on the vendor side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just offer everyone another couple of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite intriguing 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 is 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 very extremely uninspiring and I want I was elsewhere at this moment in time all right so let’s get started our program for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why business keep separate
Virtual payroll accounts are an option to traditional bank accounts for handling payroll payments. This is especially beneficial for international organizations with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of keeping different bank accounts for payroll in different nations, virtual accounts and digital wallets provide a more structured option. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are ending up being a tactical possession for payroll executives. We will also offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
Guaranteeing precise, efficient, and prompt payroll payments is a complex challenge for organizations operating worldwide. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll checking account, learn how business anticipate payroll expenses to optimize working capital, and find how simplifying worldwide payroll payments can transform them from a troublesome task into a tactical asset.
Handling payroll worldwide is an overwhelming job due to various guidelines, compliance requirements, data security issues, and banking guidelines. The large number of staff members and organizations contributes to the complexity, with an approximated 3.5 billion people in the international workforce, 500 million of whom are in Africa, and 230 million services worldwide.
Conventional payroll systems frequently result in manual procedures, data silos, and a lack of integration, causing inconsistencies and inadequacies. In spite of residing in a period of technological developments, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar goals to supply insights and services to streamline and enhance global payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of services state they have Workforce information in real time that’s another number that gives me sleep deprived nights and rather honestly the more a company spends on international payroll the less of an image they see a lack of exposure also extends to payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the deal nearly half of worldwide companies have revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM information information entry mistakes poorly communicated hires and terminations along with absence management and system setups and after that when you round it all off and the information is shipped to the incorrect location the typical 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 money all over the world payroll and payments do not run efficiently if they depend on the essential several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties company face when they’re paying to staff members or otherwise that’s a good concern I constantly toss this back and say what is it what does not require to be included best and what does
it need to be thought of there’s differing 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 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 customer’s own in-country account so there’s complexity anywhere you look ideal eventually developing a knowledge base is definitely important but everywhere you look with payroll payment they are like extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely basic and innovation is allowing us to sort of move on with that it also too to contribute to that payroll and financing need to work closer together um with varying Bank Account Details differing banking requirements and setup processes is definitely vital that payroll and financing groups work better together than ever um I’m constantly surprised when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate 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 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 but also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being a growing number of essential to contribute to kind of the level of complexity there’s a growing number of advantages being organ or being offered by services throughout the world so once again you’re simply aiming to include a growing number of payments to this currently complex landscape so if you kind 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 real tough sort of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a number of years I would certainly say that the larger a business 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 info into the next function as it were that’s actually managing the payment side of things but 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 develop extra handoffs in the processes that we operate in they just make them more prompt they make them less effective and they don’t make them what they need to be in in an era of tech and an age that you know that we are operating in today there is no reason why we are still making this as challenging as it needs to be concurred and appropriately as you said payroll is the single biggest liability that any service has from an expense perspective from an effect viewpoint on staff members it is absolutely critical that it’s done properly and on time so what we suggest 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 damaging effect on people’s wellness and numerous other aspects if individuals aren’t paid uh I’ve always been surprised entering this Market kind of the last 5 to ten years is how little thanks the
payroll group get um so I’m uncertain anyone on this kind 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 workers or not um however eventually 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 believe that’s how it’s seen from the external consider as 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 very first Worldwide Payments first payroll payment option is a fantastic first step um supplying an end-to-end payroll option for your employees internationally again I believe is another big um process once again lining up and ensuring you have standardization International processes all of those things are absolutely crucial to success success of businesses and minimizing 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 had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things have not gone quite where they’re suggested to be um I don’t think any of us are really doing that for for the thanks
anyway we know how how essential a function 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 easy as possible for everyone that’s associated with those procedures and likewise so envision sorry I’m just I was simply gon na state 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 speaking about numerous thousands potentially Millions imagine getting that many thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting task trying to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and really see what was going on and type of try to get back to everybody so moving on look why do companies select to main different savings account there are Papaya Global V26.1 Download organizations out there doing precisely this for specific nations and I have actually operated in a business or many companies doing precisely that I can say it does not constantly feel effective and it does produce more work I understand we’re not deliberately doing that we’re not producing additional work for anyone where we do not need to and any person that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe many reasons one is it’s the requirement I believe individuals have got so utilized to we need a new savings account we open an entity and rightly so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the norm the people have adopted and continue to do over years and years gone past to add to that people have actually taken a look 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 think this is a procedure that requires taking a look at it requires changing however eventually individuals are really stuck to what they’re familiar
with right um change is a difficult thing we all don’t like modification um so I believe it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand obviously the benefits of having maintaining multiple savings account however there’s a big quantity of complexity chooses establishing a savings account keeping it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for specific people so the complexity is substantial however I think the honest answer is modification um individuals have not been able to change or have not had always the understanding to really make that change into alternate Solutions aside from opening a savings account I believe you’ve hit the nail on the head I believe it is knowledge you know and there is an aspect of resistance to change however we’ve constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of proceeding and moving into you know what might almost be determined to be the next Century approximately there is a lot to monitor and this technique does posture numerous obstacles um so Johnny could you inform us about those challenges yeah naturally so there’s a range right there is so
I just 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 gained another CFO, and with this enhanced ability, I have effectively protected payments for our 10,000 employees worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is better, considering your achievements. Papaya Global V26.1 Download