Over the last five or 6 years …Papaya Global Online Payslips Password Creation… roles on the service provider side and also on the vendor side from a payroll point of view so actually anticipating this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just provide everybody another number of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite interesting 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 everyone originates from and I truly do hope it’s much sunnier than it remains 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 very really uninspiring and I want I was somewhere else at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why companies maintain different
Virtual payroll accounts are an option to standard bank accounts for handling payroll payments. This is especially helpful for global companies with dispersed and remote workforces, as it simplifies the complicated process of cross-border payments. Instead of keeping different bank accounts for payroll in various countries, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are ending up being a tactical asset for payroll executives. We will also offer a recap of the main points covered and leave time for a Q&A session at the end.
Guaranteeing accurate, efficient, and prompt payroll payments is a complex obstacle for businesses operating internationally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll checking account, discover how companies anticipate payroll expenses to optimize working capital, and find how improving global payroll payments can transform them from a challenging job into a strategic asset.
Handling payroll internationally is a difficult job due to numerous guidelines, compliance requirements, information security issues, and banking rules. The large number of workers and companies adds to the complexity, with an approximated 3.5 billion people in the international labor force, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Standard payroll systems often lead to manual processes, information silos, and a lack of integration, causing disparities and inadequacies. Despite living in a period of technological advancements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar objectives to supply insights and services to simplify and optimize worldwide payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force data in real time that’s another number that provides me sleepless nights and quite honestly the more an organization spends on worldwide payroll the less of a picture they see an absence of presence likewise encompasses payroll payments and inability to accurately 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 need in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM data information entry errors badly interacted hires and terminations as well as lack management and system setups and after that when you round all of it off and the data is shipped to the wrong location the typical expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash all over the world payroll and payments do not run efficiently if they depend on the required numerous processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties service face when they’re paying to staff members or otherwise that’s an excellent concern I always toss this back and state what is it what doesn’t need to be consisted of ideal and what does
it require to be thought about there’s differing Bank information 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 any place you look right ultimately constructing a knowledge base is absolutely critical but all over you look with payroll payment they resemble super payments no if but some children about it you are all superheroes processing payments for payroll if you take a 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 basic and innovation is permitting us to kind of move on with that it also as well to contribute to that payroll and finance need to work closer together um with differing Bank Account Particulars varying banking requirements and setup procedures is definitely crucial that payroll and finance teams work more detailed together than ever um I’m always amazed when individuals say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being increasingly more crucial to contribute to sort of the level of complexity there’s a growing number of advantages being organ or being used by organizations throughout the world so once again you’re just wanting to add a growing number of payments to this already complex landscape so if you sort of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of genuine difficulties or genuine difficult kind of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a number of years I would definitely state that the larger an organization gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are groups feeding information into the next function as it were that’s in fact managing the payment side of things but you know in in my viewpoint and my experience that does not always require to be the case you know long gone are the times where we need to create extra handoffs in the processes that we operate in they simply make them more timely they make them less efficient and they do not make them what they need to be in in an era of tech and an age that you know that we are working in today there is no reason why we are still making this as hard as it requires to be concurred and rightly as you stated payroll is the single biggest liability that any business has from an expense point of view from an effect point of view on employees it is absolutely important that it’s done properly 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 most significant damaging impact on individuals’s wellness and lots of other factors if people aren’t paid uh I’ve constantly been astonished entering this Market sort of the last 5 to ten years is how little thanks the
payroll group get um so I’m unsure anyone on this sort of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an important cycle we all become aware of it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s simply 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 important that all of this things is done properly so leveraging the very first Global Payments very first payroll payment option is a fantastic first step um supplying an end-to-end payroll option for your staff members internationally again I think is another substantial um procedure once again lining up and guaranteeing you have standardization Global processes all of those things are absolutely key to success success of organizations and reducing the variety of tools platforms and checking account they require for their Global 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’ve never ever had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re indicated 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 everybody that’s involved in those processes and likewise so think of sorry I’m simply I was simply gon na say think of the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re speaking about hundreds of thousands potentially Millions imagine getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating task attempting to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and in fact see what was going on and kind of try to return to everybody so moving on appearance why do business pick to main different bank accounts there are Papaya Global Online Payslips Password Creation organizations out there doing exactly this for particular countries and I’ve worked in an organization or many businesses doing exactly that I can state it doesn’t always feel efficient and it does create more work I understand we’re not intentionally doing that we’re not creating additional work for anyone where we do not need to and anyone that’s handling 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 quantity that we are I believe numerous factors one is it’s the standard I think individuals have actually got so utilized to we need a brand-new bank 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 believe it’s just been the standard and the norm the people have embraced and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and lots of other ways um to to type of do it so I think there’s a range I believe this is a process that needs looking at it requires altering however eventually people are really stuck with what they recognize
with right um modification is a tough thing all of us do not like modification um so I believe it’s simply type 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 clearly the advantages of having keeping several bank accounts however there’s a huge quantity of complexity chooses setting up a savings account preserving it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for private individuals so the intricacy is substantial however I think the honest response is change um individuals have not been able to alter or haven’t had always the knowledge to truly make that change into alternate Solutions aside from opening a bank account I believe you’ve struck the nail on the head I think it is knowledge you know and there is an aspect of resistance to change however we’ve always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of moving on and moving into you know what could almost be figured out to be the next Century approximately there is a lot to monitor and this technique does position a number of difficulties um so Johnny could you inform us about those obstacles yeah obviously so there’s a variety right there is so
I simply did you changed 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 Global staff members you deserve a corner workplace with a more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Online Payslips Password Creation