Over the last 5 or six years …Papaya Guinness World Record… functions on the service provider side and likewise on the supplier side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply offer everybody another couple of uh well one of the 30 seconds or two to join all of us work back to back nowadays 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 everybody is um it’s nice to to sort of like see where everybody comes from and I really do hope it’s much sunnier than it is 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 really really uninspiring and I want I was somewhere else at this moment in time alright so let’s begin our program for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why companies keep separate
Virtual payroll accounts are an alternative to conventional checking account for handling payroll payments. This is particularly beneficial for global organizations with dispersed and remote labor forces, as it simplifies the complicated procedure of cross-border payments. Instead of preserving different bank accounts for payroll in different nations, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a tactical possession for payroll executives. We will likewise offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Making sure precise, efficient, and timely payroll payments is a complex challenge for businesses operating worldwide. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll checking account, discover how business forecast payroll costs to enhance working capital, and find how enhancing international payroll payments can change them from a troublesome task into a tactical property.
Handling payroll worldwide is a difficult task due to various guidelines, compliance requirements, information security concerns, and banking rules. The sheer number of workers and companies adds to the complexity, with an estimated 3.5 billion people in the global labor force, 500 countless whom remain in Africa, and 230 million companies worldwide.
Conventional payroll systems often result in manual procedures, data silos, and a lack of combination, resulting in inconsistencies and inefficiencies. Regardless of residing in an age of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar goals to provide insights and solutions to streamline and optimize worldwide payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force information in real time that’s another number that provides me sleepless nights and rather frankly the more a company invests in global payroll the less of a photo they see a lack of visibility also extends to payroll payments and failure to precisely track these payments can result in compliance mishaps in the last mile of the deal almost half of international businesses have actually expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry errors poorly communicated hires and terminations as well as absence management and system configurations and after that when you round it all off and the information is delivered to the wrong place the average cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments do not run smoothly if they depend on the necessary numerous procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles company face when they’re paying to employees or otherwise that’s an excellent concern I constantly throw this back and say what is it what does not require to be included best and what does
it require to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan 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 consumer’s own in-country account so there’s intricacy anywhere you look ideal eventually constructing a knowledge base is definitely critical however all over you look with payroll payment they resemble super payments no if however some children about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is permitting us to sort of move on with that it likewise also to contribute to that payroll and financing need to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is absolutely imperative that payroll and finance teams work closer together than ever um I’m always surprised when people state 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 profession would they split the payroll payment from calculation I would say no so why do we as a market 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 data collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being increasingly more important to contribute to sort of the level of intricacy there’s a growing number of advantages being organ or being offered by businesses across the world so once again you’re just wanting to include a growing number of payments to this currently intricate landscape so if you sort of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of genuine obstacles or genuine difficult sort of pay uses to play to pay people I think yeah I imply over the last well yeah a number of years I would absolutely say that the larger a company gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are groups feeding information into the next function as it were that’s in fact handling the payment side of things however you know in in my viewpoint and my experience that does not always require to be the case you understand long gone are the times where we need to develop additional handoffs while doing sos that we run in they just make them more timely they make them less efficient and they don’t make them what they require to be in in an era of tech and a period that you understand that we are operating in today there is no reason that we are still making this as difficult as it needs to be concurred and appropriately as you said payroll is the single greatest liability that any organization has from an expense point of view from an effect viewpoint on staff members it is absolutely crucial that it’s done properly and on time so what we indicate 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 effect on people’s wellness and lots of other factors if people aren’t paid uh I’ve always been astonished entering this Market kind of the last 5 to 10 years is how little thanks the
The payroll team might not have been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and individuals just see when things fail. Nevertheless, when things go right, it’s viewed as simply a routine job. This is how it’s perceived externally too. Therefore, it is necessary to guarantee that jobs like Wi-Fi Global and other essential matters are done correctly. Utilizing the very first Worldwide Payments very first payroll payment option is a fantastic preliminary step towards supplying an extensive payroll service for staff members worldwide. Standardization, worldwide procedures, and decreasing the variety of tools, platforms, and savings account essential for global payroll are key factors in attaining service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically get a few grievances when things don’t go as planned. Eventually, we don’t do it for the gratitude.
anyway we understand how how important 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 also so picture sorry I’m simply I was just gon na state envision the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re speaking about numerous thousands potentially Millions think of getting that numerous thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting job attempting to clean up 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 browse them and in fact see what was going on and type of try to get back to everyone so carrying on look why do companies pick to main different bank accounts there are Papaya Guinness World Record companies out there doing precisely this for specific countries and I’ve operated in a business or many companies doing exactly that I can say it doesn’t constantly feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not producing additional work for anyone where we do not need to and anybody that’s dealing with that procedure 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 think numerous factors one is it’s the requirement I think individuals have actually got so used to we need a new checking 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 requirement and the norm the people have actually embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and numerous other methods um to to type of do it so I believe there’s a range I think this is a procedure that requires taking a look at it needs changing but eventually people are extremely stuck to what they recognize
with ideal um modification is a hard thing all of us do not like change um so I believe it’s just sort of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand obviously the benefits of having keeping multiple bank accounts however there’s a huge amount of complexity chooses setting up a bank account preserving it guaranteeing it can send out International transfers ensuring it’s set up with the right user accesses for individual individuals so the intricacy is huge however I believe the sincere response is modification um people haven’t been able to alter or have not had always the understanding to really make that change into alternate Solutions other than opening a savings account I believe you have actually hit the nail on the head I think it is knowledge you understand and there is an element of resistance to alter however we have actually constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of proceeding and moving into you understand what might almost be identified to be the next Century approximately there is a lot to track and this method does posture numerous obstacles um so Johnny could you tell us about those obstacles yeah of course so there’s a range right there is so
I just did you changed 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 staff members you are worthy of a corner workplace with a more detailed parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Guinness World Record