Over the last five or six years …Send Payslip Through Papaya Global Bureau Costs… roles on the provider side and also on the vendor side from a payroll perspective so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply offer everyone another couple of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everybody comes from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very very uninspiring and I want I was elsewhere at this moment in time all right so let’s get going our program for today is as follows um we are going to be looking at the challenge years of managing International payroll why companies preserve different
Virtual payroll accounts are an option to traditional checking account for managing payroll payments. This is especially beneficial for global companies with dispersed and remote workforces, as it streamlines the complicated process of cross-border payments. Instead of keeping separate bank accounts for payroll in various nations, virtual accounts and digital wallets offer a more structured service. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are ending up being a strategic asset for payroll executives. We will also 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 challenge for organizations running worldwide. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll bank accounts, learn how business forecast payroll expenses to enhance working capital, and find how simplifying global payroll payments can change them from a difficult job into a tactical possession.
Managing payroll internationally is an overwhelming task due to numerous guidelines, compliance requirements, data security issues, and banking rules. The large number of workers and organizations adds to the intricacy, with an approximated 3.5 billion individuals in the worldwide labor force, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Standard payroll systems often result in manual procedures, data silos, and a lack of combination, leading to disparities and inefficiencies. In spite of residing in an era of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar aims to provide insights and solutions to streamline and optimize global payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force data in real time that’s another number that offers me sleep deprived nights and rather honestly the more a service spends on international payroll the less of an image they see an absence of visibility likewise reaches payroll payments and failure to properly track these payments can lead to compliance incidents in the last mile of the deal almost half of international companies have actually revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM information data entry errors improperly interacted hires and terminations in addition to absence management and system configurations and then when you round it all off and the data is delivered to the incorrect place the average expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash worldwide payroll and payments do not run efficiently if they rely on the needed several procedures systems and partners it is simply not possible so Johnny from a payments viewpoint 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 a great question I constantly toss this back and state what is it what does not need to be consisted of right and what does
it need to be thought about 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 abilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy any place you look best eventually building a knowledge base is absolutely critical however all over you look with payroll payment they resemble incredibly payments no if but some infants 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 believe there’s now a bit more recognition that payroll payments are definitely basic and technology is permitting us to type of progress with that it likewise also to contribute to that payroll and financing require to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is absolutely crucial that payroll and finance teams work more detailed together than ever um I’m always impressed when people state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being a growing number of important to contribute to sort of the level of intricacy there’s increasingly more benefits being organ or being offered by organizations throughout the world so again you’re just looking 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 vast experience here and I’m sure however have you got any experience in kind of real challenges or genuine difficult type of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a number of decades I would definitely say that the larger a company gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are teams feeding info into the next function as it were that’s in fact managing the payment side of things however you know in in my opinion 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 at the same times that we run in they just make them more prompt they make them less efficient and they don’t make them what they need to be in in an age of tech and an era that you understand that we are operating in today there is no reason that we are still making this as challenging as it requires to be agreed and appropriately as you stated payroll is the single greatest liability that any company has from an expense viewpoint from an effect point of view on workers it is definitely crucial that it’s done correctly 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 most significant damaging result on people’s wellness and lots of other factors if individuals aren’t paid uh I’ve constantly been amazed coming into this Market kind of the last five to ten years is how little thanks the
The payroll team might not have actually been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and individuals just discover when things fail. Nevertheless, when things go right, it’s viewed as just a regular task. This is how it’s viewed externally as well. Therefore, it is essential to make sure that jobs like Wi-Fi Worldwide and other essential matters are done properly. Utilizing the very first Global Payments very first payroll payment service is a great initial step towards offering a thorough payroll service for workers worldwide. Standardization, worldwide processes, and lowering the number of tools, platforms, and savings account necessary for worldwide payroll are crucial factors in accomplishing service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of problems when things don’t go as planned. Eventually, we do not do it for the gratitude.
anyway we know how how important a role 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 involved in those procedures and also so picture sorry I’m just I was just gon na state envision the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions envision getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating task attempting 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 check out them and really see what was going on and kind of try to return to everybody so carrying on look why do companies choose to primary separate bank accounts there are Send Payslip Through Papaya Global Bureau Costs organizations out there doing exactly this for specific countries and I’ve operated in an organization or lots of organizations doing exactly that I can state it does not constantly feel efficient and it does create more work I understand we’re not intentionally doing that we’re not developing extra work for anybody where we do not have to and anybody that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe many reasons one is it’s the requirement I think people have actually got so used to we require a brand-new bank account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have adopted and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and lots of other ways um to to sort of do it so I believe there’s a variety I think this is a procedure that requires looking at it requires altering but eventually individuals are very stuck with what they recognize
with right um change is a tough thing we all don’t like change um so I think it’s simply kind of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand certainly the benefits of having maintaining multiple bank accounts but there’s a huge quantity of complexity chooses setting up a savings account keeping it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for specific people so the complexity is substantial however I believe the sincere response is modification um people haven’t had the ability to alter or have not had necessarily the understanding to actually make that change into alternate Solutions other than opening a checking account I think you’ve hit the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter but we have actually always done it that way is no genuine reason for not looking at the the benefits and the possibilities of moving on and moving into you know what could practically be determined to be the next Century or so there is a lot to keep an eye on and this technique does pose several challenges um so Johnny might you tell us about those challenges yeah naturally so there’s a range right there is so
I simply 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 Worldwide workers you should have a corner office with a better parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Send Payslip Through Papaya Global Bureau Costs