Over the last five or six years …Export Papaya Global Holiday Data… roles on the company 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 everybody alright thanks Johnny uh we’ll just give everyone another couple of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everybody comes from and I actually 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 extremely extremely uninspiring and I wish I was elsewhere 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 difficulty years of handling Worldwide payroll why companies keep different
Virtual payroll accounts are an alternative to standard bank accounts for managing payroll payments. This is particularly useful for international companies with dispersed and remote labor forces, as it streamlines the complex procedure of cross-border payments. Instead of preserving different checking account for payroll in various countries, virtual accounts and digital wallets use 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 asset for payroll executives. We will also provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring accurate, efficient, and prompt payroll payments is a complex challenge for companies operating worldwide. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll bank accounts, find out how business anticipate payroll costs to optimize working capital, and find how streamlining global payroll payments can change them from a troublesome task into a tactical property.
Handling payroll worldwide is a difficult job due to different regulations, compliance requirements, data security concerns, and banking guidelines. The large variety of staff members and businesses adds to the intricacy, with an estimated 3.5 billion individuals in the worldwide labor force, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Traditional payroll systems frequently result in manual processes, data silos, and an absence of integration, leading to inconsistencies and inefficiencies. Regardless of living in a period of technological developments, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar objectives to offer insights and solutions to simplify and enhance international payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of services say they have Workforce data in real time that’s another number that provides me sleepless nights and rather honestly the more a service spends on international payroll the less of a photo they see a lack of exposure also encompasses payroll payments and failure to precisely track these payments can lead to compliance mishaps in the last mile of the transaction almost half of global businesses have expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM data information entry errors improperly interacted hires and terminations along with lack management and system configurations and after that when you round everything off and the data is shipped to the wrong location the typical cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money all over the world payroll and payments don’t run efficiently if they count on the essential multiple procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges organization face when they’re paying to employees or otherwise that’s a great concern I constantly throw this back and say what is it what doesn’t require to be included ideal and what does
it require to be considered 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 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 right ultimately building a knowledge base is absolutely crucial however everywhere you look with payroll payment they are like very payments no if but some babies 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 acknowledgment that payroll payments are definitely basic and innovation is allowing us to kind of move forward with that it also also to add to that payroll and financing need to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is definitely imperative that payroll and finance teams work closer together than ever um I’m constantly amazed when people state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation would they divide the payroll payment from estimation 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 eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more essential to contribute to type of the level of intricacy there’s increasingly more benefits being organ or being provided by businesses throughout the world so once again you’re just seeking to add more and more payments to this already intricate landscape so if you kind of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of real difficulties or real challenging kind of pay utilizes to play to pay individuals I think yeah I indicate over the last well yeah a number of years I would definitely say that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are teams feeding details into the next function as it were that’s actually handling the payment side of things however you understand in in my opinion and my experience that does not always need to be the case you know long gone are the times where we need to create extra handoffs while doing sos that we operate in they simply make them more prompt they make them less effective and they don’t make them what they need to be in in a period of tech and a period that you understand that we are working in today there is no reason we are still making this as hard as it needs to be agreed and appropriately as you said payroll is the single most significant liability that any company has from an expense point of view from an impact perspective on staff members it is definitely 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 need to be done right it has the most significant damaging result on people’s well-being and numerous other factors if individuals aren’t paid uh I’ve always been surprised coming into this Market kind of the last five to ten years is how little thanks the
The payroll team may not have actually been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and individuals just notice when things go wrong. However, when things go right, it’s viewed as just a routine job. This is how it’s viewed externally as well. Therefore, it is essential to make sure that jobs like Wi-Fi Global and other crucial matters are done correctly. Using the very first Worldwide Payments first payroll payment service is a great initial step towards supplying a detailed payroll service for workers worldwide. Standardization, worldwide procedures, and lowering the number of tools, platforms, and savings account required for international payroll are essential factors in accomplishing business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of complaints when things don’t go as planned. Eventually, we don’t do it for the thankfulness.
anyway we know how how crucial 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 associated with those procedures and likewise so imagine sorry I’m simply I was just gon na say think of the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions picture getting that many thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an interesting task attempting to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to check out them and actually see what was going on and kind of shot to return to everybody so moving on look why do companies choose to primary different savings account there are Export Papaya Global Holiday Data services out there doing exactly this for specific countries and I have actually worked in a company or many companies doing exactly that I can state it doesn’t constantly feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not developing extra work for anybody where we don’t need to and anybody that’s dealing with that procedure 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 think numerous factors one is it’s the standard I think individuals have got so utilized to we require a new checking account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the standard individuals have embraced and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a variety I think this is a procedure that needs looking at it requires changing but eventually people are extremely stuck with what they’re familiar
with ideal um change is a tough thing all of us don’t like modification um so I think it’s simply sort of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand clearly the benefits of having preserving numerous checking account however there’s a huge quantity of intricacy opts for setting up a bank account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the ideal user accesses for individual people so the complexity is big however I believe the sincere answer is change um people have not been able to alter or have not had always the understanding to truly make that change into alternate Solutions besides opening a savings account I believe you’ve struck the nail on the head I think it is understanding you understand and there is a component of resistance to alter but we’ve constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could almost be determined to be the next Century or so there is a lot to keep an eye on and this approach does posture a number of challenges um so Johnny could you inform us about those difficulties yeah naturally so there’s a variety right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has gotten another CFO, and with this boosted capability, I have actually effectively protected payments for our 10,000 employees worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is more detailed, considering your accomplishments. Export Papaya Global Holiday Data