Over the last five or 6 years …Papaya Global Address Is Wrong… roles on the provider side and also on the vendor side from a payroll viewpoint so truly looking forward to this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply provide everyone another couple of uh well among the 30 seconds or so to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everyone comes from and I truly 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 really very dreary and I want I was somewhere else at this moment in time fine so let’s begin our program for today is as follows um we are going to be looking at the obstacle years of managing International payroll why companies keep different
Virtual payroll accounts are an option to traditional bank accounts for handling payroll payments. This is particularly beneficial for worldwide companies with dispersed and remote workforces, as it streamlines the complicated procedure of cross-border payments. Instead of preserving separate bank accounts for payroll in different countries, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are ending up being a tactical possession for payroll executives. We will also provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
Making sure precise, efficient, and prompt payroll payments is a complex difficulty for businesses operating globally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll savings account, discover how business anticipate payroll expenses to optimize working capital, and find how improving global payroll payments can transform them from a troublesome job into a tactical possession.
Managing payroll worldwide is a difficult task due to different regulations, compliance requirements, information security concerns, and banking rules. The sheer number of staff members and companies adds to the intricacy, with an estimated 3.5 billion individuals in the international labor force, 500 countless whom are in Africa, and 230 million organizations worldwide.
Standard payroll systems often result in manual processes, data silos, and a lack of integration, leading to inconsistencies and inadequacies. In spite of residing in an age of technological improvements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar goals to supply insights and solutions to simplify and enhance global payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force information in real time that’s another number that offers me sleep deprived nights and rather honestly the more a company spends on international payroll the less of a photo they see an absence of visibility also encompasses payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the transaction nearly half of global organizations have actually revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry mistakes badly interacted hires and terminations as well as absence management and system configurations and after that when you round all of it off and the data is delivered to the incorrect place the typical cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money worldwide payroll and payments don’t run efficiently if they depend on the necessary several processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties business face when they’re making payments to employees or otherwise that’s a good question I constantly throw this back and say what is it what doesn’t need to be consisted of ideal and what does
it need to be thought about there’s varying 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 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 customer’s own in-country account so there’s complexity anywhere you look right eventually building a knowledge base is definitely crucial however all over you look with payroll payment they resemble very payments no if but some infants about it you are all superheroes processing payments for payroll if you 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 fundamental and technology is enabling us to kind of move forward with that it likewise also to add to that payroll and financing need to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is definitely crucial that payroll and finance teams work closer together than ever um I’m always amazed when people state I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so frequently 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 people wherever they are however also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being more and more crucial to add to type of the level of intricacy there’s more and more benefits being organ or being used by companies throughout the world so again you’re simply wanting to add increasingly more payments to this already intricate landscape so if you sort of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of real difficulties or genuine difficult kind of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a number of decades I would certainly say that the bigger 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 information into the next function as it were that’s in fact handling the payment side of things however you know in in my opinion and my experience that does not necessarily need to be the case you understand long gone are the times where we need to create additional handoffs at the same times that we operate in they simply make them more prompt they make them less effective and they do not make them what they need to be in in an age of tech and a period that you understand that we are working in today there is no reason we are still making this as challenging as it requires to be agreed and appropriately as you said payroll is the single greatest liability that any business has from a cost perspective from an effect perspective on workers it is definitely crucial 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 most significant damaging effect on individuals’s wellness and numerous other factors if individuals aren’t paid uh I have actually always been impressed entering into this Market kind of the last five to ten years is how little thanks the
payroll group get um so I’m unsure anybody on this kind of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such a crucial cycle all of us find out about it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout and I think 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 stuff is absolutely essential that all of this stuff is done properly so leveraging the first International Payments very first payroll payment service is a great first step um providing an end-to-end payroll solution for your staff members worldwide once again I believe is another substantial um procedure once again aligning and ensuring you have standardization Global processes all of those things are definitely key to success success of services and reducing the variety of tools platforms and bank accounts they need for their Worldwide payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone rather where they’re suggested to be um I do not believe any of us are in fact 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 simple as possible for everyone that’s associated with those procedures and likewise so picture sorry I’m simply I was just gon na say think of the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions think of getting that many thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an intriguing task attempting to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to check out them and actually see what was going on and kind of shot to get back to everyone so moving on appearance why do business select to main different bank accounts there are Papaya Global Address Is Wrong services out there doing exactly this for specific nations and I’ve worked in a service or many services doing precisely that I can say it does not always feel efficient and it does produce more work I know we’re not deliberately doing that we’re not creating additional work for anyone where we don’t need to and anybody that’s managing 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 quantity that we are I think lots of reasons one is it’s the standard I believe people have actually got so utilized to we require a brand-new checking account we open an entity and rightly 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 individuals have actually adopted and continue to do over years and years passed by to add to that people have looked at things like trust accounts and many other ways um to to kind of do it so I believe there’s a variety I believe this is a procedure that needs taking a look at it requires altering however eventually individuals are very stuck to what they’re familiar
with ideal um change is a hard thing we all don’t like modification um so I believe it’s just kind of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend certainly the benefits of having preserving several bank accounts but there’s a big quantity of intricacy opts for setting up a bank account preserving it ensuring it can send International transfers guaranteeing it’s set up with the ideal user accesses for individual people so the complexity is substantial but I think the sincere response is change um individuals haven’t had the ability to change or have not had necessarily the knowledge to actually make that change into alternate Solutions besides opening a checking account I believe you have actually struck the nail on the head I believe it is knowledge you know and there is a component of resistance to change however we’ve always done it that way is no real reason for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what might almost be identified to be the next Century approximately there is a lot to keep track of and this method does posture several difficulties um so Johnny might you tell us about those difficulties yeah naturally so there’s a variety right there is so
I just 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 International staff members you are worthy of a corner workplace with a more detailed parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Address Is Wrong