Over the last five or six years …Papaya Global And Pension Add On… roles on the company side and also on the vendor side from a payroll point of view so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just offer everybody another couple of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather 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 originates from and I really 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 extremely dreary and I want I was somewhere else at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why business preserve separate
Virtual payroll accounts are an option to standard savings account for managing payroll payments. This is particularly useful for worldwide organizations with dispersed and remote labor forces, as it simplifies the intricate procedure of cross-border payments. Instead of maintaining different savings account for payroll in various countries, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are ending up being a strategic property 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.
Making sure precise, efficient, and prompt payroll payments is a complex difficulty for services operating internationally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll checking account, find out how companies forecast payroll costs to enhance working capital, and find how simplifying worldwide payroll payments can transform them from a challenging job into a tactical possession.
Handling payroll internationally is an overwhelming job due to different policies, compliance requirements, data security issues, and banking guidelines. The sheer variety of staff members and businesses contributes to the intricacy, with an estimated 3.5 billion individuals in the global labor force, 500 countless whom remain in Africa, and 230 million services worldwide.
Traditional payroll systems typically result in manual procedures, data silos, and an absence of integration, leading to inconsistencies and inadequacies. Despite residing in a period of technological advancements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar aims to provide insights and services to simplify and optimize international payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Labor force information in real time that’s another number that offers me sleep deprived nights and quite frankly the more a business spends on worldwide payroll the less of a picture they see an absence of exposure also reaches payroll payments and inability to properly track these payments can result in compliance mishaps in the last mile of the transaction nearly half of international businesses have 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 bad HCM data data entry errors poorly interacted hires and terminations as well as lack management and system configurations and then when you round everything off and the data is delivered to the incorrect place the average expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the globe payroll and payments don’t run efficiently if they count on the essential numerous procedures 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 challenges organization face when they’re paying to employees or otherwise that’s a great question I always throw this back and say what is it what does not need to be consisted of right and what does
it require to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s intricacy anywhere you look ideal ultimately building a knowledge base is definitely crucial but all over you look with payroll payment they resemble extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely basic and innovation is enabling us to kind of progress with that it also also to add to that payroll and finance require to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is definitely vital that payroll and financing groups work closer together than ever um I’m constantly amazed when people state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate 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 typically 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 individuals anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being more and more essential to add to kind of the level of intricacy there’s a growing number of benefits being organ or being used by services across the world so once again you’re simply looking to include increasingly more payments to this currently intricate landscape so if you type of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of real difficulties or genuine difficult sort of pay uses to play to pay individuals I believe yeah I imply over the last well yeah a number of decades I would certainly state that the larger a service 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 teams feeding info into the next function as it were that’s actually handling the payment side of things but you understand 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 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 require to be in in an age of tech and an age that you understand that we are operating in today there is no reason that we are still making this as challenging as it needs to be concurred and rightly as you said payroll is the single most significant liability that any business has from a cost viewpoint from an effect point of view on employees it is definitely crucial that it’s done correctly 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 detrimental effect on individuals’s wellness and many other factors if people aren’t paid uh I have actually constantly been astonished entering this Market sort of the last five to 10 years is how little thanks the
payroll group get um so I’m unsure anyone on this kind of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um but eventually payroll is such a crucial cycle all of us find out about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely important that all of this stuff is done properly so leveraging the first Global Payments first payroll payment solution is a fantastic initial step um supplying an end-to-end payroll service for your employees worldwide again I think is another big um procedure again aligning and guaranteeing you have standardization Worldwide processes all of those things are absolutely essential to success success of companies and reducing the variety of tools platforms and checking account they need for their International payroll too could not 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 expect to you do get the odd five or ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re suggested to be um I do not think any of us are really doing that for for the thanks
anyhow we know how how essential 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 simple as possible for everyone that’s involved in those processes and also so think of 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 speaking about numerous thousands potentially Millions think of getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating job trying to clean up all those up for sure oh definitely I can’t imagine 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 sort of try to return to everyone so carrying on appearance why do business choose to primary separate checking account there are Papaya Global And Pension Add On services out there doing precisely this for specific nations and I’ve operated in a company or many organizations doing precisely that I can say it doesn’t always feel efficient and it does produce more work I know we’re not intentionally doing that we’re not developing extra work for anyone where we don’t 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 think numerous reasons one is it’s the requirement I think individuals have actually got so used to we need a brand-new checking account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard the people have embraced and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a variety I think this is a procedure that needs taking a look at it requires altering however ultimately people are really stuck to what they’re familiar
with right um modification is a tough thing all of us do not like change um so I believe it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the advantages of having maintaining numerous checking account however there’s a big quantity of complexity opts for establishing a bank account preserving it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for individual individuals so the intricacy is substantial however I think the sincere answer is change um individuals haven’t had the ability to change or haven’t had always the knowledge to actually make that change into alternate Solutions other than opening a savings account I think you have actually hit the nail on the head I believe it is understanding you understand and there is an aspect of resistance to alter but we’ve always done it that way is no real reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what could almost be figured out to be the next Century or so there is a lot to monitor and this approach does present numerous challenges um so Johnny could you inform us about those difficulties yeah of course so there’s a range 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 actually acquired another CFO, and with this improved ability, I have effectively protected payments for our 10,000 workers worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You deserve a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global And Pension Add On