Over the last 5 or 6 years …Papaya Global Auto Enrolment Training… roles on the provider side and likewise on the supplier side from a payroll perspective so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just give everyone another couple of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite fascinating 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 everyone originates from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really really dreary 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 Global payroll why business keep separate
Virtual payroll accounts are an option to conventional checking account for handling payroll payments. This is especially useful for international companies with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of keeping separate savings account for payroll in different nations, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are becoming a tactical property for payroll executives. We will also offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
Making sure accurate, effective, and prompt payroll payments is a complex challenge for businesses running globally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll bank accounts, learn how companies forecast payroll expenses to enhance working capital, and discover how streamlining international payroll payments can change them from a difficult task into a strategic asset.
Managing payroll internationally is an overwhelming job due to numerous regulations, compliance requirements, data security issues, and banking guidelines. The sheer number of employees and services contributes to the complexity, with an approximated 3.5 billion individuals in the worldwide labor force, 500 countless whom are in Africa, and 230 million businesses worldwide.
Conventional payroll systems often result in manual processes, information silos, and an absence of integration, leading to inconsistencies and inadequacies. Despite residing in an age of technological improvements, 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 aims to offer insights and services to simplify and enhance worldwide payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force information in real time that’s another number that gives me sleep deprived nights and quite honestly the more a service invests in global payroll the less of a photo they see a lack of exposure likewise extends to payroll payments and failure to precisely track these payments can lead to compliance incidents in the last mile of the deal nearly half of worldwide businesses have actually revealed 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 data entry mistakes improperly communicated hires and terminations along with lack management and system setups and after that when you round it all off and the information is delivered to the incorrect place the average cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments don’t run smoothly if they count on the required several processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges 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 doesn’t require to be included ideal and what does
it require to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per country 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 client’s own in-country account so there’s intricacy wherever you look right eventually building a knowledge base is absolutely crucial but everywhere you look with payroll payment they resemble incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you look at the type of link 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 allowing us to sort of move forward with that it also also to contribute to that payroll and financing need to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is definitely necessary that payroll and finance teams work better together than ever um I’m constantly amazed when individuals say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession 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 eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people any place they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world puts a high value on well-being and the payment landscape is becoming significantly elaborate. Services are continually presenting new advantages and payment choices, which contributes to the general complexity. Big corporations often divide their payroll and payment processing into different groups, which can lead to inefficiencies and traffic jams. In my viewpoint, this does not have to be the case. In today’s technically innovative period, there’s no reason for maintaining troublesome treatments. Payroll, the business’s greatest expense, should be processed properly and on time. Even small delays can negatively impact workers’ wellness and have significant effects. Therefore, it’s vital to focus on precise and prompt payments.
payroll team get um so I’m not sure anybody on this kind of webinar has been informed 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 however ultimately payroll is such a crucial cycle all of us find out about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I think 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 things is definitely essential that all of this things is done properly so leveraging the first Global Payments very first payroll payment option is a terrific primary step um supplying an end-to-end payroll solution for your employees globally once again I believe is another huge um procedure again lining up and ensuring you have standardization International processes all of those things are definitely essential to success success of services and lowering the variety of tools platforms and savings account they require for their Global payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never ever had a hundred countless them within a payroll cycle do not anticipate 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 rather where they’re meant to be um I do not think any of us are in fact doing that for for the thanks
anyway we know how how crucial 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 everybody that’s involved in those processes and likewise so think of sorry I’m just I was simply gon na state think of the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions think of getting that numerous thank you keeps in mind um I mean 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 picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to check out them and in fact see what was going on and sort of shot to get back to everybody so carrying on look why do companies choose to main separate checking account there are Papaya Global Auto Enrolment Training services out there doing exactly this for specific nations and I’ve operated in a business or many services doing precisely that I can state it doesn’t constantly feel effective and it does produce more work I understand we’re not intentionally doing that we’re not developing extra work for any person where we do not have to and anyone that’s handling 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 amount that we are I think numerous factors one is it’s the standard I believe people have actually got so utilized to we require a new savings account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the norm the people have embraced and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a range I think this is a procedure that needs looking at it requires changing however ultimately people are very stuck to what they recognize
with right um change is a difficult thing all of us do not like change um so I think it’s just kind of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand undoubtedly the benefits of having keeping numerous checking account however there’s a big amount of intricacy opts for setting up a checking account keeping it ensuring it can send International transfers guaranteeing it’s established with the ideal user accesses for specific individuals so the intricacy is substantial however I believe the sincere response is change um individuals haven’t been able to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions besides opening a checking account I believe you have actually hit the nail on the head I believe it is knowledge you know and there is an element of resistance to alter however we have actually always done it that way is no real reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might nearly be figured out to be the next Century or so there is a lot to track and this method does present several difficulties um so Johnny could you tell us about those difficulties yeah of course so there’s a variety right there is so
I simply 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 workers you should have a corner office with a better parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Auto Enrolment Training