Over the last five or 6 years …Papaya Global Cloud Reports Not Working… functions on the company side and also on the supplier side from a payroll point of view so actually looking forward to this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just give everybody another number of uh well one of the 30 seconds or so to join we all work back to back nowadays 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 sort of like see where everyone comes from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely extremely dreary and I wish I was elsewhere at this moment in time fine so let’s start our program for today is as follows um we are going to be taking a look at the obstacle years of managing Worldwide payroll why business keep different
Virtual payroll accounts are an option to standard bank accounts for handling payroll payments. This is particularly beneficial for global companies with dispersed and remote workforces, as it simplifies the intricate procedure of cross-border payments. Instead of maintaining different checking account for payroll in different countries, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are becoming a tactical property for payroll executives. We will likewise provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Making sure accurate, effective, and prompt payroll payments is a complex difficulty for services running worldwide. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll bank accounts, learn how business forecast payroll expenses to enhance working capital, and find how enhancing worldwide payroll payments can transform them from a burdensome job into a tactical property.
Handling payroll globally is a challenging task due to different guidelines, compliance requirements, data security issues, and banking rules. The large variety of employees and businesses adds to the intricacy, with an estimated 3.5 billion individuals in the international labor force, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Conventional payroll systems typically lead to manual procedures, information silos, and a lack of integration, causing inconsistencies and inefficiencies. In spite of residing in a period of technological advancements, 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 goals to supply insights and solutions to simplify and enhance worldwide payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of services state they have Workforce information in real time that’s another number that gives me sleepless nights and rather frankly the more a company spends on international payroll the less of a picture they see an absence of exposure also reaches payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the transaction nearly half of worldwide services have revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM data data entry mistakes badly interacted hires and terminations as well as absence management and system setups and after that when you round all of it off and the information is shipped to the incorrect place the average expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money worldwide payroll and payments do not run efficiently if they depend on the needed numerous processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges organization face when they’re paying to staff members or otherwise that’s an excellent concern I always throw this back and say what is it what doesn’t need to be consisted of right and what does
it require to be considered 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 consumer’s own in-country account so there’s intricacy anywhere you look best ultimately developing a knowledge base is absolutely important but everywhere you look with payroll payment they resemble incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is permitting us to sort of move forward with that it also also to contribute to that payroll and finance need to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is absolutely imperative that payroll and finance groups work closer together than ever um I’m constantly astonished when people say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation would they split the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information 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 live in and well-being being a growing number of crucial to contribute to kind of the level of complexity there’s a growing number of benefits being organ or being used by businesses throughout the world so again you’re just wanting to add a growing number of payments to this already intricate landscape so if you kind of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of real challenges or genuine challenging kind of pay utilizes to play to pay individuals I believe yeah I mean over the last well yeah a couple of decades I would absolutely say that the bigger an organization gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are groups feeding information into the next function as it were that’s really managing the payment side of things however you understand in in my opinion and my experience that does not necessarily need to be the case you know long gone are the times where we require to produce additional handoffs at the same times that we run in they just make them more prompt they make them less efficient 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 operating in today there is no reason we are still making this as challenging as it needs to be concurred and appropriately as you said payroll is the single most significant liability that any organization has from an expense point of view from an impact viewpoint on staff members it is absolutely vital 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 have to be done right it has the greatest harmful result on individuals’s well-being and numerous other aspects if people aren’t paid uh I have actually always 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 not exactly sure anybody on this type of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an important cycle we all hear about it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s just 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 things is absolutely important that all of this things is done properly so leveraging the first Global Payments first payroll payment option is a terrific primary step um supplying an end-to-end payroll solution for your staff members worldwide again I think is another huge um process once again lining up and ensuring you have standardization Global procedures all of those things are absolutely key to success success of services and minimizing the variety of tools platforms and checking account they need 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 have actually never had a hundred countless them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the problems where things haven’t gone rather where they’re implied to be um I don’t think any of us are really doing that for for the thanks
anyway we know how how crucial a role 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 involved in those processes and likewise so envision sorry I’m simply I was simply gon na say envision the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re discussing numerous thousands potentially Millions imagine getting that many thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing 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 was the case um you ‘d need days of the week to try to browse them and in fact see what was going on and kind of try to get back to everyone so carrying on appearance why do companies choose to main separate savings account there are Papaya Global Cloud Reports Not Working businesses out there doing precisely this for particular nations and I’ve worked in a company or numerous businesses doing exactly that I can state it does not always feel efficient and it does produce more work I know we’re not purposely doing that we’re not producing extra work for anybody where we don’t have to and anyone that’s managing that procedure 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 many factors one is it’s the standard I believe individuals have actually got so used to we require a new savings account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the standard the people have embraced and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and many other methods um to to type of do it so I believe there’s a range I believe this is a procedure that requires taking a look at it requires changing but ultimately people are really stuck to what they recognize
with right um change is a challenging thing we all don’t like change um so I think it’s just kind of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the benefits of having keeping numerous savings account but there’s a substantial quantity of intricacy opts for establishing a bank account keeping it guaranteeing it can send out International transfers ensuring it’s established with the right user accesses for individual people so the complexity is big but I believe the honest response is change um people haven’t had the ability to change or have not had always the understanding to really make that change into alternate Solutions besides opening a savings account I believe you’ve struck the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter however we have actually constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of moving on and moving into you understand what could nearly be identified to be the next Century approximately there is a lot to monitor and this technique does pose several challenges um so Johnny could you inform us about those challenges yeah of course 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 Global employees you should have a corner workplace with a more detailed parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Cloud Reports Not Working