Over the last 5 or 6 years …Papaya Global Training Near Bristol… roles on the supplier side and likewise on the vendor side from a payroll point of view so really anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply provide everybody another number of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everybody originates from and I truly do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really very dreary and I wish I was elsewhere 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 challenge years of handling Global payroll why business preserve different
Virtual payroll accounts are an alternative to traditional bank accounts for managing payroll payments. This is especially useful for worldwide companies with dispersed and remote workforces, as it simplifies the complex process of cross-border payments. Instead of preserving different checking account for payroll in various countries, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are ending up being a strategic possession for payroll executives. We will also provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring accurate, effective, and timely payroll payments is a complex challenge for services operating internationally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll savings account, discover how companies anticipate payroll expenses to optimize working capital, and find how enhancing global payroll payments can transform them from a challenging task into a tactical property.
Managing payroll globally is a challenging task due to various policies, compliance requirements, data security concerns, and banking rules. The large number of employees and businesses adds to the intricacy, with an estimated 3.5 billion people in the international workforce, 500 countless whom are in Africa, and 230 million services worldwide.
Conventional payroll systems often result in manual processes, information silos, and a lack of combination, causing disparities and inadequacies. In spite of living in an age of technological developments, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar aims to provide insights and solutions to simplify and enhance worldwide payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of services say they have Workforce information in real time that’s another number that gives me sleep deprived nights and quite frankly the more a service invests in international payroll the less of a picture they see a lack of exposure also encompasses payroll payments and failure to precisely track these payments can cause compliance accidents in the last mile of the transaction almost half of worldwide companies have expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM data information 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 location the average expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money all over the world payroll and payments do not run smoothly if they count on the necessary numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties organization face when they’re paying to workers or otherwise that’s a good concern I constantly throw this back and say what is it what does not require to be consisted of best 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 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 client’s own in-country account so there’s complexity any place you look best ultimately developing a knowledge base is definitely critical but everywhere you look with payroll payment they resemble super payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the sort 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 absolutely basic and innovation is permitting us to sort of progress with that it likewise too to add to that payroll and financing require to work closer together um with differing Bank Account Details varying banking requirements and setup processes is absolutely imperative that payroll and financing teams work more detailed together than ever um I’m always astonished when individuals say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate 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 frequently split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people any place they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more important to add to sort of the level of complexity there’s a growing number of advantages being organ or being used by companies across the world so once again you’re just looking to add increasingly more payments to this already intricate landscape so if you kind of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of genuine challenges or real difficult kind of pay utilizes to play to pay people I think yeah I mean over the last well yeah a couple of years I would definitely state that the bigger a business gets the more it tends to segregate the payroll and the payments works 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 understand in in my viewpoint and my experience that doesn’t always need to be the case you know long gone are the times where we require to develop additional handoffs at the same times that we operate in they simply make them more timely they make them less efficient 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 operating in today there is no reason that we are still making this as challenging as it needs to be concurred and appropriately as you said payroll is the single greatest liability that any company has from an expense point of view from an impact perspective on workers 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 people’s wellness and numerous other factors if individuals aren’t paid uh I have actually constantly been astonished entering into this Market sort of the last five to ten years is how little thanks the
payroll group get um so I’m uncertain anyone on this type 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 workers or not um however ultimately payroll is such an essential cycle we all hear about it when it fails everyone jumps up and down when it fails however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external view 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 stuff is done properly so leveraging the very first International Payments first payroll payment solution is an excellent initial step um supplying an end-to-end payroll solution for your staff members worldwide again I believe is another big um process once again lining up and guaranteeing you have standardization Global processes all of those things are definitely crucial to success success of businesses and reducing the variety of tools platforms and savings account they require for their International payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re indicated to be um I do not think any of us are really doing that for for the thanks
anyhow we know how how important a role 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 easy as possible for everybody that’s involved in those procedures and also so envision sorry I’m just I was simply gon na say imagine the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions think of getting that lots of thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be a fascinating task attempting to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to look through them and actually see what was going on and sort of shot to return to everyone so carrying on appearance why do companies select to primary separate savings account there are Papaya Global Training Near Bristol companies out there doing exactly this for particular countries and I have actually worked in a business or many companies doing exactly that I can say it does not constantly feel effective and it does produce more work I know we’re not intentionally doing that we’re not developing extra work for anybody where we don’t need to and any person that’s dealing with 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 amount that we are I believe numerous reasons one is it’s the standard I think individuals have got so used to we require a new bank account we open an entity and rightly so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have adopted and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and numerous other methods um to to type of do it so I believe there’s a variety I believe this is a process that requires taking a look at it needs altering but eventually individuals are really stuck with what they recognize
with best um modification is a hard thing all of us do not like change um so I believe it’s simply type of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand obviously the advantages of having keeping several bank accounts but there’s a big amount of complexity goes with setting up a bank account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for specific people so the complexity is substantial but I believe the sincere answer is modification um people haven’t been able to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions aside from opening a checking account I think you’ve struck the nail on the head I think it is knowledge you understand and there is a component of resistance to alter but we have actually constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what might practically be figured out to be the next Century or two there is a lot to track and this technique does present numerous obstacles um so Johnny could you tell us about those difficulties yeah of course so there’s a variety right there is so
I just did you switched our Business 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 Global staff members you should have a corner office with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Training Near Bristol