Over the last 5 or 6 years …Papaya Global Training Northern Ireland… roles on the service provider side and likewise on the vendor side from a payroll point of view so really eagerly anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just give everyone another number of uh well among the 30 seconds or two to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everybody comes from and I really 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 raining here it’s really very bleak and I wish I was somewhere else at this moment in time alright so let’s get started our program for today is as follows um we are going to be taking a look at the difficulty years of managing Worldwide payroll why business maintain separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic asset uh we’ll also discuss a recap and that needs to leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become increasingly more common and handling them ends up being a growing number of complicated International companies are aiming to find Solutions and brand-new ways to streamline processes especially from a payroll and cross-border payment standpoint numerous companies preserve separate savings account just for payroll while some have several accounts in different nations does it make sense for companies to preserve different savings account sometimes in various nations it does however just for payroll exists a better method what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting international business simplify the episode complex procedures of
Making sure precise, effective, and timely payroll payments is a complex difficulty for services operating worldwide. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll bank accounts, learn how companies forecast payroll expenses to optimize working capital, and discover how simplifying worldwide payroll payments can transform them from a burdensome job into a strategic property.
Handling payroll worldwide is a daunting task due to different policies, compliance requirements, information security issues, and banking guidelines. The large number of employees and businesses adds to the complexity, with an estimated 3.5 billion people in the worldwide workforce, 500 countless whom are in Africa, and 230 million companies worldwide.
Standard payroll systems often lead to manual processes, data silos, and an absence of combination, causing inconsistencies and inadequacies. In spite of residing in an era of technological advancements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar goals to supply insights and services to streamline and optimize international payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force information in real time that’s another number that provides me sleepless nights and rather frankly the more a business invests in global payroll the less of a picture they see an absence of visibility likewise encompasses payroll payments and failure to precisely track these payments can lead to compliance accidents in the last mile of the transaction almost half of worldwide companies have actually expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry mistakes improperly communicated hires and terminations along with lack management and system setups and then when you round everything off and the data is shipped to the incorrect place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments do not run smoothly if they depend on the needed numerous processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties business face when they’re making payments to workers or otherwise that’s a great question I constantly toss this back and say what is it what doesn’t require to be included right and what does
it need 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 amount of time there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s complexity anywhere you look right ultimately developing a knowledge base is absolutely critical but everywhere you look with payroll payment they resemble incredibly 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 recognition that payroll payments are absolutely fundamental and innovation is permitting us to type of progress with that it likewise too to add to that payroll and finance require to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is absolutely essential that payroll and finance teams work more detailed together than ever um I’m always amazed when people state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession would they split the payroll payment from calculation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world positions a high value on well-being and the payment landscape is becoming significantly elaborate. Services are continuously presenting new benefits and payment options, which contributes to the general complexity. Large corporations often divide their payroll and payment processing into different groups, which can result in ineffectiveness and bottlenecks. In my opinion, this does not have to hold true. In today’s technically sophisticated age, there’s no reason for maintaining troublesome procedures. Payroll, the company’s biggest cost, must be processed properly and on time. Even small hold-ups can adversely affect workers’ well-being and have far-reaching repercussions. Therefore, it’s critical to prioritize precise and prompt payments.
The payroll group may not have actually been thanked for properly processing payroll during a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and individuals just notice when things go wrong. However, when things go right, it’s seen as simply a regular task. This is how it’s viewed externally too. For that reason, it is essential to ensure that jobs like Wi-Fi Global and other essential matters are done correctly. Utilizing the first Worldwide Payments first payroll payment option is a great preliminary step towards offering a thorough payroll solution for staff members worldwide. Standardization, worldwide processes, and minimizing the variety of tools, platforms, and savings account necessary for international payroll are key consider accomplishing business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few complaints when things don’t go as planned. Ultimately, we do not do it for the appreciation.
anyhow we understand how how crucial 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 easy as possible for everybody that’s associated with those procedures and also so envision sorry I’m just I was just gon na say envision the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions imagine getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating job trying to clean 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 require days of the week to try to check out them and in fact see what was going on and kind of shot to get back to everyone so moving on appearance why do companies select to main separate savings account there are Papaya Global Training Northern Ireland companies out there doing exactly this for particular nations and I have actually worked in a service or numerous companies doing exactly that I can state it doesn’t constantly feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not creating extra work for anybody where we don’t need to and any person that’s dealing with 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 many reasons one is it’s the requirement I believe individuals have actually got so utilized to we need a new bank account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard individuals have adopted and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and many other methods um to to type of do it so I think there’s a range I think this is a process that requires taking a look at it needs changing but eventually individuals are very stuck with what they’re familiar
with ideal um change is a challenging thing all of us don’t like change um so I think it’s just sort of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand obviously the advantages of having maintaining several checking account however there’s a big amount of complexity chooses establishing a checking account keeping it guaranteeing it can send out International transfers ensuring it’s set up with the ideal user accesses for specific individuals so the complexity is huge but I believe the sincere response is modification um people have not had the ability to alter or haven’t had always the understanding to truly make that change into alternate Solutions aside from opening a savings account I think you’ve struck the nail on the head I believe it is knowledge you know and there is an element of resistance to alter however we’ve constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what could practically be identified to be the next Century or two there is a lot to keep an eye on and this approach does posture a number of obstacles um so Johnny might you tell us about those challenges yeah obviously 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide workers you deserve a corner office with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Training Northern Ireland