Over the last five or 6 years …Papaya Global Undo Update Records… roles on the company side and likewise on the vendor side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just offer everybody another couple of uh well among the 30 seconds or so 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 currently simply to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I actually 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 raining here it’s really very gloomy and I wish I was elsewhere at this moment in time fine so let’s get started our program for today is as follows um we are going to be looking at the challenge years of managing Global payroll why companies keep different
Virtual payroll accounts are an option to traditional bank accounts for handling payroll payments. This is particularly useful for worldwide organizations with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of keeping separate bank accounts for payroll in different countries, virtual accounts and digital wallets offer a more structured service. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are becoming a strategic property for payroll executives. We will likewise offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
Ensuring accurate, efficient, and timely payroll payments is a complex difficulty for companies operating internationally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll checking account, find out how companies forecast payroll costs to enhance working capital, and find how enhancing international payroll payments can transform them from a burdensome task into a tactical possession.
Managing payroll internationally is a complicated job due to different guidelines, compliance requirements, data security issues, and banking rules. The sheer number of employees and organizations contributes to the complexity, with an estimated 3.5 billion individuals in the international workforce, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Traditional payroll systems frequently lead to manual procedures, data silos, and a lack of combination, resulting in disparities and ineffectiveness. In spite of residing in a period of technological improvements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar objectives to offer insights and services to streamline and enhance international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of services say they have Workforce information in real time that’s another number that gives me sleep deprived nights and rather honestly the more an organization invests in global payroll the less of a picture they see an absence of visibility likewise extends to payroll payments and inability to precisely track these payments can cause compliance mishaps in the last mile of the transaction nearly half of international businesses have actually expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM information information entry errors inadequately interacted hires and terminations in addition to lack management and system configurations and after that when you round all of it off and the data is shipped to the wrong place the average expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the world payroll and payments don’t run efficiently if they rely on the needed several processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties company face when they’re paying to workers or otherwise that’s a great concern I always toss this back and state what is it what doesn’t require to be included best 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 have to pay from the customer’s own in-country account so there’s intricacy any place you look ideal eventually building a knowledge base is absolutely vital but all over you look with payroll payment they are like super payments no if but some babies about it you are all superheroes processing payments for payroll if you 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 absolutely fundamental and innovation is allowing us to type of move forward with that it likewise too to add to that payroll and financing need to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is absolutely necessary that payroll and finance groups work better together than ever um I’m constantly astonished when people state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from calculation 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 eventually it’s payroll is an end-to-end procedure 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
world we reside in and well-being being more and more essential to contribute to type of the level of complexity there’s a growing number of advantages being organ or being used by organizations across the world so again you’re just aiming to add a growing number of payments to this currently complex landscape so if you kind of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of genuine difficulties or real difficult kind of pay uses to play to pay people I believe yeah I imply over the last well yeah a couple of years I would definitely say that the larger a company 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 groups feeding info into the next function as it were that’s in fact handling the payment side of things however you know in in my viewpoint and my experience that does not always need to be the case you know long gone are the times where we need to produce additional handoffs in the processes that we operate in they simply make them more timely they make them less effective and they don’t make them what they require to be in in an era of tech and an era that you understand that we are working in today there is no reason we are still making this as challenging as it requires to be agreed and appropriately as you said payroll is the single most significant liability that any company has from a cost perspective from an impact point of view on staff members it is absolutely vital that it’s done correctly and on time so what we mean 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 damaging impact on people’s wellness and many other elements if people aren’t paid uh I have actually always been surprised entering into this Market sort of the last five to 10 years is how little thanks the
The payroll team may not have been thanked for correctly processing payroll throughout 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 only observe when things fail. However, when things go right, it’s seen as just a regular job. This is how it’s viewed externally as well. For that reason, it is vital to ensure that tasks like Wi-Fi Worldwide and other vital matters are done correctly. Utilizing the first Worldwide Payments first payroll payment solution is a terrific preliminary step towards supplying a detailed payroll solution for employees worldwide. Standardization, global procedures, and reducing the number of tools, platforms, and savings account essential for international payroll are essential consider attaining organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of grievances when things do not go as prepared. Ultimately, we do not do it for the thankfulness.
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 involved in those processes and likewise so envision sorry I’m just I was just gon na state think of the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions envision 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 absolutely be an intriguing task trying to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to check out them and really see what was going on and type of try to get back to everyone so carrying on look why do business select to main different bank accounts there are Papaya Global Undo Update Records organizations out there doing precisely this for specific countries and I have actually worked in a business or numerous organizations doing exactly that I can state it does not always feel effective and it does produce more work I know we’re not intentionally doing that we’re not producing extra work for anyone where we do not have to and anyone that’s handling 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 amount that we are I think many reasons one is it’s the standard I think individuals have actually got so utilized to we require a new checking account we open an entity and appropriately so you need it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the standard individuals have adopted and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and lots of other ways um to to type of do it so I think there’s a range I think this is a process that needs taking a look at it needs altering but ultimately people are really stuck with what they recognize
with right um change is a tough thing we all don’t like change um so I think it’s simply kind of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend certainly the advantages of having maintaining multiple savings account however there’s a huge quantity of complexity chooses setting up a savings account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the ideal user accesses for specific people so the intricacy is substantial however I believe the honest answer is modification um individuals have not had the ability to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions other than opening a bank account I think you have actually struck the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change but we’ve always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might almost be figured out to be the next Century or so there is a lot to keep track of and this approach does present a number of difficulties um so Johnny could you tell us about those obstacles yeah obviously so there’s a variety right there is so
I simply 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 workers you deserve a corner office with a closer parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Undo Update Records