Over the last five or six years …Papaya Global Year End Guide 2018… roles on the company side and likewise on the vendor side from a payroll viewpoint so actually 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 couple of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I actually 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 extremely gloomy and I want I was somewhere else at this moment in time fine so let’s get going our program for today is as follows um we are going to be looking at the difficulty years of handling International payroll why companies keep separate
Virtual payroll accounts are an alternative to standard checking account for handling payroll payments. This is particularly beneficial for global companies with dispersed and remote labor forces, as it streamlines the complicated procedure of cross-border payments. Instead of preserving separate bank accounts for payroll in various countries, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are ending up being a strategic property for payroll executives. We will likewise offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
Making sure accurate, effective, and timely payroll payments is a complex difficulty for services running internationally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll checking account, find out how business forecast payroll costs to enhance working capital, and discover how streamlining global payroll payments can change them from a troublesome task into a strategic possession.
Managing payroll internationally is a daunting job due to various policies, compliance requirements, data security concerns, and banking rules. The sheer variety of staff members and businesses contributes to the complexity, with an approximated 3.5 billion individuals in the global workforce, 500 countless whom remain in Africa, and 230 million companies worldwide.
Standard payroll systems often result in manual processes, information silos, and an absence of integration, causing disparities and inefficiencies. In spite of living in an era of technological advancements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar aims to offer insights and services to streamline and enhance international payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce data in real time that’s another number that gives me sleepless nights and rather honestly the more a company spends on worldwide payroll the less of an image they see an absence of exposure also encompasses payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the transaction almost half of global services have revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry mistakes improperly communicated hires and terminations as well as lack management and system configurations and then when you round everything off and the data is delivered to the wrong location the average expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the world payroll and payments do not run smoothly if they count on the needed several procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles business face when they’re making payments to workers or otherwise that’s a good question I always throw this back and say what is it what does not need to be consisted of right and what does
it need to be thought of there’s differing Bank details 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 have to pay from the client’s own in-country account so there’s intricacy wherever you look right ultimately constructing a knowledge base is definitely crucial however everywhere you look with payroll payment they are like 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 between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely fundamental and technology is permitting us to type of move forward with that it likewise as well to add to that payroll and finance require to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is absolutely necessary that payroll and finance teams work better together than ever um I’m always surprised when individuals say I’ve divided 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 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 ultimately 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 but also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being a growing number of essential to add to kind of the level of complexity there’s increasingly more advantages being organ or being offered by services throughout the world so again you’re just looking to add more and more payments to this currently intricate 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 genuine tough sort of pay uses to play to pay people I believe yeah I mean over the last well yeah a number of decades I would absolutely say that the larger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding info into the next function as it were that’s in fact managing the payment side of things however you know in in my viewpoint and my experience that doesn’t necessarily need to be the case you know long gone are the times where we require to create extra handoffs in the processes that we operate in they just make them more timely they make them less efficient and they do not make them what they need to be in in a period of tech and an era that you understand that we are operating in today there is no reason we are still making this as hard as it needs to be agreed and appropriately as you stated payroll is the single greatest liability that any business has from a cost perspective from an impact perspective on employees it is definitely crucial that it’s done properly and on time so what we imply 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 destructive result on individuals’s well-being and numerous other factors if people aren’t paid uh I have actually always been surprised entering into this Market type of the last five to ten years is how little thanks the
payroll group get um so I’m not sure anybody on this sort 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 workers or not um however ultimately payroll is such an essential cycle all of us become aware of it when it fails everyone jumps up and down when it fails 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 likewise like why WI-Fi Global why all of this stuff is absolutely crucial that all of this stuff is done correctly so leveraging the very first Worldwide Payments very first payroll payment service is a terrific primary step um providing an end-to-end payroll solution for your workers globally again I believe is another huge um process again lining up and guaranteeing you have standardization Global processes all of those things are definitely crucial to success success of companies and reducing the variety of tools platforms and bank accounts they need for their Worldwide payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things haven’t gone quite where they’re suggested to be um I don’t believe any of us are actually doing that for for the thanks
anyhow we understand how how essential 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 simple as possible for everybody that’s associated with those procedures and likewise so imagine sorry I’m just I was simply gon na say think of the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions think of getting that many thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting task attempting to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and actually see what was going on and type of try to get back to everybody so proceeding look why do companies select to main separate checking account there are Papaya Global Year End Guide 2018 organizations out there doing precisely this for specific countries and I have actually operated in a service or many organizations doing exactly that I can state it doesn’t always feel efficient and it does develop more work I understand we’re not purposely doing that we’re not developing additional work for anybody where we do not have to and any person that’s dealing with 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 requirement I believe people have actually got so used to we require a new savings account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the norm individuals have actually 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 many other methods um to to type of do it so I believe there’s a range I believe this is a process that requires looking at it requires changing however ultimately individuals are very stuck to what they recognize
with ideal um change is a tough thing we all do not like change um so I think it’s just type 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 undoubtedly the benefits of having maintaining several checking account but there’s a huge amount of complexity chooses establishing a savings account preserving it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for individual people so the intricacy is big but I believe the truthful response is modification um people have not been able to alter or haven’t had necessarily the understanding to really make that change into alternate Solutions besides opening a savings account I believe you have actually struck the nail on the head I think it is knowledge you understand and there is an element of resistance to alter however we’ve always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could nearly be figured out to be the next Century approximately there is a lot to monitor and this approach does present a number of difficulties um so Johnny could you tell us about those challenges yeah naturally 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International staff members you deserve a corner workplace with a better parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Year End Guide 2018