Over the last 5 or 6 years …Running Papaya Global Year End… functions on the provider side and likewise on the vendor side from a payroll perspective so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply give everybody another number of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everyone 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 drizzling here it’s extremely extremely uninspiring and I wish I was somewhere else at this moment in time alright so let’s start our agenda for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why companies keep different
Virtual payroll accounts are an alternative to conventional savings account for managing payroll payments. This is especially useful for global companies with dispersed and remote labor forces, as it simplifies the complex procedure of cross-border payments. Instead of maintaining separate savings account for payroll in various nations, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are becoming a tactical asset for payroll executives. We will also supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing accurate, effective, and prompt payroll payments is a complex difficulty for companies running worldwide. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll savings account, learn how business anticipate payroll costs to optimize working capital, and discover how enhancing global payroll payments can transform them from a difficult job into a strategic property.
Managing payroll globally is a daunting task due to various guidelines, compliance requirements, data security issues, and banking rules. The large variety of employees and services adds to the intricacy, with an approximated 3.5 billion people in the international workforce, 500 countless whom remain in Africa, and 230 million services worldwide.
Standard payroll systems frequently lead to manual procedures, information silos, and a lack of combination, resulting in disparities and ineffectiveness. Despite residing in an era of technological advancements, 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 supply insights and options to streamline and enhance worldwide payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce data in real time that’s another number that offers me sleep deprived nights and rather honestly the more an organization invests in international payroll the less of a picture they see an absence of visibility likewise encompasses payroll payments and failure to precisely track these payments can cause compliance incidents in the last mile of the deal nearly half of international services have revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM information information entry mistakes inadequately interacted hires and terminations along with absence management and system configurations and then when you round all of it off and the information is shipped to the wrong place the average cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the world payroll and payments don’t run efficiently if they depend on the required numerous procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles business face when they’re paying to workers or otherwise that’s a good question I constantly throw this back and state what is it what does not require to be consisted of ideal and what does
it require to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment abilities so can you pay it from International or do you have 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 absolutely critical however everywhere you look with payroll payment they are like very payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the kind 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 definitely essential and innovation is allowing us to sort of progress with that it also also to contribute to that payroll and financing require to work closer together um with varying Savings account Details varying banking requirements and setup procedures is absolutely crucial that payroll and finance teams work closer together than ever um I’m always surprised when people say I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll profession would they divide the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so typically 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 likewise paying statutory authorities and on statutory third parties so with the
The modern-day world puts a high worth on well-being and the compensation landscape is becoming significantly detailed. Services are continually introducing brand-new benefits and payment alternatives, which contributes to the general intricacy. Large corporations frequently divide their payroll and payment processing into different teams, which can result in inefficiencies and bottlenecks. In my viewpoint, this does not need to hold true. In today’s technically advanced era, there’s no validation for preserving troublesome procedures. Payroll, the company’s biggest expense, need to be processed properly and on time. Even minor delays can negatively impact workers’ well-being and have significant repercussions. For that reason, it’s important to focus on precise and timely payments.
payroll group get um so I’m not sure anybody on this sort of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um however eventually payroll is such a crucial cycle all of us hear about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s simply 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 absolutely essential that all of this stuff is done correctly so leveraging the very first Worldwide Payments very first payroll payment solution is an excellent first step um providing an end-to-end payroll solution for your workers internationally once again I believe is another substantial um process again aligning and ensuring you have standardization Worldwide procedures all of those things are definitely key to success success of companies and reducing the number of tools platforms and bank accounts 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 have actually never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone rather where they’re indicated to be um I don’t think any of us are in fact doing that for for the thanks
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 everyone that’s associated with those processes and also so envision sorry I’m simply I was just gon na say think of the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions envision getting that lots of thank you notes um I imply it ‘d be interesting to see the number of 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 picture 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 type of try to get back to everyone so proceeding look why do business pick to main separate savings account there are Running Papaya Global Year End organizations out there doing precisely this for particular countries and I have actually worked in a service or numerous companies doing exactly that I can state it does not constantly feel efficient and it does produce more work I understand we’re not purposely doing that we’re not creating extra work for anyone where we do not have to and anyone that’s managing that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe numerous factors one is it’s the standard I think individuals have got so utilized to we need a brand-new savings account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm individuals have actually embraced 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 numerous other ways um to to kind of do it so I believe there’s a variety I think this is a process that needs taking a look at it needs changing but ultimately people are really stuck with what they’re familiar
with right um modification is a hard thing all of us do not like modification um so I think it’s simply kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand clearly the advantages of having keeping numerous savings account but there’s a big amount of intricacy goes with setting up a checking account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the right user accesses for individual individuals so the complexity is substantial however I think the honest response is modification um individuals have not been able to alter or have not had always the knowledge to actually make that change into alternate Solutions aside from opening a savings account I believe you’ve struck the nail on the head I think it is understanding you understand and there is a component of resistance to alter but we have actually always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what might almost be figured out to be the next Century or two there is a lot to keep an eye on and this technique does present several challenges um so Johnny might you inform us about those obstacles yeah of course so there’s a range 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 Worldwide workers you deserve a corner office with a better parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Running Papaya Global Year End