Over the last five or six years …Free Papaya Global Training Online… roles on the service provider side and also on the vendor side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply give everyone another couple of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everyone is um it’s nice to to sort 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 sunshine is it it’s not no it’s it’s drizzling here it’s extremely really gloomy and I want I was elsewhere at this moment in time okay so let’s start our program for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why business preserve separate
Virtual payroll accounts are an alternative to conventional bank accounts for managing payroll payments. This is especially useful for global organizations with dispersed and remote labor forces, as it streamlines the intricate procedure of cross-border payments. Instead of preserving separate bank accounts for payroll in various countries, virtual accounts and digital wallets offer 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 provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing precise, effective, and timely payroll payments is a complex difficulty for companies running worldwide. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll savings account, learn how companies anticipate payroll costs to optimize working capital, and find how enhancing worldwide payroll payments can change them from a burdensome task into a strategic property.
Handling payroll internationally is a complicated job due to various guidelines, compliance requirements, data security concerns, and banking guidelines. The sheer number of workers and companies contributes to the intricacy, with an estimated 3.5 billion people in the global workforce, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Conventional payroll systems typically result in manual processes, information silos, and a lack of integration, causing inconsistencies and inefficiencies. Despite living in an era of technological improvements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar aims to offer insights and solutions to simplify and optimize worldwide payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce information in real time that’s another number that provides me sleepless nights and rather honestly the more a business spends on worldwide payroll the less of a photo they see an absence of presence also encompasses payroll payments and inability to properly track these payments can result in compliance mishaps in the last mile of the transaction nearly half of international businesses have expressed 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 because of time reporting poor HCM data data entry mistakes inadequately communicated hires and terminations along with lack management and system configurations and after that when you round all of it off and the information is shipped to the incorrect place the typical cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash worldwide payroll and payments don’t run efficiently if they depend on the needed numerous processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges organization face when they’re paying to workers or otherwise that’s a good question I constantly throw this back and say what is it what does not require to be consisted of best 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 nation 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 have to pay from the consumer’s own in-country account so there’s complexity wherever you look ideal ultimately developing a knowledge base is definitely crucial however everywhere you look with payroll payment they are like extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you take a 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 absolutely fundamental and technology is enabling us to type of move on with that it likewise as well to add to that payroll and finance require to work closer together um with differing Bank Account Details varying banking requirements and setup processes is absolutely vital that payroll and finance groups work closer together than ever um I’m constantly surprised when people say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from calculation 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 procedure it’s the point of information collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being increasingly more important to contribute to sort of the level of complexity there’s more and more advantages being organ or being used by businesses across the world so again you’re simply aiming to add a growing number of payments to this currently complicated landscape so if you kind of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of real challenges or real difficult type of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a couple of decades I would absolutely state that the bigger a service 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 really managing the payment side of things but you understand in in my viewpoint and my experience that does not necessarily need to be the case you know long gone are the times where we need to develop additional handoffs in the processes that we operate in they simply make them more prompt they make them less efficient and they do not make them what they require to be in in an age of tech and a period that you understand that we are working in today there is no reason we are still making this as difficult as it needs to be concurred and appropriately as you stated payroll is the single greatest liability that any service has from a cost perspective from an impact viewpoint on workers it is absolutely vital 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 harmful result on individuals’s well-being and lots of other elements if individuals aren’t paid uh I have actually constantly been surprised entering this Market type of the last five to ten years is how little thanks the
The payroll team might not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and people only observe when things go wrong. Nevertheless, when things go right, it’s viewed as just a regular task. This is how it’s viewed externally as well. For that reason, it is vital to guarantee that jobs like Wi-Fi Worldwide and other important matters are done correctly. Utilizing the first International Payments first payroll payment service is a fantastic preliminary step towards providing a thorough payroll solution for staff members worldwide. Standardization, global procedures, and reducing the variety of tools, platforms, and checking account required for global payroll are essential consider accomplishing service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of complaints when things don’t go as prepared. Eventually, we do not do it for the appreciation.
anyway we know how how important 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 also so think of sorry I’m simply I was just gon na say picture the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions picture getting that many thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting job trying to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and in fact see what was going on and sort of shot to get back to everybody so proceeding appearance why do companies select to main separate bank accounts there are Free Papaya Global Training Online businesses out there doing precisely this for particular countries and I’ve operated in an organization or lots of services doing exactly that I can state it does not always feel efficient and it does create 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 any person that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe numerous factors one is it’s the requirement I think people have actually got so used to we require a brand-new bank account we open an entity and appropriately so you need it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the standard the people have actually embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and many other ways um to to kind of do it so I believe there’s a variety I think this is a process that requires looking at it needs altering however ultimately people are really stuck with what they’re familiar
with ideal um change is a hard thing all of us do not like change um so I believe it’s simply sort of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the benefits of having keeping several checking account however there’s a substantial amount of complexity chooses establishing a checking account preserving it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for private people so the intricacy is big but I think the sincere answer is modification um individuals have not been able to change or haven’t had necessarily the knowledge to really make that change into alternate Solutions other than opening a savings account I believe you have actually struck the nail on the head I think it is knowledge you know and there is a component of resistance to alter but we’ve always done it that way is no real reason for not looking at the the advantages and the possibilities of proceeding and moving into you understand what could practically be determined to be the next Century or so there is a lot to keep track of and this method does position several obstacles um so Johnny might you inform us about those challenges yeah naturally so there’s a range right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has actually gotten another CFO, and with this improved capability, I have actually successfully secured payments for our 10,000 workers worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is more detailed, considering your accomplishments. Free Papaya Global Training Online