Over the last 5 or six years …Papaya Global Courses Uk… functions on the supplier side and also on the vendor side from a payroll viewpoint so really looking forward to this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply offer everyone another couple of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everybody is um it’s nice to to kind 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 very really gloomy and I wish I was somewhere else at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing Worldwide payroll why business preserve different
Virtual payroll accounts are an option to traditional checking account for handling payroll payments. This is especially beneficial for worldwide companies with dispersed and remote labor forces, as it simplifies the complex procedure of cross-border payments. Instead of keeping separate checking account for payroll in various countries, virtual accounts and digital wallets provide a more structured option. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are ending up being a tactical asset for payroll executives. We will also supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
Guaranteeing precise, effective, and prompt payroll payments is a complex difficulty for organizations running internationally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll savings account, find out how companies anticipate payroll expenses to enhance working capital, and find how simplifying worldwide payroll payments can transform them from a troublesome job into a tactical asset.
Managing payroll globally is a complicated task due to different regulations, compliance requirements, information security issues, and banking guidelines. The sheer variety of employees and businesses adds to the complexity, with an estimated 3.5 billion people in the global labor force, 500 million of whom remain in Africa, and 230 million companies worldwide.
Conventional payroll systems often result in manual processes, data silos, and a lack of integration, resulting in inconsistencies and ineffectiveness. Regardless of living in an era of technological improvements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar goals to offer insights and services to simplify 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 organizations say they have Labor force information in real time that’s another number that offers me sleep deprived nights and quite frankly the more a service invests in international payroll the less of a photo they see an absence of exposure likewise reaches payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the transaction nearly half of global companies have revealed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry errors improperly communicated hires and terminations along with absence management and system setups and then when you round all of it off and the data is delivered to the wrong location the average expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments do not run smoothly if they depend 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 needs to be factored into the challenges business face when they’re making payments to workers or otherwise that’s a good question I constantly throw this back and say what is it what does not need to be included best and what does
it need to be thought of there’s varying 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 abilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the client’s own in-country account so there’s complexity any place you look ideal eventually building a knowledge base is absolutely vital however all over you look with payroll payment they resemble very payments no if however some children 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 definitely fundamental and innovation is enabling us to kind of move forward with that it likewise as well to add to that payroll and finance require to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is absolutely vital that payroll and finance groups work closer together than ever um I’m always surprised when individuals state I’ve divided payroll and payment um if you walk down the street and asked anybody 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 a market accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information 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
world we live in and well-being being increasingly more important to contribute to kind of the level of intricacy there’s increasingly more advantages being organ or being offered by businesses throughout the world so once again you’re simply wanting to add more and more payments to this already complicated landscape so if you type of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of real difficulties or genuine tough sort of pay uses to play to pay people I think yeah I indicate over the last well yeah a number of decades I would certainly state that the larger a service gets the more it tends to segregate the payroll and the payments functions 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 however you understand in in my opinion and my experience that does not always require 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 prompt they make them less efficient and they don’t make them what they need to be in in an era of tech and an age that you understand that we are operating in today there is no reason why we are still making this as difficult as it requires to be concurred and appropriately as you stated payroll is the single greatest liability that any business has from a cost point of view from an impact point of view on employees it is definitely critical that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the most significant destructive result on individuals’s well-being and numerous other factors if individuals aren’t paid uh I’ve always been surprised entering this Market kind of the last five to ten years is how little thanks the
The payroll group may not have been thanked for properly processing payroll during a webinar. If anybody has been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and people only notice when things go wrong. Nevertheless, when things go right, it’s viewed as simply a regular task. This is how it’s viewed externally also. Therefore, it is vital to guarantee that tasks like Wi-Fi International and other important matters are done properly. Using the very first Worldwide Payments first payroll payment option is a fantastic initial step towards providing a comprehensive payroll option for staff members worldwide. Standardization, worldwide processes, and minimizing the variety of tools, platforms, and savings account needed for international payroll are key consider accomplishing service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few complaints when things do not go as prepared. Eventually, we do not do it for the gratitude.
anyhow we understand how how important 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 involved in those procedures and also so imagine sorry I’m just I was just gon na state picture the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re talking about numerous thousands potentially Millions think of getting that many thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an intriguing job attempting 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 require days of the week to attempt to look through them and really see what was going on and kind of try to return to everybody so proceeding appearance why do business choose to primary separate savings account there are Papaya Global Courses Uk companies out there doing precisely this for particular countries and I have actually operated in a company or numerous services doing precisely that I can say it does not always feel efficient and it does produce more work I know we’re not deliberately doing that we’re not developing additional work for any person where we don’t need to and anybody 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 amount that we are I believe lots of factors one is it’s the standard I think people have actually got so used to we need a brand-new savings account we open an entity and rightly so you require 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 requirement and the norm the people have actually adopted and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and numerous other methods um to to type of do it so I think there’s a variety I believe this is a process that needs taking a look at it requires altering but ultimately people are extremely stuck to what they’re familiar
with right um change is a tough thing we all don’t like modification um so I think it’s simply type of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand certainly the advantages of having keeping several checking account however there’s a substantial amount of intricacy chooses setting up a savings account preserving it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for specific individuals so the intricacy is substantial but I think the sincere answer is change um individuals haven’t had the ability to alter or have not had necessarily the knowledge to really make that change into alternate Solutions besides opening a checking account I think you have actually hit the nail on the head I believe it is understanding you understand and there is a component of resistance to alter but we’ve always done it that way is no real excuse for not looking at the the benefits and the possibilities of proceeding and moving into you understand what might almost be identified to be the next Century approximately there is a lot to track and this approach does pose numerous challenges um so Johnny might you inform us about those difficulties yeah obviously so there’s a range 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 employees you should have a corner workplace with a more detailed parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Courses Uk