Over the last 5 or six years …Papaya Global Online Chat Help… functions on the service provider side and also on the vendor side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just offer everybody 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 rather fascinating and I can see it going on already just to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really very uninspiring and I wish I was elsewhere at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why business keep different
Virtual payroll accounts are an option to standard savings account for managing payroll payments. This is particularly useful for international organizations with dispersed and remote labor forces, as it streamlines the complicated procedure of cross-border payments. Instead of maintaining different savings account for payroll in different nations, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are becoming a tactical 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 precise, efficient, and prompt payroll payments is a complex difficulty for organizations running internationally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll bank accounts, discover how companies forecast payroll costs to optimize working capital, and find how streamlining worldwide payroll payments can transform them from a burdensome task into a tactical asset.
Managing payroll globally is a difficult job due to numerous guidelines, compliance requirements, information security issues, and banking rules. The sheer number of employees 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 services worldwide.
Traditional payroll systems frequently result in manual processes, information silos, and a lack of combination, leading to inconsistencies and inefficiencies. Regardless of residing in an era of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar aims to provide insights and services to simplify and enhance global payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of services say they have Labor force information in real time that’s another number that offers me sleep deprived nights and rather frankly the more an organization spends on worldwide payroll the less of a picture they see an absence of visibility likewise extends to payroll payments and inability to accurately track these payments can lead to compliance incidents in the last mile of the deal almost half of global businesses have revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM information data entry mistakes improperly interacted hires and terminations in addition to lack management and system setups and after that when you round it all off and the information is delivered to the wrong place the typical cost 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 money around the globe payroll and payments do not run smoothly if they rely on the needed several procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges organization face when they’re paying to employees or otherwise that’s a great question I constantly toss this back and state what is it what does not require to be included ideal and what does
it need to be thought about there’s varying Bank details 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 need to pay from the customer’s own in-country account so there’s complexity anywhere you look ideal eventually developing a knowledge base is definitely vital but everywhere you look with payroll payment they resemble extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely essential and innovation is enabling us to kind of move forward with that it also as well to contribute to that payroll and finance need to work closer together um with differing Savings account Details differing banking requirements and setup procedures is absolutely essential that payroll and finance groups work better 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 anybody what is payroll who does not operate in the payroll occupation would they divide the payroll payment from estimation 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 information collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more crucial to contribute to kind of the level of intricacy there’s more and more advantages being organ or being offered by organizations throughout 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 certain but have you got any experience in kind of genuine obstacles or genuine tough type of pay utilizes to play to pay people I believe yeah I imply over the last well yeah a number of decades I would absolutely state that the bigger an organization gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are teams feeding details into the next function as it were that’s really handling the payment side of things however you understand in in my opinion and my experience that doesn’t always require to be the case you know long gone are the times where we need to develop extra handoffs while doing sos that we run in they just make them more prompt they make them less efficient and they don’t make them what they require to be in in a period of tech and a period that you understand that we are operating in today there is no reason that we are still making this as hard as it needs to be agreed and appropriately as you stated payroll is the single most significant liability that any company has from a cost viewpoint from an effect perspective on employees it is definitely crucial 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 need to be done right it has the biggest detrimental effect on individuals’s well-being and lots of other factors if individuals aren’t paid uh I’ve always been impressed coming into this Market kind of the last five to 10 years is how little thanks the
payroll team get um so I’m not sure anybody on this sort of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an important cycle all of us become aware of it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box workout and I think 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 things is done correctly so leveraging the first International Payments very first payroll payment option is a terrific initial step um providing an end-to-end payroll solution for your workers globally again I believe is another substantial um procedure again lining up and ensuring you have standardization Global processes all of those things are definitely essential to success success of businesses and minimizing the variety of tools platforms and bank accounts they require for their Global 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 don’t expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things have not gone rather where they’re indicated to be um I do not believe any of us are really doing that for for the thanks
anyway we know 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 simple as possible for everyone that’s involved in those procedures and likewise so think of sorry I’m just I was just gon na say think of the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions picture getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing job trying to clean up all those up for sure oh definitely I can’t imagine 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 moving on look why do companies choose to primary separate bank accounts there are Papaya Global Online Chat Help companies out there doing precisely this for particular countries and I’ve worked in a service or many organizations doing precisely that I can state it does not constantly feel effective and it does produce more work I understand we’re not intentionally doing that we’re not developing extra work for anyone where we do not have to and anyone that’s dealing with 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 quantity that we are I think numerous factors one is it’s the requirement I think individuals 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 variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard the people have 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 type of do it so I believe there’s a range I believe this is a procedure that requires taking a look at it needs altering however eventually people are extremely stuck with what they’re familiar
with ideal um modification is a tough thing all of us don’t 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 stuff um I comprehend undoubtedly the benefits of having maintaining several savings account however there’s a big quantity of complexity chooses establishing a checking account maintaining it ensuring it can send International transfers guaranteeing it’s set up with the right user accesses for individual individuals so the intricacy is huge however I think the truthful answer is change um people have not had the ability to change or haven’t had necessarily the knowledge to truly make that change into alternate Solutions other than opening a bank account I believe you have actually hit the nail on the head I think it is knowledge you know and there is an aspect of resistance to change however we have actually constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what could practically be identified to be the next Century or two there is a lot to monitor and this method does position a number of difficulties um so Johnny could you tell us about those obstacles yeah naturally so there’s a range right there is so
I just did you changed our Enterprise 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 International staff members you should have a corner workplace with a closer parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Online Chat Help