Over the last five or six years …Why Wont Papaya Global Open Pension Assessment Page… functions on the company side and likewise on the supplier side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just provide everyone another number of uh well among the 30 seconds or two to join all of us work back to back these days 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 originates from and I truly 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 extremely very uninspiring and I wish I was somewhere else at this moment in time all right so let’s begin our program for today is as follows um we are going to be taking a look at the difficulty years of handling Global payroll why business keep different
Virtual payroll accounts are an option to standard bank accounts for handling payroll payments. This is particularly beneficial for global companies with dispersed and remote labor forces, as it streamlines the complex procedure of cross-border payments. Instead of maintaining different bank accounts for payroll in various countries, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are ending up being a strategic property for payroll executives. We will also offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring accurate, effective, and prompt payroll payments is a complex obstacle for organizations running worldwide. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll bank accounts, learn how business anticipate payroll costs to enhance working capital, and discover how streamlining international payroll payments can transform them from a burdensome task into a tactical possession.
Handling payroll worldwide is a difficult task due to numerous guidelines, compliance requirements, information security concerns, and banking rules. The sheer variety of employees and companies adds to the complexity, with an estimated 3.5 billion people in the international labor force, 500 countless whom are in Africa, and 230 million companies worldwide.
Standard payroll systems typically result in manual procedures, data silos, and a lack of combination, resulting in disparities and ineffectiveness. Despite living in an age of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar aims to supply insights and services to streamline and optimize international payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force data in real time that’s another number that provides me sleepless nights and quite honestly the more a business spends on global payroll the less of a picture they see an absence of presence also encompasses payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the transaction almost half of international services have actually expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry errors improperly communicated hires and terminations in addition to absence management and system configurations and after that when you round all of it off and the information is delivered to the incorrect place 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 money around the world payroll and payments do not run smoothly if they depend on the necessary several procedures systems and partners it is simply not possible so Johnny from a payments perspective 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 an excellent question I always toss this back and say what is it what doesn’t need to be included ideal and what does
it need to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment amount of time 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 any place you look ideal ultimately developing a knowledge base is absolutely vital but everywhere you look with payroll payment they resemble very 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 believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is enabling us to kind of progress with that it also also to add to that payroll and financing require to work closer together um with varying Checking account Details differing banking requirements and setup procedures is definitely necessary that payroll and financing groups work closer together than ever um I’m constantly astonished when people state 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 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 procedure it’s the point of information collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being more and more crucial to contribute to kind of the level of complexity there’s more and more advantages being organ or being provided by services throughout the world so once again you’re just seeking 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 vast experience here and I make certain but have you got any experience in kind of real difficulties or real tough type of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a couple of decades I would definitely state 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 job there are teams feeding details into the next function as it were that’s actually managing the payment side of things however you understand in in my opinion and my experience that does not necessarily need to be the case you understand long gone are the times where we require to produce extra handoffs at the same times that we run in they just make them more timely 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 working in today there is no reason we are still making this as tough as it requires to be concurred and rightly as you stated payroll is the single biggest liability that any service has from an expense point of view from an effect viewpoint on employees it is definitely important that it’s done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the greatest harmful impact on individuals’s well-being and lots of other elements if people aren’t paid uh I’ve always been impressed coming into this Market type of the last five to 10 years is how little thanks the
payroll group get um so I’m uncertain anyone on this type of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um however eventually payroll is such a crucial cycle we all hear about it when it goes wrong everybody jumps up and down when it fails 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 also like why WI-Fi Global why all of this stuff is absolutely vital that all of this stuff is done correctly so leveraging the first Worldwide Payments first payroll payment service is an excellent primary step um providing an end-to-end payroll solution for your employees worldwide again I believe is another big um process again lining up and guaranteeing you have standardization Global processes all of those things are definitely key to success success of businesses and minimizing the number of tools platforms and bank accounts they need for their International payroll too couldn’t agree with you more and on the the front in regards to 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 5 or ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re indicated to be um I don’t believe any of us are actually doing that for for the thanks
anyhow we know how how important a role it is which’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 involved in those procedures and also so think of sorry I’m simply 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 make sure we’re discussing numerous thousands potentially Millions think of getting that lots of thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating task attempting to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and in fact see what was going on and type of shot to return to everybody so carrying on appearance why do business choose to primary different bank accounts there are Why Wont Papaya Global Open Pension Assessment Page businesses out there doing precisely this for particular countries and I have actually operated in a business or lots of services doing exactly that I can say it doesn’t constantly feel effective and it does produce more work I know 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 handling 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 utilized to we require a new bank account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard the people have actually embraced and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a variety I think this is a procedure that requires looking at it needs changing however ultimately people are very stuck to what they recognize
with ideal um change is a challenging thing we all don’t like change um so I think it’s just kind of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the benefits of having maintaining several bank accounts however there’s a huge quantity of complexity opts for setting up a savings account keeping it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for specific people so the complexity is big but I believe the truthful answer is change um individuals have not been able to change or have not had necessarily the understanding to actually make that change into alternate Solutions other than opening a savings account I believe you’ve struck the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change but we have actually constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what might almost be figured out to be the next Century approximately there is a lot to keep track of and this approach does posture a number of challenges um so Johnny could you inform us about those challenges yeah naturally 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International employees you are worthy of a corner workplace with a better parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Why Wont Papaya Global Open Pension Assessment Page