Over the last five or six years …Info From Papaya Global Backup… roles on the provider side and also on the vendor side from a payroll perspective so actually anticipating this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just offer everybody another couple of uh well among the 30 seconds or two to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everybody 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 sunshine is it it’s not no it’s it’s drizzling here it’s really very gloomy and I wish I was somewhere else at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why business preserve separate
Virtual payroll accounts are an option to conventional bank accounts for managing payroll payments. This is particularly useful for global organizations with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of maintaining separate checking account for payroll in different nations, virtual accounts and digital wallets offer a more structured service. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are ending up being a tactical asset for payroll executives. We will also provide a recap of the main points covered and leave time for a Q&A session at the end.
Ensuring accurate, effective, and timely payroll payments is a complex difficulty for services operating internationally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll bank accounts, learn how business forecast payroll costs to enhance working capital, and discover how streamlining global payroll payments can change them from a difficult task into a strategic property.
Handling payroll internationally is a daunting job due to numerous regulations, compliance requirements, data security concerns, and banking rules. The large number of workers and services adds to the complexity, with an approximated 3.5 billion people in the international labor force, 500 million of whom are in Africa, and 230 million organizations worldwide.
Traditional payroll systems typically lead to manual procedures, data silos, and a lack of combination, causing disparities and inadequacies. Regardless of residing in an age of technological developments, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar objectives to offer insights and solutions to simplify and enhance global payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Labor force information in real time that’s another number that gives me sleep deprived nights and quite frankly the more a company spends on international payroll the less of an image they see an absence of exposure likewise extends to payroll payments and inability to properly track these payments can cause compliance mishaps in the last mile of the deal almost half of global businesses have actually expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry mistakes inadequately communicated hires and terminations along with absence management and system configurations and after that when you round it all off and the data 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 cash all over the world payroll and payments do not run smoothly if they depend on the essential several processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties service face when they’re paying to workers or otherwise that’s an excellent concern I constantly throw this back and state what is it what doesn’t require to be consisted of right and what does
it require 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 have to pay from an in-country account do you need to pay from the client’s own in-country account so there’s intricacy wherever you look right eventually developing a knowledge base is absolutely critical however everywhere you look with payroll payment they are like super payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is permitting us to sort of move on with that it also as well to add to that payroll and financing require to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is absolutely necessary that payroll and finance groups work closer together than ever um I’m constantly amazed when people say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from calculation 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 data collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being more and more essential to contribute to sort of the level of intricacy there’s more and more benefits being organ or being offered by businesses throughout the world so once again you’re just wanting to add more and more payments to this already intricate landscape so if you sort of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of real obstacles or genuine tough kind of pay uses to play to pay people I believe yeah I indicate over the last well yeah a number of decades I would certainly say that the larger an organization 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 groups feeding details into the next function as it were that’s really handling the payment side of things but you know in in my viewpoint 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 while doing sos 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 era of tech and an age that you understand that we are working 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 service has from an expense perspective from an effect perspective on staff members it is definitely critical 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 need to be done right it has the most significant harmful impact on people’s wellness and lots of other aspects if individuals aren’t paid uh I’ve always been surprised coming into this Market type of the last 5 to ten years is how little thanks the
payroll team get um so I’m unsure anybody on this sort of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an essential cycle all of us hear about it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s just a tick box workout 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 things is definitely crucial that all of this things is done correctly so leveraging the very first Worldwide Payments very first payroll payment service is a terrific first step um supplying an end-to-end payroll option for your staff members internationally again I think is another huge um process again lining up and guaranteeing you have standardization Global procedures all of those things are definitely essential to success success of organizations and reducing the variety of tools platforms and checking account they need for their Worldwide 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 thousand of them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the problems where things have not gone rather where they’re meant to be um I do not think any of us are in fact doing that for for the thanks
anyway we understand how how crucial 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 easy as possible for everyone that’s involved in those procedures and also so picture 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 make certain we’re discussing hundreds of thousands potentially Millions think of getting that numerous 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 certainly be an interesting task trying to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and actually see what was going on and kind of try to get back to everybody so carrying on look why do business pick to primary different savings account there are Info From Papaya Global Backup organizations out there doing exactly this for specific nations and I’ve worked in a service or many organizations doing exactly that I can state it doesn’t always feel effective and it does create more work I understand we’re not intentionally doing that we’re not producing extra work for any person where we don’t have to and anybody that’s managing that procedure 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 requirement I think individuals have actually got so utilized to we need a new savings account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have embraced and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and lots of other methods um to to kind of do it so I believe there’s a variety I think this is a process that requires taking a look at it requires changing but ultimately people are extremely stuck with what they recognize
with right um change is a tough thing all of us don’t like change um so I believe it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the benefits of having maintaining multiple bank accounts but there’s a huge quantity of complexity opts for setting up a checking account maintaining it ensuring it can send International transfers guaranteeing it’s set up with the best user accesses for specific people so the complexity is huge however I believe the honest response is modification um people haven’t been able to alter or haven’t had always the knowledge to really 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 knowledge you understand and there is a component of resistance to change however we’ve always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you know what could nearly be determined to be the next Century or so there is a lot to track and this approach does pose a number of challenges um so Johnny could you inform us about those challenges yeah of course so there’s a variety 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 Global staff members you deserve a corner workplace with a better parking space since I mastered Global payroll and payments with Papaya payroll OS did you Info From Papaya Global Backup