Over the last five or 6 years …Papaya Global Payroll Hacked… roles on the service provider side and likewise on the supplier side from a payroll point of view so truly looking forward to this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just give everybody another couple of uh well among the 30 seconds or so to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everyone comes from and I really 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 raining here it’s really extremely uninspiring and I wish I was elsewhere at this moment in time all right so let’s start our agenda for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why business keep separate
Virtual payroll accounts are an alternative to standard checking account for managing payroll payments. This is especially beneficial for global organizations with dispersed and remote workforces, 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 use a more structured option. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are becoming a tactical property 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 accurate, effective, and prompt payroll payments is a complex challenge for organizations running globally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll checking account, learn how business forecast payroll costs to optimize working capital, and find how improving global payroll payments can change them from a challenging task into a tactical asset.
Handling payroll worldwide is an overwhelming task due to various regulations, compliance requirements, information security issues, and banking guidelines. The large variety of staff members and businesses contributes to the intricacy, with an approximated 3.5 billion individuals in the global workforce, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Standard payroll systems typically lead to manual processes, data silos, and an absence of combination, leading to disparities and inadequacies. In spite of residing in a period of technological developments, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar objectives to supply insights and services to streamline and enhance international payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Labor force data in real time that’s another number that provides me sleepless nights and rather frankly the more a service spends on global payroll the less of a photo they see a lack of exposure likewise extends to payroll payments and inability to precisely track these payments can lead to compliance mishaps in the last mile of the deal almost half of worldwide services have actually expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM information information entry mistakes badly communicated hires and terminations in addition to absence management and system configurations and then when you round it all off and the data is delivered to the incorrect location the average cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money all over the world payroll and payments don’t run smoothly if they count on the required several procedures 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 challenges service face when they’re making payments to staff members or otherwise that’s an excellent question I constantly throw this back and say what is it what doesn’t require to be consisted of best and what does
it require to be considered there’s differing 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 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 complexity anywhere you look ideal eventually developing a knowledge base is absolutely important however everywhere you look with payroll payment they are like super payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the sort of link 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 allowing us to type of progress with that it likewise too to add to that payroll and finance need to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is absolutely imperative that payroll and financing teams work better together than ever um I’m constantly amazed when people say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as a market 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 wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more crucial to contribute to type of the level of complexity there’s a growing number of benefits being organ or being used by services across the world so once again you’re just aiming to include more and more payments to this currently complex landscape so if you sort of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of genuine difficulties or real tough sort of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a couple of decades I would certainly say 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 groups feeding information into the next function as it were that’s actually handling the payment side of things but you know in in my opinion and my experience that doesn’t always need to be the case you know long gone are the times where we require to develop additional handoffs while doing sos that we run in they just make them more timely they make them less effective and they do not make them what they require to be in in a period of tech and an era that you know that we are operating in today there is no reason why we are still making this as challenging as it requires to be concurred and appropriately as you stated payroll is the single biggest liability that any organization has from an expense viewpoint from an effect perspective on staff members it is definitely crucial 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 destructive effect on individuals’s well-being and lots of other elements if individuals aren’t paid uh I’ve always been amazed entering into this Market sort of the last five to 10 years is how little thanks the
payroll team get um so I’m not sure anybody on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such a crucial cycle all of us become aware of it when it fails everybody jumps up and down when it goes wrong however 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 things is absolutely vital that all of this stuff is done correctly so leveraging the very first Worldwide Payments very first payroll payment solution is an excellent primary step um providing an end-to-end payroll service for your employees internationally once again I believe is another big um procedure again lining up and guaranteeing you have standardization Global processes all of those things are definitely crucial to success success of services and lowering the variety of tools platforms and bank accounts they need for their International payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 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 don’t think any of us are in fact doing that for for the thanks
anyhow we know how how important a function 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 everyone that’s involved in those processes and also so picture sorry I’m just I was just gon na say picture the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions think of getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting job attempting to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to browse them and really see what was going on and sort of try to get back to everybody so moving on look why do companies choose to primary different bank accounts there are Papaya Global Payroll Hacked companies out there doing precisely this for specific nations and I have actually operated in a company or lots of businesses doing precisely that I can say it does not always feel effective and it does create more work I know we’re not purposely doing that we’re not producing additional work for any person where we don’t need to and any person that’s managing that process 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 think lots of factors one is it’s the requirement I believe people have actually got so used to we require a brand-new savings account we open an entity and appropriately so you require it for payroll functions but 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 adopted 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 methods um to to sort of do it so I believe there’s a range I believe this is a process that requires looking at it needs altering but ultimately individuals are extremely stuck to what they’re familiar
with right um modification is a hard thing we all don’t like change um so I believe it’s just sort 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 clearly the benefits of having preserving several bank accounts however there’s a big quantity of intricacy goes with setting up a checking account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the right user accesses for private people so the intricacy is huge but I think the truthful response is change um individuals have not had the ability to change or have not had necessarily the knowledge to truly make that change into alternate Solutions other than opening a checking account I think you’ve struck the nail on the head I think it is understanding you understand and there is a component of resistance to change however we have actually constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might almost be figured out to be the next Century or two there is a lot to keep track of and this technique does pose a number of difficulties um so Johnny could you inform us about those difficulties yeah naturally so there’s a range right there is so
I just did you switched 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 are worthy of a corner office with a better parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Payroll Hacked