Over the last 5 or 6 years …Biotime Eyes Mirror Export To Papaya Global… roles on the company side and also on the vendor side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply give everyone 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 fascinating and I can see it going on already just to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very really uninspiring and I want I was elsewhere at this moment in time all right so let’s get started our program for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why business keep different
Virtual payroll accounts are an alternative to traditional savings account for managing payroll payments. This is particularly useful for international companies with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of keeping different savings account for payroll in different nations, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are becoming a tactical possession 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.
Guaranteeing precise, effective, and timely payroll payments is a complex challenge for businesses running globally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll savings account, find out how business forecast payroll costs to optimize working capital, and discover how streamlining worldwide payroll payments can transform them from a troublesome task into a strategic asset.
Managing payroll globally is a difficult job due to various policies, compliance requirements, information security issues, and banking guidelines. The large variety of workers and businesses contributes to the complexity, with an estimated 3.5 billion people in the global labor force, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Conventional payroll systems typically result in manual procedures, data silos, and an absence of combination, resulting in disparities and inefficiencies. In spite of living in an age of technological advancements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar objectives to provide insights and solutions to streamline and optimize international payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of services state they have Workforce data in real time that’s another number that provides me sleepless nights and quite honestly the more an organization invests in worldwide payroll the less of an image they see an absence of presence likewise encompasses payroll payments and inability to properly track these payments can result in compliance mishaps in the last mile of the transaction almost half of global companies have expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM information information entry errors poorly communicated hires and terminations as well as absence management and system setups and then when you round all of it off and the information is delivered to the wrong location the average cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the globe payroll and payments do not run smoothly if they rely on the needed multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges organization face when they’re making payments to employees or otherwise that’s an excellent concern I always throw this back and say what is it what doesn’t need to be consisted of ideal and what does
it require to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan 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 client’s own in-country account so there’s intricacy wherever you look right ultimately constructing a knowledge base is absolutely important however all over you look with payroll payment they are like very payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely fundamental and innovation is permitting us to kind of move forward with that it also too to contribute to that payroll and financing need to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is definitely imperative that payroll and financing groups work better together than ever um I’m always impressed when people say I’ve split payroll and payment um if you walk down the street and asked anyone 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 typically split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being increasingly more important to add to type of the level of intricacy there’s more and more advantages being organ or being used by organizations across the world so again you’re just aiming to include increasingly more payments to this currently intricate landscape so if you kind of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of real obstacles or real challenging kind of pay utilizes to play to pay individuals I think yeah I imply over the last well yeah a couple of years I would certainly say that the bigger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding details into the next function as it were that’s actually managing 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 know long gone are the times where we need to create additional handoffs in the processes that we operate in they just make them more timely they make them less efficient and they do not make them what they need to be in in an era of tech and an age that you know that we are working in today there is no reason why we are still making this as hard as it requires to be concurred and rightly as you said payroll is the single biggest liability that any service has from a cost perspective from an impact point of view on employees it is definitely critical that it’s done correctly and on time so what we imply 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 harmful result on individuals’s wellness and lots of other aspects if people aren’t paid uh I have actually constantly been astonished coming into this Market type of the last five to 10 years is how little thanks the
payroll group get um so I’m unsure anybody on this type of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um however eventually payroll is such an important cycle we all become aware of it when it goes wrong everyone jumps up and down when it goes wrong but 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 also like why WI-Fi Global why all of this things is definitely important that all of this stuff is done correctly so leveraging the very first Worldwide Payments first payroll payment solution is a fantastic primary step um supplying an end-to-end payroll option for your workers worldwide again I believe is another huge um procedure once again aligning and guaranteeing you have standardization Global procedures all of those things are definitely crucial to success success of services and minimizing the variety of tools platforms and savings account 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 thousand of 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 grievances where things have not gone rather where they’re indicated to be um I do not believe any of us are in fact 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 everybody that’s associated with those procedures and also so envision sorry I’m just I was simply gon na state envision the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions envision getting that many thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating 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 held true um you ‘d require days of the week to attempt to look through them and actually see what was going on and sort of try to get back to everyone so moving on appearance why do companies select to primary separate savings account there are Biotime Eyes Mirror Export To Papaya Global businesses out there doing precisely this for specific countries and I have actually operated in an organization or numerous organizations doing precisely that I can state it does not constantly feel effective and it does develop more work I know we’re not deliberately doing that we’re not creating extra work for anybody where we do not need to and anyone that’s dealing with 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 quantity that we are I think numerous reasons one is it’s the requirement I believe people have got so used to we require a brand-new bank account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm individuals have adopted and continue to do over years and years passed by to contribute to that people have actually 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 procedure that needs looking at it needs changing but eventually people are very stuck with what they recognize
with best um change is a difficult thing all of us don’t like change um so I believe it’s just type of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend obviously the benefits of having preserving numerous savings account but there’s a substantial quantity of complexity goes with setting up a checking account maintaining it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for individual individuals so the complexity is big but I think the truthful response is modification um individuals haven’t had the ability to alter or haven’t had always the knowledge to really make that change into alternate Solutions besides opening a bank account I think you’ve struck the nail on the head I think it is understanding you understand and there is an element of resistance to change but we have actually always done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might almost be determined to be the next Century or so there is a lot to track and this technique does position several obstacles um so Johnny might you inform us about those difficulties yeah of course so there’s a range right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has actually gained another CFO, and with this boosted ability, I have effectively secured payments for our 10,000 staff members worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is better, considering your achievements. Biotime Eyes Mirror Export To Papaya Global