Over the last five or six years …Papaya Global Payroll Estimator… functions on the company side and also on the supplier side from a payroll point of view so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply offer everybody another number of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I actually 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 gloomy and I want I was elsewhere at this moment in time okay so let’s get going our program for today is as follows um we are going to be looking at the challenge years of managing Global payroll why companies maintain different
Virtual payroll accounts are an option to conventional bank accounts for handling payroll payments. This is especially useful for worldwide organizations 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 structured option. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are becoming a strategic possession 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 accurate, efficient, and timely payroll payments is a complex difficulty for services running worldwide. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll checking account, find out how business forecast payroll costs to enhance working capital, and discover how streamlining worldwide payroll payments can transform them from a difficult task into a strategic possession.
Managing payroll globally is a challenging job due to numerous guidelines, compliance requirements, information security concerns, and banking guidelines. The sheer number of employees and organizations adds to the complexity, with an approximated 3.5 billion individuals in the international labor force, 500 million of whom are in Africa, and 230 million organizations worldwide.
Standard payroll systems typically result in manual processes, information silos, and an absence of integration, causing inconsistencies and ineffectiveness. Regardless of living in an age of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar goals to offer 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 services say they have Labor force information in real time that’s another number that gives me sleepless nights and rather honestly the more a service invests in worldwide payroll the less of an image they see an absence of visibility likewise reaches payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the transaction almost half of worldwide businesses have expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry errors badly interacted hires and terminations as well as lack management and system configurations and after that when you round everything off and the data 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 require to move the cash all over the world payroll and payments don’t run smoothly if they depend on the necessary numerous procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles company 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 included best and what does
it need to be thought about 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 abilities 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 any place you look ideal eventually building a knowledge base is definitely important but everywhere you look with payroll payment they are like extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you 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 innovation is allowing us to type of move forward with that it likewise as well to add to that payroll and financing require to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is absolutely necessary that payroll and finance teams work more detailed together than ever um I’m always surprised when individuals state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll occupation would they split the payroll payment from computation 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 eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of crucial to contribute to type of the level of intricacy there’s a growing number of benefits being organ or being offered by businesses across the world so again you’re simply seeking to include increasingly more payments to this already complex landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of real obstacles or genuine difficult sort of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a couple of years I would definitely say that the larger a service gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are groups feeding info into the next function as it were that’s actually managing the payment side of things however you know in in my opinion and my experience that does not always need to be the case you know long gone are the times where we require to develop additional handoffs at the same times 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 an age of tech and an era that you know that we are working in today there is no reason why we are still making this as difficult as it requires to be concurred and appropriately as you said payroll is the single most significant liability that any organization has from a cost viewpoint from an effect point of view on workers it is definitely important 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 most significant damaging result on people’s well-being and numerous other elements if individuals aren’t paid uh I’ve always been surprised entering into this Market type of the last five to ten years is how little thanks the
payroll group get um so I’m uncertain anyone on this sort of webinar has been told 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 but ultimately payroll is such an essential cycle all of us hear about it when it fails everybody jumps up and down when it fails but when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely vital that all of this things is done properly so leveraging the very first Worldwide Payments very first payroll payment solution is a fantastic primary step um providing an end-to-end payroll solution for your workers worldwide again I think is another huge um process again aligning and guaranteeing you have standardization International procedures all of those things are absolutely crucial to success success of companies and decreasing the variety of tools platforms and checking account they require for their International 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 ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things haven’t gone quite where they’re implied to be um I don’t think any of us are actually doing that for for the thanks
anyhow we understand how how essential 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 likewise so imagine sorry I’m just I was simply gon na say imagine the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions picture getting that many thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting job attempting to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and really see what was going on and sort of try to return to everybody so proceeding appearance why do companies pick to primary separate bank accounts there are Papaya Global Payroll Estimator organizations out there doing exactly this for specific nations and I have actually worked in a business or numerous companies doing exactly that I can state it does not constantly feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not developing additional work for any person where we don’t need to and anybody that’s dealing with that procedure 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 believe numerous factors one is it’s the requirement I think people have got so used to we require a brand-new savings account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals have adopted 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 many other ways um to to sort of do it so I believe there’s a variety I believe this is a procedure that requires looking at it requires changing however ultimately people are really stuck with what they recognize
with ideal um modification is a hard thing all of us do not like change um so I think it’s simply type of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand clearly the benefits of having maintaining several savings account but there’s a huge quantity of intricacy opts for establishing a bank account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for private individuals so the complexity is substantial but I believe the honest response is change um people have not had the ability to change or haven’t had always the knowledge to truly 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 an aspect of resistance to alter however we’ve 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 might almost be identified to be the next Century approximately there is a lot to monitor and this approach does posture numerous difficulties um so Johnny could you tell us about those obstacles yeah naturally so there’s a variety right there is so
I simply did you changed our Enterprise 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 Worldwide workers you deserve a corner office with a more detailed parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Payroll Estimator