Over the last 5 or six years …Papaya Global 16Bit Office… roles on the company side and also on the supplier side from a payroll point of view so actually anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just give 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 kind of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everybody originates 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 raining here it’s very extremely uninspiring and I wish 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 challenge years of handling Worldwide payroll why business keep different
Virtual payroll accounts are an alternative to standard bank accounts for handling payroll payments. This is especially useful for global companies with dispersed and remote labor forces, as it streamlines the intricate procedure of cross-border payments. Instead of preserving separate bank accounts 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 go over why they are ending up being a tactical asset for payroll executives. We will also provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Making sure precise, effective, and prompt payroll payments is a complex difficulty for organizations running globally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll savings account, learn how business anticipate payroll costs to optimize working capital, and discover how streamlining international payroll payments can change them from a challenging task into a strategic asset.
Handling payroll globally is a complicated job due to various guidelines, compliance requirements, data security issues, and banking rules. The large number of staff members and services contributes to the intricacy, with an approximated 3.5 billion people in the worldwide workforce, 500 million of whom are in Africa, and 230 million organizations worldwide.
Conventional payroll systems frequently result in manual processes, data silos, and an absence of integration, leading to inconsistencies and inadequacies. In spite of residing in a period of technological advancements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar goals to supply insights and solutions to simplify and enhance international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Workforce information in real time that’s another number that gives me sleep deprived nights and quite honestly the more an organization invests in international payroll the less of a photo they see a lack of presence also extends to payroll payments and inability to properly track these payments can result in compliance incidents in the last mile of the transaction almost half of international companies have actually revealed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM information information entry mistakes improperly communicated hires and terminations in addition to absence management and system setups and then when you round all of it off and the data is shipped to the wrong location the typical cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments don’t run efficiently if they rely on the necessary several procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles business face when they’re paying to workers or otherwise that’s a great concern I always throw this back and state what is it what doesn’t need to be consisted of right and what does
it need to be considered there’s varying 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 need to pay from the consumer’s own in-country account so there’s complexity any place you look right ultimately constructing a knowledge base is definitely critical but everywhere you look with payroll payment they resemble incredibly payments no if however 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 think there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is allowing us to sort of move forward with that it also too to add to that payroll and financing need to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is absolutely necessary that payroll and finance teams work closer together than ever um I’m constantly amazed when people state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from estimation 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 process it’s the point of information collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being more and more essential to add to type of the level of intricacy there’s increasingly more advantages being organ or being used by companies throughout the world so again you’re simply wanting to add a growing number of payments to this already intricate landscape so if you type of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of real obstacles or real tough type of pay utilizes to play to pay people I think yeah I mean over the last well yeah a number of years I would certainly state that the bigger a service gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are teams feeding info into the next function as it were that’s actually managing the payment side of things however you understand in in my viewpoint and my experience that doesn’t necessarily require to be the case you know long gone are the times where we require to create extra handoffs in the processes that we operate in they just make them more timely they make them less efficient and they don’t make them what they need to be in in an era of tech and a period that you understand that we are operating in today there is no reason that we are still making this as difficult as it requires to be agreed and rightly as you said payroll is the single most significant liability that any business has from an expense viewpoint from an effect viewpoint on staff members it is definitely critical that it’s done properly 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 greatest destructive impact on individuals’s wellness and lots of other elements if people aren’t paid uh I’ve constantly been surprised entering into this Market kind of the last 5 to ten years is how little thanks the
The payroll group might not have been thanked for properly processing payroll during a webinar. If anyone has been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and individuals just discover when things go wrong. Nevertheless, when things go right, it’s viewed as just a regular job. This is how it’s perceived externally too. Therefore, it is necessary to ensure that tasks like Wi-Fi Global and other crucial matters are done properly. Utilizing the very first Global Payments very first payroll payment option is a fantastic initial step towards providing a thorough payroll solution for workers worldwide. Standardization, global processes, and reducing the number of tools, platforms, and savings account necessary for global payroll are essential consider accomplishing service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of complaints when things don’t go as planned. Eventually, we don’t do it for the gratitude.
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 processes and also so think of sorry I’m simply I was just gon na state picture the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions imagine getting that many thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing 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 require days of the week to attempt to browse them and actually see what was going on and sort of try to get back to everybody so proceeding look why do companies choose to main separate checking account there are Papaya Global 16Bit Office services out there doing exactly this for particular countries and I’ve worked in a company or lots of companies doing exactly that I can say it does not constantly feel efficient and it does develop more work I understand we’re not purposely doing that we’re not creating additional work for anybody where we don’t have to and any person 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 amount that we are I think numerous reasons one is it’s the standard I believe people have actually got so utilized to we need a brand-new savings account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard the people have actually embraced and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and numerous other ways um to to type of do it so I think there’s a range I believe this is a procedure that requires looking at it needs altering however eventually individuals are really stuck with what they recognize
with ideal um modification is a tough thing all of us don’t like change um so I believe it’s simply sort of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the advantages of having preserving multiple bank accounts but there’s a big amount of complexity opts for establishing a checking account keeping it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for individual individuals so the intricacy is big but I believe the sincere answer is change um people have not been able to change or have not had always the understanding to actually make that change into alternate Solutions aside from opening a savings account I believe you’ve hit the nail on the head I think it is knowledge you understand and there is a component of resistance to alter however we have actually constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could practically be figured out to be the next Century or two there is a lot to track and this method does present several challenges um so Johnny could you tell us about those challenges yeah of course 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 International employees you should have a corner office with a better parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global 16Bit Office