Over the last five or six years …Papaya Global Accountants… roles on the provider side and likewise on the supplier side from a payroll perspective so actually anticipating this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply provide everyone another couple of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really really bleak and I wish I was elsewhere at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why companies keep separate
Virtual payroll accounts are an alternative to standard checking account for handling payroll payments. This is especially beneficial for worldwide companies with dispersed and remote workforces, as it streamlines the complicated procedure of cross-border payments. Instead of maintaining separate bank accounts for payroll in different countries, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are ending up being a strategic property for payroll executives. We will likewise offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Making sure accurate, effective, and prompt payroll payments is a complex challenge for organizations running internationally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll checking account, learn how business forecast payroll expenses to optimize working capital, and discover how improving worldwide payroll payments can change them from a difficult job into a tactical asset.
Handling payroll worldwide is a challenging task due to various guidelines, compliance requirements, data security issues, and banking guidelines. The large variety of staff members and companies adds to the intricacy, with an approximated 3.5 billion individuals in the global workforce, 500 countless whom are in Africa, and 230 million organizations worldwide.
Standard payroll systems often lead to manual procedures, data silos, and an absence of combination, causing disparities and inadequacies. In spite of residing in an era of technological improvements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar goals to offer insights and options 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 just 11 of organizations state they have Workforce data in real time that’s another number that provides me sleepless nights and quite frankly the more a company invests in global payroll the less of a photo they see a lack of visibility likewise reaches payroll payments and failure to precisely track these payments can lead to compliance accidents in the last mile of the deal almost half of international businesses have expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry mistakes improperly communicated hires and terminations as well as lack management and system configurations and after that when you round it all off and the data is delivered to the incorrect place the average cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the globe payroll and payments don’t run smoothly if they depend on the required multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles business face when they’re making payments to employees or otherwise that’s an excellent question I constantly throw this back and say what is it what does not 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 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 have to pay from the customer’s own in-country account so there’s intricacy wherever you look ideal eventually constructing a knowledge base is absolutely critical but all over you look with payroll payment they resemble extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the kind of link in 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 innovation is permitting us to type of move on with that it likewise too to add to that payroll and finance need to work closer together um with varying Bank Account Details differing banking requirements and setup processes is definitely crucial that payroll and financing groups work better together than ever um I’m constantly amazed when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation would they divide the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being increasingly more important to add to type of the level of complexity there’s a growing number of advantages being organ or being offered by services throughout the world so once again you’re simply aiming to add a growing number of payments to this already complicated landscape so if you sort of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of genuine obstacles or genuine tough type of pay uses to play to pay people I think yeah I indicate over the last well yeah a number of decades I would definitely state that the bigger an organization gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are teams feeding details into the next function as it were that’s in fact managing the payment side of things however you know in in my opinion and my experience that does not necessarily need to be the case you know long gone are the times where we need to produce additional handoffs while doing sos that we run in they just make them more prompt they make them less efficient and they don’t make them what they require to be in in an age of tech and an era that you understand that we are operating in today there is no reason we are still making this as difficult as it needs to be concurred and appropriately as you stated payroll is the single most significant liability that any organization has from an expense viewpoint from an effect point of view on employees it is absolutely vital that it’s done correctly 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 destructive impact on individuals’s wellness and numerous other factors if individuals aren’t paid uh I have actually constantly been astonished entering into this Market type of the last five to ten years is how little thanks the
The payroll group might not have actually been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and individuals only discover when things go wrong. Nevertheless, when things go right, it’s viewed as simply a regular task. This is how it’s perceived externally also. For that reason, it is vital to ensure that jobs like Wi-Fi International and other essential matters are done properly. Using the first International Payments first payroll payment solution is a terrific preliminary action towards providing a detailed payroll option for workers worldwide. Standardization, international procedures, and lowering the variety of tools, platforms, and savings account required for global payroll are crucial consider achieving organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a few grievances when things don’t go as planned. Eventually, we do not do it for the thankfulness.
anyway 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 procedures and likewise so think of sorry I’m simply I was just gon na say imagine the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions imagine getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting task attempting to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to check out them and in fact see what was going on and sort of try to get back to everybody so carrying on look why do companies pick to primary different bank accounts there are Papaya Global Accountants companies out there doing exactly this for particular nations and I’ve worked in a business or lots of services doing exactly that I can state it doesn’t always feel effective and it does produce more work I understand we’re not intentionally doing that we’re not developing extra work for anyone where we do not need to and anyone that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think lots of reasons one is it’s the requirement I believe individuals have got so utilized to we need a brand-new bank account we open an entity and rightly so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the standard the people have embraced and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a variety I believe this is a process that needs taking a look at it needs altering however ultimately individuals are very stuck to what they recognize
with ideal um change is a difficult thing we all don’t like change um so I think it’s just type of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the benefits of having maintaining numerous savings account but there’s a substantial quantity of complexity chooses setting up a checking account preserving it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for private individuals so the complexity is huge however I think the sincere answer is change um people haven’t had the ability to change or haven’t had always the understanding to actually make that change into alternate Solutions aside from opening a bank account I believe you have actually struck the nail on the head I think it is understanding you know and there is a component of resistance to change however we have actually always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what could nearly be figured out to be the next Century or two there is a lot to keep track of and this method does posture several difficulties um so Johnny might you inform us about those difficulties yeah of course so there’s a variety right there is so
I just did you switched our Business 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 Global staff members you deserve a corner office with a better parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Accountants