Over the last 5 or 6 years …Papaya Global Bureau Manager Update… roles on the supplier side and also on the vendor side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just give everyone another couple of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be rather interesting 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 comes from and I really do hope it’s much sunnier than it is 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 really dreary and I want I was somewhere else at this moment in time all right so let’s begin our program for today is as follows um we are going to be looking at the challenge years of managing International payroll why business maintain separate
Virtual payroll accounts are an alternative to conventional savings account for managing payroll payments. This is especially useful for worldwide companies with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of preserving different checking account for payroll in various nations, virtual accounts and digital wallets use 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 property for payroll executives. We will also offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
Ensuring precise, effective, and timely payroll payments is a complex difficulty for services running internationally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll bank accounts, learn how business forecast payroll expenses to enhance working capital, and discover how simplifying worldwide payroll payments can transform them from a challenging task into a tactical property.
Handling payroll internationally is a difficult task due to various guidelines, compliance requirements, data security concerns, and banking rules. The large variety of employees and services contributes to the complexity, with an approximated 3.5 billion people in the worldwide labor force, 500 countless whom are in Africa, and 230 million businesses worldwide.
Standard payroll systems frequently lead to manual procedures, data silos, and an absence of integration, causing inconsistencies and ineffectiveness. In spite of living in a period of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar aims to supply insights and services to streamline and enhance worldwide payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force information in real time that’s another number that provides me sleep deprived nights and rather frankly the more a service spends on global payroll the less of a photo they see an absence of presence also encompasses payroll payments and failure to precisely track these payments can result in compliance accidents in the last mile of the transaction almost half of global companies have expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM data data entry errors badly interacted hires and terminations along with lack management and system configurations and then when you round all of it off and the information is delivered to the wrong place the typical cost of an international data 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 don’t run smoothly if they depend on the required numerous procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges organization face when they’re paying to staff members or otherwise that’s an excellent concern I constantly toss this back and state what is it what doesn’t need to be included ideal and what does
it require to be thought of there’s differing 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 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 right ultimately building a knowledge base is absolutely important however all over you look with payroll payment they are like extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely basic and innovation is allowing us to kind of progress with that it likewise also to add to that payroll and finance require to work closer together um with differing Bank Account Details varying banking requirements and setup processes is absolutely important that payroll and finance groups work better together than ever um I’m constantly astonished when people state I have actually split 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 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 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 people anywhere 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 contribute to sort of the level of complexity there’s a growing number of benefits being organ or being offered by organizations throughout the world so once again you’re simply wanting to include a growing number of payments to this currently intricate landscape so if you kind of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of real difficulties or genuine challenging type of pay uses to play to pay people I think yeah I indicate over the last well yeah a number of years I would absolutely say that the larger a business gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are groups feeding info into the next function as it were that’s in fact handling the payment side of things but you understand in in my opinion and my experience that does not always need to be the case you understand long gone are the times where we need to develop additional handoffs while doing sos that we run in they simply make them more timely they make them less efficient and they do not make them what they need 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 hard as it needs to be agreed and rightly as you said payroll is the single greatest liability that any service has from a cost viewpoint from an effect point of view on staff members it is absolutely crucial 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 have to be done right it has the greatest harmful result on individuals’s wellness and many other aspects if individuals aren’t paid uh I have actually always been astonished entering into this Market type of the last five to ten years is how little thanks the
The payroll group may not have actually been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and individuals only discover when things go wrong. Nevertheless, when things go right, it’s seen as simply a routine job. This is how it’s viewed externally also. Therefore, it is important to make sure that tasks like Wi-Fi Worldwide and other crucial matters are done correctly. Utilizing the first International Payments very first payroll payment solution is an excellent initial action towards offering a thorough payroll solution for employees worldwide. Standardization, international processes, and lowering the number of tools, platforms, and bank accounts needed for worldwide payroll are crucial consider achieving company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of complaints when things don’t go as prepared. Ultimately, we do not do it for the thankfulness.
anyhow we understand how how essential 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 easy as possible for everybody that’s associated with those processes and likewise so imagine sorry I’m simply I was just gon na say picture the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions think of getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting job attempting to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse them and actually see what was going on and type of shot to get back to everybody so moving on look why do business pick to primary different bank accounts there are Papaya Global Bureau Manager Update businesses out there doing precisely this for particular countries and I have actually worked in a company or numerous organizations doing precisely that I can state it does not constantly feel effective and it does produce more work I understand we’re not purposely doing that we’re not producing extra work for anyone where we don’t need to and any person that’s dealing with 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 amount that we are I think many factors one is it’s the requirement I think people have actually got so used to we require a new checking account we open an entity and rightly so you require 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 standard and the standard the people have embraced and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and lots of other ways um to to type of do it so I believe there’s a range I believe this is a procedure that needs taking a look at it needs changing however eventually individuals are really stuck to what they recognize
with right um change is a tough thing we all do not like modification um so I believe it’s simply kind of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand undoubtedly the benefits of having keeping several checking account however there’s a substantial quantity of complexity opts for establishing a bank account preserving it guaranteeing it can send International transfers ensuring it’s set up with the ideal user accesses for private people so the complexity is substantial but I believe the truthful response is modification um people have not been able to change or have not had necessarily the knowledge to really make that change into alternate Solutions besides opening a bank account I think you’ve hit the nail on the head I think it is understanding you know and there is a component of resistance to change however we’ve 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 understand what could almost be figured out to be the next Century or two there is a lot to track and this method does pose a number of challenges um so Johnny might you inform us about those obstacles yeah obviously so there’s a range right there is so
I simply did you switched 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 staff members you should have a corner workplace with a better parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Bureau Manager Update