Over the last 5 or six years …Papaya Global Courses Sheffield… roles on the provider 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 okay thanks Johnny uh we’ll simply offer everyone another couple of uh well among the 30 seconds approximately to join we all 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 currently just to hear where everyone is um it’s nice to to type of like see where everyone originates from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely extremely uninspiring and I want I was elsewhere at this moment in time alright so let’s start our program for today is as follows um we are going to be looking at the challenge years of handling International payroll why companies keep different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic asset uh we’ll likewise go over a recap which must leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become a growing number of typical and handling them ends up being more and more complex Worldwide companies are seeking to discover Solutions and new ways to streamline procedures especially from a payroll and cross-border payment standpoint numerous companies maintain separate checking account just for payroll while some have multiple accounts in different countries does it make good sense for business to keep different checking account sometimes in different nations it does but just for payroll exists a better way what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international companies streamline the episode complex procedures of
Guaranteeing precise, efficient, and timely payroll payments is a complex difficulty for companies running internationally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll savings account, discover how companies anticipate payroll expenses to enhance working capital, and find how improving worldwide payroll payments can change them from a challenging job into a tactical possession.
Handling payroll globally is a complicated job due to various regulations, compliance requirements, information security concerns, and banking guidelines. The sheer number of workers and companies adds to the complexity, with an estimated 3.5 billion people in the global workforce, 500 million of whom are in Africa, and 230 million services worldwide.
Conventional payroll systems frequently lead to manual processes, information silos, and a lack of combination, resulting in inconsistencies and ineffectiveness. In spite of residing in a period of technological advancements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar goals to provide insights and solutions to streamline and enhance global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Workforce information in real time that’s another number that provides me sleepless nights and rather honestly the more a company invests in international payroll the less of a photo they see an absence of presence also reaches payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the deal nearly half of worldwide companies have actually revealed 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 data data entry errors badly interacted hires and terminations along with absence management and system setups and then when you round all of it off and the information is shipped to the wrong location 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 worldwide payroll and payments do not run smoothly if they count on the needed numerous processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges organization face when they’re making payments to staff members or otherwise that’s an excellent question I constantly throw this back and state what is it what does not require to be consisted of ideal 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 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 customer’s own in-country account so there’s intricacy any place you look best ultimately building a knowledge base is absolutely important however everywhere you look with payroll payment they are like super 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 believe there’s now a bit more acknowledgment that payroll payments are definitely basic and innovation is allowing us to type of progress with that it also also to contribute to that payroll and financing require to work closer together um with varying Savings account Details varying banking requirements and setup procedures is definitely essential that payroll and finance teams work better together than ever um I’m constantly amazed when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll profession would they split the payroll payment from calculation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being a growing number of essential to add to type of the level of complexity there’s a growing number of benefits being organ or being offered by services across the world so again you’re just looking to add more and more payments to this currently complex landscape so if you type of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of genuine obstacles or real tough sort of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a couple of years I would definitely say that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are teams feeding information into the next function as it were that’s actually managing the payment side of things however you understand in in my opinion and my experience that doesn’t necessarily require to be the case you know long gone are the times where we need to produce extra handoffs at the same times that we operate in they just make them more timely they make them less effective and they don’t make them what they require to be in in an age of tech and a period that you know that we are operating in today there is no reason we are still making this as challenging as it needs to be concurred and appropriately as you stated payroll is the single most significant liability that any service has from a cost point of view from an impact point of view on staff members it is definitely crucial 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 have to be done right it has the greatest destructive impact on individuals’s well-being and lots of other factors if people aren’t paid uh I have actually always been astonished entering into this Market kind of the last 5 to 10 years is how little thanks the
payroll team get um so I’m not sure anybody on this sort of webinar has been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um but eventually payroll is such an essential cycle all of us find out 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 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 crucial that all of this things is done properly so leveraging the first Global Payments very first payroll payment service is a fantastic primary step um supplying an end-to-end payroll solution for your employees globally once again I think is another huge um procedure once again lining up and ensuring you have standardization Worldwide procedures all of those things are absolutely crucial to success success of services and decreasing the variety of tools platforms and bank accounts they need for their Worldwide payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things have not gone rather where they’re meant to be um I don’t think any of us are actually doing that for for the thanks
anyway we understand how how important 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 easy as possible for everyone that’s involved in those processes and likewise so think of sorry I’m simply I was simply gon na state imagine the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions think of getting that lots of thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be a fascinating job attempting to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and in fact see what was going on and kind of try to get back to everyone so moving on appearance why do business select to primary separate bank accounts there are Papaya Global Courses Sheffield organizations out there doing exactly this for specific nations and I have actually worked in an organization or many organizations doing exactly that I can state it doesn’t constantly feel effective and it does create more work I understand we’re not intentionally doing that we’re not creating extra work for any person where we don’t have to and anybody that’s handling 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 quantity that we are I believe many reasons one is it’s the requirement I think individuals have got so utilized to we need a new checking account we open an entity and rightly so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the standard individuals have adopted and continue to do over years and years gone past to add to that people have looked at things like trust accounts and many other methods um to to kind of do it so I think there’s a range I believe this is a procedure that needs taking a look at it needs changing however ultimately people are really stuck to what they’re familiar
with best um modification is a hard thing all of us don’t like modification um so I believe it’s just sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having maintaining several bank accounts however there’s a big amount of intricacy opts for establishing a bank account preserving it ensuring it can send International transfers guaranteeing it’s established with the best user accesses for individual people so the complexity is huge however I think the sincere response is change 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 have actually hit the nail on the head I believe it is understanding you know and there is a component of resistance to alter but we have actually constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you understand what might nearly be figured out to be the next Century or so there is a lot to keep an eye on and this technique does pose a number of obstacles um so Johnny could you tell us about those difficulties yeah naturally so there’s a range right there is so
I just did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global workers 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 Courses Sheffield