Over the last five or six years …Papaya Global File Cannot Upload To Nest… functions on the provider side and also on the vendor side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just give everybody another couple of uh well among 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 rather intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everyone originates from and I actually do hope it’s much sunnier than it is 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 really really dreary and I wish I was somewhere else 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 handling Global payroll why business maintain different
Virtual payroll accounts are an alternative to conventional bank accounts for handling payroll payments. This is especially helpful for international organizations with dispersed and remote labor forces, as it simplifies the complex procedure of cross-border payments. Instead of preserving different savings account for payroll in various countries, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a tactical possession 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.
Guaranteeing precise, efficient, and prompt payroll payments is a complex obstacle for services running worldwide. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll checking account, learn how business forecast payroll expenses to enhance working capital, and discover how enhancing global payroll payments can transform them from a difficult task into a tactical possession.
Managing payroll internationally is a complicated job due to different regulations, compliance requirements, data security concerns, and banking guidelines. The sheer variety of staff members and companies adds to the complexity, with an approximated 3.5 billion individuals in the worldwide workforce, 500 countless whom are in Africa, and 230 million businesses worldwide.
Conventional payroll systems frequently lead to manual procedures, data silos, and a lack of integration, causing inconsistencies and inadequacies. Despite living in an era of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar aims to supply insights and solutions to simplify and optimize global payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of services say they have Workforce data in real time that’s another number that provides me sleep deprived nights and rather frankly the more an organization spends on global payroll the less of a photo they see a lack of presence also extends to payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the deal nearly half of worldwide organizations have expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM information data entry mistakes improperly communicated hires and terminations in addition to lack management and system setups and after that when you round it all off and the data is shipped to the wrong place the typical cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the world payroll and payments do not run smoothly if they rely on the necessary multiple 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 workers or otherwise that’s a great question I constantly throw this back and say what is it what does not require to be consisted of right and what does
it require to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan 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 complexity any place you look best ultimately building a knowledge base is definitely critical but all over you look with payroll payment they resemble very 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 acknowledgment that payroll payments are absolutely essential and technology is enabling us to type of move on with that it likewise too to contribute to that payroll and finance need to work closer together um with varying Bank Account Details varying banking requirements and setup processes is absolutely essential that payroll and financing groups work more detailed together than ever um I’m always impressed when people state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession would they divide 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 eventually it’s payroll is an end-to-end process it’s the point of information 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 live in and wellness being increasingly more important to add to type of the level of intricacy there’s increasingly more advantages being organ or being offered by companies throughout the world so again you’re simply wanting to add more and more payments to this currently complex landscape so if you sort of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of genuine obstacles or real difficult kind of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a couple of decades I would certainly state that the larger a service gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are groups feeding information into the next function as it were that’s really handling the payment side of things but 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 need to produce additional handoffs while doing sos that we operate in they just make them more prompt they make them less efficient and they do not make them what they need to be in in an era of tech and a period that you know 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 said payroll is the single greatest liability that any organization has from an expense viewpoint from an effect viewpoint on employees it is absolutely crucial that it’s done correctly 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 result on individuals’s well-being and numerous other factors if people aren’t paid uh I’ve constantly been amazed entering into this Market sort of the last five to 10 years is how little thanks the
payroll group get um so I’m not sure anybody on this sort of webinar has been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an essential cycle we all hear about it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely important that all of this things is done properly so leveraging the very first International Payments first payroll payment solution is a fantastic primary step um supplying an end-to-end payroll solution for your employees globally again I think is another big um procedure once again lining up and ensuring you have standardization International processes all of those things are definitely crucial to success success of services and lowering the number of tools platforms and bank accounts they need for their International payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the problems where things have not gone quite where they’re meant to be um I don’t think any of us are actually doing that for for the thanks
anyhow we know 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 easy as possible for everybody that’s involved in those processes and likewise so imagine sorry I’m simply I was simply gon na say envision the amount of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions think of getting that many thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating task attempting to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to check out them and really see what was going on and sort of shot to get back to everyone so moving on look why do business select to main separate savings account there are Papaya Global File Cannot Upload To Nest businesses out there doing precisely this for particular countries and I’ve operated in a business or many companies doing precisely that I can state it does not constantly feel effective and it does produce more work I know we’re not purposely doing that we’re not creating extra work for any person where we do not have to and any person 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 amount that we are I believe numerous factors one is it’s the requirement I think individuals have got so used to we require a brand-new bank account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the standard individuals have actually adopted and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a variety I think this is a process that requires taking a look at it requires altering but ultimately individuals are extremely stuck with what they recognize
with best um change is a challenging thing all of us do not like modification um so I believe it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend certainly the benefits of having keeping several checking account however there’s a substantial quantity of complexity goes with setting up a savings account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the ideal user accesses for specific individuals so the intricacy is huge however I believe the truthful response is modification um people haven’t been able to change or have not had always the understanding to truly make that change into alternate Solutions aside from opening a bank account I think you have actually hit the nail on the head I think it is understanding you know and there is an aspect of resistance to alter however we have actually always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what might almost be determined to be the next Century or so there is a lot to track and this technique does posture numerous challenges um so Johnny might you inform us about those challenges yeah of course so there’s a variety right there is so
I just did you changed 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 International staff members you deserve a corner office with a better parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global File Cannot Upload To Nest