Over the last 5 or 6 years …Papaya Global Year End 2018 Checklist… roles on the service provider side and also on the vendor side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply offer everybody another couple of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I truly 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 drizzling here it’s really really gloomy and I want I was somewhere else at this moment in time okay so let’s get started our program for today is as follows um we are going to be looking at the obstacle years of handling International payroll why business keep separate
Virtual payroll accounts are an option to conventional bank accounts for handling payroll payments. This is especially useful for worldwide companies with dispersed and remote workforces, as it simplifies the intricate procedure of cross-border payments. Instead of maintaining different checking account for payroll in various countries, virtual accounts and digital wallets offer a more structured service. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are ending up being a strategic property for payroll executives. We will also supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
Guaranteeing precise, efficient, and timely payroll payments is a complex difficulty for services running worldwide. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll checking account, discover how business forecast payroll costs to optimize working capital, and discover how simplifying global payroll payments can transform them from a troublesome job into a strategic property.
Managing payroll globally is a challenging job due to various regulations, compliance requirements, information security concerns, and banking guidelines. The sheer variety of employees and companies contributes to the intricacy, with an estimated 3.5 billion individuals in the worldwide workforce, 500 countless whom remain in Africa, and 230 million companies worldwide.
Standard payroll systems frequently lead to manual processes, information silos, and an absence of combination, resulting in disparities and ineffectiveness. Despite residing in an age of technological advancements, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar aims to provide insights and services to streamline and enhance international payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce data in real time that’s another number that provides me sleep deprived nights and quite honestly the more a business spends on international payroll the less of a photo they see a lack of visibility likewise extends to payroll payments and inability to accurately track these payments can result in compliance incidents in the last mile of the transaction nearly half of worldwide businesses have revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM information information entry errors badly interacted hires and terminations in addition to lack management and system configurations and after that when you round it all off and the data is shipped to the wrong location the average cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money worldwide payroll and payments don’t run efficiently if they rely 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 needs to be factored into the difficulties company face when they’re making payments to workers or otherwise that’s an excellent concern I constantly toss this back and say what is it what does not need to be included right 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 amount of time 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 consumer’s own in-country account so there’s intricacy anywhere you look best ultimately developing a knowledge base is absolutely vital however everywhere you look with payroll payment they are like super payments no if however some infants 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 believe there’s now a bit more acknowledgment that payroll payments are definitely basic and innovation is enabling us to type of move forward with that it also as well to contribute to that payroll and finance need to work closer together um with differing Bank Account Details differing banking requirements and setup processes is absolutely essential that payroll and financing teams work closer together than ever um I’m constantly surprised when individuals say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation 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 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 likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being more and more crucial to contribute to type of the level of complexity there’s increasingly more advantages being organ or being used by companies across the world so again you’re just wanting to include more and more payments to this currently intricate landscape so if you type of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of genuine difficulties or real difficult sort of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a couple of decades I would definitely say that the larger a service gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are teams feeding info into the next function as it were that’s really handling 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 understand long gone are the times where we require to create additional handoffs while doing sos 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 working in today there is no reason that we are still making this as difficult as it needs to be concurred and rightly as you stated payroll is the single most significant liability that any company has from an expense point of view from an impact point of view on staff members it is definitely important that it’s done correctly and on time so what we mean 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 damaging effect on people’s well-being and numerous other factors if individuals aren’t paid uh I have actually constantly been impressed entering into this Market sort of the last five to ten years is how little thanks the
The payroll group might not have been thanked for correctly processing payroll during a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and people just notice when things go wrong. Nevertheless, when things go right, it’s viewed as simply a routine task. This is how it’s perceived externally as well. Therefore, it is necessary to make sure that jobs like Wi-Fi Worldwide and other crucial matters are done correctly. Utilizing the first Global Payments first payroll payment solution is a great initial step towards providing an extensive payroll solution for staff members worldwide. Standardization, international procedures, and decreasing the number of tools, platforms, and savings account required for worldwide payroll are essential consider accomplishing 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 do not go as planned. Ultimately, we don’t do it for the appreciation.
anyway we know how how essential 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 associated with those processes and likewise so imagine sorry I’m just I was just gon na say think of the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions picture getting that numerous thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an intriguing task attempting to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to look through them and actually see what was going on and type of shot to return to everybody so carrying on appearance why do companies pick to primary separate checking account there are Papaya Global Year End 2018 Checklist companies out there doing exactly this for specific nations and I have actually worked in a service or numerous organizations doing precisely that I can state it does not constantly feel effective and it does create more work I understand we’re not deliberately doing that we’re not creating extra work for anybody where we do not have to and any person that’s handling that process 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 factors one is it’s the requirement I think individuals have actually got so utilized to we require a new bank account we open an entity and appropriately 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 simply been the standard and the standard individuals have embraced and continue to do over years and years gone past to add to that people have 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 variety I believe this is a process that needs looking at it requires altering but ultimately individuals are very stuck to what they recognize
with right um change is a difficult thing we all do not like modification um so I believe it’s just kind of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend obviously the benefits of having preserving multiple checking account but there’s a substantial amount of intricacy opts for setting up a checking account maintaining it guaranteeing it can send International transfers ensuring it’s set up with the ideal user accesses for individual individuals so the complexity is big however I think the sincere answer is modification um individuals have not had the ability to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions other than opening a bank account I believe you have actually struck the nail on the head I think it is understanding you understand and there is a component of resistance to change but we have actually constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what could practically be figured out to be the next Century or two there is a lot to monitor and this approach does present a number of obstacles um so Johnny might 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global employees you are worthy of a corner office with a better parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Year End 2018 Checklist