Over the last 5 or six years …Ssp Coronavirus Papaya Global… roles on the supplier side and also on the supplier side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply give everyone another couple of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on currently simply to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I actually 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 raining here it’s very really uninspiring and I wish I was elsewhere at this moment in time alright so let’s begin our program for today is as follows um we are going to be taking a look at the obstacle years of managing International payroll why companies maintain separate
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 streamlines the complex process of cross-border payments. Instead of maintaining different savings account for payroll in various nations, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are ending up being a tactical asset for payroll executives. We will also supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing accurate, efficient, and prompt payroll payments is a complex obstacle for businesses operating globally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll savings account, find out how business forecast payroll costs to optimize working capital, and find how improving worldwide payroll payments can transform them from a challenging task into a tactical asset.
Handling payroll worldwide is a complicated job due to different guidelines, compliance requirements, information security issues, and banking guidelines. The sheer number of workers and companies adds to the complexity, with an estimated 3.5 billion individuals in the international labor force, 500 million of whom are in Africa, and 230 million services worldwide.
Conventional payroll systems typically lead to manual procedures, information silos, and a lack of integration, causing inconsistencies and inefficiencies. Despite living in a period of technological advancements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar goals to supply insights and services to streamline and optimize worldwide payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Labor force data in real time that’s another number that gives me sleepless nights and rather honestly the more a service spends on global payroll the less of a photo they see an absence of exposure also encompasses payroll payments and failure to precisely track these payments can result in compliance mishaps in the last mile of the deal almost half of worldwide companies have revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry mistakes poorly communicated hires and terminations in addition to lack management and system configurations and then when you round it all off and the information is shipped to the wrong location the typical expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the globe payroll and payments do not run smoothly if they rely on the essential numerous 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 challenges business face when they’re paying to employees or otherwise that’s a great concern I constantly toss this back and say what is it what does not need to be consisted of best and what does
it need 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 time frames there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy any place you look ideal eventually developing a knowledge base is absolutely important but all over you look with payroll payment they resemble very payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is enabling us to kind of move on with that it likewise also to add to that payroll and financing need to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is definitely vital that payroll and financing groups work better together than ever um I’m constantly surprised when people say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more essential to add to kind of the level of complexity there’s a growing number of advantages being organ or being offered by businesses throughout the world so again you’re simply wanting to include a growing number of payments to this currently complex landscape so if you sort of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of real obstacles or genuine challenging type of pay utilizes to play to pay people I believe yeah I mean over the last well yeah a number of years I would certainly state that the larger a company 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 but you know in in my viewpoint and my experience that does not always require to be the case you know long gone are the times where we need to create additional handoffs in the processes that we run in they just make them more timely they make them less effective and they do not make them what they require to be in in an age of tech and an era that you know that we are working in today there is no reason why we are still making this as hard as it requires to be concurred and appropriately as you said payroll is the single most significant liability that any service has from a cost point of view from an impact viewpoint on employees it is absolutely vital that it’s done properly 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 most significant destructive impact on people’s wellness and numerous other elements if individuals aren’t paid uh I have actually always been surprised coming into this Market type of the last five to 10 years is how little thanks the
payroll group get um so I’m uncertain anybody on this kind of webinar has been informed 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 staff members or not um but ultimately payroll is such an essential cycle we all hear about it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely crucial that all of this things is done correctly so leveraging the very first Global Payments very first payroll payment solution is an excellent primary step um supplying an end-to-end payroll service for your workers worldwide once again I think is another huge um procedure once again aligning and guaranteeing you have standardization Worldwide processes all of those things are absolutely key to success success of services and reducing the number of tools platforms and checking account they require for their Global 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’ve never had a hundred countless them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things have not gone quite where they’re suggested to be um I don’t think any of us are really doing that for for the thanks
anyway we understand how how important a role 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 everyone that’s associated with those processes and likewise so imagine sorry I’m simply I was just gon na state 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 discussing numerous 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 definitely be an interesting job trying to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and in fact see what was going on and type of try to get back to everybody so moving on appearance why do business select to primary different checking account there are Ssp Coronavirus Papaya Global services out there doing exactly this for specific countries and I have actually operated in a service or lots of services doing exactly that I can say it doesn’t always feel efficient and it does create more work I know we’re not intentionally doing that we’re not producing additional work for anyone where we do not have to and any person that’s managing that process 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 think lots of factors one is it’s the requirement I think people have actually got so used to we need a new savings account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the standard individuals have actually adopted and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and many other methods um to to type of do it so I believe there’s a range I think this is a procedure that requires taking a look at it needs changing but ultimately people are really stuck to what they’re familiar
with best um modification is a hard thing we all do not like modification um so I think it’s simply kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand obviously the advantages of having keeping several checking account but there’s a big amount of intricacy opts for establishing a checking account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for private people so the complexity is substantial but I think the sincere response is modification um people have not had the ability to alter or have not had always the understanding to truly make that change into alternate Solutions besides opening a savings account I believe you have actually hit the nail on the head I think it is understanding you understand and there is an element of resistance to change however we have actually always done it that way is no genuine reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could almost be determined to be the next Century approximately there is a lot to keep an eye on and this method does pose a number of obstacles um so Johnny could you inform us about those difficulties yeah naturally so there’s a variety right there is so
I simply did you switched our Business 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 since I mastered International payroll and payments with Papaya payroll OS did you Ssp Coronavirus Papaya Global