Over the last five or 6 years …Can You Import Papaya Global Onto Another Sage Computer… functions on the provider side and likewise on the vendor side from a payroll viewpoint so truly looking forward to this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply give everybody another number of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather fascinating 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 originates from and I really do hope it’s much sunnier than it remains 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 really very bleak and I want I was elsewhere at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be looking at the challenge years of managing International payroll why companies keep different
Virtual payroll accounts are an option to conventional checking account for handling payroll payments. This is especially beneficial for worldwide organizations with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of keeping different checking account for payroll in various nations, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a strategic asset for payroll executives. We will likewise 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 challenge for organizations operating globally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll checking account, discover how business forecast payroll expenses to enhance working capital, and find how enhancing global payroll payments can change them from a difficult task into a tactical property.
Managing payroll globally is a daunting task due to different policies, compliance requirements, data security concerns, and banking rules. The large variety of employees and businesses contributes to the complexity, with an estimated 3.5 billion individuals in the global labor force, 500 million of whom are in Africa, and 230 million companies worldwide.
Standard payroll systems typically lead to manual processes, information silos, and a lack of combination, resulting in disparities and inadequacies. In spite of living in an age of technological improvements, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar goals to provide insights and services to simplify and optimize worldwide payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services state they have Workforce data in real time that’s another number that gives me sleepless nights and quite frankly the more an organization invests in international payroll the less of a photo they see a lack of exposure likewise extends to payroll payments and inability to precisely track these payments can lead to compliance mishaps in the last mile of the deal nearly half of worldwide companies have revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM information data entry errors badly communicated hires and terminations along with absence management and system configurations and after that when you round everything off and the data is delivered to the incorrect place the average expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments don’t run smoothly if they depend on the necessary multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties organization face when they’re paying to workers or otherwise that’s a great concern I always toss this back and state what is it what does not need to be included best 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 country there’s payment amount of time there’s payment capabilities 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 customer’s own in-country account so there’s complexity wherever you look ideal eventually constructing a knowledge base is absolutely critical but all over you look with payroll payment they resemble very payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is allowing us to sort of move on with that it likewise also to add to that payroll and finance require to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is absolutely imperative that payroll and finance teams work better together than ever um I’m constantly surprised when individuals state I’ve divided 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 estimation I would say no so why do we as an industry 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 information collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being increasingly more crucial to add to kind of the level of intricacy there’s increasingly more advantages being organ or being offered by services throughout the world so once again you’re simply seeking to include a growing number of payments to this currently complicated landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of real difficulties or genuine challenging sort of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a couple of decades I would definitely state that the bigger a company gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are teams feeding details into the next function as it were that’s in fact managing the payment side of things however you know in in my viewpoint and my experience that doesn’t always require to be the case you know long gone are the times where we require to create additional handoffs in the processes that we operate in they just make them more prompt they make them less effective and they don’t make them what they need 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 stated payroll is the single most significant liability that any service has from an expense perspective from an impact point of view on employees it is definitely important 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 need to be done right it has the biggest damaging effect on individuals’s wellness and many other aspects if people aren’t paid uh I have actually always been amazed entering this Market sort of the last five to 10 years is how little thanks the
payroll team get um so I’m not exactly sure anyone on this kind of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an essential cycle all of us become aware of it when it fails everyone 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 view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely vital that all of this stuff is done properly so leveraging the very first Worldwide Payments first payroll payment service is a great primary step um offering an end-to-end payroll option for your workers internationally once again I think is another huge um process again aligning and guaranteeing you have standardization Worldwide procedures all of those things are absolutely essential to success success of services and reducing the number of tools platforms and checking account they need for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of 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 five or 10 or whatever it might be with the with the the complaints where things have not gone quite where they’re suggested to be um I do not believe 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 everybody that’s involved in those processes and likewise so picture sorry I’m simply I was just gon na say imagine the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re speaking about numerous thousands possibly Millions envision getting that many thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing 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 attempt to check out them and actually see what was going on and type of shot to get back to everyone so carrying on look why do business choose to primary separate checking account there are Can You Import Papaya Global Onto Another Sage Computer services out there doing exactly this for specific nations and I’ve worked in a service or many organizations doing precisely that I can state it does not constantly feel effective and it does produce more work I know we’re not intentionally doing that we’re not producing additional work for anybody where we don’t have to and anybody that’s dealing with 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 amount that we are I believe numerous reasons one is it’s the requirement I believe individuals have actually got so used to we require a new savings account we open an entity and appropriately so you need it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm the people have actually adopted and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a range I believe this is a process that needs taking a look at it requires altering however ultimately individuals are really stuck to what they recognize
with ideal um change is a tough thing all of us don’t like change um so I believe it’s just type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend obviously the benefits of having maintaining several checking account but there’s a huge quantity of intricacy opts for establishing a bank account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for specific people so the complexity is big however I believe the sincere response is modification um people have not been able to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a savings account I think you’ve hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to change however we have actually constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of moving on and moving into you know what could nearly be determined to be the next Century approximately there is a lot to track and this approach does pose a number of obstacles um so Johnny could you tell us about those difficulties yeah of course 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 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 closer parking space because I mastered International payroll and payments with Papaya payroll OS did you Can You Import Papaya Global Onto Another Sage Computer