Over the last five or six years …Papaya Global Online Courses… roles on the company side and also on the vendor side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just offer everyone another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays 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 everybody is um it’s nice to to kind 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 sunlight is it it’s not no it’s it’s drizzling here it’s really extremely uninspiring and I wish 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 difficulty years of handling Worldwide payroll why companies maintain separate
Virtual payroll accounts are an alternative to conventional checking account for handling payroll payments. This is particularly useful for worldwide companies with dispersed and remote workforces, as it streamlines the complicated process of cross-border payments. Instead of maintaining different savings account for payroll in different nations, virtual accounts and digital wallets use a more structured solution. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are ending up being a strategic possession for payroll executives. We will also supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring precise, efficient, and prompt payroll payments is a complex obstacle for services operating globally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll savings account, discover how companies anticipate payroll expenses to optimize working capital, and discover how enhancing global payroll payments can transform them from a difficult job into a strategic asset.
Managing payroll globally is a challenging task due to numerous regulations, compliance requirements, information security concerns, and banking rules. The sheer variety of workers and companies contributes to the complexity, with an approximated 3.5 billion people in the global labor force, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Traditional payroll systems typically lead to manual procedures, information silos, and an absence of combination, causing disparities and ineffectiveness. In spite of living in an age of technological advancements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar objectives to provide insights and solutions to streamline and enhance worldwide payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce information in real time that’s another number that provides me sleepless nights and quite frankly the more a service spends on global payroll the less of a picture they see a lack of visibility also encompasses payroll payments and inability to accurately track these payments can cause compliance incidents in the last mile of the transaction almost half of international organizations have actually expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry mistakes poorly interacted hires and terminations in addition to absence management and system setups and then when you round all of it off and the data is delivered to the wrong place the average expense 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 around the globe payroll and payments do not run smoothly if they count on the essential numerous procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges company face when they’re paying to employees or otherwise that’s an excellent question I always toss this back and say what is it what does not need to be included ideal and what does
it need to be thought about there’s differing Bank information 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 consumer’s own in-country account so there’s intricacy any place you look ideal eventually developing a knowledge base is absolutely critical but everywhere you look with payroll payment they are like very payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the kind 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 innovation is allowing us to kind of progress with that it also also to contribute to that payroll and finance require to work closer together um with differing Checking account Details varying banking requirements and setup processes is definitely necessary that payroll and finance groups work better together than ever um I’m constantly impressed when people state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession would they divide 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 procedure it’s the point of information collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being 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 provided by businesses throughout the world so again you’re simply seeking to include a growing number of payments to this currently intricate landscape so if you type of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of genuine difficulties or real difficult type of pay uses to play to pay individuals I think yeah I mean over the last well yeah a number of years I would absolutely say that the larger a business gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are teams feeding information into the next function as it were that’s really handling the payment side of things however you understand in in my opinion and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we require to develop additional handoffs at the same times that we operate in they simply make them more timely they make them less efficient and they do not make them what they need to be in in an age of tech and an era that you know that we are operating in today there is no reason we are still making this as difficult as it requires to be agreed and appropriately as you said payroll is the single biggest liability that any organization has from a cost perspective from an effect viewpoint on employees it is definitely important that it’s done properly and on time so what we suggest 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 harmful effect on individuals’s well-being and many other elements if individuals aren’t paid uh I’ve always been surprised coming into this Market type of the last five to ten years is how little thanks the
The payroll team might not have actually been thanked for properly 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 staff members or not. Payroll is a crucial cycle, and people just see when things go wrong. Nevertheless, when things go right, it’s seen as simply a regular task. This is how it’s viewed externally also. For that reason, it is essential to ensure that tasks like Wi-Fi International and other essential matters are done properly. Utilizing the very first Worldwide Payments first payroll payment option is a fantastic preliminary action towards offering a detailed payroll solution for employees worldwide. Standardization, worldwide processes, and minimizing the variety of tools, platforms, and savings account required for global payroll are key consider achieving business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few problems when things do not go as planned. Ultimately, we don’t do it for the appreciation.
anyhow we understand how how important 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 easy as possible for everyone that’s involved in those procedures and likewise so imagine sorry I’m just I was just gon na state think of the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands potentially Millions picture 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 certainly be a fascinating job attempting to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and really see what was going on and kind of try to get back to everybody so proceeding look why do companies select to primary different savings account there are Papaya Global Online Courses businesses out there doing precisely this for particular nations and I have actually operated in an organization or numerous companies doing precisely that I can state it does not constantly feel efficient and it does create more work I understand we’re not deliberately doing that we’re not developing extra work for anyone where we don’t need to and any person that’s handling that procedure I ‘d be interested to hear your thoughts 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 standard I think individuals have actually got so used to we need a brand-new bank account we open an entity and rightly so you need 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 standard and the norm the people have embraced and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and many other methods um to to sort of do it so I think there’s a range I think this is a process that requires taking a look at it requires changing but ultimately people are extremely stuck to what they recognize
with right um change is a difficult thing all of us don’t like modification um so I believe it’s just kind of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend obviously the benefits of having preserving multiple bank accounts but there’s a substantial amount of intricacy opts for establishing a checking account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for private individuals so the intricacy is huge but I believe the sincere response is modification um individuals have not been able to alter or have not had necessarily the knowledge to actually 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 knowledge you understand and there is a component of resistance to change but we’ve constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what could nearly be figured out to be the next Century or so there is a lot to keep an eye on and this technique does position several challenges um so Johnny could you tell us about those obstacles yeah naturally 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 Worldwide workers you should have a corner office with a closer parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Online Courses