Over the last 5 or six years …Papaya Global Check For Accountants… functions on the service provider side and also on the supplier side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just provide everybody another number of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to kind 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 raining here it’s really really gloomy and I want I was elsewhere at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why business maintain different
Virtual payroll accounts are an option to traditional checking account for handling payroll payments. This is especially beneficial for international companies with dispersed and remote labor forces, as it simplifies the complex procedure of cross-border payments. Instead of maintaining separate savings account for payroll in different countries, virtual accounts and digital wallets use a more structured solution. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a tactical asset for payroll executives. We will likewise 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 companies running worldwide. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll savings account, learn how business forecast payroll expenses to enhance working capital, and find how streamlining international payroll payments can change them from a troublesome task into a tactical asset.
Handling payroll internationally is a challenging job due to different guidelines, compliance requirements, data security issues, and banking guidelines. The sheer number of employees and companies contributes to the intricacy, with an approximated 3.5 billion individuals in the worldwide labor force, 500 countless whom are in Africa, and 230 million organizations worldwide.
Traditional payroll systems often lead to manual procedures, data silos, and a lack of integration, causing inconsistencies and inadequacies. In spite of living in an era of technological improvements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar objectives to offer insights and options to simplify and optimize global payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of services say they have Workforce data in real time that’s another number that offers me sleep deprived nights and rather frankly the more a business spends on international payroll the less of an image they see an absence of visibility likewise encompasses payroll payments and failure to precisely track these payments can result in compliance accidents in the last mile of the transaction nearly half of worldwide services have revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry errors improperly interacted hires and terminations as well as absence management and system configurations and then when you round all of it off and the data is shipped to the wrong place the typical cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash worldwide payroll and payments don’t run efficiently if they rely on the essential several 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 organization face when they’re paying to employees or otherwise that’s a great concern I always throw this back and say what is it what does not require to be consisted of best and what does
it need to be thought of there’s varying 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 capabilities 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 client’s own in-country account so there’s complexity wherever you look right eventually developing a knowledge base is definitely vital however everywhere 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 type 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 definitely fundamental and innovation is enabling us to type of move on with that it also too to contribute to that payroll and financing require to work closer together um with differing Bank Account Particulars varying banking requirements and setup processes is absolutely important that payroll and financing teams work better together than ever um I’m constantly surprised when people say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll occupation would they split the payroll payment from computation 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being a growing number of crucial to contribute to type of the level of complexity there’s a growing number of advantages being organ or being offered by organizations across the world so again you’re simply looking to add a growing number of payments to this currently intricate landscape so if you type of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of genuine difficulties or real difficult kind of pay utilizes to play to pay individuals I think yeah I indicate over the last well yeah a number of decades I would definitely state that the larger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding info into the next function as it were that’s in fact handling the payment side of things however you know in in my viewpoint and my experience that doesn’t always need to be the case you know long gone are the times where we require to produce additional handoffs at the same times that we run in they simply make them more timely they make them less effective and they don’t make them what they require to be in in an era of tech and a period that you know that we are operating in today there is no reason that we are still making this as difficult as it requires to be concurred and rightly as you said payroll is the single biggest liability that any service has from an expense point of view from an effect perspective 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 harmful effect on people’s well-being and lots of other aspects if people aren’t paid uh I’ve always been impressed coming into this Market sort of the last 5 to ten years is how little thanks the
The payroll group may 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 staff members or not. Payroll is a crucial cycle, and individuals only observe when things go wrong. Nevertheless, when things go right, it’s seen as simply a routine task. This is how it’s viewed externally also. Therefore, it is necessary to guarantee that tasks like Wi-Fi Global and other essential matters are done properly. Utilizing the first International Payments first payroll payment solution is a terrific initial action towards providing an extensive payroll solution for workers worldwide. Standardization, worldwide procedures, and reducing the variety of tools, platforms, and bank accounts required for global payroll are key consider achieving organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of problems when things don’t go as planned. Eventually, we do not 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 everybody that’s associated with those procedures and also so think of sorry I’m just I was just gon na say think of the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions envision 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 interesting job attempting to clean up all those up for sure oh absolutely I can’t think of 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 in fact see what was going on and sort of shot to return to everyone so carrying on look why do companies select to main different savings account there are Papaya Global Check For Accountants businesses out there doing precisely this for particular countries and I’ve worked in a company or numerous services doing precisely that I can state it doesn’t always feel effective and it does develop more work I understand we’re not purposely doing that we’re not creating additional work for any person where we do not 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 quantity that we are I believe many factors one is it’s the standard I believe people have got so used to we require a new checking 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 think it’s simply been the requirement and the norm the people have adopted and continue to do over years and years gone past to add to that people have looked at things like trust accounts and lots of other ways um to to kind of do it so I think there’s a variety I believe this is a process that requires taking a look at it needs changing but ultimately individuals are extremely stuck with what they recognize
with best um change is a hard thing we all do not like modification um so I believe it’s simply kind of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the benefits of having keeping multiple savings account but there’s a huge amount of complexity chooses setting up a bank account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for private individuals so the complexity is huge but I believe the honest response is modification um individuals haven’t been able to change or haven’t had necessarily the understanding to actually make that change into alternate Solutions besides opening a bank account I think you have actually hit the nail on the head I think it is knowledge you know and there is a component of resistance to change however we have actually always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could almost be determined to be the next Century or so there is a lot to keep track of and this method does posture numerous obstacles um so Johnny could you tell us about those obstacles yeah naturally so there’s a variety right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has gotten another CFO, and with this boosted capability, I have actually successfully protected payments for our 10,000 employees worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is good. You should have a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Check For Accountants