Over the last five or 6 years …Papaya Global Courses Nottingham… functions on the service provider side and also on the supplier side from a payroll viewpoint so truly looking forward to this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll simply provide everybody another couple of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite fascinating 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 everyone 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 very very dreary and I want I was somewhere else at this moment in time okay 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 Global payroll why companies keep separate
Virtual payroll accounts are an alternative to conventional bank accounts for managing payroll payments. This is especially beneficial for global organizations with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of preserving different bank accounts for payroll in different nations, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are ending up being a tactical property for payroll executives. We will also provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing accurate, efficient, and timely payroll payments is a complex difficulty for organizations running internationally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll bank accounts, discover how business anticipate payroll expenses to optimize working capital, and find how streamlining global payroll payments can change them from a troublesome job into a strategic property.
Handling payroll worldwide is a challenging job due to different guidelines, compliance requirements, data security concerns, and banking rules. The large number of employees and organizations adds to the complexity, with an approximated 3.5 billion individuals in the worldwide labor force, 500 countless whom are in Africa, and 230 million organizations worldwide.
Standard payroll systems often result in manual processes, information silos, and an absence of integration, causing disparities and ineffectiveness. In spite of residing in a period of technological advancements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar objectives to provide insights and solutions to streamline and enhance international payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Labor force data in real time that’s another number that offers me sleep deprived nights and quite frankly the more a company spends on international payroll the less of a picture they see a lack of visibility also reaches payroll payments and failure to properly track these payments can result in compliance mishaps in the last mile of the transaction almost half of worldwide companies have actually expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM data information entry mistakes improperly communicated hires and terminations along with absence management and system configurations and after that when you round everything off and the data is shipped to the incorrect place the typical expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the world payroll and payments don’t run smoothly if they rely on the needed 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 difficulties service face when they’re paying to employees or otherwise that’s a good question I constantly 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 country 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 need to pay from the consumer’s own in-country account so there’s intricacy any place you look best ultimately developing 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 take a look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is permitting us to sort of move forward with that it also also to contribute to that payroll and financing need to work closer together um with differing Checking account Details varying banking requirements and setup processes is definitely crucial that payroll and finance teams work more detailed together than ever um I’m always impressed when individuals say I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end procedure 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 3rd parties so with the
world we reside in and well-being being more and more important to add to sort of the level of intricacy there’s more and more benefits being organ or being provided by companies across the world so again you’re simply looking to include more and more payments to this already complicated landscape so if you kind of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of real difficulties or real tough type of pay uses to play to pay people I believe yeah I suggest over the last well yeah a number of decades I would definitely say that the bigger a business gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are groups feeding details into the next function as it were that’s really managing the payment side of things but you know in in my viewpoint and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we require to produce extra handoffs in the processes that we operate in they simply make them more prompt they make them less effective and they do not make them what they need to be in in an era of tech and a period that you know that we are operating in today there is no reason we are still making this as challenging as it needs to be agreed and appropriately as you said payroll is the single most significant liability that any business has from an expense point of view from an effect point of view on employees it is definitely crucial that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the greatest harmful result on people’s well-being and lots of other aspects if individuals aren’t paid uh I have actually always been surprised coming into this Market kind of the last five to ten years is how little thanks the
The payroll group may not have been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and individuals just notice when things fail. However, when things go right, it’s seen as simply a routine task. This is how it’s perceived externally also. Therefore, it is vital to ensure that jobs like Wi-Fi International and other important matters are done correctly. Using the first International Payments first payroll payment option is a great preliminary step towards offering a comprehensive payroll service for workers worldwide. Standardization, global processes, and reducing the number of tools, platforms, and savings account essential for international payroll are crucial consider attaining service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few problems when things do not go as planned. Eventually, we do not do it for the thankfulness.
anyway we understand 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 involved in those procedures and likewise so think of sorry I’m just I was just gon na state imagine the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions picture getting that numerous thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting 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 require days of the week to attempt to check out them and actually see what was going on and sort of shot to return to everyone so carrying on look why do companies pick to main different savings account there are Papaya Global Courses Nottingham businesses out there doing precisely this for particular nations and I’ve worked in a service or lots of companies doing exactly that I can say it does not constantly feel effective and it does develop more work I know we’re not deliberately doing that we’re not creating extra work for anyone where we don’t have to and anybody that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I believe many factors one is it’s the requirement I believe individuals have got so used to we need a brand-new checking account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have embraced and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a range I think this is a process that requires looking at it needs altering however ultimately people are really stuck with what they’re familiar
with right um modification is a challenging thing we all do not like change um so I believe it’s just type of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the advantages of having keeping numerous bank accounts but there’s a substantial quantity of intricacy goes with setting up a bank account keeping it ensuring it can send out International transfers ensuring it’s established with the right user accesses for specific individuals so the intricacy is big however I believe the truthful response is change um people have not had the ability to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a bank account I believe you have actually hit the nail on the head I think it is knowledge you know and there is an aspect of resistance to alter but we’ve constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what might practically be determined to be the next Century approximately there is a lot to keep an eye on and this approach does pose numerous obstacles um so Johnny might you tell us about those challenges yeah of course so there’s a variety right there is so
I just recently made a modification to our Enterprise 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 actually gotten another CFO, and with this boosted capability, I have actually successfully protected payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is closer, considering your accomplishments. Papaya Global Courses Nottingham