Over the last 5 or six years …Papaya Global What To Do When Someone Leaves… roles on the supplier side and likewise on the vendor side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply offer everybody another couple of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very very uninspiring and I want I was elsewhere at this moment in time alright so let’s get going our program for today is as follows um we are going to be looking at the difficulty years of handling International payroll why business maintain different
Virtual payroll accounts are an alternative to conventional checking account for managing payroll payments. This is particularly beneficial for worldwide companies with dispersed and remote workforces, as it simplifies the intricate procedure of cross-border payments. Instead of preserving different checking account for payroll in various nations, virtual accounts and digital wallets provide a more structured option. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are ending up being a strategic property for payroll executives. We will also offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring precise, effective, and timely payroll payments is a complex difficulty for businesses running internationally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll bank accounts, discover how business forecast payroll costs to enhance working capital, and discover how improving international payroll payments can change them from a challenging task into a strategic property.
Handling payroll worldwide is a complicated task due to different regulations, compliance requirements, data security concerns, and banking guidelines. The sheer number of workers and businesses adds to the intricacy, with an estimated 3.5 billion individuals in the worldwide workforce, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Traditional payroll systems frequently result in manual processes, data silos, and a lack of combination, resulting in inconsistencies and inadequacies. In spite of living in an age of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar aims to supply insights and solutions to streamline and enhance global payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Labor force data in real time that’s another number that gives me sleepless nights and rather frankly the more an organization invests in international payroll the less of a photo they see an absence of visibility likewise extends to payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the deal almost half of worldwide businesses have revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM data information entry errors badly communicated hires and terminations as well as absence management and system setups and then when you round everything off and the data is delivered to the incorrect place the average cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash all over the world payroll and payments don’t run efficiently if they depend on the essential several processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles company face when they’re making payments to staff members or otherwise that’s a great question I always toss this back and say what is it what does not need to be consisted of right and what does
it require to be considered there’s varying 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 have to pay from the client’s own in-country account so there’s intricacy anywhere you look best ultimately constructing a knowledge base is definitely important but all over you look with payroll payment they are like incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the sort 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 type of move on with that it also also to contribute to that payroll and financing need to work closer together um with varying Checking account Particulars varying banking requirements and setup procedures is definitely important that payroll and financing teams work more detailed together than ever um I’m always astonished when people say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from calculation 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 eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being increasingly more crucial to add to kind of the level of intricacy there’s increasingly more advantages being organ or being provided by companies throughout the world so again you’re just wanting to add increasingly more payments to this currently complex landscape so if you sort of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of genuine difficulties or real tough sort of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a couple of decades I would certainly state that the bigger a business 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 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 does not necessarily require to be the case you understand long gone are the times where we require to develop extra handoffs while doing sos that we run in they simply make them more timely they make them less efficient and they don’t make them what they need to be in in an era of tech and a period that you understand that we are operating in today there is no reason we are still making this as challenging as it requires to be concurred and appropriately as you said payroll is the single biggest liability that any service has from an expense viewpoint from an impact perspective on employees it is absolutely critical 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 biggest harmful impact on individuals’s wellness and numerous other factors if people aren’t paid uh I’ve constantly been amazed entering into this Market sort of the last five to 10 years is how little thanks the
payroll team get um so I’m unsure anybody on this kind of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an important cycle all of us become aware of it when it fails everybody jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely vital that all of this stuff is done properly so leveraging the very first Worldwide Payments first payroll payment option is a terrific primary step um supplying an end-to-end payroll option for your staff members worldwide again I think is another substantial um procedure once again aligning and guaranteeing you have standardization Global processes all of those things are definitely crucial to success success of organizations and decreasing the number of tools platforms and checking account they need for their Global payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle do not 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 rather where they’re suggested to be um I don’t think any of us are in fact doing that for for the thanks
anyway we understand how how crucial 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 associated with those processes and likewise so envision sorry I’m simply I was just gon na state picture the amount 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 numerous thousands possibly Millions imagine getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating task trying to clean up 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 check out them and actually see what was going on and sort of shot to return to everybody so moving on look why do companies choose to main separate bank accounts there are Papaya Global What To Do When Someone Leaves organizations out there doing precisely this for particular nations and I have actually worked in a service or lots of services doing exactly that I can state it does not always feel efficient and it does develop more work I understand we’re not purposely doing that we’re not creating additional work for anybody where we do not have to and any person that’s managing 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 think lots of reasons one is it’s the requirement I believe people have got so used to we require a brand-new bank account we open an entity and rightly so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I believe 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 looked at things like trust accounts and many other methods um to to type of do it so I believe there’s a variety I think this is a process that requires taking a look at it needs altering however eventually individuals are really stuck to what they recognize
with right um change is a challenging thing all of us do not like change um so I believe it’s simply type of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the advantages of having maintaining numerous checking account but there’s a huge amount of complexity chooses setting up a savings account maintaining it ensuring it can send International transfers ensuring it’s set up with the right user accesses for specific people so the complexity is substantial however I believe the honest answer is change um people have not been able to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions besides opening a checking account I think you have actually hit the nail on the head I believe it is understanding you know and there is a component of resistance to alter but we’ve constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could nearly be figured out to be the next Century or two there is a lot to monitor and this technique does posture a number of challenges um so Johnny might you tell us about those difficulties yeah obviously so there’s a variety right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has gotten another CFO, and with this improved capability, I have successfully protected payments for our 10,000 employees worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global What To Do When Someone Leaves