Over the last 5 or six years …Xero Import Papaya Global… roles on the supplier side and also on the supplier side from a payroll perspective so actually anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply offer everyone another number of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everybody originates from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely really uninspiring and I wish I was elsewhere at this moment in time fine so let’s start our program for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why business preserve separate
Virtual payroll accounts are an alternative to conventional savings account for managing payroll payments. This is especially helpful for worldwide organizations with dispersed and remote labor forces, as it simplifies the complex procedure of cross-border payments. Instead of maintaining separate checking account for payroll in different nations, virtual accounts and digital wallets use a more structured solution. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are becoming 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, effective, and prompt payroll payments is a complex obstacle for services operating worldwide. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll checking account, find out how companies anticipate payroll costs to enhance working capital, and discover how enhancing international payroll payments can transform them from a difficult task into a tactical property.
Managing payroll internationally is a daunting task due to various policies, compliance requirements, data security issues, and banking guidelines. The sheer number of employees and organizations contributes to the intricacy, with an approximated 3.5 billion people in the international labor force, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Standard payroll systems often result in manual procedures, data silos, and a lack of combination, causing disparities and inefficiencies. Despite residing in a period of technological improvements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar objectives to supply insights and solutions to streamline and optimize worldwide payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force information in real time that’s another number that gives me sleepless nights and rather frankly the more a service invests in international payroll the less of a photo they see a lack of visibility also encompasses payroll payments and inability to properly track these payments can result in compliance accidents in the last mile of the deal almost half of international businesses have actually revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM information information entry mistakes improperly communicated hires and terminations as well as absence management and system configurations and after that when you round all of it off and the information is delivered to the incorrect place the typical expense of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money worldwide payroll and payments don’t run efficiently if they rely on the required multiple procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties service face when they’re making payments to workers or otherwise that’s a great concern I always toss this back and say what is it what doesn’t need to be consisted of right and what does
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it need to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per country 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 consumer’s own in-country account so there’s intricacy wherever you look right eventually developing a knowledge base is definitely important however everywhere you look with payroll payment they resemble very payments no if but some children about it you are all superheroes processing payments for payroll if you 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 absolutely basic and innovation is enabling us to sort of move forward with that it also as well to add to that payroll and finance require to work closer together um with varying Savings account Details varying banking requirements and setup procedures is definitely crucial that payroll and financing teams work more detailed together than ever um I’m always surprised when individuals say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession would they divide the payroll payment from calculation 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 anywhere 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 essential to contribute to kind of the level of intricacy there’s increasingly more benefits being organ or being used by services across the world so once again you’re just aiming to include increasingly more payments to this already complex landscape so if you kind 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 genuine difficulties or real tough kind of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a couple of years I would certainly say 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 teams feeding info into the next function as it were that’s really handling the payment side of things but you understand in in my viewpoint and my experience that doesn’t always require to be the case you understand long gone are the times where we require to create additional handoffs in the processes that we operate 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 an age that you know that we are operating in today there is no reason that we are still making this as difficult as it needs to be concurred and rightly as you said payroll is the single most significant liability that any company has from a cost point of view from an effect viewpoint on employees it is absolutely vital 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 have to be done right it has the most significant harmful impact on individuals’s wellness and lots of other factors if individuals aren’t paid uh I’ve always been surprised entering into this Market kind of the last five to ten years is how little thanks the
payroll team get um so I’m not sure anybody on this type of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um however eventually payroll is such an essential cycle we all hear about it when it fails everyone jumps up and down when it fails however when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this things is definitely vital that all of this things is done correctly so leveraging the first International Payments first payroll payment option is a fantastic first step um supplying an end-to-end payroll solution for your workers internationally once again I believe is another big um process again aligning and ensuring you have standardization International procedures all of those things are absolutely key to success success of organizations and reducing the number of tools platforms and checking account they require for their Worldwide 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 had a hundred countless them within a payroll cycle don’t expect to you do get the odd 5 or ten 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 don’t think any of us are in fact doing that for for the thanks
anyway we understand how how important a function 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 envision the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions think of getting that many thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing task attempting to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to check out them and actually see what was going on and sort of try to get back to everyone so proceeding look why do companies choose to primary different bank accounts there are Xero Import Papaya Global services out there doing exactly this for particular countries and I’ve worked in an organization or lots of companies doing precisely that I can state it does not constantly feel effective and it does develop more work I know we’re not deliberately doing that we’re not producing additional work for anyone where we do not have to and anybody that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I think numerous factors one is it’s the standard I believe individuals have actually got so used to we require a brand-new checking account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have 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 ways um to to sort of do it so I believe there’s a range I believe this is a process that requires looking at it requires changing however ultimately people are extremely stuck with what they recognize
with best um modification is a hard thing all of us do not like modification um so I believe it’s just kind of moving far from the standard 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 numerous bank accounts but there’s a huge amount of complexity chooses setting up a savings account maintaining it ensuring it can send International transfers guaranteeing it’s established with the ideal user accesses for individual individuals so the intricacy is huge but I believe the sincere answer is modification um individuals haven’t been able to alter or haven’t had always the understanding to really make that change into alternate Solutions other than opening a bank account I think you have actually hit the nail on the head I believe it is understanding you understand and there is a component of resistance to alter but we have actually always done it that way is no real reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what might almost be figured out to be the next Century approximately there is a lot to keep an eye on and this technique does present a number of difficulties um so Johnny could you tell us about those obstacles yeah of course so there’s a range right there is so
I just recently made a change 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 acquired another CFO, and with this enhanced ability, I have actually effectively secured payments for our 10,000 employees worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is more detailed, considering your accomplishments. Xero Import Papaya Global