Over the last 5 or six years …Payroll Papaya Global Accountants… functions on the provider side and likewise on the supplier side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply give everybody another number of uh well among the 30 seconds approximately 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 already just to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I actually do hope it’s much sunnier than it remains 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 dreary and I want I was somewhere else at this moment in time fine so let’s begin our program for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why business keep different
Virtual payroll accounts are an alternative to traditional bank accounts for handling payroll payments. This is especially useful for global organizations with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of preserving separate savings account for payroll in various 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 talk about why they are ending up being a strategic asset for payroll executives. We will also offer 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 obstacle for services operating internationally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll checking account, discover how companies forecast payroll costs to enhance working capital, and discover how enhancing global payroll payments can change them from a troublesome task into a strategic asset.
Managing payroll globally is a daunting job due to numerous regulations, compliance requirements, information security concerns, and banking rules. The sheer number of employees and services adds to the intricacy, with an approximated 3.5 billion individuals in the global labor force, 500 countless whom remain in Africa, and 230 million services worldwide.
Traditional payroll systems often lead to manual processes, information silos, and an absence of integration, resulting in disparities and inadequacies. Regardless of living in a period of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar objectives to supply insights and options to streamline and enhance international payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of services state they have Workforce information in real time that’s another number that offers me sleepless nights and rather honestly the more a business spends on worldwide payroll the less of a photo they see an absence of presence also reaches payroll payments and inability to properly track these payments can lead to compliance accidents in the last mile of the transaction nearly half of worldwide organizations have 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 due to time reporting poor HCM information information entry mistakes badly communicated hires and terminations along with lack management and system configurations and after that when you round it all off and the data is shipped to the incorrect location the average cost of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the world payroll and payments don’t run efficiently if they rely on the required numerous 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 challenges service face when they’re making payments to workers or otherwise that’s a good concern I always toss this back and state what is it what does not require to be consisted of right and what does
it require to be thought about there’s differing Bank details 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 need to pay from the client’s own in-country account so there’s complexity anywhere you look right ultimately building a knowledge base is absolutely important however everywhere you look with payroll payment they are like extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the type 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 basic and innovation is allowing us to type of move on with that it likewise too to add to that payroll and financing require to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is definitely essential that payroll and financing teams work more detailed together than ever um I’m always impressed when people state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work 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 procedure it’s the point of information collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more essential to add to kind of the level of intricacy there’s increasingly more advantages being organ or being used by companies across the world so again you’re simply seeking 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 vast experience here and I’m sure however have you got any experience in kind of real challenges or real challenging type of pay utilizes to play to pay people I believe yeah I imply over the last well yeah a couple of years I would definitely state that the larger a business gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are groups feeding information into the next function as it were that’s actually handling the payment side of things but you understand in in my viewpoint and my experience that does not always require to be the case you know long gone are the times where we need to produce extra handoffs while doing sos that we operate in they just make them more timely they make them less effective and they do not make them what they require to be in in an age of tech and a period that you understand that we are operating in today there is no reason that we are still making this as challenging as it needs to be agreed and rightly as you said payroll is the single biggest liability that any organization has from a cost perspective from an impact perspective on staff members 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 most significant damaging effect on people’s well-being and numerous other factors if people aren’t paid uh I have actually constantly been surprised entering into this Market kind of the last 5 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 told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um however eventually payroll is such a crucial cycle all of us become aware of it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s just a tick box workout 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 stuff is definitely essential that all of this things is done properly so leveraging the very first Worldwide Payments first payroll payment solution is a great initial step um providing an end-to-end payroll service for your workers globally again I believe is another big um procedure once again aligning and guaranteeing you have standardization International processes all of those things are absolutely crucial to success success of organizations and reducing the number of tools platforms and checking account they need for their Worldwide payroll too couldn’t 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 countless them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t gone quite where they’re implied to be um I don’t believe any of us are in fact doing that for for the thanks
anyhow we know 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 involved in those procedures and also so picture sorry I’m just I was simply gon na state imagine the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions think of getting that numerous thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing job attempting to clean up all those up for sure oh definitely 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 try to browse them and in fact see what was going on and kind of shot to return to everybody so moving on appearance why do companies choose to primary separate checking account there are Payroll Papaya Global Accountants businesses out there doing exactly this for specific countries and I’ve worked in a service or numerous organizations doing exactly that I can state it doesn’t constantly feel efficient and it does develop more work I know we’re not deliberately doing that we’re not producing additional work for anybody where we don’t need to and anybody that’s managing 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 believe many factors one is it’s the standard I believe people have got so used to we need a brand-new bank account we open an entity and rightly so you need it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard the people have adopted and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and many other ways um to to kind of do it so I think there’s a variety I think this is a procedure that requires taking a look at it needs altering however eventually individuals are extremely stuck with what they recognize
with ideal um modification is a challenging thing we all don’t like change um so I believe it’s just sort of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the advantages of having maintaining multiple checking account however there’s a substantial amount of intricacy goes with establishing a savings account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for specific people so the intricacy is huge but I think the truthful response is change um people haven’t had the ability to alter or haven’t had always the knowledge to truly make that change into alternate Solutions besides opening a checking account I think you have actually struck the nail on the head I believe it is knowledge you know and there is a component of resistance to alter but we’ve always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what could almost be identified to be the next Century or so there is a lot to keep track of and this method does pose a number of obstacles um so Johnny could you tell us about those obstacles yeah naturally so there’s a variety right there is so
I 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 actually gotten another CFO, and with this enhanced capability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is good. You deserve a corner office with a parking space that is more detailed, considering your achievements. Payroll Papaya Global Accountants