Over the last 5 or six years …How Do I Run Report Papaya Global For Leavers… roles on the company side and also on the vendor side from a payroll perspective so really looking forward to this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply offer everybody another number 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 rather intriguing and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I actually 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 drizzling here it’s really extremely uninspiring and I wish I was elsewhere at this moment in time okay so let’s begin our program for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why business maintain different
Virtual payroll accounts are an alternative to conventional bank accounts for handling payroll payments. This is especially useful for worldwide companies with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of maintaining separate savings account for payroll in different countries, virtual accounts and digital wallets provide a more structured service. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are ending up being a tactical possession for payroll executives. We will likewise provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
Making sure precise, efficient, and timely payroll payments is a complex difficulty for companies operating globally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll bank accounts, discover how companies forecast payroll expenses to enhance working capital, and find how improving worldwide payroll payments can transform them from a burdensome job into a strategic asset.
Managing payroll worldwide is a difficult task due to various regulations, compliance requirements, information security concerns, and banking rules. The large number of staff members and organizations contributes to the intricacy, with an approximated 3.5 billion people in the worldwide workforce, 500 million of whom are in Africa, and 230 million companies worldwide.
Conventional payroll systems often lead to manual processes, data silos, and a lack of combination, causing inconsistencies and inadequacies. Despite residing in an era of technological advancements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar goals to provide insights and services to streamline and enhance international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services say they have Labor force information in real time that’s another number that provides me sleepless nights and rather honestly the more an organization invests in global payroll the less of an image they see a lack of visibility also extends to payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the transaction nearly half of global organizations have revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM information data entry mistakes improperly communicated hires and terminations as well as absence management and system setups and after that when you round everything off and the data is delivered to the wrong location the typical expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the globe payroll and payments don’t run efficiently if they count on the necessary numerous 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 paying to staff members or otherwise that’s an excellent question I always toss this back and say what is it what doesn’t need to be included best and what does
it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment capabilities 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 customer’s own in-country account so there’s complexity any place you look ideal ultimately constructing a knowledge base is absolutely vital but everywhere you look with payroll payment they resemble 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 in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely basic and innovation is allowing us to kind of move forward with that it also too to add to that payroll and finance need to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is definitely imperative that payroll and finance groups work closer together than ever um I’m always surprised when people state I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more important to contribute to type of the level of intricacy there’s increasingly more advantages being organ or being provided by services throughout the world so again you’re simply wanting to add a growing number of payments to this already complicated landscape so if you sort 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 genuine difficult kind of pay uses to play to pay individuals I think yeah I suggest over the last well yeah a number of decades I would certainly state that the larger a business gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are groups feeding details into the next function as it were that’s in fact managing the payment side of things but you know in in my viewpoint and my experience that does not necessarily need to be the case you understand long gone are the times where we need to develop extra handoffs while doing sos that we operate in they just make them more timely they make them less efficient and they don’t make them what they require to be in in an age of tech and an era that you know that we are working in today there is no reason that we are still making this as hard as it needs to be agreed and rightly as you stated payroll is the single greatest liability that any service has from a cost perspective from an effect perspective on workers it is absolutely vital 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 greatest detrimental effect on people’s wellness and many other aspects if individuals aren’t paid uh I’ve always been amazed coming into this Market kind of the last 5 to 10 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 great to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an essential cycle we all hear about it when it fails everyone jumps up and down when it fails but when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely essential that all of this things is done properly so leveraging the first Worldwide Payments very first payroll payment option is a fantastic first step um supplying an end-to-end payroll service for your workers worldwide once again I believe is another big um procedure once again aligning and guaranteeing you have standardization Worldwide processes all of those things are absolutely essential to success success of companies and lowering the variety of tools platforms and bank accounts they require for their International 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’ve never ever had a hundred countless 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 problems where things haven’t gone quite where they’re implied to be um I do not believe any of us are in fact doing that for for the thanks
anyway we know how how important 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 everyone that’s involved in those procedures and also so envision sorry I’m simply I was simply gon na state imagine the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re talking about numerous thousands potentially Millions imagine getting that many thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing job trying to clean up all those up for sure oh definitely I can’t envision 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 actually see what was going on and sort of shot to get back to everybody so carrying on look why do business pick to main separate bank accounts there are How Do I Run Report Papaya Global For Leavers services out there doing exactly this for specific nations and I’ve operated in an organization or numerous companies doing precisely that I can say it does not always feel efficient and it does develop more work I know we’re not deliberately doing that we’re not producing extra work for anybody where we do not need to and anybody that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you think 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 think people have actually got so used to we require a brand-new bank account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm the people have embraced and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a variety I believe this is a process that needs looking at it needs altering however ultimately individuals are extremely stuck to what they recognize
with ideal um modification is a difficult thing we all 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 lot of track of things um I comprehend obviously the advantages of having keeping multiple checking account however there’s a big amount of intricacy goes with setting up a bank account keeping it ensuring it can send out International transfers ensuring it’s set up with the right user accesses for specific individuals so the intricacy is huge however I believe the honest answer is change um individuals have not been able to change or have not had always the knowledge to actually make that change into alternate Solutions other than opening a bank account I think you have actually hit the nail on the head I think it is understanding 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 benefits and the possibilities of proceeding and moving into you know what could practically be figured out to be the next Century or two there is a lot to monitor and this approach does pose a number of challenges um so Johnny could you tell us about those obstacles yeah naturally so there’s a range right there is so
I just recently made a change to our Enterprise 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 gained another CFO, and with this enhanced capability, I have actually successfully secured payments for our 10,000 employees worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is better, considering your accomplishments. How Do I Run Report Papaya Global For Leavers