Over the last five or six years …How Much Is Papaya Global Payroll Service Cost Per Year… functions on the service provider side and likewise on the supplier side from a payroll point of view so really anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply give everyone another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very really gloomy and I want I was elsewhere at this moment in time fine so let’s start our agenda for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why business keep separate
Virtual payroll accounts are an alternative to traditional bank accounts for handling payroll payments. This is particularly beneficial for worldwide companies with dispersed and remote workforces, as it streamlines the complex process of cross-border payments. Instead of maintaining different bank accounts for payroll in different nations, virtual accounts and digital wallets provide a more structured service. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a tactical property for payroll executives. We will likewise offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing precise, effective, and prompt payroll payments is a complex obstacle for services operating worldwide. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll checking account, learn how companies forecast payroll costs to enhance working capital, and find how enhancing worldwide payroll payments can transform them from a troublesome task into a strategic asset.
Handling payroll worldwide is a difficult job due to numerous guidelines, compliance requirements, data security issues, and banking rules. The sheer variety of staff members and businesses contributes to the intricacy, with an estimated 3.5 billion individuals in the global labor force, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Standard payroll systems frequently result in manual procedures, information silos, and a lack of combination, resulting in disparities and ineffectiveness. In spite of living in an era of technological improvements, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar aims to offer insights and solutions to simplify and optimize global payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force data in real time that’s another number that offers me sleepless nights and rather honestly the more a business spends on international payroll the less of a picture they see a lack of visibility also encompasses payroll payments and inability to precisely track these payments can result in compliance incidents in the last mile of the deal nearly half of international companies have actually expressed 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 due to time reporting bad HCM data information entry errors badly communicated hires and terminations along with absence management and system setups and after that when you round all of it off and the information is shipped to the incorrect location the typical cost of a global 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 do not run efficiently if they rely on the needed several procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties service face when they’re paying to workers or otherwise that’s an excellent concern I always throw this back and state what is it what does not require to be included ideal and what does
it require to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment amount of time 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 client’s own in-country account so there’s complexity any place you look best eventually constructing a knowledge base is absolutely important but everywhere 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 look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely basic and technology is enabling us to sort of progress with that it also as well to contribute to that payroll and finance require to work closer together um with differing Savings account Details varying banking requirements and setup procedures is absolutely essential that payroll and finance groups work better together than ever um I’m always surprised when people state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from estimation 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 wherever they are however also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being more and more essential to add to kind of the level of complexity there’s a growing number of advantages being organ or being provided by services throughout the world so again you’re just wanting to add increasingly more payments to this currently complex landscape so if you kind of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of real difficulties or genuine challenging kind of pay uses to play to pay people I think yeah I imply over the last well yeah a number of decades I would definitely say that the larger an organization gets the more it tends to segregate the payroll and the payments works um there are teams 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 however you understand in in my viewpoint and my experience that doesn’t always need to be the case you understand long gone are the times where we require to develop extra handoffs at the same times that we run in they simply make them more timely they make them less effective 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 hard as it requires to be agreed and rightly as you stated payroll is the single biggest liability that any service has from an expense viewpoint from an impact 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 have to be done right it has the most significant destructive result on individuals’s well-being and numerous other aspects if people aren’t paid uh I’ve always been impressed entering into this Market kind of the last 5 to ten years is how little thanks the
payroll group get um so I’m not exactly sure anyone on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um however eventually payroll is such an important cycle all of us become aware of it when it fails everyone jumps up and down when it fails but when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely essential that all of this stuff is done correctly so leveraging the first Global Payments first payroll payment option is a fantastic initial step um supplying an end-to-end payroll service for your staff members globally again I believe is another huge um procedure once again lining up and guaranteeing you have standardization Global procedures all of those things are definitely crucial to success success of organizations and lowering the number of tools platforms and savings account they require for their International payroll too could not agree with you more and on the the front in regards to 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 anticipate to you do get the odd five or ten or whatever it might be with the with the the problems where things haven’t gone quite where they’re meant to be um I do not think any of us are really doing that for for the thanks
anyhow 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 simple as possible for everyone that’s associated with those procedures and also so picture sorry I’m just I was just gon na say think of the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions picture getting that many 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 imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and in fact see what was going on and sort of try to return to everybody so carrying on look why do companies choose to primary separate bank accounts there are How Much Is Papaya Global Payroll Service Cost Per Year companies out there doing exactly this for particular nations and I’ve worked in an organization or many services doing exactly that I can say it does not always feel effective and it does develop more work I understand we’re not deliberately doing that we’re not producing additional work for anyone where we do not have to and anyone that’s handling 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 lots of reasons one is it’s the requirement I believe people have got so utilized to we require a brand-new savings account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the norm the people have embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a range I think this is a process that needs looking at it requires altering but ultimately individuals are really stuck with what they recognize
with right um modification is a challenging thing all of us don’t like change um so I believe it’s simply kind of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand clearly the benefits of having maintaining several bank accounts but there’s a substantial quantity of complexity opts for setting up a bank account keeping it ensuring it can send International transfers ensuring it’s set up with the right user accesses for specific people so the intricacy is huge but I believe the honest response is change um individuals haven’t had the ability to alter or have not had always the knowledge to truly make that change into alternate Solutions aside from opening a checking account I believe you’ve struck the nail on the head I think it is understanding you understand and there is a component of resistance to change but we’ve always done it that way is no genuine reason for not looking at the the advantages and the possibilities of moving on and moving into you know what could nearly be identified to be the next Century or two there is a lot to keep an eye on and this method does position numerous obstacles um so Johnny might you inform us about those obstacles yeah naturally so there’s a range right there is so
I just did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International employees you are worthy of a corner workplace with a closer parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you How Much Is Papaya Global Payroll Service Cost Per Year