Over the last 5 or 6 years …Linking Papaya Global To Papaya Globalusing Cost Centres… functions on the provider side and also on the supplier side from a payroll point of view so really looking forward to this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply offer everybody another number of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everyone comes 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 really bleak and I wish I was elsewhere at this moment in time all right 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 managing Global payroll why business maintain separate
Virtual payroll accounts are an alternative to standard savings account for handling payroll payments. This is particularly useful for global companies with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of preserving different savings account for payroll in different nations, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are becoming a strategic possession for payroll executives. We will likewise supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
Making sure accurate, effective, and timely payroll payments is a complex difficulty for organizations running internationally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll savings account, find out how companies anticipate payroll costs to optimize working capital, and discover how improving worldwide payroll payments can change them from a difficult task into a strategic property.
Handling payroll internationally is a difficult job due to different regulations, compliance requirements, information security concerns, and banking guidelines. The sheer number of staff members and businesses contributes to the complexity, with an estimated 3.5 billion people in the worldwide labor force, 500 countless whom are in Africa, and 230 million companies worldwide.
Traditional payroll systems typically result in manual procedures, information silos, and an absence of combination, causing inconsistencies and inadequacies. Regardless of residing in a period of technological developments, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar goals to offer insights and options to streamline and optimize international payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force data in real time that’s another number that gives me sleepless nights and quite honestly the more a service spends on international payroll the less of a photo they see a lack of presence likewise extends to payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the transaction nearly half of global businesses have actually expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM data data entry mistakes improperly communicated hires and terminations as well as lack management and system configurations and after that when you round it all off and the data is shipped to the wrong place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments don’t run efficiently if they rely on the needed numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles service face when they’re paying to staff members or otherwise that’s a great concern I always throw this back and say what is it what does not require to be included right and what does
it require to be thought of there’s varying Bank details 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 need to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s intricacy any place you look ideal ultimately constructing a knowledge base is definitely important however everywhere you look with payroll payment they resemble super payments no if but 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 think there’s now a bit more recognition that payroll payments are definitely essential and innovation is permitting us to type of move on with that it also too to contribute to that payroll and financing need to work closer together um with varying Checking account Details varying banking requirements and setup procedures is definitely necessary that payroll and financing groups work more detailed together than ever um I’m always surprised when individuals state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll profession would they divide the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so frequently 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 third parties so with the
world we reside in and wellness being more and more crucial to contribute to type of the level of intricacy there’s a growing number of advantages being organ or being used by businesses across the world so once again you’re just looking to add a growing number of payments to this already complex landscape so if you sort of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of genuine obstacles or genuine difficult sort of pay uses to play to pay people I think yeah I imply over the last well yeah a number of years I would absolutely state that the larger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding details into the next function as it were that’s really handling the payment side of things however you know in in my opinion and my experience that does not necessarily need to be the case you know long gone are the times where we require to create extra handoffs while doing sos that we run in they just make them more prompt they make them less efficient and they do not make them what they require to be in in an age of tech and a period that you know that we are working in today there is no reason that we are still making this as challenging as it requires to be concurred and appropriately as you stated payroll is the single most significant liability that any company has from a cost viewpoint from an effect point of view on staff members it is definitely critical 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 need to be done right it has the greatest damaging effect on people’s wellness and numerous other elements if people aren’t paid uh I have actually constantly been impressed coming into this Market sort of the last five to ten years is how little thanks the
payroll group get um so I’m unsure anyone on this kind of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an essential cycle we all find out about it when it goes wrong everyone jumps up and down when it goes wrong 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 things is definitely crucial that all of this stuff is done properly so leveraging the very first Worldwide Payments first payroll payment service is an excellent first step um offering an end-to-end payroll service for your employees internationally once again I believe is another big um procedure once again aligning and guaranteeing you have standardization Worldwide processes all of those things are definitely essential to success success of companies and lowering 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’ve never ever had a hundred countless them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things have not gone quite where they’re implied to be um I do not think any of us are really doing that for for the thanks
anyhow 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 procedures and likewise so imagine sorry I’m simply I was just gon na say envision the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions imagine getting that many thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating task trying to clean up all those up for sure oh absolutely 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 check out them and actually see what was going on and kind of try to get back to everyone so carrying on appearance why do business pick to main different checking account there are Linking Papaya Global To Papaya Globalusing Cost Centres organizations out there doing exactly this for particular countries and I have actually operated in an organization or numerous companies doing precisely that I can say it doesn’t always feel effective and it does create 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 handling that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I think lots of factors one is it’s the requirement I think people have actually got so utilized to we need a brand-new savings account we open an entity and appropriately so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s just 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 actually looked at things like trust accounts and many other ways um to to kind of do it so I believe there’s a range I believe this is a procedure that needs taking a look at it needs changing however ultimately individuals are really stuck with what they’re familiar
with ideal um modification is a tough thing all of us do not like modification um so I believe it’s simply type of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the benefits of having keeping several bank accounts however there’s a substantial quantity of intricacy chooses setting up a bank account preserving it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for individual people so the complexity is big but I believe the honest answer is change um people haven’t been able to change or have not had always the knowledge to truly make that change into alternate Solutions besides opening a bank account I believe you have actually hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to change but we’ve constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could practically be figured out to be the next Century or two there is a lot to keep track of and this approach does position numerous challenges um so Johnny might you tell us about those challenges yeah of course so there’s a variety right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually gotten another CFO, and with this enhanced capability, I have successfully protected payments for our 10,000 employees worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is good. You deserve a corner office with a parking space that is better, considering your achievements. Linking Papaya Global To Papaya Globalusing Cost Centres