Over the last five or six years …Papaya Global Login Payroll… functions on the service provider side and likewise 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 everybody alright thanks Johnny uh we’ll just offer everybody another number of uh well among the 30 seconds or so to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on currently simply to hear where everybody is um it’s nice to to kind of like see where everyone originates 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 drizzling here it’s very extremely dreary and I wish I was elsewhere at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be looking at the obstacle years of handling International payroll why business keep different
Virtual payroll accounts are an alternative to conventional checking account for managing payroll payments. This is particularly beneficial for international organizations with dispersed and remote workforces, as it streamlines the complicated process of cross-border payments. Instead of maintaining different checking account for payroll in different countries, virtual accounts and digital wallets provide a more structured option. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are becoming a strategic property for payroll executives. We will likewise offer a recap of the main points covered and leave time for a Q&A session at the end.
Making sure accurate, effective, and prompt payroll payments is a complex obstacle for businesses operating globally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll bank accounts, learn how business anticipate payroll costs to enhance working capital, and find how streamlining global payroll payments can transform them from a challenging task into a tactical possession.
Managing payroll globally is a difficult task due to numerous policies, compliance requirements, data security issues, and banking rules. The large number of employees and organizations contributes to the intricacy, with an estimated 3.5 billion individuals in the global labor force, 500 million of whom are in Africa, and 230 million companies worldwide.
Traditional payroll systems often lead to manual processes, information silos, and an absence of combination, causing inconsistencies and inefficiencies. Despite residing in a period of technological developments, 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 goals to supply insights and solutions to simplify and optimize global payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce data in real time that’s another number that provides me sleepless nights and quite honestly the more an organization spends on international payroll the less of a photo they see a lack of presence also extends to payroll payments and inability to properly track these payments can result in compliance mishaps in the last mile of the deal almost half of worldwide companies have actually 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 because of time reporting poor HCM data information entry mistakes badly communicated hires and terminations as well as lack management and system setups and then when you round it all off and the data is shipped to the wrong place the typical cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash all over the world payroll and payments don’t run smoothly if they count on the required several procedures 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 challenges company face when they’re making payments to employees or otherwise that’s a good concern I always throw this back and say what is it what does not require to be consisted of ideal and what does
it need to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per country 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 customer’s own in-country account so there’s intricacy any place you look right eventually constructing a knowledge base is absolutely critical however everywhere you look with payroll payment they are like super payments no if however some babies 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 believe there’s now a bit more recognition that payroll payments are absolutely basic and technology is enabling us to type of move on with that it also as well to add to that payroll and financing require to work closer together um with differing Bank Account Details differing banking requirements and setup processes is absolutely imperative that payroll and financing teams work better together than ever um I’m always impressed when people say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession 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 frequently 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 any place they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being increasingly more crucial to add to kind of the level of intricacy there’s increasingly more advantages being organ or being used by services throughout the world so once again you’re just aiming to add a growing number of payments to this currently complex landscape so if you sort of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of genuine obstacles or real difficult type of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a number of decades I would definitely say that the larger a business gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are teams feeding details into the next function as it were that’s actually managing the payment side of things but you understand in in my opinion and my experience that does not necessarily require to be the case you understand long gone are the times where we need to develop extra handoffs at the same times that we operate in they simply make them more timely they make them less efficient and they don’t make them what they require to be in in a period of tech and an era that you understand that we are working in today there is no reason why we are still making this as hard as it requires to be agreed and rightly as you stated payroll is the single greatest liability that any business has from a cost point of view from an effect viewpoint on workers it is absolutely critical that it’s done properly and on time so what we imply 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 detrimental 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 five to ten years is how little thanks the
payroll group get um so I’m unsure anybody on this type 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 workers or not um but eventually payroll is such an important cycle all of us find out about it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s just a tick box workout and I believe 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 stuff is done properly so leveraging the first International Payments very first payroll payment solution is a terrific first step um supplying an end-to-end payroll option for your staff members worldwide again I believe is another huge um procedure again lining up and guaranteeing you have standardization Global processes all of those things are definitely crucial to success success of services and minimizing the variety of tools platforms and bank accounts they need for their Global payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or 10 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 do not think any of us are in fact doing that for for the thanks
anyway we understand how how important a function it is which’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 associated with those procedures and likewise so picture sorry I’m simply I was simply gon na state imagine the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions imagine getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating task trying to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to check out them and actually see what was going on and type of try to get back to everybody so proceeding look why do companies choose to primary different checking account there are Papaya Global Login Payroll services out there doing precisely this for particular nations and I have actually operated in a company or many companies doing exactly that I can state it doesn’t constantly feel efficient and it does produce more work I understand we’re not purposely doing that we’re not creating extra work for any person where we do not have to and anyone 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 amount that we are I believe lots of reasons one is it’s the standard I believe people have got so used to we require a new bank account we open an entity and rightly so you require 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 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 methods um to to kind of do it so I believe there’s a range I believe this is a process that needs looking at it needs altering however eventually individuals are extremely stuck to what they recognize
with right um change is a hard thing we all do not like change um so I believe it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having preserving several savings account however there’s a big amount of intricacy chooses setting up a checking account keeping it ensuring it can send International transfers ensuring it’s set up with the right user accesses for individual 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 actually make that change into alternate Solutions aside from opening a bank account I think you’ve struck the nail on the head I think it is understanding you understand and there is an aspect of resistance to change however we’ve constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of proceeding and moving into you understand what could practically be identified to be the next Century or so there is a lot to track and this method does present a number of challenges um so Johnny could you inform us about those challenges yeah of course so there’s a variety right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has gained another CFO, and with this boosted ability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Login Payroll