Over the last five or six years …Payroll Calendar In Papaya Global… roles on the service provider side and likewise on the vendor side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll simply offer everyone another couple of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll sort 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 originates 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 raining here it’s very extremely gloomy and I want I was elsewhere at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing Worldwide payroll why companies maintain separate
Virtual payroll accounts are an option to traditional savings account for managing payroll payments. This is particularly useful for international companies with dispersed and remote labor forces, as it simplifies the complex procedure of cross-border payments. Instead of keeping separate savings account for payroll in various nations, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a strategic property for payroll executives. We will also offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring accurate, effective, and timely payroll payments is a complex obstacle for services running worldwide. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll checking account, learn how companies anticipate payroll costs to optimize working capital, and discover how enhancing worldwide payroll payments can transform them from a burdensome job into a tactical asset.
Handling payroll worldwide is an overwhelming task due to different regulations, compliance requirements, data security concerns, and banking rules. The large variety of workers and services adds to the intricacy, with an estimated 3.5 billion individuals in the global workforce, 500 million of whom are in Africa, and 230 million organizations worldwide.
Traditional payroll systems frequently result in manual processes, data silos, and a lack of integration, leading to disparities and inadequacies. Regardless of living in a period of technological developments, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar objectives to supply insights and options to simplify and optimize worldwide payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force information in real time that’s another number that gives me sleep deprived nights and quite frankly the more an organization invests in international payroll the less of an image they see a lack of exposure also extends to payroll payments and inability to accurately track these payments can lead to compliance accidents in the last mile of the transaction nearly half of global services have actually expressed that they do not 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 data information entry errors badly communicated hires and terminations as well as absence management and system setups and after that when you round it all off and the data is delivered to the wrong place the average cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the world payroll and payments do not run efficiently if they count on the required multiple processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges service face when they’re making payments to staff members or otherwise that’s a great concern I always toss this back and say what is it what does not require to be consisted of best and what does
it need to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per country 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 have to pay from the consumer’s own in-country account so there’s complexity wherever you look ideal eventually constructing a knowledge base is absolutely important however 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 take a look at the sort 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 essential and technology is enabling us to type of move forward with that it also as well to add to that payroll and finance need to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is absolutely necessary that payroll and finance groups work better together than ever um I’m constantly impressed when individuals say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate 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 typically split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being increasingly more important to contribute to type of the level of intricacy there’s a growing number of benefits being organ or being offered by companies across the world so again you’re simply looking to add a growing number of payments to this already complex landscape so if you kind 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 challenges or real tough type of pay uses to play to pay individuals I think yeah I imply over the last well yeah a number of years I would definitely state that the bigger an organization 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 groups feeding details into the next function as it were that’s really managing 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 understand long gone are the times where we require to develop extra handoffs at the same times that we run 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 an age that you know that we are operating in today there is no reason we are still making this as difficult as it requires 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 viewpoint on workers it is absolutely crucial that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the biggest damaging impact on people’s wellness and many other elements if individuals aren’t paid uh I’ve constantly been impressed entering into this Market kind of the last 5 to 10 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 eventually payroll is such an important cycle we all hear about it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely essential that all of this stuff is done correctly so leveraging the very first Worldwide Payments very first payroll payment solution is a fantastic primary step um offering an end-to-end payroll option for your employees internationally once again I believe is another big um process once again aligning and guaranteeing you have standardization Global procedures all of those things are absolutely essential to success success of organizations and lowering the number of tools platforms and savings account they need for their Global 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’ve never had a hundred countless 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 grievances where things have not gone rather where they’re indicated to be um I do not think any of us are in fact doing that for for the thanks
anyhow we know how how crucial 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 simple as possible for everybody that’s associated with those procedures and likewise so think of sorry I’m just I was just gon na say think of the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re speaking about hundreds of thousands possibly Millions imagine getting that many thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing job trying to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to look through them and actually see what was going on and sort of try to get back to everybody so moving on look why do business select to primary separate savings account there are Payroll Calendar In Papaya Global companies out there doing precisely this for particular countries and I have actually worked in an organization or numerous companies doing exactly that I can state it doesn’t always feel efficient and it does produce more work I know we’re not intentionally doing that we’re not creating additional work for anyone where we don’t have to and anyone that’s handling 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 amount that we are I believe numerous factors one is it’s the requirement I believe individuals have got so utilized to we need 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 individuals have adopted and continue to do over years and years passed by to contribute to that people 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 process that needs taking a look at it requires changing however eventually individuals are extremely stuck with what they recognize
with best um change is a challenging thing all of us do not like modification um so I think it’s simply kind of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand clearly the advantages of having preserving several checking account but there’s a big quantity of complexity chooses establishing a checking account preserving it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for specific people so the complexity is substantial however I believe the sincere response is modification um people haven’t had the ability to change or haven’t had always the understanding to truly make that change into alternate Solutions aside from opening a checking account I think you have actually struck the nail on the head I think it is understanding you understand and there is a component of resistance to alter however we have actually constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what might practically be identified to be the next Century or so there is a lot to track and this approach does pose several challenges um so Johnny might you inform us about those obstacles yeah naturally 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 tasks on one platform. It feels like our CFO has actually gotten another CFO, and with this enhanced capability, I have actually successfully secured payments for our 10,000 employees worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is more detailed, considering your achievements. Payroll Calendar In Papaya Global