Over the last 5 or 6 years …How To Put Someone On Hold On Papaya Global… functions on the service provider side and also on the vendor side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just provide everybody another number of uh well among the 30 seconds or two to join all of us work back to back these days 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 everybody is um it’s nice to to sort of like see where everyone originates from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really very uninspiring and I wish I was somewhere else 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 obstacle years of managing International payroll why business maintain different
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 workforces, as it streamlines the complex process of cross-border payments. Instead of keeping different bank accounts for payroll in various nations, virtual accounts and digital wallets use a more structured option. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are ending up being a strategic possession for payroll executives. We will also provide a recap of the main points covered and leave time for a Q&A session at the end.
Ensuring precise, efficient, and timely payroll payments is a complex obstacle for businesses operating worldwide. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll savings account, learn how companies anticipate payroll costs to enhance working capital, and discover how streamlining worldwide payroll payments can transform them from a challenging job into a tactical property.
Handling payroll internationally is an overwhelming task due to numerous regulations, compliance requirements, data security issues, and banking rules. The sheer number of employees and services adds to the intricacy, with an approximated 3.5 billion individuals in the global labor force, 500 countless whom remain in Africa, and 230 million services worldwide.
Standard payroll systems frequently result in manual procedures, data silos, and a lack of integration, leading to inconsistencies and inadequacies. Regardless of living in an age of technological advancements, payroll management has been sluggish 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 services to simplify and enhance global payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force information in real time that’s another number that offers me sleepless nights and rather frankly the more a service invests in worldwide payroll the less of a picture they see an absence of exposure also extends to payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the deal almost half of international services have expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM information information entry mistakes inadequately interacted hires and terminations as well as absence management and system configurations and then when you round everything off and the information is delivered to the wrong location the average expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash all over the world payroll and payments do not run smoothly if they depend on the required 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 company face when they’re making payments to workers or otherwise that’s a good concern I constantly toss this back and state what is it what doesn’t need to be included best and what does
it need to be considered 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 need to pay from the customer’s own in-country account so there’s complexity wherever you look ideal eventually building a knowledge base is definitely vital but everywhere you look with payroll payment they resemble very payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is enabling us to sort of move forward with that it also also to add to that payroll and financing need to work closer together um with varying Savings account Details differing banking requirements and setup procedures is absolutely vital that payroll and finance teams work better together than ever um I’m always surprised when individuals state I’ve divided 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 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 typically 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 people wherever they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being increasingly more crucial to add to sort of the level of complexity there’s more and more advantages being organ or being provided by businesses across the world so again you’re simply seeking to include increasingly more payments to this already complex landscape so if you type 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 genuine challenges or genuine difficult type of pay utilizes to play to pay individuals I think yeah I imply over the last well yeah a couple of decades I would certainly 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 teams feeding information into the next function as it were that’s in fact managing the payment side of things however you understand in in my opinion and my experience that doesn’t always require to be the case you know long gone are the times where we need to develop additional handoffs in the processes that we run in they just make them more timely 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 tough as it needs to be agreed and appropriately as you stated payroll is the single biggest liability that any business has from an expense point of view from an impact point of view on staff members it is definitely vital that it’s done properly 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 most significant harmful impact on people’s well-being and lots of other elements if people aren’t paid uh I have actually constantly been impressed coming into this Market kind of the last five to ten years is how little thanks the
payroll group get um so I’m not sure anyone on this sort of webinar has been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an important cycle all of us become aware of 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 workout and I think 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 absolutely vital that all of this stuff is done correctly so leveraging the first Global Payments very first payroll payment service is a great first step um providing an end-to-end payroll service for your employees internationally once again I think is another huge um process once again aligning and guaranteeing you have standardization Worldwide procedures all of those things are absolutely crucial to success success of organizations and reducing the variety of tools platforms and checking account they need for their International 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’ve never had a hundred countless 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 haven’t gone rather where they’re meant to be um I don’t think any of us are in fact 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 simple as possible for everybody that’s involved in those procedures and also so think of sorry I’m just I was just gon na say imagine the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions imagine getting that lots of thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting job attempting to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and in fact see what was going on and sort of try to return to everybody so carrying on appearance why do business pick to main different checking account there are How To Put Someone On Hold On Papaya Global companies out there doing exactly this for specific countries and I’ve operated in a business or many businesses doing precisely that I can say it doesn’t constantly feel effective and it does develop more work I know we’re not deliberately doing that we’re not developing extra work for any person where we do not have to and any person 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 many factors one is it’s the standard I think people have got so used to we need a brand-new checking account we open an entity and rightly so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals have actually embraced and continue to do over years and years passed by to add to that people have actually 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 range I think this is a procedure that requires taking a look at it requires altering but eventually people are really stuck to what they’re familiar
with right um modification is a challenging thing all of us do not like change um so I think it’s just type of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the benefits of having keeping numerous bank accounts however there’s a substantial quantity of complexity goes with setting up a checking account keeping it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for private people so the complexity is substantial but I think the truthful answer is change um individuals have not been able to change or have not had always the understanding to actually make that change into alternate Solutions besides opening a checking account I think you’ve struck the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter however we have actually constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could practically be determined to be the next Century or so there is a lot to keep an eye on and this approach does position several obstacles um so Johnny could you tell us about those obstacles yeah of course so there’s a range right there is so
I simply 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 Global workers you are worthy of a corner workplace with a more detailed parking space because I mastered International payroll and payments with Papaya payroll OS did you How To Put Someone On Hold On Papaya Global