Over the last 5 or six years …Papaya Global Employee Details Report… functions on the service provider side and also on the vendor side from a payroll perspective so really eagerly anticipating this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everybody originates 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 raining here it’s really extremely gloomy and I wish I was somewhere else at this moment in time okay so let’s start our program for today is as follows um we are going to be taking a look at the difficulty years of handling Global payroll why companies keep different
Virtual payroll accounts are an alternative to conventional bank accounts for managing payroll payments. This is especially helpful for worldwide companies with dispersed and remote labor forces, as it simplifies the complicated procedure of cross-border payments. Instead of preserving separate checking account for payroll in different nations, virtual accounts and digital wallets use a more structured service. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are ending up being a tactical property for payroll executives. We will likewise provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
Ensuring accurate, effective, and timely payroll payments is a complex obstacle for organizations running internationally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll savings account, learn how business forecast payroll costs to enhance working capital, and discover how improving global payroll payments can transform them from a burdensome task into a strategic asset.
Handling payroll globally is a difficult task due to numerous guidelines, compliance requirements, information security concerns, and banking guidelines. The sheer number of staff members and companies adds to the intricacy, with an approximated 3.5 billion individuals in the international labor force, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Conventional payroll systems frequently result in manual procedures, information silos, and a lack of combination, causing disparities and inadequacies. Regardless of living in an era of technological advancements, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar aims to supply insights and solutions to streamline and optimize international payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Labor force information in real time that’s another number that offers me sleep deprived nights and rather frankly the more a company spends on worldwide payroll the less of an image they see a lack of visibility likewise extends to payroll payments and inability to properly track these payments can result in compliance accidents in the last mile of the transaction nearly half of worldwide businesses have actually revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM information information entry mistakes badly communicated hires and terminations as well as lack management and system configurations and after that when you round it all off and the information is delivered to the incorrect place the average expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments do not run efficiently if they depend on the essential numerous procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles service face when they’re making payments to staff members or otherwise that’s an excellent question I constantly toss this back and say what is it what doesn’t need to be included right and what does
it require to be thought of 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 consumer’s own in-country account so there’s complexity anywhere you look ideal eventually constructing a knowledge base is definitely critical however everywhere you look with payroll payment they are like super payments no if but some children 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 recognition that payroll payments are definitely essential and innovation is enabling us to sort of progress with that it likewise too to add to that payroll and financing require to work closer together um with differing Checking account Details differing banking requirements and setup procedures is definitely necessary that payroll and financing teams work closer together than ever um I’m always astonished when individuals state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they divide 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 eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more essential to add to kind of the level of complexity there’s increasingly more benefits being organ or being offered by companies throughout the world so again you’re simply seeking to include increasingly more payments to this currently complicated landscape so if you type of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of genuine obstacles or genuine tough sort of pay utilizes to play to pay people I believe yeah I mean over the last well yeah a couple of years I would absolutely state that the bigger a business gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are groups feeding info into the next function as it were that’s really handling the payment side of things however you understand in in my opinion and my experience that does not always need to be the case you understand long gone are the times where we need to create extra handoffs while doing sos that we operate in they just make them more timely they make them less effective and they don’t make them what they need to be in in an age of tech and an era that you understand that we are operating in today there is no reason we are still making this as challenging as it needs to be agreed and appropriately as you stated payroll is the single greatest liability that any company has from an expense viewpoint from an impact point of view on staff members it is absolutely critical that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the greatest damaging result on individuals’s well-being and lots of other elements if individuals aren’t paid uh I have actually always been amazed coming into this Market sort of the last five to 10 years is how little thanks the
payroll team get um so I’m uncertain anyone on this sort of webinar has been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um however eventually payroll is such an important cycle we all find out about it when it fails everyone jumps up and down when it fails but when it goes right it’s simply a tick box workout and I think 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 vital that all of this stuff is done correctly so leveraging the very first International Payments first payroll payment solution is a terrific first step um providing an end-to-end payroll solution for your staff members globally once again I think is another huge um process once again lining up and guaranteeing you have standardization International procedures all of those things are absolutely crucial to success success of organizations and decreasing the number of tools platforms and checking account they need for their Global payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle don’t anticipate 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 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 important a role 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 involved in those procedures and likewise so think of sorry I’m just I was just gon na say envision the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands potentially Millions think of getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing job attempting to clean up all those up for sure oh definitely I can’t envision 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 type of try to return to everybody so moving on look why do companies pick to primary separate savings account there are Papaya Global Employee Details Report organizations out there doing exactly this for particular countries and I have actually operated in a business or many businesses doing exactly that I can say it doesn’t constantly feel effective 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 any person that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe lots of factors one is it’s the standard I believe people have got so utilized to we need a new checking account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the norm the people have actually embraced and continue to do over years and years gone past to add to that individuals have taken a look 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 believe this is a process that requires looking at it requires altering however eventually individuals are very stuck to what they recognize
with right um modification is a tough thing we all don’t 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 great deal of track of stuff um I understand undoubtedly the benefits of having preserving numerous checking account but there’s a big quantity of complexity chooses setting up a savings account preserving it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for specific individuals so the complexity is huge however I believe the honest answer is modification um individuals haven’t had the ability to change or have not had necessarily the knowledge to actually make that change into alternate Solutions besides 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 change however we have actually always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might almost be figured out to be the next Century or two there is a lot to monitor and this approach does posture a number of obstacles um so Johnny could you inform us about those obstacles yeah of course so there’s a range right there is so
I just recently made a change 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 acquired another CFO, and with this boosted capability, I have successfully protected payments for our 10,000 staff members worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You deserve a corner office with a parking space that is closer, considering your achievements. Papaya Global Employee Details Report