Over the last five or six years …Papaya Global Pay Stubs… roles on the company side and also on the vendor side from a payroll perspective so actually looking forward to this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just provide everyone 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 rather interesting and I can see it going on currently simply to hear where everybody 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 remains 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 really extremely gloomy and I wish I was elsewhere at this moment in time okay so let’s get going 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 companies keep separate
Virtual payroll accounts are an alternative to conventional savings account for handling payroll payments. This is especially helpful for worldwide companies with dispersed and remote workforces, as it simplifies the complicated process of cross-border payments. Instead of maintaining separate checking account for payroll in different nations, virtual accounts and digital wallets use a more structured option. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a tactical possession for payroll executives. We will also provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
Guaranteeing accurate, efficient, and timely payroll payments is a complex obstacle for companies running worldwide. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll checking account, discover how business forecast payroll expenses to enhance working capital, and find how simplifying international payroll payments can transform them from a challenging job into a strategic possession.
Handling payroll globally is an overwhelming task due to different guidelines, compliance requirements, information security issues, and banking rules. The large variety of staff members and companies adds to the complexity, with an approximated 3.5 billion people in the global workforce, 500 countless whom remain in Africa, and 230 million services worldwide.
Standard payroll systems typically lead to manual procedures, information silos, and a lack of combination, causing disparities and inefficiencies. Despite living in a period of technological developments, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar objectives to offer insights and solutions 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 only 11 of companies state they have Labor force data in real time that’s another number that gives me sleep deprived nights and rather frankly the more a company invests in international payroll the less of a photo they see a lack of exposure also encompasses payroll payments and inability to properly track these payments can result in compliance mishaps in the last mile of the deal nearly half of global companies have revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM information information entry errors poorly interacted hires and terminations as well as absence management and system setups and after that when you round everything off and the data is delivered to the wrong location the typical cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the globe payroll and payments don’t run efficiently if they rely on the essential multiple 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 difficulties business 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 need to be included best and what does
it require to be thought about there’s varying 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 have to pay from the customer’s own in-country account so there’s intricacy wherever you look best ultimately constructing a knowledge base is definitely critical however all over you look with payroll payment they resemble extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and innovation is allowing us to sort of move on with that it likewise too to add to that payroll and finance require to work closer together um with varying Savings account Details varying banking requirements and setup processes is absolutely crucial that payroll and finance teams work closer together than ever um I’m constantly surprised when individuals say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work 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 often split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data 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 a growing number of crucial to add to kind of the level of complexity there’s more and more advantages being organ or being provided by organizations throughout the world so once again you’re just aiming to add a growing number of payments to this currently intricate landscape so if you sort of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of genuine obstacles or real challenging type of pay uses to play to pay people I think yeah I suggest over the last well yeah a number of years I would certainly say that the bigger a service gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task 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 need to be the case you know long gone are the times where we need to produce extra handoffs at the same times that we run in they simply make them more timely they make them less effective and they do not make them what they need to be in in an age of tech and a period that you understand that we are operating in today there is no reason we are still making this as tough as it requires to be concurred and rightly as you stated payroll is the single greatest liability that any service has from a cost point of view from an impact point of view on employees 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 have to be done right it has the most significant detrimental impact on individuals’s well-being and many other elements if people aren’t paid uh I’ve always been amazed coming into this Market kind of the last 5 to ten years is how little thanks the
payroll team 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 fantastic to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such a crucial cycle we all become aware of 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 view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely vital that all of this things is done properly so leveraging the very first Worldwide Payments first payroll payment service is a great initial step um supplying an end-to-end payroll solution for your employees internationally again I believe is another huge um process again lining up and guaranteeing you have standardization Worldwide procedures all of those things are definitely crucial to success success of businesses and minimizing the variety of tools platforms and bank accounts they require 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 5 or 10 or whatever it might be with the with the the grievances where things haven’t gone quite where they’re meant to be um I don’t believe any of us are really doing that for for the thanks
anyhow we understand how how essential 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 simple as possible for everyone that’s associated with those processes and also so imagine sorry I’m just I was simply gon na state think of the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions think of getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing job trying to clean all those up for sure oh definitely 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 attempt to browse them and actually see what was going on and type of try to get back to everyone so moving on appearance why do business pick to main different checking account there are Papaya Global Pay Stubs services out there doing precisely this for particular countries and I’ve worked in a company or many companies doing precisely that I can say it doesn’t constantly feel effective and it does create more work I know we’re not purposely doing that we’re not developing extra work for any person where we do not need to and any person that’s managing 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 requirement I think individuals have actually got so utilized to we need a new checking account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard the people have actually adopted and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a variety I believe this is a procedure that needs looking at it needs altering however ultimately individuals are extremely stuck with what they recognize
with ideal um change is a tough thing we all do not like modification um so I think it’s just kind 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 multiple bank accounts but there’s a huge quantity of intricacy opts for establishing a bank account preserving it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for individual people so the intricacy is big however I think the sincere answer is change um individuals haven’t been able to change or haven’t had always the knowledge to truly make that change into alternate Solutions aside from opening a bank account I think you’ve hit the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change however we’ve always done it that way is no genuine reason for not looking 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 so there is a lot to track and this method does pose numerous challenges um so Johnny could you inform us about those obstacles yeah naturally so there’s a variety right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has actually gained another CFO, and with this boosted ability, I have effectively protected payments for our 10,000 workers worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Pay Stubs