Over the last 5 or 6 years …Set Up Papaya Global Payroll… roles on the service provider side and likewise on the vendor side from a payroll point of view so actually anticipating this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply provide everybody another number of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everybody comes 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 drizzling here it’s extremely really dreary and I want I was elsewhere at this moment in time fine so let’s start our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why business keep separate
Virtual payroll accounts are an alternative to conventional bank accounts for managing payroll payments. This is particularly beneficial for worldwide companies with dispersed and remote labor forces, as it simplifies the intricate process of cross-border payments. Instead of maintaining different bank accounts for payroll in different countries, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are ending up being a strategic possession for payroll executives. We will also provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing precise, efficient, and prompt payroll payments is a complex obstacle for organizations running worldwide. 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 optimize working capital, and discover how enhancing international payroll payments can change them from a troublesome task into a strategic asset.
Managing payroll globally is an overwhelming task due to different policies, compliance requirements, data security issues, and banking guidelines. The large number of workers and services contributes to the intricacy, with an estimated 3.5 billion individuals in the international workforce, 500 countless whom remain in Africa, and 230 million companies worldwide.
Standard payroll systems typically lead to manual processes, data silos, and an absence of integration, leading to disparities and inefficiencies. Regardless of living in a period of technological improvements, 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 aims to provide insights and options to streamline and enhance worldwide payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force data in real time that’s another number that offers me sleepless nights and quite honestly the more a business spends on worldwide payroll the less of a photo they see an absence of visibility likewise reaches payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the transaction almost half of global businesses have actually revealed 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 information data entry mistakes inadequately communicated hires and terminations as well as absence management and system setups and then when you round all of it off and the information is shipped to the incorrect place the typical cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money 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 point of view and in your experience what else needs to be factored into the challenges company face when they’re paying to workers or otherwise that’s a great question I always throw this back and say what is it what doesn’t require to be included right and what does
it require 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 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 ultimately building a knowledge base is absolutely crucial but all over you look with payroll payment they resemble extremely 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 between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely basic and innovation is enabling us to sort of move on with that it also also to add to that payroll and financing require to work closer together um with differing Checking account Details varying banking requirements and setup procedures is absolutely necessary that payroll and finance teams work better together than ever um I’m constantly surprised when people state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t 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 but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more crucial to add to type of the level of complexity there’s more and more benefits being organ or being offered by organizations across the world so once again you’re just seeking to add a growing number of payments to this already complicated landscape so if you kind 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 challenging sort of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a couple of years I would definitely say that the bigger a business 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 really managing the payment side of things however you understand in in my viewpoint and my experience that doesn’t always require to be the case you understand long gone are the times where we require to develop extra handoffs in the processes that we operate in they simply make them more timely they make them less effective and they don’t make them what they require to be in in an era of tech and an age that you know that we are working in today there is no reason we are still making this as challenging as it needs to be agreed and appropriately as you said payroll is the single biggest liability that any business has from a cost perspective from an effect point of view on employees 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 need to be done right it has the most significant damaging effect on individuals’s wellness and numerous other aspects if individuals aren’t paid uh I’ve always been amazed coming into this Market type of the last 5 to 10 years is how little thanks the
The payroll team might not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and individuals only discover when things fail. However, when things go right, it’s seen as simply a routine job. This is how it’s perceived externally as well. Therefore, it is necessary to make sure that tasks like Wi-Fi International and other crucial matters are done correctly. Using the first Worldwide Payments very first payroll payment option is a fantastic initial action towards supplying an extensive payroll service for staff members worldwide. Standardization, global processes, and reducing the variety of tools, platforms, and checking account needed for international payroll are essential factors in attaining service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few complaints when things don’t go as planned. Ultimately, we do not do it for the gratitude.
anyhow we know how how important a role 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 processes and likewise so picture sorry I’m just I was simply gon na say envision the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions imagine getting that many thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating task trying to clean 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 attempt to check out them and in fact see what was going on and kind of try to get back to everybody so carrying on look why do companies pick to main separate savings account there are Set Up Papaya Global Payroll services out there doing exactly this for particular countries and I’ve worked in a company or numerous organizations doing precisely that I can state it does not always feel efficient and it does produce more work I know we’re not intentionally doing that we’re not developing additional work for anyone where we don’t have to and anybody that’s managing 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 quantity that we are I think numerous reasons one is it’s the requirement I think individuals have actually got so utilized to we need a brand-new savings account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the standard the people have actually adopted and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and many other ways um to to sort of do it so I believe there’s a range I think this is a procedure that needs looking at it needs changing however ultimately individuals are very stuck to what they recognize
with best um change is a tough thing we all don’t like modification um so I believe it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having maintaining numerous bank accounts however there’s a huge amount of complexity opts for setting up a checking account maintaining it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for private individuals so the intricacy is huge but I believe the sincere response is modification um individuals haven’t had the ability to change or have not had always the knowledge to actually make that change into alternate Solutions other than opening a checking account I believe you’ve struck the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter but we’ve constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you understand what might practically be figured out to be the next Century or so there is a lot to track and this method does position numerous challenges um so Johnny could you inform us about those challenges yeah of course so there’s a variety right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has actually gotten another CFO, and with this boosted capability, I have successfully secured 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 workplace with a parking space that is closer, considering your achievements. Set Up Papaya Global Payroll