Over the last 5 or 6 years …What Services Do Papaya Global Payroll Offer… functions on the supplier side and likewise on the supplier side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply offer everybody another couple of uh well among the 30 seconds or so to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I truly do hope it’s much sunnier than it is 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 very very gloomy and I wish I was elsewhere at this moment in time fine so let’s start our program for today is as follows um we are going to be looking at the challenge years of managing International payroll why companies maintain separate
Virtual payroll accounts are an option to conventional savings account for managing payroll payments. This is particularly beneficial for international organizations with dispersed and remote workforces, as it simplifies the complex process of cross-border payments. Instead of maintaining different savings account for payroll in different nations, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are becoming a strategic asset for payroll executives. We will likewise offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Making sure accurate, efficient, and prompt payroll payments is a complex challenge for services operating internationally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll checking account, discover how companies forecast payroll expenses to optimize working capital, and find how improving worldwide payroll payments can transform them from a troublesome job into a tactical asset.
Handling payroll globally is an overwhelming job due to different guidelines, compliance requirements, data security concerns, and banking guidelines. The large variety of staff members and companies contributes to the intricacy, with an approximated 3.5 billion people in the international labor force, 500 countless whom remain in Africa, and 230 million services worldwide.
Conventional payroll systems typically lead to manual procedures, data silos, and an absence of combination, resulting in disparities and inadequacies. In spite of living in an age of technological improvements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar aims to supply insights and services to simplify and enhance worldwide payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of services state they have Workforce information in real time that’s another number that gives me sleepless nights and quite honestly the more a service invests in global payroll the less of a picture they see an absence of presence also reaches payroll payments and failure to accurately track these payments can lead to compliance mishaps in the last mile of the deal nearly half of international businesses have actually expressed that they don’t 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 bad HCM data information entry errors badly interacted hires and terminations along with lack management and system configurations and after that when you round everything off and the information is delivered to the wrong location the typical expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash all over the world payroll and payments don’t run smoothly if they rely on the needed multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles company face when they’re making payments to staff members or otherwise that’s a good question I always throw this back and say what is it what doesn’t need to be consisted of best 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 nation 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 need to pay from the consumer’s own in-country account so there’s complexity anywhere you look ideal eventually building a knowledge base is absolutely crucial but everywhere you look with payroll payment they resemble very payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is allowing us to sort of move forward with that it also as well to add to that payroll and finance require to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is definitely crucial that payroll and financing groups work more detailed together than ever um I’m always astonished when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so often 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 individuals anywhere they are but also 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 complexity there’s more and more benefits being organ or being used by companies throughout the world so once again you’re just seeking to include increasingly more payments to this already complicated landscape so if you sort of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of genuine challenges or genuine difficult sort of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a number of decades I would absolutely state that the bigger a business 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 teams feeding information into the next function as it were that’s actually managing the payment side of things however you understand in in my opinion and my experience that does not always require to be the case you understand long gone are the times where we require to create additional handoffs while doing sos that we operate 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 era of tech and an age that you understand that we are operating in today there is no reason we are still making this as tough as it needs to be concurred and appropriately as you stated payroll is the single biggest liability that any business has from an expense viewpoint from an impact viewpoint on employees it is definitely important 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 greatest damaging impact on people’s well-being and many other elements if individuals aren’t paid uh I have actually constantly been surprised entering into this Market sort of the last 5 to 10 years is how little thanks the
payroll team get um so I’m not sure anybody on this sort of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such a crucial cycle we all become aware of it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I believe 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 definitely vital that all of this stuff is done correctly so leveraging the first Global Payments first payroll payment option is an excellent primary step um offering an end-to-end payroll option for your workers globally again I believe is another huge um procedure once again lining up and guaranteeing you have standardization International processes all of those things are definitely essential to success success of services and minimizing the number of tools platforms and checking account they need for their International 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 don’t anticipate to you do get the odd five or 10 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 really doing that for for the thanks
anyway we know 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 everybody that’s associated with those procedures and likewise so think of sorry I’m just I was just gon na say picture the amount of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions imagine getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an intriguing task trying to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need 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 carrying on look why do business pick to primary different bank accounts there are What Services Do Papaya Global Payroll Offer companies out there doing precisely this for particular countries and I’ve operated in a service or many businesses doing exactly that I can state it does not constantly feel effective and it does produce more work I know we’re not deliberately doing that we’re not developing additional work for anybody where we don’t need to and anybody that’s managing that process 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 think many reasons one is it’s the standard I believe people have got so used to we require a new bank account we open an entity and appropriately 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 just been the standard and the standard individuals have embraced and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and many other ways um to to type of do it so I think there’s a variety I think this is a procedure that requires looking at it requires changing however eventually people are really stuck with what they recognize
with right um modification is a tough thing we all don’t like modification um so I think it’s simply kind of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the advantages of having keeping numerous bank accounts but there’s a huge amount of complexity chooses establishing a bank account keeping it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for specific people so the complexity is huge however I believe the sincere response is change um individuals have not 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 believe you have actually struck the nail on the head I think it is understanding you understand and there is an element of resistance to alter but we have actually always done it that way is no real reason for not looking at the the benefits and the possibilities of moving on and moving into you understand what might practically be determined to be the next Century or so there is a lot to keep an eye on and this technique does pose several challenges um so Johnny might you inform us about those challenges 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International staff members you deserve a corner office with a more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you What Services Do Papaya Global Payroll Offer