Over the last 5 or six years …Biweekly Payroll Papaya Global… functions on the service provider side and likewise on the vendor side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply give everybody another couple of uh well one of the 30 seconds or so to join all of us 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 everybody is um it’s nice to to sort of like see where everybody comes from and I actually 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 raining here it’s very very uninspiring and I wish I was somewhere else at this moment in time alright so let’s begin our program for today is as follows um we are going to be looking at the challenge years of managing International payroll why companies keep different
Virtual payroll accounts are an alternative to traditional checking account for managing payroll payments. This is especially useful for worldwide organizations with dispersed and remote labor forces, as it streamlines the intricate procedure of cross-border payments. Instead of preserving separate bank accounts for payroll in various 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 talk about why they are becoming a strategic possession for payroll executives. We will also supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing accurate, efficient, and prompt payroll payments is a complex challenge for businesses operating internationally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll checking account, discover how companies anticipate payroll costs to enhance working capital, and find how enhancing global payroll payments can change them from a troublesome job into a tactical property.
Managing payroll internationally is a difficult task due to various regulations, compliance requirements, information security concerns, and banking rules. The large number of staff members and businesses adds to the complexity, with an approximated 3.5 billion people in the worldwide labor force, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Traditional payroll systems often lead to manual procedures, information silos, and an absence of integration, causing inconsistencies and inadequacies. Regardless of living in an era of technological developments, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar aims to provide insights and services to simplify 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 Workforce information in real time that’s another number that offers me sleepless nights and quite honestly the more a service spends on global payroll the less of a photo they see a lack of visibility likewise extends to payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the transaction almost half of international services have expressed that they don’t 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 data entry errors poorly interacted hires and terminations along with lack management and system configurations and after that when you round everything off and the information is shipped to the incorrect location the average cost of a worldwide information 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 don’t run efficiently if they rely on the necessary numerous processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges company face when they’re making payments to workers or otherwise that’s a great concern I constantly throw this back and state what is it what doesn’t require to be consisted of right and what does
it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment abilities 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 client’s own in-country account so there’s complexity anywhere you look ideal ultimately constructing a knowledge base is definitely vital but everywhere you look with payroll payment they are like super payments no if however some babies about it you are all superheroes processing payments for payroll if you 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 definitely fundamental and technology is permitting us to sort of move forward with that it likewise too to add to that payroll and finance need to work closer together um with varying Savings account Details differing banking requirements and setup processes is absolutely essential that payroll and finance groups work better together than ever um I’m always amazed when people say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation would they split the payroll payment from computation 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 eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory third parties so with the
The modern world places a high worth on wellness and the compensation landscape is becoming significantly detailed. Companies are continually introducing new benefits and payment options, which contributes to the overall intricacy. Big corporations frequently divide their payroll and payment processing into different teams, which can lead to inefficiencies and bottlenecks. In my opinion, this doesn’t need to be the case. In today’s highly sophisticated age, there’s no justification for keeping cumbersome treatments. Payroll, the company’s most significant expense, must be processed properly and on time. Even minor hold-ups can adversely impact staff members’ well-being and have significant consequences. For that reason, it’s vital to prioritize accurate and prompt payments.
payroll group get um so I’m not exactly sure anybody on this kind of webinar has actually been told 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 staff members or not um but eventually payroll is such an essential cycle we all hear about it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s just a tick box exercise and I think 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 things is definitely vital that all of this stuff is done properly so leveraging the very first Global Payments first payroll payment option is a great initial step um supplying an end-to-end payroll option for your staff members globally once again I think is another big um procedure once again lining up and ensuring you have standardization International processes all of those things are absolutely essential to success success of companies and reducing the variety of tools platforms and savings account they require 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 thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things have not gone quite where they’re meant to be um I don’t believe any of us are in fact doing that for for the thanks
anyway we understand how how essential 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 involved in those processes and also so imagine sorry I’m simply I was just gon na state picture the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re speaking about numerous thousands potentially Millions envision getting that many thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing job trying 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 check out them and actually see what was going on and sort of try to get back to everybody so moving on appearance why do business choose to primary different bank accounts there are Biweekly Payroll Papaya Global companies out there doing precisely this for particular nations and I’ve operated in an organization or many organizations doing exactly that I can state it doesn’t always feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not creating extra work for anyone where we do not need to and anyone that’s dealing with 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 quantity that we are I believe lots of factors one is it’s the standard I think individuals have actually got so used to we need a brand-new checking account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have actually adopted and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and many other ways um to to sort of do it so I think there’s a range I believe this is a process that needs taking a look at it needs changing however ultimately individuals are extremely stuck with what they recognize
with ideal um change is a challenging thing all of us do not like modification um so I believe it’s just type of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the benefits of having maintaining several checking account but there’s a huge quantity of complexity chooses establishing a bank account maintaining it ensuring it can send out International transfers ensuring it’s set up with the ideal user accesses for private people so the complexity is big but I believe the honest answer is modification um people have not been able to alter or haven’t had always the knowledge to actually make that change into alternate Solutions other than opening a savings account I think you’ve struck the nail on the head I believe it is understanding you know and there is a component of resistance to alter but we’ve always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of proceeding and moving into you understand what might nearly be determined to be the next Century or so there is a lot to track and this method does pose numerous difficulties um so Johnny might you tell us about those difficulties yeah obviously so there’s a range right there is so
I just did you changed our Enterprise 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 International staff members you should have a corner office with a more detailed parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Biweekly Payroll Papaya Global