Over the last 5 or 6 years …Papaya Global Payroll Slogan… roles on the supplier side and also on the supplier side from a payroll point of view so really eagerly anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply provide everyone another number of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to kind of like see where everyone originates 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 really very uninspiring 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 keep separate
Virtual payroll accounts are an alternative to standard savings account for managing payroll payments. This is especially helpful for international companies with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of keeping separate bank accounts for payroll in different nations, virtual accounts and digital wallets offer a more structured service. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a tactical property for payroll executives. We will also provide a recap 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 businesses running internationally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll savings account, learn how companies anticipate payroll expenses to optimize working capital, and discover how enhancing international payroll payments can transform them from a challenging task into a strategic possession.
Managing payroll globally is a challenging task due to different regulations, compliance requirements, data security concerns, and banking guidelines. The sheer variety of workers and businesses adds to the intricacy, with an estimated 3.5 billion people in the worldwide labor force, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Standard payroll systems often lead to manual procedures, data silos, and an absence of integration, resulting in disparities and inefficiencies. Despite residing in a period of technological advancements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar goals to provide insights and solutions to simplify and enhance global payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of services say they have Labor force data in real time that’s another number that provides me sleep deprived nights and quite frankly the more a business spends on international payroll the less of a picture they see an absence of visibility likewise reaches payroll payments and inability to precisely track these payments can cause compliance accidents in the last mile of the transaction nearly half of worldwide companies have revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM information data entry mistakes inadequately interacted hires and terminations in addition to absence management and system setups and after that when you round all of it off and the information is shipped to the wrong place the average cost of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash worldwide payroll and payments do not run smoothly if they depend on the required 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 difficulties service face when they’re making payments to employees or otherwise that’s a great concern I constantly throw this back and say what is it what doesn’t require to be included ideal and what does
it require to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per country 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 have to pay from the client’s own in-country account so there’s complexity anywhere you look right ultimately developing a knowledge base is absolutely crucial but everywhere you look with payroll payment they are like very payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the kind 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 fundamental and technology is allowing us to sort of move forward with that it likewise also to add to that payroll and financing need to work closer together um with differing Savings account Details varying banking requirements and setup procedures is absolutely imperative that payroll and finance groups work better together than ever um I’m constantly surprised when people state I’ve split 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 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 any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being more and more crucial to contribute to kind of the level of complexity there’s a growing number of benefits being organ or being provided by organizations throughout the world so once again you’re just seeking to include a growing number of payments to this currently intricate landscape so if you kind of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of real difficulties or real tough type of pay utilizes to play to pay people I think yeah I imply over the last well yeah a couple of decades I would absolutely say that the larger a company gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are teams feeding details into the next function as it were that’s actually 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 know long gone are the times where we need to create extra handoffs in the processes that we run in they just make them more timely they make them less efficient and they don’t make them what they need to be in in an age of tech and an age that you understand that we are working in today there is no reason we are still making this as tough as it requires to be agreed and appropriately as you stated payroll is the single greatest liability that any business has from a cost viewpoint from an impact point of view on employees it is absolutely critical that it’s done properly 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 biggest destructive impact on people’s wellness and numerous other factors if people aren’t paid uh I have actually always been astonished coming into this Market sort of the last five to 10 years is how little thanks the
payroll group get um so I’m not sure anybody on this sort of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an essential cycle all of us hear about it when it goes wrong everyone 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 consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely essential that all of this things is done properly so leveraging the very first International Payments first payroll payment solution is a terrific initial step um supplying an end-to-end payroll solution for your employees internationally once again I think is another big um procedure again aligning and ensuring you have standardization Global processes all of those things are absolutely essential to success success of companies and minimizing the variety of tools platforms and savings account they require for their Worldwide 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’ve never had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the problems where things have not gone rather where they’re suggested to be um I do not think any of us are in fact doing that for for the thanks
anyhow we understand 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 simple as possible for everyone that’s associated with those processes and likewise so picture sorry I’m simply I was just gon na say think of the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions envision getting that numerous thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing task attempting to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and in fact see what was going on and kind of try to return to everyone so carrying on appearance why do business select to main different bank accounts there are Papaya Global Payroll Slogan businesses out there doing precisely this for specific nations and I have actually worked in a service or many companies doing exactly that I can say it doesn’t always feel effective and it does develop more work I know we’re not purposely doing that we’re not creating extra work for anyone where we do not need to and any person that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe numerous reasons one is it’s the standard I believe individuals have got so utilized to we need a brand-new checking account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm the people have actually adopted and continue to do over years and years passed by to add to that individuals have taken a look at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a range I think this is a procedure that requires looking at it requires changing but ultimately individuals are very stuck to what they recognize
with ideal um change is a hard thing all of us don’t like modification um so I think it’s just type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend clearly the benefits of having maintaining numerous checking account however there’s a substantial quantity of intricacy chooses setting up a checking account preserving it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for individual individuals so the complexity is substantial but I think the sincere response is change um individuals have not been able to change or have not had always the knowledge to really make that change into alternate Solutions besides opening a bank 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 change however we have actually always done it that way is no real reason 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 monitor and this approach does position a number of obstacles um so Johnny might you tell us about those difficulties yeah obviously so there’s a variety right there is so
I just recently made a modification to our Enterprise 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 gotten another CFO, and with this improved ability, I have effectively secured payments for our 10,000 workers worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global Payroll Slogan