Over the last five or six years …Why Is Papaya Global Payroll Not Going Evey 14 Days… roles on the service provider side and also on the supplier side from a payroll viewpoint so truly looking forward to this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply provide everybody another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on currently simply 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 remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely extremely uninspiring and I want I was somewhere else at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why companies keep separate
Virtual payroll accounts are an alternative to traditional checking account for handling payroll payments. This is particularly useful for global organizations with dispersed and remote labor forces, as it simplifies the intricate process of cross-border payments. Instead of keeping separate savings account for payroll in different countries, virtual accounts and digital wallets offer a more structured option. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are becoming a tactical property for payroll executives. We will likewise provide a recap of the main points covered and leave time for a Q&A session at the end.
Guaranteeing precise, efficient, and timely payroll payments is a complex challenge for businesses running internationally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll checking account, learn how companies anticipate payroll costs to optimize working capital, and discover how streamlining international payroll payments can transform them from a burdensome task into a strategic asset.
Handling payroll globally is an overwhelming job due to various regulations, compliance requirements, data security issues, and banking rules. The large number of employees and organizations contributes to the complexity, with an estimated 3.5 billion people in the global workforce, 500 million of whom are in Africa, and 230 million companies worldwide.
Traditional payroll systems typically lead to manual processes, data silos, and a lack of combination, leading to inconsistencies and ineffectiveness. In spite of living in a period 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 objectives to provide insights and services to simplify and enhance global payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Labor force information in real time that’s another number that gives me sleep deprived nights and rather frankly the more a service spends on worldwide payroll the less of a picture they see an absence of visibility also reaches payroll payments and inability to precisely track these payments can result in compliance mishaps in the last mile of the transaction nearly half of global organizations have revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM data information entry mistakes improperly communicated hires and terminations in addition to absence management and system configurations and then when you round everything off and the information is delivered to the wrong place the average cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the world payroll and payments do not run smoothly if they depend on the needed numerous procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges organization face when they’re making payments to workers or otherwise that’s a great question I constantly toss this back and state what is it what does not need to be included right and what does
it need to be thought of 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 need to pay from the customer’s own in-country account so there’s complexity any place you look ideal ultimately developing a knowledge base is definitely crucial but everywhere you look with payroll payment they are like super payments no if but 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 believe there’s now a bit more recognition that payroll payments are definitely fundamental and technology is enabling us to kind of move forward with that it likewise too to add to that payroll and financing need to work closer together um with varying Savings account Details varying banking requirements and setup procedures is definitely important that payroll and financing teams work better together than ever um I’m always impressed when individuals state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not 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 frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being more and more important to add to type of the level of complexity there’s more and more advantages being organ or being provided by businesses across the world so again you’re just wanting to add increasingly more payments to this already intricate landscape so if you sort of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of genuine obstacles or real challenging kind of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a number of decades I would certainly state that the larger 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 information into the next function as it were that’s really handling 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 know long gone are the times where we need to produce extra handoffs while doing sos that we run in they simply make them more prompt they make them less effective and they do not make them what they require to be in in an age of tech and an era that you understand that we are operating in today there is no reason we are still making this as challenging as it needs to be concurred and rightly as you stated payroll is the single biggest liability that any organization has from an expense perspective from an impact perspective on workers it is absolutely vital that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the biggest damaging impact on individuals’s wellness and numerous other elements if individuals aren’t paid uh I’ve constantly been impressed entering this Market type of the last five to 10 years is how little thanks the
The payroll team might not have been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and people only discover when things go wrong. However, when things go right, it’s seen as simply a regular task. This is how it’s perceived externally as well. For that reason, it is important to make sure that tasks like Wi-Fi Worldwide and other crucial matters are done correctly. Utilizing the first International Payments first payroll payment service is a terrific initial step towards offering an extensive payroll solution for staff members worldwide. Standardization, global procedures, and lowering the number of tools, platforms, and savings account essential for international payroll are essential consider accomplishing business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a few problems when things do not go as prepared. Ultimately, we don’t do it for the gratitude.
anyway we understand how how crucial a function 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 everyone that’s involved in those procedures and also so picture sorry I’m simply I was simply gon na state envision the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions imagine getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting job trying to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to look through them and really see what was going on and kind of try to return to everyone so carrying on look why do companies choose to main different checking account there are Why Is Papaya Global Payroll Not Going Evey 14 Days services out there doing precisely this for specific countries and I have actually worked in a business or lots of services doing exactly that I can state it does not always feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not creating additional work for anybody where we do not have to and anybody that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I think numerous reasons one is it’s the requirement I think people have actually got so used to we require a new bank 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 think it’s just been the requirement and the norm the people have actually embraced and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and numerous other methods um to to type of do it so I believe there’s a range I think this is a process that needs taking a look at it requires altering but eventually individuals are extremely stuck to what they’re familiar
with ideal um change is a tough thing all of us do not like modification um so I think it’s just sort of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand clearly the benefits of having maintaining multiple checking account but there’s a huge quantity of intricacy chooses setting up a bank account preserving it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for private individuals so the intricacy is substantial but I think the truthful response is modification um people have not been able to alter or have not had always the knowledge to really make that change into alternate Solutions aside from opening a savings account I believe you have actually hit the nail on the head I think it is knowledge you understand and there is a component of resistance to change but we have actually always done it that way is no real reason for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what might nearly be determined to be the next Century approximately there is a lot to track and this technique does posture several obstacles um so Johnny could you tell us about those difficulties yeah obviously so there’s a range right there is so
I simply 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 Global staff members you should have a corner workplace with a more detailed parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Why Is Papaya Global Payroll Not Going Evey 14 Days