Over the last five or six years …Does Papaya Global Have A Clock Feature Uk… functions on the company side and likewise on the vendor side from a payroll perspective so really anticipating this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just give everybody another couple of uh well one of 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 rather fascinating 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 everybody originates from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very very dreary and I want I was somewhere else at this moment in time alright so let’s get going our program for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why companies keep separate
Virtual payroll accounts are an alternative to standard bank accounts for handling payroll payments. This is especially helpful for worldwide companies with dispersed and remote labor forces, as it simplifies the complicated procedure of cross-border payments. Instead of maintaining 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 advantages of using virtual payroll accounts and discuss why they are ending up being a tactical asset for payroll executives. We will likewise offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring accurate, effective, and timely payroll payments is a complex obstacle for services running worldwide. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll savings account, learn how business forecast payroll expenses to optimize working capital, and discover how enhancing global payroll payments can transform them from a burdensome job into a strategic possession.
Handling payroll internationally is a daunting task due to numerous policies, compliance requirements, data security concerns, and banking guidelines. The sheer number of workers and services adds to the intricacy, with an approximated 3.5 billion people in the global labor force, 500 countless whom are in Africa, and 230 million companies worldwide.
Standard payroll systems typically result in manual processes, data silos, and an absence of combination, leading to inconsistencies and inadequacies. Regardless of residing in an age of technological developments, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar objectives to offer insights and options to streamline and optimize global payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce information in real time that’s another number that gives me sleep deprived nights and rather honestly the more an organization spends on worldwide payroll the less of a photo they see an absence of presence also encompasses payroll payments and failure to accurately track these payments can result in compliance incidents in the last mile of the transaction almost half of global companies 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 information information entry mistakes badly interacted hires and terminations along with lack management and system configurations and then when you round all of it off and the information is shipped to the wrong location the average cost of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money all over the world payroll and payments do not run efficiently if they rely on the essential several processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties company face when they’re paying to workers or otherwise that’s an excellent question I constantly toss this back and say what is it what does not need to be included ideal and what does
it need to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan 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 consumer’s own in-country account so there’s complexity anywhere you look ideal eventually developing a knowledge base is definitely crucial but all over 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 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 basic and technology is enabling us to type of move forward with that it also also to contribute to that payroll and finance need to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is absolutely essential that payroll and financing groups work better together than ever um I’m always surprised when individuals say I’ve split 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 split the payroll payment from estimation 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 process it’s the point of data collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being a growing number of crucial to add to kind of the level of intricacy there’s increasingly more benefits being organ or being used by organizations across the world so again you’re simply aiming to add more and 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 but have you got any experience in kind of genuine difficulties or genuine tough kind of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a couple of decades I would certainly say that the bigger a service 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 actually managing the payment side of things but you know 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 need to create extra handoffs in the processes that we operate in they just make them more timely they make them less efficient and they do not make them what they need to be in in an age of tech and an era that you understand that we are working in today there is no reason that we are still making this as tough as it needs to be agreed and appropriately as you stated payroll is the single biggest liability that any company has from an expense viewpoint from an impact perspective on employees it is definitely important 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 damaging result on people’s well-being and lots of other aspects if people aren’t paid uh I have actually constantly been amazed entering into this Market type of the last 5 to 10 years is how little thanks the
The payroll group may not have been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and people just notice when things fail. Nevertheless, when things go right, it’s seen as just a routine job. This is how it’s viewed externally as well. For that reason, it is necessary to guarantee that tasks like Wi-Fi Global and other crucial matters are done properly. Using the first Global Payments very first payroll payment service is a great preliminary step towards offering an extensive payroll option for employees worldwide. Standardization, global procedures, and minimizing the variety of tools, platforms, and savings account needed for worldwide payroll are key consider attaining service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a few grievances when things do not go as planned. Ultimately, we do not do it for the gratitude.
anyway we understand 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 easy as possible for everybody that’s involved in those processes and also so think of sorry I’m just I was just gon na state envision the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re speaking about numerous thousands possibly Millions imagine getting that many thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting 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 held true um you ‘d require days of the week to try to check out them and really see what was going on and kind of shot to return to everyone so carrying on appearance why do business pick to main separate savings account there are Does Papaya Global Have A Clock Feature Uk organizations out there doing exactly this for particular countries and I have actually worked in a company or many companies doing precisely that I can say it does not always feel efficient and it does create more work I understand we’re not purposely doing that we’re not producing extra work for anybody where we do not have to and anyone that’s handling 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 believe lots of factors one is it’s the standard I think people have actually got so used to we need a new savings account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm individuals have adopted and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and lots of other methods um to to type of do it so I think there’s a range I believe this is a procedure that needs taking a look at it requires altering but ultimately individuals are extremely stuck with what they recognize
with right um change is a challenging thing all of us don’t like modification um so I think it’s simply type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend obviously the advantages of having maintaining several savings account but there’s a big quantity of complexity chooses setting up a bank account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for individual people so the complexity is huge but I think the sincere response is change um individuals have not been able to change or have not had necessarily the knowledge to actually make that change into alternate Solutions other than opening a savings account I believe you’ve hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to change however we have actually constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what could almost be determined to be the next Century or two there is a lot to keep an eye on and this method does present numerous difficulties um so Johnny might you tell us about those difficulties yeah of course so there’s a range right there is so
I simply did you switched 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 employees you should have a corner office with a better parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Does Papaya Global Have A Clock Feature Uk