Over the last five or six years …Is Papaya Global A Payroll Service… functions on the service provider side and likewise on the vendor side from a payroll point of view so truly anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply give everybody another number of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I really 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 extremely very bleak and I want I was somewhere else at this moment in time okay so let’s get started our program for today is as follows um we are going to be looking at the obstacle years of managing International payroll why business keep separate
Virtual payroll accounts are an alternative to traditional savings account for handling payroll payments. This is particularly useful for international organizations with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of preserving different savings account for payroll in different countries, virtual accounts and digital wallets offer a more structured option. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are ending up being a tactical property for payroll executives. We will also supply 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 obstacle for businesses running globally. 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 enhancing worldwide payroll payments can transform them from a troublesome task into a strategic asset.
Managing payroll globally is a difficult task due to numerous regulations, compliance requirements, information security concerns, and banking guidelines. The large variety of staff members and services contributes to the complexity, with an estimated 3.5 billion individuals in the global labor force, 500 million of whom remain in Africa, and 230 million services worldwide.
Standard payroll systems typically result in manual processes, data silos, and a lack of integration, causing inconsistencies and inefficiencies. Regardless of residing in an age of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar goals to provide insights and services to simplify and enhance international payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of services say they have Workforce data in real time that’s another number that provides me sleepless nights and quite honestly the more a company spends on global payroll the less of a picture they see an absence of visibility likewise reaches payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the deal nearly half of international services have actually revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM information data entry mistakes improperly interacted hires and terminations in addition to lack management and system configurations and after that when you round it all off and the data is delivered to the incorrect location the average expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money worldwide payroll and payments don’t run efficiently if they depend on the needed several 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 obstacles company face when they’re paying to employees or otherwise that’s an excellent concern I always toss this back and state what is it what does not require to be included ideal and what does
it need to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s complexity wherever you look right eventually building a knowledge base is absolutely crucial but all over you look with payroll payment they are like incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the type of link in 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 on with that it likewise also to add to that payroll and financing require to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is definitely important that payroll and finance teams work better together than ever um I’m always amazed when people state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate 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 eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of essential to contribute to type of the level of complexity there’s a growing number of benefits being organ or being offered by businesses throughout the world so once again you’re just wanting to add increasingly more payments to this already intricate landscape so if you type 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 difficult kind of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a number of decades I would definitely say that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are groups feeding info 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 need to be the case you know long gone are the times where we require to produce additional handoffs at the same times that we operate 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 era of tech and an era that you know that we are working in today there is no reason we are still making this as hard as it needs to be concurred and rightly as you said payroll is the single greatest liability that any service has from an expense viewpoint from an impact point of view on employees it is absolutely crucial that it’s done correctly and on time so what we suggest 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 individuals’s well-being and numerous other elements if people aren’t paid uh I’ve always been astonished entering into this Market sort of the last 5 to ten years is how little thanks the
payroll group get um so I’m not exactly sure anybody on this type of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an essential cycle we all become aware of it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely essential that all of this stuff is done correctly so leveraging the very first International Payments first payroll payment solution is a great initial step um supplying an end-to-end payroll solution for your employees internationally once again I believe is another huge um procedure again lining up and ensuring you have standardization International procedures all of those things are definitely crucial to success success of services and reducing the variety of tools platforms and savings account they require for their Global payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the problems where things have not gone rather where they’re meant to be um I don’t think any of us are in fact doing that for for the thanks
anyway we know 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 procedures and likewise so envision sorry I’m simply I was simply gon na say picture the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions imagine getting that lots of thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating task attempting to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and in fact see what was going on and type of try to return to everyone so carrying on look why do companies choose to primary separate checking account there are Is Papaya Global A Payroll Service organizations out there doing precisely this for specific nations and I’ve operated in an organization or many services doing precisely that I can say it doesn’t always feel effective and it does create more work I know we’re not purposely doing that we’re not producing extra work for anyone where we don’t need to and anyone that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe many reasons one is it’s the requirement I believe people have got so utilized to we require a new bank account we open an entity and rightly so you need it for payroll functions 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 actually embraced and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and many other methods um to to sort of do it so I believe there’s a variety I believe this is a process that needs taking a look at it requires changing however ultimately people are very stuck to what they’re familiar
with right um change is a challenging thing we all don’t like modification um so I think it’s simply type of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the advantages of having maintaining numerous bank accounts but there’s a substantial quantity of intricacy goes with setting up a bank account keeping it ensuring it can send out International transfers ensuring it’s set up with the right user accesses for specific individuals so the intricacy is huge however I think the honest answer is change um people haven’t been able to change or have not had always the knowledge to truly make that change into alternate Solutions other than opening a savings account I think you’ve hit the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to change but we have actually constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could almost be figured out to be the next Century or so there is a lot to monitor and this technique does position several difficulties um so Johnny could you inform us about those obstacles yeah obviously so there’s a variety 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you deserve a corner workplace with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you Is Papaya Global A Payroll Service