Over the last five or six years …Entering After The Fact Payroll In Papaya Global… functions on the company side and also on the vendor side from a payroll viewpoint so actually anticipating this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply provide everyone another number of uh well one of 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 intriguing 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 is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very extremely dreary and I wish I was elsewhere at this moment in time all right so let’s start our agenda for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why business keep separate
Virtual payroll accounts are an alternative to conventional checking account for managing payroll payments. This is particularly useful for worldwide companies with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of preserving different checking account for payroll in various countries, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a strategic possession for payroll executives. We will likewise supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Making sure precise, effective, and timely payroll payments is a complex difficulty for companies running internationally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll checking account, find out how business anticipate payroll costs to enhance working capital, and discover how simplifying international payroll payments can transform them from a difficult job into a strategic possession.
Handling payroll internationally is a challenging task due to numerous regulations, compliance requirements, data security concerns, and banking guidelines. The large variety of workers and organizations contributes to the complexity, with an estimated 3.5 billion individuals in the global workforce, 500 million of whom remain in Africa, and 230 million services worldwide.
Traditional payroll systems often result in manual procedures, information silos, and an absence of combination, causing inconsistencies and inefficiencies. Despite living in an age of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar goals to offer insights and solutions to simplify and enhance worldwide payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Workforce data in real time that’s another number that provides me sleepless nights and rather frankly the more an organization invests in worldwide payroll the less of a picture they see an absence of presence also encompasses payroll payments and failure to precisely track these payments can cause compliance incidents in the last mile of the deal nearly half of global services have revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry errors badly interacted hires and terminations along with lack management and system configurations and after that when you round everything off and the data is delivered to the wrong location the typical cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash worldwide payroll and payments don’t run efficiently if they count on the needed multiple processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges organization face when they’re making payments to employees or otherwise that’s a great concern I always throw this back and say what is it what does not need to be included right and what does
it require 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 timespan there’s payment abilities 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 consumer’s own in-country account so there’s complexity anywhere you look ideal ultimately building a knowledge base is definitely important but all over you look with payroll payment they are like extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the sort 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 absolutely fundamental and technology is enabling us to kind of move forward with that it also also to contribute to that payroll and financing need to work closer together um with differing Savings account Details varying banking requirements and setup procedures is absolutely important that payroll and financing teams work better together than ever um I’m constantly amazed when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so typically 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 also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being more and more essential to contribute to type of the level of complexity there’s a growing number of advantages being organ or being offered by businesses throughout the world so again you’re simply looking to include a growing number of payments to this currently complicated landscape so if you sort of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of real difficulties or genuine tough type of pay utilizes to play to pay individuals I think yeah I imply over the last well yeah a number of years I would certainly state that the larger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are teams feeding details 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 doesn’t always need to be the case you know long gone are the times where we need to produce extra handoffs at the same times that we run in they simply make them more timely they make them less effective and they do not make them what they need to be in in an era of tech and a period that you know that we are working in today there is no reason why we are still making this as hard as it needs to be concurred and rightly as you said payroll is the single biggest liability that any organization has from an expense viewpoint from an impact point of view on employees it is definitely crucial that it’s done correctly and on time so what we indicate 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 destructive result on people’s wellness and numerous other aspects if individuals aren’t paid uh I have actually constantly been surprised coming into this Market type of the last five to ten years is how little thanks the
The payroll team might not have been thanked for properly processing payroll during a webinar. If anyone has been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and people just see when things go wrong. However, when things go right, it’s viewed as simply a regular task. This is how it’s perceived externally too. Therefore, it is necessary to ensure that tasks like Wi-Fi International and other crucial matters are done properly. Utilizing the first International Payments very first payroll payment solution is a terrific preliminary action towards supplying an extensive payroll solution for employees worldwide. Standardization, global procedures, and decreasing the number of tools, platforms, and savings account needed for global payroll are crucial consider achieving service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few complaints when things do not go as planned. Eventually, we don’t do it for the appreciation.
anyhow we understand how how crucial 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 easy as possible for everybody that’s involved in those procedures and likewise so think of sorry I’m just I was simply gon na state envision the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions envision getting that lots of thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating task trying to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to look through them and really see what was going on and kind of shot to return to everybody so moving on appearance why do business select to main separate savings account there are Entering After The Fact Payroll In Papaya Global companies out there doing precisely this for particular nations and I’ve operated in a business or many services doing exactly that I can say it doesn’t constantly feel effective and it does create more work I understand we’re not purposely doing that we’re not producing additional work for anybody where we do not 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 amount that we are I think numerous factors one is it’s the standard I believe individuals have got so utilized to we need a new bank account we open an entity and appropriately 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 simply been the requirement and the norm individuals have actually embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and numerous other ways um to to type of do it so I believe there’s a range I think this is a process that requires taking a look at it requires altering but ultimately individuals are extremely stuck with what they recognize
with best um modification is a challenging thing we all don’t like change um so I believe it’s simply sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the benefits of having preserving multiple bank accounts but there’s a big amount of intricacy chooses setting up a savings account maintaining it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for private people so the complexity is huge however I believe the sincere answer is change um people haven’t had the ability to alter or have not had always the understanding to actually make that change into alternate Solutions besides opening a savings account I believe you have actually struck the nail on the head I think it is understanding you know and there is an aspect of resistance to alter however we have actually constantly done it that way is no real reason for not looking at the the advantages and the possibilities of carrying on and moving into you know what might practically be determined to be the next Century or so there is a lot to keep an eye on and this method does position a number of obstacles um so Johnny might you tell us about those difficulties yeah naturally so there’s a variety right there is so
I recently made a change to our Business 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 actually gained another CFO, and with this enhanced ability, I have effectively secured payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is better, considering your achievements. Entering After The Fact Payroll In Papaya Global