Over the last 5 or 6 years …How To Change Employees Hours On Papaya Global Payroll… roles on the supplier side and also on the vendor side from a payroll point of view so really looking forward to this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply offer everybody another couple of uh well among the 30 seconds or two to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everyone is um it’s nice to to kind of like see where everyone comes from and I really 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 really extremely dreary and I want I was somewhere else at this moment in time all right so let’s begin our program for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why business maintain different
Virtual payroll accounts are an alternative to traditional checking account for handling payroll payments. This is especially beneficial for international companies with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of maintaining separate bank accounts for payroll in different countries, virtual accounts and digital wallets use 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 wrap-up 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 services running internationally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll bank accounts, learn how companies anticipate payroll costs to enhance working capital, and discover how enhancing global payroll payments can transform them from a burdensome job into a strategic property.
Managing payroll internationally is a complicated job due to different guidelines, compliance requirements, information security issues, and banking rules. The large number of employees and services adds to the complexity, with an estimated 3.5 billion individuals in the global labor force, 500 countless whom remain in Africa, and 230 million services worldwide.
Standard payroll systems often lead to manual procedures, information silos, and a lack of integration, leading to inconsistencies and inadequacies. Despite living in a period of technological developments, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar objectives to offer insights and options to streamline and enhance global payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force data in real time that’s another number that provides me sleepless nights and quite frankly the more a service spends on global payroll the less of a picture they see a lack of presence also reaches payroll payments and failure to accurately track these payments can lead to compliance mishaps in the last mile of the transaction almost half of worldwide companies have actually expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM data data entry mistakes poorly communicated hires and terminations along with absence management and system configurations and after that when you round everything off and the information is delivered to the incorrect place the average cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the globe payroll and payments don’t run smoothly if they depend on the necessary multiple processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges business face when they’re making payments to workers or otherwise that’s a good question I constantly throw this back and state what is it what does not require to be included right and what does
it require to be thought about 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 have to pay from the client’s own in-country account so there’s complexity anywhere you look ideal eventually building a knowledge base is definitely vital however 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 between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely basic and innovation is enabling us to type of move on with that it also too to contribute to that payroll and finance need to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is absolutely vital that payroll and financing groups work more detailed together than ever um I’m constantly impressed when people say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession would they split the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so typically 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 individuals wherever they are however also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being increasingly more essential to contribute to type of the level of complexity there’s more and more benefits being organ or being used by businesses throughout the world so once again you’re just seeking to include a growing number of payments to this already complex landscape so if you type of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of real difficulties or genuine difficult sort of pay uses to play to pay people I believe yeah I imply over the last well yeah a number of decades I would certainly state that the bigger a service gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are groups feeding info into the next function as it were that’s really handling the payment side of things but you know in in my opinion and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we require to produce additional handoffs in the processes that we run in they just make them more prompt they make them less effective and they don’t 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 we are still making this as difficult as it needs to be concurred and appropriately as you stated payroll is the single biggest liability that any company has from an expense point of view from an impact point of view on workers it is definitely critical that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the most significant harmful result on individuals’s well-being and numerous other aspects if individuals aren’t paid uh I’ve always been amazed entering this Market kind of the last five to ten years is how little thanks the
payroll group get um so I’m unsure anybody on this kind of webinar has been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um however eventually payroll is such an essential cycle we all find out 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 exercise and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely crucial that all of this stuff is done properly so leveraging the first Worldwide Payments first payroll payment service is an excellent first step um offering an end-to-end payroll solution for your staff members internationally again I think is another big um process again lining up and ensuring you have standardization Worldwide procedures all of those things are definitely crucial to success success of companies and minimizing the number of tools platforms and bank accounts they need for their Worldwide payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re implied to be um I don’t think any of us are actually 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 easy as possible for everyone that’s associated with those procedures and also so think of sorry I’m just I was just gon na say picture the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions think of getting that many thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating task trying to clean all those up for sure oh absolutely 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 sort of try to return to everyone so moving on appearance why do business choose to main separate savings account there are How To Change Employees Hours On Papaya Global Payroll services out there doing precisely this for specific countries and I’ve operated in an organization or numerous services doing precisely that I can say it doesn’t always feel effective and it does develop more work I know we’re not deliberately doing that we’re not developing extra work for anybody where we don’t need to and any person that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think lots of factors one is it’s the requirement I think people have got so utilized to we require a brand-new checking account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm the people have adopted and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and many other ways um to to type of do it so I think there’s a range I think this is a procedure that requires looking at it needs altering however eventually individuals are really stuck with what they’re familiar
with ideal um change is a hard thing all of us don’t like change um so I believe it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend obviously the benefits of having preserving several checking account however there’s a huge quantity of intricacy chooses setting up a checking account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the ideal user accesses for specific individuals so the intricacy is substantial however I believe the honest response is change um people have not been able to alter or haven’t had necessarily the understanding to actually make that change into alternate Solutions besides opening a bank account I think you have actually hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter but we have actually always done it that way is no genuine reason for not looking at the the advantages and the possibilities of carrying on and moving into you know what could practically be identified to be the next Century or so there is a lot to keep an eye on and this technique does pose a number of challenges um so Johnny might you tell us about those challenges yeah obviously so there’s a range right there is so
I just did you switched our Business 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 are worthy of a corner office with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you How To Change Employees Hours On Papaya Global Payroll