Over the last five or six years …Papaya Global Payroll Hourly Pay… roles on the service provider side and likewise on the vendor side from a payroll viewpoint so actually looking forward to this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply provide everyone another number of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everyone comes from and I actually 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 drizzling here it’s extremely extremely gloomy and I wish I was somewhere else at this moment in time alright so let’s get started our program for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why companies keep different
Virtual payroll accounts are an alternative to standard savings account for handling payroll payments. This is particularly beneficial for international companies with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of maintaining different bank accounts for payroll in different countries, virtual accounts and digital wallets use a more structured option. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are ending up being a strategic possession for payroll executives. We will also provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing precise, efficient, and prompt payroll payments is a complex challenge for businesses running globally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll checking account, discover how business anticipate payroll expenses to optimize working capital, and find how simplifying international payroll payments can transform them from a difficult job into a strategic asset.
Managing payroll globally is a daunting job due to various regulations, compliance requirements, data security issues, and banking guidelines. The sheer number of employees and companies adds to the intricacy, with an estimated 3.5 billion people in the international labor force, 500 countless whom remain in Africa, and 230 million companies worldwide.
Conventional payroll systems frequently result in manual procedures, information silos, and an absence of integration, causing disparities and ineffectiveness. In spite of residing in an era of technological developments, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar aims to supply insights and services to streamline and optimize worldwide payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce data in real time that’s another number that offers me sleepless nights and quite frankly the more a company invests in worldwide payroll the less of a picture they see an absence of exposure likewise reaches payroll payments and inability to precisely track these payments can result in compliance mishaps 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 procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry errors badly interacted hires and terminations in addition to lack management and system setups and after that when you round all of it off and the information is shipped to the wrong location the typical cost of an international information 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 don’t run smoothly if they count on the required multiple procedures 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 difficulties service face when they’re paying to staff members or otherwise that’s an excellent question I always toss this back and say what is it what doesn’t need to be consisted of 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 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 wherever you look right ultimately building a knowledge base is definitely crucial however all over you look with payroll payment they are like incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you take a 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 essential and innovation is permitting us to sort of move forward with that it also also to contribute to that payroll and finance need to work closer together um with varying Checking account Details varying banking requirements and setup procedures is absolutely crucial that payroll and financing teams work closer together than ever um I’m always amazed when people say 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 profession would they divide the payroll payment from estimation 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people wherever they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more essential to add to sort of the level of complexity there’s a growing number of advantages being organ or being used by businesses across the world so once again you’re just seeking to add more and more payments to this already complex landscape so if you sort of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of genuine obstacles or genuine tough sort of pay uses to play to pay people I think yeah I mean over the last well yeah a couple of decades I would absolutely state that the larger 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 details into the next function as it were that’s in fact handling the payment side of things but you understand in in my opinion and my experience that doesn’t always require to be the case you understand long gone are the times where we require to produce extra handoffs in the processes that we run in they simply make them more timely they make them less effective and they don’t make them what they need to be in in a period of tech and a period that you know that we are working in today there is no reason we are still making this as challenging as it requires to be concurred and appropriately as you said payroll is the single biggest liability that any business has from a cost point of view from an impact perspective on staff members it is absolutely crucial 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 have to be done right it has the biggest damaging result on individuals’s wellness and lots of other aspects if people aren’t paid uh I’ve constantly been surprised entering into this Market sort of the last 5 to ten years is how little thanks the
payroll team get um so I’m not sure anyone on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an important cycle all of us become aware of it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout 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 crucial that all of this stuff is done properly so leveraging the very first International Payments first payroll payment service is a terrific initial step um providing an end-to-end payroll service for your employees worldwide once again I believe is another substantial um process once again lining up and ensuring you have standardization Global procedures all of those things are definitely crucial to success success of services and minimizing the number of tools platforms and savings account they need for their International payroll too couldn’t agree with you more and on the the front in terms of 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 10 or whatever it might be with the with the the complaints where things have not gone quite where they’re indicated to be um I do not think any of us are actually doing that for for the thanks
anyway 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 simple as possible for everybody that’s involved in those procedures and also so picture sorry I’m just I was just gon na say envision the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions picture getting that many thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating job attempting to clean 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 need days of the week to attempt to look through them and really see what was going on and kind of shot to get back to everybody so carrying on look why do business pick to main different checking account there are Papaya Global Payroll Hourly Pay services out there doing exactly this for specific nations and I’ve worked in a service or lots of businesses doing precisely that I can say it does not constantly feel effective and it does develop more work I know we’re not intentionally doing that we’re not creating additional work for any person where we do not need to and any person that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe many factors one is it’s the requirement I believe people have got so used to we require a brand-new checking 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 believe it’s just been the requirement and the norm individuals have actually embraced and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and lots of other ways um to to type of do it so I think there’s a variety I think this is a process that requires looking at it requires changing but ultimately individuals are very stuck to what they’re familiar
with best um modification is a challenging thing we all do not like change um so I believe it’s just sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend clearly the advantages of having maintaining numerous bank accounts however there’s a big amount of complexity opts for establishing a checking account preserving it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for specific individuals so the complexity is huge but I think the truthful answer is modification um individuals have not been able to alter or have not had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a checking account I think you’ve hit the nail on the head I think it is understanding you know and there is an element of resistance to alter but we have actually constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might nearly be identified to be the next Century approximately there is a lot to keep an eye on and this method does position several obstacles um so Johnny could you tell us about those obstacles yeah naturally so there’s a variety right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has gained another CFO, and with this boosted capability, I have successfully protected payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is better, considering your accomplishments. Papaya Global Payroll Hourly Pay