Over the last five or six years …Papaya Global Minimum Employment Holiday… functions on the provider side and likewise on the supplier side from a payroll viewpoint so actually anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just provide everybody another number of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll type 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 everybody 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 really very uninspiring and I want I was somewhere else at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be looking at the challenge years of managing International payroll why companies keep different
Virtual payroll accounts are an alternative to conventional savings account for handling payroll payments. This is particularly useful for global organizations with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of keeping different bank accounts for payroll in different countries, virtual accounts and digital wallets provide a more streamlined solution. 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 provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring accurate, effective, and prompt payroll payments is a complex obstacle for companies running globally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll checking account, learn how business forecast payroll expenses to optimize working capital, and discover how streamlining global payroll payments can transform them from a burdensome task into a strategic property.
Handling payroll worldwide is an overwhelming job due to different policies, compliance requirements, data security issues, and banking guidelines. The sheer number of workers and services contributes to the complexity, with an approximated 3.5 billion people in the international labor force, 500 million of whom are in Africa, and 230 million organizations worldwide.
Traditional payroll systems frequently result in manual procedures, data silos, and an absence of combination, leading to inconsistencies and inefficiencies. Regardless of living in an age of technological developments, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar goals 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 services say they have Labor force information in real time that’s another number that offers me sleepless nights and quite frankly the more a business invests in worldwide payroll the less of an image they see a lack of presence likewise reaches payroll payments and inability to properly track these payments can lead to compliance mishaps in the last mile of the deal nearly half of worldwide services have actually revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry errors inadequately interacted hires and terminations along with lack management and system setups and then when you round everything off and the data is shipped to the incorrect place 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 cash around the world payroll and payments do not run smoothly if they depend on the required several processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles organization face when they’re paying to employees or otherwise that’s an excellent question I always toss this back and say what is it what does not need to be included best and what does
it require to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per nation 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 intricacy any place you look ideal ultimately constructing a knowledge base is definitely crucial but all over you look with payroll payment they resemble extremely payments no if but some children about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is enabling us to kind of progress with that it also too to contribute to that payroll and finance require to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is definitely crucial that payroll and financing teams work better together than ever um I’m always impressed when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation would they divide the payroll payment from calculation 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 eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being a growing number of important to add to sort of the level of intricacy there’s more and more advantages being organ or being offered by organizations throughout the world so once again you’re just aiming to include more and more payments to this currently complex landscape so if you sort of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of genuine difficulties or real challenging type of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a couple of decades I would definitely state that the bigger a business 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 groups feeding information into the next function as it were that’s really managing the payment side of things however you know in in my opinion and my experience that does not necessarily need to be the case you know long gone are the times where we require to produce extra handoffs in the processes that we operate in they simply make them more prompt they make them less efficient and they do not make them what they need to be in in an age of tech and an age 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 agreed and rightly as you said payroll is the single most significant liability that any company has from a cost perspective from an impact perspective on employees it is absolutely critical 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 most significant harmful impact on individuals’s well-being and lots of other aspects if people aren’t paid uh I have actually always been impressed coming into this Market kind 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 sort of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um but eventually payroll is such a crucial cycle we all find out about it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely crucial that all of this stuff is done correctly so leveraging the first Worldwide Payments very first payroll payment solution is a great initial step um providing an end-to-end payroll service for your workers internationally once again I believe is another big um process again aligning and ensuring you have standardization International processes all of those things are absolutely essential to success success of organizations and decreasing the variety of tools platforms and savings account they require for their Worldwide payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never ever had a hundred thousand of 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 rather where they’re suggested to be um I do not think any of us are really doing that for for the thanks
anyhow 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 everyone that’s associated with those procedures and also so imagine sorry I’m simply I was simply gon na say picture the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions picture getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating job trying to clean all those up for sure oh definitely 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 check out them and in fact see what was going on and kind of shot to return to everyone so proceeding look why do business pick to main different checking account there are Papaya Global Minimum Employment Holiday services out there doing precisely this for particular countries and I have actually worked in a business or numerous companies doing exactly that I can say it doesn’t always feel efficient and it does create more work I know we’re not intentionally doing that we’re not creating extra work for anybody where we do not need to and anyone that’s managing 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 think lots of reasons one is it’s the requirement I believe individuals have got so used to we need a new bank account we open an entity and appropriately so you require it for payroll purposes however 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 embraced and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a range I think this is a procedure that requires looking at it requires altering however eventually people are really stuck with what they recognize
with best um modification is a difficult thing all of us don’t like change um so I think it’s simply sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the benefits of having preserving numerous savings account however there’s a huge quantity of complexity goes with establishing a bank account maintaining it ensuring it can send out International transfers ensuring it’s set up with the ideal user accesses for specific individuals so the complexity is huge however I think the sincere 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 bank 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 change however we’ve constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could nearly be identified to be the next Century or so there is a lot to track and this method does present numerous challenges um so Johnny might you inform us about those difficulties yeah obviously so there’s a variety right there is so
I just recently made a change to our Business 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 ability, I have actually effectively secured payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is better, considering your achievements. Papaya Global Minimum Employment Holiday