Over the last 5 or 6 years …Papaya Global Skip Payroll… functions on the service provider side and also on the vendor side from a payroll point of view so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply provide everyone another number of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everyone is um it’s nice to to type 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 sunlight is it it’s not no it’s it’s raining here it’s extremely very gloomy and I want I was somewhere else at this moment in time fine so let’s start our program for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why companies maintain different
Virtual payroll accounts are an alternative to standard bank accounts for handling payroll payments. This is particularly useful for international companies with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of maintaining separate bank accounts for payroll in various 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 talk about why they are becoming a tactical possession for payroll executives. We will likewise supply a recap of the main points covered and leave time for a Q&A session at the end.
Ensuring precise, effective, and prompt payroll payments is a complex challenge for services operating globally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll bank accounts, find out how companies forecast payroll costs to enhance working capital, and find how streamlining international payroll payments can transform them from a challenging task into a strategic asset.
Managing payroll globally is a difficult job due to numerous policies, compliance requirements, data security issues, and banking guidelines. The sheer variety of staff members and services adds to the intricacy, with an estimated 3.5 billion people in the international workforce, 500 countless whom remain in Africa, and 230 million services worldwide.
Traditional payroll systems typically result in manual procedures, data silos, and a lack of combination, causing inconsistencies and inadequacies. In spite of living in an age of technological developments, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar objectives to offer insights and solutions 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 just 11 of services say they have Labor force information in real time that’s another number that gives me sleep deprived nights and rather honestly the more an organization spends on worldwide payroll the less of a picture they see an absence of exposure also reaches payroll payments and failure to accurately track these payments can result in compliance incidents in the last mile of the deal almost half of worldwide businesses have expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM data data entry mistakes poorly communicated hires and terminations in addition to lack management and system configurations and then when you round all of it off and the information is shipped to the wrong place the average cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments don’t run smoothly if they count on the necessary numerous procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles business face when they’re making payments to staff members or otherwise that’s a good concern I always toss this back and state what is it what doesn’t require to be included ideal and what does
it require to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity any place you look ideal eventually developing a knowledge base is absolutely important however all over you look with payroll payment they are like very payments no if however some children about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely fundamental and technology is permitting us to kind of move on with that it also as well to add to that payroll and finance need to work closer together um with varying Bank Account Details varying banking requirements and setup processes is definitely essential that payroll and financing groups work closer together than ever um I’m always surprised when people state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll occupation 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 individuals anywhere 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 add to kind of the level of complexity there’s increasingly more benefits being organ or being offered by companies across the world so again you’re simply looking to include more and more payments to this currently intricate landscape so if you kind of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of genuine difficulties or real tough sort of pay uses to play to pay people I think yeah I suggest over the last well yeah a number of decades I would certainly say that the larger an organization gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding information into the next function as it were that’s really handling the payment side of things but you understand in in my viewpoint and my experience that does not necessarily need to be the case you know long gone are the times where we need to create additional handoffs in the processes that we operate in they simply make them more prompt they make them less efficient and they don’t make them what they need to be in in an era of tech and an era that you know that we are operating in today there is no reason that we are still making this as hard as it requires to be concurred and appropriately as you said payroll is the single greatest liability that any business has from a cost perspective from an effect point of view on staff members it is absolutely important 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 need to be done right it has the biggest destructive impact on individuals’s well-being and lots of other aspects if people aren’t paid uh I’ve constantly been surprised coming into this Market type of the last five to 10 years is how little thanks the
The payroll team might not have actually been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and individuals only see when things go wrong. Nevertheless, when things go right, it’s seen as just a regular job. This is how it’s viewed externally as well. Therefore, it is necessary to ensure that tasks like Wi-Fi International and other vital matters are done properly. Using the very first Worldwide Payments very first payroll payment solution is a great preliminary action towards supplying a detailed payroll option for staff members worldwide. Standardization, worldwide procedures, and lowering the number of tools, platforms, and checking account necessary for global payroll are key factors in attaining service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of problems when things don’t go as planned. Eventually, we don’t do it for the gratitude.
anyway we know 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 everyone that’s associated with those processes and likewise so picture sorry I’m simply I was just gon na say envision the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re speaking about numerous thousands potentially Millions think of getting that many thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting task attempting to clean all those up for sure oh absolutely 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 in fact see what was going on and kind of try to return to everyone so carrying on appearance why do companies choose to main separate checking account there are Papaya Global Skip Payroll businesses out there doing precisely this for specific nations and I’ve worked in an organization or many services doing exactly that I can say it does not always feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not developing extra work for any person where we don’t 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 lots of factors one is it’s the requirement I think individuals have actually got so utilized to we need a brand-new savings account we open an entity and appropriately so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the norm the people have actually adopted and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a variety I believe this is a process that requires taking a look at it requires altering but ultimately people are really stuck to what they’re familiar
with right um modification is a difficult thing we all don’t like change um so I believe it’s simply kind of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend certainly the benefits of having maintaining several checking account but there’s a substantial amount of complexity opts for establishing a checking account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for individual people so the intricacy is big however I believe the honest answer is modification um people have not been able to change or have not had necessarily the knowledge to actually make that change into alternate Solutions other than opening a checking account I believe you’ve struck the nail on the head I think it is knowledge you know and there is a component of resistance to change however we have actually always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of proceeding and moving into you understand what could practically be identified to be the next Century approximately there is a lot to keep track of and this method does position several obstacles um so Johnny could 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 manage our payroll and payment jobs on one platform. It feels like our CFO has acquired another CFO, and with this enhanced ability, I have successfully secured payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is better, considering your achievements. Papaya Global Skip Payroll