Over the last five or six years …When Should I Send My Papaya Global Payroll… functions on the company side and also on the supplier side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply give 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 sort 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 sort of like see where everybody originates from and I really do hope it’s much sunnier than it remains 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 very bleak and I wish 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 Worldwide payroll why companies preserve separate
Virtual payroll accounts are an option to conventional checking account for handling payroll payments. This is particularly useful for global companies with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of maintaining different checking account for payroll in various nations, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are ending up being a tactical asset for payroll executives. We will likewise offer a recap of the main points covered and leave time for a Q&A session at the end.
Ensuring precise, efficient, and prompt payroll payments is a complex obstacle for organizations operating internationally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll checking account, discover how business anticipate payroll expenses to optimize working capital, and discover how simplifying international payroll payments can transform them from a challenging job into a tactical property.
Handling payroll worldwide is a challenging task due to different guidelines, compliance requirements, information security concerns, and banking guidelines. The sheer number of workers and businesses adds to the intricacy, with an approximated 3.5 billion individuals in the global labor force, 500 million of whom are in Africa, and 230 million organizations worldwide.
Standard payroll systems frequently result in manual procedures, information silos, and a lack of integration, leading to inconsistencies and inefficiencies. Regardless of residing in an era of technological developments, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar aims to offer insights and solutions to simplify and optimize global payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force information in real time that’s another number that offers me sleepless nights and rather frankly the more a service spends on global payroll the less of a picture they see a lack of presence likewise extends to payroll payments and inability to precisely track these payments can cause compliance accidents in the last mile of the deal nearly half of international companies have actually revealed that they do not 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 bad HCM information information entry errors inadequately communicated hires and terminations in addition to lack management and system setups and then when you round all of it off and the information is shipped to the wrong place the typical expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments don’t run efficiently if they depend on the required multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles service face when they’re paying to workers or otherwise that’s a good question I always throw this back and say what is it what doesn’t require to be included best and what does
it need 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 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 any place you look best ultimately constructing a knowledge base is definitely crucial but all over you look with payroll payment they resemble incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the type 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 essential and innovation is enabling us to type of move forward with that it likewise too to add to that payroll and finance require to work closer together um with differing Checking account Details differing banking requirements and setup procedures is definitely important that payroll and financing groups work better together than ever um I’m constantly amazed when people say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so often 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 wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being more and more crucial to contribute to kind of the level of complexity there’s increasingly more benefits being organ or being provided by companies throughout the world so once again you’re just looking to add increasingly more payments to this already complicated landscape so if you type of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of genuine obstacles or real tough kind of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a couple of decades I would definitely state that the bigger a company 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 actually handling the payment side of things however you know in in my opinion and my experience that does not necessarily require to be the case you understand long gone are the times where we require to create extra handoffs at the same times that we run in they just make them more prompt they make them less efficient and they don’t make them what they need to be in in an age of tech and an age that you understand that we are working in today there is no reason that we are still making this as difficult as it requires to be agreed and appropriately as you said payroll is the single biggest liability that any service has from a cost perspective from an impact perspective on employees it is definitely 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 biggest damaging result on individuals’s wellness and lots of other factors if individuals aren’t paid uh I have actually always been astonished entering this Market sort of the last 5 to ten years is how little thanks the
payroll group get um so I’m not sure anyone on this type of webinar has been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an important cycle we all hear about it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box workout and I think 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 things is absolutely important that all of this things is done properly so leveraging the very first International Payments first payroll payment option is a fantastic first step um offering an end-to-end payroll option for your employees internationally again I believe is another huge um procedure once again aligning and ensuring you have standardization Global procedures all of those things are definitely key to success success of businesses and lowering the variety of tools platforms and checking account they require for their Global payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re implied to be um I don’t believe any of us are really doing that for for the thanks
anyway we know 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 simple as possible for everyone that’s associated with those procedures and likewise so envision sorry I’m simply I was simply gon na state imagine the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions think of getting that lots of thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting task attempting to clean up 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 attempt to browse them and in fact see what was going on and sort of try to get back to everyone so carrying on appearance why do companies pick to main different checking account there are When Should I Send My Papaya Global Payroll services out there doing exactly this for specific nations and I’ve worked in an organization or lots of businesses doing precisely that I can state it does not constantly feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not producing extra work for anybody where we do not need to and anybody that’s handling 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 quantity that we are I think numerous reasons one is it’s the requirement I believe people have got so used to we require a new bank account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the standard the people have actually adopted and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and numerous other ways um to to type of do it so I believe there’s a variety I believe this is a procedure that requires looking at it needs changing but eventually people are extremely stuck with what they recognize
with best um change is a tough thing we all don’t like modification um so I think it’s simply kind of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having maintaining several checking account but there’s a substantial amount of complexity goes with establishing a checking account keeping it guaranteeing it can send International transfers guaranteeing it’s set up with the ideal user accesses for individual people so the complexity is big however I think the sincere response is modification um individuals haven’t been able to change or have not had always the knowledge to really make that change into alternate Solutions aside from opening a bank account I believe you have actually hit the nail on the head I think it is understanding you understand and there is an element of resistance to alter but we have actually always done it that way is no real reason for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could almost be determined to be the next Century or so there is a lot to monitor and this method does position numerous challenges um so Johnny might you tell us about those challenges yeah obviously so there’s a variety right there is so
I simply 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 International employees you should have a corner workplace with a more detailed parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you When Should I Send My Papaya Global Payroll