Over the last 5 or 6 years …How Does Papaya Global Payroll Integrate With Projects… functions on the supplier side and also on the vendor side from a payroll perspective so actually anticipating this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply provide everybody another number of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everyone originates from and I actually do hope it’s much sunnier than it remains in the UK today certainly 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 want I was somewhere else at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why business keep different
Virtual payroll accounts are an option to standard bank accounts for handling payroll payments. This is especially useful for worldwide organizations with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of keeping separate savings account for payroll in different nations, virtual accounts and digital wallets provide a more structured option. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are ending up being a tactical asset for payroll executives. We will likewise provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing accurate, efficient, and prompt payroll payments is a complex obstacle for organizations running worldwide. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll savings account, discover how companies anticipate payroll costs to optimize working capital, and find how streamlining international payroll payments can change them from a troublesome task into a tactical property.
Managing payroll worldwide is a challenging job due to numerous policies, compliance requirements, information security issues, and banking rules. The sheer number of employees and services contributes to the intricacy, with an estimated 3.5 billion individuals in the worldwide workforce, 500 million of whom are in Africa, and 230 million services worldwide.
Conventional payroll systems often lead to manual procedures, data silos, and an absence of integration, resulting in disparities and inefficiencies. Regardless of residing in a period of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar aims to offer insights and options to streamline 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 services state they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite frankly the more a business invests in global payroll the less of a picture they see an absence of presence likewise encompasses payroll payments and failure to accurately track these payments can cause compliance incidents in the last mile of the transaction almost half of worldwide companies have expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM information information entry errors badly interacted hires and terminations as well as lack management and system configurations and after that when you round all of it off and the data is shipped to the wrong place the typical cost 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 worldwide payroll and payments do not run efficiently if they rely on the essential numerous processes 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 obstacles organization face when they’re making payments to workers or otherwise that’s an excellent concern I always throw this back and state what is it what doesn’t need to be consisted of right 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 country 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 client’s own in-country account so there’s intricacy wherever you look right eventually building a knowledge base is absolutely important however everywhere you look with payroll payment they are like incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely basic and technology is enabling us to sort of move forward with that it also also to contribute to that payroll and finance require to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is absolutely essential that payroll and finance teams work closer together than ever um I’m constantly astonished when individuals say I have actually split payroll and payment um if you walk down the street and asked anyone 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 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 wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being a growing number of important to contribute to kind of the level of intricacy there’s a growing number of advantages being organ or being provided by services throughout the world so once again you’re just wanting to add a growing number of payments to this currently complicated landscape so if you sort 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 real challenges or genuine challenging type of pay utilizes to play to pay people I think yeah I mean over the last well yeah a number of years I would certainly say that the bigger 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 actually managing the payment side of things however you understand in in my viewpoint and my experience that does not always need to be the case you understand long gone are the times where we need to create extra handoffs at the same times that we operate in they simply make them more timely they make them less effective and they don’t make them what they require to be in in an era 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 tough as it needs to be concurred and rightly as you stated payroll is the single biggest liability that any business has from a cost perspective from an impact point of view on workers it is definitely crucial that it’s done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the most significant destructive effect on individuals’s well-being and numerous other factors if individuals aren’t paid uh I have actually always been astonished entering into this Market sort of the last five to ten years is how little thanks the
payroll group get um so I’m not exactly sure anyone on this kind of webinar has been told thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such an important cycle all of us hear about it when it goes wrong everyone 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 things is absolutely crucial that all of this stuff is done properly so leveraging the very first Global Payments very first payroll payment service is a terrific primary step um providing an end-to-end payroll service for your staff members worldwide once again I think is another huge um process again aligning and guaranteeing you have standardization Global processes all of those things are absolutely essential to success success of companies and minimizing the number of tools platforms and savings account they require for their Global 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’ve never ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things have not gone quite where they’re meant to be um I do not think any of us are really doing that for for the thanks
anyhow we know how how essential 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 everybody that’s associated with those procedures and also so imagine sorry I’m simply I was simply gon na say envision the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re talking about numerous thousands potentially Millions think of getting that many thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an intriguing job trying 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 need days of the week to try to check out them and in fact see what was going on and kind of try to return to everybody so carrying on appearance why do companies choose to main separate bank accounts there are How Does Papaya Global Payroll Integrate With Projects services out there doing exactly this for specific countries and I have actually operated in an organization or lots of companies doing precisely that I can say it does not constantly feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not producing additional work for anybody where we do not need to and anyone 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 think numerous reasons one is it’s the standard I think people have got so utilized to we require a new bank account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have actually embraced and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and many other ways um to to type of do it so I believe there’s a range I believe this is a process that needs taking a look at it needs changing but ultimately individuals are very stuck with what they recognize
with right um modification is a difficult thing we all do not like modification um so I think it’s just kind of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand certainly the advantages of having preserving several bank accounts but there’s a huge quantity of complexity opts for setting up a savings account maintaining it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for individual individuals so the complexity is huge however I think the honest response is modification um individuals have not had the ability to alter or haven’t had always the knowledge to actually make that change into alternate Solutions other than opening a bank account I believe you have actually hit the nail on the head I believe it is understanding you understand and there is a component of resistance to alter however we have actually constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might almost be determined to be the next Century or two there is a lot to monitor and this method does pose numerous obstacles um so Johnny might you tell us about those difficulties yeah of course so there’s a variety right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has gained another CFO, and with this enhanced ability, I have effectively secured payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You should have a corner workplace with a parking space that is closer, considering your accomplishments. How Does Papaya Global Payroll Integrate With Projects