Over the last 5 or 6 years …Papaya Global Last Fps Date Missing… roles on the company side and also on the supplier side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just give everyone another couple of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everyone comes from and I actually do hope it’s much sunnier than it remains 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 very very bleak and I want I was somewhere else at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing International payroll why business keep different
Virtual payroll accounts are an option to traditional checking account for managing payroll payments. This is especially beneficial for international organizations with dispersed and remote workforces, as it streamlines the complicated procedure of cross-border payments. Instead of preserving different savings account for payroll in various countries, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are becoming a strategic possession for payroll executives. We will also offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
Making sure precise, effective, and prompt payroll payments is a complex challenge for organizations running globally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll savings account, discover how business anticipate payroll costs to optimize working capital, and discover how simplifying global payroll payments can change them from a burdensome job into a tactical asset.
Managing payroll worldwide is an overwhelming task due to various guidelines, compliance requirements, information security concerns, and banking guidelines. The large variety of staff members and companies contributes to the intricacy, with an approximated 3.5 billion individuals in the worldwide workforce, 500 countless whom are in Africa, and 230 million organizations worldwide.
Standard payroll systems frequently lead to manual processes, information silos, and an absence of integration, resulting in disparities and inefficiencies. Despite residing in an era of technological advancements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar objectives to provide insights and solutions to streamline and enhance worldwide payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite honestly the more a business invests in worldwide payroll the less of an image they see an absence of visibility also encompasses payroll payments and inability to accurately track these payments can cause compliance incidents in the last mile of the deal almost half of international services have actually revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry errors improperly interacted hires and terminations in addition to absence management and system configurations and after that when you round it all off and the information is shipped to the incorrect place the typical cost of a global 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 do not run efficiently if they depend on the essential numerous processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties business face when they’re paying to workers or otherwise that’s a great concern I always throw this back and state what is it what doesn’t require to be included best and what does
it need 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 time frames 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 client’s own in-country account so there’s complexity wherever you look right ultimately constructing a knowledge base is definitely vital however all over 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 look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely fundamental and technology is allowing us to sort of move on with that it likewise as well to add to that payroll and finance need to work closer together um with differing Checking account Details differing banking requirements and setup processes is definitely essential that payroll and finance teams work more detailed together than ever um I’m constantly amazed when people say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll profession 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 often split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of crucial to add to type of the level of intricacy there’s a growing number of benefits being organ or being provided by services throughout the world so once again you’re just seeking to add a growing number of 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 real obstacles or real challenging kind of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a couple of decades I would definitely state 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 teams feeding information into the next function as it were that’s in fact managing the payment side of things but you understand in in my viewpoint and my experience that does not always require to be the case you understand long gone are the times where we need to produce extra handoffs while doing sos 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 a period of tech and a period that you understand that we are operating in today there is no reason that we are still making this as challenging as it requires to be concurred and appropriately as you stated payroll is the single biggest liability that any company has from a cost viewpoint from an impact point of view on workers it is definitely crucial 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 have to be done right it has the most significant destructive result on people’s well-being and lots of other elements if individuals aren’t paid uh I’ve constantly been impressed coming into this Market kind of the last five to 10 years is how little thanks the
payroll group get um so I’m not sure anybody on this sort of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an essential cycle we all hear about it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise 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 stuff is absolutely important that all of this things is done correctly so leveraging the very first International Payments first payroll payment service is an excellent primary step um supplying an end-to-end payroll option for your workers globally again I think is another huge um procedure once again lining up and ensuring you have standardization Global procedures all of those things are definitely crucial to success success of businesses and lowering the number of tools platforms and bank accounts 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 anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things have not gone quite where they’re implied to be um I do not think any of us are really doing that for for the thanks
anyhow we know 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 simple as possible for everyone that’s associated with those procedures and also so envision sorry I’m simply I was just gon na state envision the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re speaking about numerous thousands potentially Millions imagine getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting job trying to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and in fact see what was going on and type of shot to get back to everyone so moving on appearance why do business choose to main separate checking account there are Papaya Global Last Fps Date Missing companies out there doing precisely this for particular countries and I’ve worked in an organization or numerous businesses doing exactly that I can state it doesn’t always feel effective and it does produce more work I understand we’re not deliberately doing that we’re not producing additional work for any person where we do not have to and anybody that’s managing that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe many reasons one is it’s the requirement I believe people have got so used to we need a new savings 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 think it’s just been the requirement and the norm the people have actually embraced and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and many other ways um to to kind of do it so I think there’s a range I believe this is a procedure that requires looking at it requires changing however ultimately individuals are very stuck with what they recognize
with ideal um modification is a difficult thing we all do not like change um so I think it’s simply type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend obviously the benefits of having keeping numerous bank accounts but there’s a big amount of intricacy chooses setting up a checking account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the right user accesses for individual individuals so the intricacy is big however I believe the truthful response is modification um individuals haven’t been able to alter or haven’t had always the knowledge to truly make that change into alternate Solutions other than opening a checking account I believe you’ve hit the nail on the head I believe it is knowledge you know and there is an element of resistance to change however we’ve constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could practically be figured out to be the next Century or so there is a lot to keep track of and this method does present several difficulties um so Johnny could you inform us about those obstacles yeah of course so there’s a variety right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually gotten another CFO, and with this enhanced ability, I have effectively protected payments for our 10,000 employees worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Last Fps Date Missing