Over the last 5 or six years …Papaya Global Payroll Pros And Cons… functions on the supplier side and also on the vendor side from a payroll viewpoint so really eagerly anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply provide everybody another couple of uh well one of 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 quite fascinating and I can see it going on currently simply to hear where everybody 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 is 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 really dreary and I want I was elsewhere at this moment in time okay so let’s start our agenda for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why companies keep different
Virtual payroll accounts are an alternative to traditional bank accounts for managing payroll payments. This is particularly beneficial for worldwide organizations with dispersed and remote workforces, as it streamlines the complex process of cross-border payments. Instead of keeping different bank accounts for payroll in various countries, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are becoming a tactical property for payroll executives. We will also provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Making sure accurate, effective, and timely payroll payments is a complex challenge for businesses operating globally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll checking account, discover how business forecast payroll expenses to enhance working capital, and find how streamlining global payroll payments can change them from a troublesome task into a tactical possession.
Handling payroll globally is a difficult task due to numerous guidelines, compliance requirements, information security issues, and banking rules. The large variety of employees and services contributes to the intricacy, with an approximated 3.5 billion individuals in the global labor force, 500 countless whom are in Africa, and 230 million services worldwide.
Traditional payroll systems often result in manual processes, data silos, and an absence of combination, leading to inconsistencies and ineffectiveness. Regardless of living in a period of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar goals to provide insights and services to streamline and optimize global payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force data in real time that’s another number that gives me sleep deprived nights and quite frankly the more an organization spends on international payroll the less of a photo they see a lack of exposure likewise extends to payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the deal nearly half of global companies have revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM information information entry mistakes badly communicated hires and terminations along with lack management and system setups and then when you round everything off and the data is delivered to the incorrect location the average cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world payroll and payments don’t run smoothly if they depend on the necessary multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges business face when they’re making payments to staff members or otherwise that’s a great concern I always throw this back and say what is it what doesn’t require to be included ideal and what does
it require to be considered there’s varying 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 need to pay from the customer’s own in-country account so there’s intricacy anywhere you look right ultimately constructing a knowledge base is definitely crucial but everywhere you look with payroll payment they resemble very payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely basic and innovation is enabling us to kind of progress with that it also as well to add to that payroll and financing require to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is absolutely essential that payroll and financing groups work more detailed together than ever um I’m always astonished when individuals say I’ve 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 divide the payroll payment from calculation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being more and more essential to add to sort of the level of complexity there’s a growing number of benefits being organ or being provided by organizations across the world so again you’re simply aiming to add increasingly more payments to this currently intricate landscape so if you sort of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of real difficulties or genuine tough kind of pay uses to play to pay people I think yeah I imply over the last well yeah a number of years I would definitely say that the larger a business gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task 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 viewpoint and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we need to produce additional handoffs in the processes that we operate in they just make them more timely they make them less effective and they do not make them what they require to be in in an age of tech and an age that you understand that we are operating in today there is no reason we are still making this as difficult as it needs to be agreed and rightly as you stated payroll is the single biggest liability that any company has from a cost point of view from an impact viewpoint on workers it is definitely vital 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 need to be done right it has the biggest detrimental impact on people’s wellness and numerous other factors if individuals aren’t paid uh I’ve constantly been surprised coming into this Market kind of the last 5 to ten years is how little thanks the
payroll team get um so I’m unsure 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 workers or not um but eventually payroll is such a crucial cycle we all become aware of it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout 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 things is absolutely crucial that all of this things is done correctly so leveraging the very first Global Payments very first payroll payment service is a great first step um offering an end-to-end payroll option for your employees globally once again I believe is another substantial um procedure again aligning and ensuring you have standardization Global processes all of those things are definitely crucial to success success of businesses and reducing the number of tools platforms and bank accounts they need 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’ve never had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re implied to be um I do not believe any of us are actually doing that for for the thanks
anyway we understand 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 simple as possible for everyone that’s involved in those procedures and likewise so imagine sorry I’m just I was just gon na state think of the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions picture getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be a fascinating job attempting to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and really see what was going on and sort of shot to return to everybody so carrying on appearance why do companies choose to main different checking account there are Papaya Global Payroll Pros And Cons services out there doing exactly this for particular nations and I have actually worked in a company or many businesses doing exactly that I can say it does not constantly feel efficient and it does produce more work I know we’re not deliberately doing that we’re not creating additional work for anyone where we do not need to and any person 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 believe many factors one is it’s the requirement I think people have got so used to we need a brand-new checking account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have adopted and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a variety I think this is a procedure that needs looking at it needs altering however eventually individuals are really stuck to what they’re familiar
with right um change is a tough thing we all don’t like modification um so I believe it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the benefits of having maintaining several savings account but there’s a substantial amount of intricacy chooses establishing a bank account keeping it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for specific individuals so the complexity is big however I think the honest response is modification um individuals have not had the ability to alter or haven’t had always the understanding to really 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 knowledge you know and there is a component of resistance to alter however we have actually constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of moving on and moving into you know what might practically be identified to be the next Century or two there is a lot to monitor and this method does present a number of challenges um so Johnny might you tell us about those obstacles yeah of course so there’s a range right there is so
I simply did you changed our Enterprise 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 Worldwide workers you should have a corner workplace with a more detailed parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Payroll Pros And Cons