Over the last five or six years …Reprocess Payroll Papaya Global… functions on the service provider side and also on the vendor side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply offer everyone another couple of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to sort 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 sunshine is it it’s not no it’s it’s raining here it’s very really gloomy and I wish I was elsewhere at this moment in time okay 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 handling International payroll why business maintain separate
Virtual payroll accounts are an option to traditional checking account for handling payroll payments. This is particularly useful for worldwide companies with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of maintaining different checking account for payroll in various nations, virtual accounts and digital wallets use a more structured option. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are becoming a strategic asset for payroll executives. We will also offer a recap of the main points covered and leave time for a Q&A session at the end.
Making sure precise, effective, and timely payroll payments is a complex challenge for companies running worldwide. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll checking account, learn how business anticipate payroll costs to optimize working capital, and find how improving worldwide payroll payments can transform them from a troublesome job into a tactical property.
Handling payroll internationally is an overwhelming task due to numerous guidelines, compliance requirements, data security issues, and banking guidelines. The large variety of employees and companies contributes to the intricacy, with an estimated 3.5 billion people in the worldwide labor force, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Standard payroll systems frequently result in manual procedures, information silos, and an absence of integration, causing inconsistencies and inefficiencies. Regardless of residing in a period of technological improvements, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar goals to provide insights and services to simplify and optimize worldwide payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Labor force data in real time that’s another number that provides me sleepless nights and quite honestly the more a company invests in global payroll the less of a picture they see a lack of exposure likewise extends to payroll payments and inability to precisely track these payments can cause compliance incidents in the last mile of the deal nearly half of international services have expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry errors poorly communicated hires and terminations along with lack management and system configurations and then when you round it all off and the data is delivered to the incorrect place the average expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments do not run smoothly 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 needs to be factored into the difficulties business face when they’re paying to staff members or otherwise that’s a great question I constantly toss this back and say what is it what does not need to be included ideal 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 nation there’s payment amount of time there’s payment abilities 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 client’s own in-country account so there’s complexity any place you look right ultimately building a knowledge base is definitely crucial but everywhere you look with payroll payment they are like very payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the type 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 basic and technology is permitting us to sort of progress with that it likewise as well to contribute to that payroll and financing require to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is absolutely essential that payroll and finance groups work better 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 occupation would they divide the payroll payment from estimation 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 individuals wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being a growing number of essential to add to type of the level of complexity there’s more and more benefits being organ or being provided by organizations across the world so again you’re simply aiming to include increasingly more payments to this currently intricate landscape so if you type of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of real difficulties or genuine tough kind of pay uses to play to pay people I believe yeah I imply over the last well yeah a couple of years I would absolutely say that the larger a service 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 actually managing the payment side of things however you understand in in my viewpoint and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we need to develop extra handoffs while doing sos that we run in they simply make them more prompt they make them less efficient and they do not make them what they require to be in in a period of tech and an age that you understand that we are working in today there is no reason we are still making this as tough as it requires to be agreed and rightly as you stated payroll is the single most significant liability that any service has from an expense viewpoint from an effect point of view on workers it is absolutely crucial that it’s done properly 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 most significant damaging impact on people’s wellness and lots of other factors if individuals aren’t paid uh I’ve constantly been astonished entering into this Market type of the last 5 to ten years is how little thanks the
The payroll team might not have actually been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and individuals only see when things fail. However, when things go right, it’s seen as just a routine task. This is how it’s viewed externally too. Therefore, it is essential to ensure that tasks like Wi-Fi Global and other crucial matters are done correctly. Using the very first Worldwide Payments very first payroll payment solution is a terrific initial action towards providing an extensive payroll service for staff members worldwide. Standardization, worldwide procedures, and minimizing the number of tools, platforms, and savings account essential for international payroll are key factors in attaining business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of grievances when things do not go as planned. Ultimately, we don’t do it for the appreciation.
anyhow 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 easy as possible for everyone that’s associated with those procedures and likewise so think of sorry I’m just I was simply gon na say think of the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions picture getting that lots of 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 trying to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and actually see what was going on and type of shot to get back to everyone so moving on look why do business select to primary different checking account there are Reprocess Payroll Papaya Global companies out there doing exactly this for particular countries and I have actually operated in a business or many companies doing exactly that I can state it doesn’t always feel effective and it does develop more work I understand we’re not intentionally doing that we’re not producing additional work for anyone where we do not have to and anyone that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I believe lots of reasons one is it’s the requirement I believe individuals have got so used to we need a new savings account we open an entity and rightly so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the norm the people have actually embraced and continue to do over years and years gone past 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 think there’s a variety I believe this is a procedure that needs taking a look at it requires changing but eventually individuals are really stuck with what they recognize
with best um change is a tough thing we all do not like change um so I believe it’s just kind of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand undoubtedly the benefits of having preserving numerous savings account however there’s a substantial quantity of intricacy opts for establishing a checking account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for specific people so the intricacy is big but I think the sincere answer is modification um people haven’t had the ability to alter or have not had necessarily the understanding to truly make that change into alternate Solutions aside from opening a savings account I believe you have actually hit the nail on the head I think it is knowledge you understand and there is an element of resistance to alter however we have actually always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what could practically be determined to be the next Century or two there is a lot to track and this method does position a number of difficulties um so Johnny might you tell us about those difficulties yeah of course so there’s a range 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 Worldwide employees you deserve a corner office with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you Reprocess Payroll Papaya Global