Over the last 5 or six years …Does Papaya Global Payroll Use Decimal Or Minutes… functions on the provider side and also on the supplier side from a payroll point of view so really looking forward to this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply offer everybody another couple of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on currently just to hear where everybody 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 certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very extremely uninspiring and I want I was elsewhere at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be looking at the challenge years of managing Global payroll why companies preserve separate
Virtual payroll accounts are an alternative to standard bank accounts for managing payroll payments. This is especially helpful for global companies with dispersed and remote labor forces, as it simplifies the complicated procedure of cross-border payments. Instead of keeping different bank accounts for payroll in various nations, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a strategic property for payroll executives. We will likewise supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing accurate, efficient, and timely payroll payments is a complex obstacle for companies operating worldwide. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll savings account, find out how business forecast payroll costs to enhance working capital, and discover how simplifying international payroll payments can change them from a challenging task into a tactical asset.
Managing payroll internationally is a complicated task due to different policies, compliance requirements, information security concerns, and banking guidelines. The sheer number of workers and companies adds to the complexity, with an estimated 3.5 billion individuals in the international workforce, 500 countless whom remain in Africa, and 230 million services worldwide.
Conventional payroll systems often lead to manual procedures, information silos, and an absence of integration, leading to inconsistencies and ineffectiveness. Regardless of living in an age of technological developments, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar objectives to provide insights and services to streamline and enhance international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Workforce data in real time that’s another number that offers me sleep deprived nights and quite frankly the more a company spends on international payroll the less of a picture they see an absence of visibility also extends to payroll payments and inability to precisely track these payments can result in compliance incidents in the last mile of the transaction nearly half of worldwide organizations have actually revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry errors poorly interacted hires and terminations as well as lack management and system configurations and after that when you round all of it off and the information is delivered to the incorrect place the average cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments don’t run smoothly if they depend on the required multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles service face when they’re making payments to staff members or otherwise that’s an excellent concern I always toss this back and say what is it what does not need to be included ideal and what does
it need to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames 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 complexity wherever you look best eventually constructing a knowledge base is definitely critical but all over you look with payroll payment they are like extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you take a 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 permitting us to kind of progress with that it also also to contribute to that payroll and finance need to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is definitely crucial that payroll and financing groups work more detailed together than ever um I’m constantly 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 split the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being a growing number of crucial to add to sort of the level of intricacy there’s increasingly more advantages being organ or being offered by organizations across the world so once again you’re simply aiming to include more and more payments to this already intricate landscape so if you type of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of real challenges or genuine challenging sort of pay uses to play to pay people I believe yeah I indicate over the last well yeah a couple of decades I would absolutely say that the bigger a company gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are teams feeding details into the next function as it were that’s in fact managing the payment side of things however you understand in in my opinion and my experience that does not necessarily need to be the case you understand long gone are the times where we require to produce extra handoffs at the same times that we run in they just make them more prompt 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 we are still making this as tough as it needs to be agreed and appropriately as you said payroll is the single most significant liability that any business has from an expense perspective from an effect point of view on staff members it is absolutely critical 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 have to be done right it has the most significant destructive result on individuals’s wellness and lots of other elements if people aren’t paid uh I’ve constantly been amazed entering this Market type of the last 5 to ten years is how little thanks the
payroll group get um so I’m not exactly sure anybody on this sort of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such an important cycle all of us 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 consider 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 International Payments very first payroll payment service is an excellent first step um providing an end-to-end payroll option for your workers internationally once again I believe is another substantial um procedure once again lining up and guaranteeing you have standardization Worldwide processes all of those things are definitely crucial to success success of companies and lowering the variety of tools platforms and bank accounts they need for their International 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 have actually never ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the problems 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 know how how crucial a function 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 everybody that’s associated with those procedures and also so think of sorry I’m just I was just gon na state envision the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re talking about numerous thousands potentially Millions picture getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating 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 was the case um you ‘d need days of the week to attempt to look through them and in fact see what was going on and kind of try to get back to everybody so proceeding appearance why do business select to main separate savings account there are Does Papaya Global Payroll Use Decimal Or Minutes services out there doing precisely this for specific nations and I’ve operated in a company or many services doing exactly that I can say it doesn’t constantly feel effective and it does produce more work I understand we’re not intentionally doing that we’re not producing extra work for any person where we do not need to and any person that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I believe many reasons one is it’s the standard I think individuals have got so utilized to we require a new savings account we open an entity and rightly so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the norm individuals have adopted and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and many other ways um to to sort of do it so I think there’s a variety I believe this is a process that needs looking at it requires changing but eventually individuals are really stuck with what they recognize
with best um change is a tough thing we all don’t like change um so I think it’s just sort 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 obviously the advantages of having preserving several bank accounts but there’s a big quantity of complexity opts for setting up a savings account maintaining it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for specific people so the intricacy is big however I believe the sincere response is change um people have not had the ability to alter or haven’t had necessarily the understanding to truly make that change into alternate Solutions aside from opening a bank account I think you have actually hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to change however we have actually 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 might practically be identified to be the next Century or two there is a lot to keep track of and this technique does pose several obstacles um so Johnny might you inform us about those obstacles yeah obviously so there’s a variety right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has actually gotten another CFO, and with this improved ability, I have effectively protected payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is more detailed, considering your accomplishments. Does Papaya Global Payroll Use Decimal Or Minutes