Over the last five or 6 years …Entering Sick Pay Manually Papaya Global… functions on the service provider side and likewise on the supplier side from a payroll point of view so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just provide everybody another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everybody is um it’s nice to to type of like see where everyone originates from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very very bleak and I wish 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 looking at the obstacle years of managing Worldwide payroll why companies maintain separate
Virtual payroll accounts are an alternative to standard bank accounts for managing payroll payments. This is especially helpful for global organizations with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of preserving separate savings account for payroll in various countries, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are ending up being a strategic property for payroll executives. We will likewise supply a recap of the main points covered and leave time for a Q&A session at the end.
Making sure accurate, efficient, and prompt payroll payments is a complex difficulty for organizations running globally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll checking account, learn how business anticipate payroll expenses to optimize working capital, and find how simplifying worldwide payroll payments can change them from a burdensome job into a tactical asset.
Handling payroll worldwide is a difficult task due to various regulations, compliance requirements, data security concerns, and banking rules. The sheer variety of employees and businesses contributes to the complexity, with an approximated 3.5 billion people in the worldwide workforce, 500 countless whom are in Africa, and 230 million organizations worldwide.
Conventional payroll systems frequently result in manual processes, information silos, and a lack of integration, leading to disparities and inefficiencies. In spite of residing in an age of technological improvements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar objectives to offer insights and options to streamline and optimize international payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce data in real time that’s another number that gives me sleep deprived nights and rather frankly the more a service spends on international payroll the less of a photo they see an absence of exposure also extends to payroll payments and inability to accurately track these payments can lead to compliance incidents in the last mile of the deal nearly half of global services have actually expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry errors poorly communicated 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 wrong place the average cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the globe payroll and payments do not run efficiently if they rely on the required multiple procedures 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 obstacles service face when they’re making payments to employees or otherwise that’s an excellent concern I always toss this back and state what is it what does not need to be included ideal and what does
it require to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment amount of time 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 intricacy anywhere you look right ultimately constructing a knowledge base is absolutely critical but everywhere you look with payroll payment they resemble super payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is permitting us to sort of progress with that it likewise as well to add to that payroll and financing require to work closer together um with varying Checking account Particulars varying banking requirements and setup processes is definitely crucial that payroll and financing groups work more detailed together than ever um I’m always impressed when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so frequently 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 likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being a growing number of important to add to kind of the level of complexity there’s a growing number of benefits being organ or being offered by organizations throughout the world so once again you’re just aiming to add a growing number of payments to this currently complex landscape so if you sort of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of real challenges or real tough type of pay utilizes to play to pay individuals I think yeah I imply over the last well yeah a number of years I would certainly 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 groups feeding info into the next function as it were that’s in fact handling the payment side of things but you know in in my viewpoint and my experience that doesn’t always require to be the case you understand long gone are the times where we require to produce additional handoffs at the same times that we operate in they simply make them more timely they make them less efficient and they don’t make them what they need to be in in a period of tech and an era that you know that we are working in today there is no reason why we are still making this as hard as it needs to be agreed and appropriately as you said payroll is the single biggest liability that any company has from a cost point of view from an impact point of view on staff members it is definitely vital that it’s done properly and on time so what we imply 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 impact on people’s well-being and numerous other factors if individuals aren’t paid uh I’ve constantly been surprised entering into this Market sort of the last 5 to ten years is how little thanks the
The payroll team may not have actually been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and people only see when things go wrong. Nevertheless, when things go right, it’s viewed as just a routine job. This is how it’s viewed externally too. For that reason, it is essential to make sure that jobs like Wi-Fi Global and other crucial matters are done properly. Utilizing the first International Payments very first payroll payment service is a great preliminary step towards offering an extensive payroll solution for staff members worldwide. Standardization, global procedures, and minimizing the number of tools, platforms, and savings account needed for global payroll are key factors in achieving company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few complaints when things don’t go as planned. Eventually, we don’t do it for the gratitude.
anyhow we know how how crucial 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 imagine sorry I’m simply I was simply gon na say envision the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions think of getting that lots of thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating task attempting to clean all those up for sure oh definitely 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 try to browse them and really see what was going on and kind of shot to return to everyone so proceeding appearance why do business select to main different bank accounts there are Entering Sick Pay Manually Papaya Global businesses out there doing precisely this for particular countries and I’ve operated in a company or lots of companies doing precisely that I can state it does not always feel effective and it does produce more work I know we’re not deliberately doing that we’re not developing extra work for anyone where we don’t need to and anyone that’s dealing with that procedure 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 think many factors one is it’s the standard I believe 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 just been the requirement and the norm individuals have 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 lots of other ways um to to type of do it so I believe there’s a variety I believe this is a process that needs looking at it requires altering but eventually individuals are extremely stuck to what they’re familiar
with right um modification is a difficult thing we all do not like change um so I think it’s simply type 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 certainly the advantages of having preserving numerous checking account but there’s a big quantity of complexity chooses setting up a savings account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for individual people 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 necessarily the knowledge to actually make that change into alternate Solutions besides opening a bank account I believe you have actually hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to change but we’ve 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 understand what might practically be determined to be the next Century approximately there is a lot to track and this technique does posture numerous challenges um so Johnny could you inform us about those difficulties yeah of course so there’s a variety right there is so
I just did you changed 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 Global staff members you are worthy of a corner workplace with a more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you Entering Sick Pay Manually Papaya Global