Over the last five or six years …How Does Papaya Global Payroll Service Work… functions on the provider side and likewise on the vendor side from a payroll point of view so really looking forward to this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just offer everyone 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 type of let them do that so it ‘d be rather 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 everybody originates from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very very dreary and I wish I was elsewhere at this moment in time okay so let’s get started our program for today is as follows um we are going to be taking a look at the difficulty years of handling Global payroll why business maintain different
Virtual payroll accounts are an alternative to traditional savings account for managing payroll payments. This is particularly useful for global organizations with dispersed and remote workforces, as it streamlines the complicated process of cross-border payments. Instead of keeping separate savings account for payroll in different nations, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are ending up being a strategic property for payroll executives. We will likewise offer 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 businesses operating globally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll bank accounts, find out how companies forecast payroll expenses to optimize working capital, and find how improving global payroll payments can change them from a troublesome task into a strategic asset.
Handling payroll globally is a difficult job due to numerous guidelines, compliance requirements, information security issues, and banking rules. The large variety of employees and organizations contributes to the complexity, with an estimated 3.5 billion people in the international workforce, 500 countless whom remain in Africa, and 230 million companies worldwide.
Standard payroll systems often result in manual procedures, information silos, and a lack of integration, leading to inconsistencies and ineffectiveness. Regardless of residing in a period of technological improvements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar objectives to supply insights and options to streamline and optimize worldwide payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of services say they have Workforce 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 an image they see a lack of visibility likewise reaches payroll payments and inability to properly track these payments can cause compliance incidents in the last mile of the transaction almost half of global companies have revealed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM information information entry mistakes poorly interacted hires and terminations in addition to 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 typical expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash worldwide payroll and payments don’t run smoothly if they count on the essential several 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 challenges organization face when they’re paying to employees or otherwise that’s a good question I always toss this back and state what is it what does not need 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 abilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s complexity any place you look right eventually developing a knowledge base is definitely vital however all over you look with payroll payment they are like extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the kind 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 absolutely fundamental and innovation is allowing us to kind of move forward with that it likewise too to add to that payroll and finance need to work closer together um with varying Savings account Details differing banking requirements and setup processes is absolutely imperative that payroll and finance groups work closer 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 anybody what is payroll who does not work in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more important to add to sort of the level of complexity there’s a growing number of benefits being organ or being provided by businesses throughout the world so again you’re simply aiming to include more and 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 make certain however have you got any experience in kind of genuine challenges or genuine difficult sort of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a couple of years I would absolutely state that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are teams feeding info into the next function as it were that’s in fact managing the payment side of things but you know in in my viewpoint and my experience that does not necessarily require to be the case you know long gone are the times where we need to produce additional handoffs at the same times that we run in they just make them more prompt they make them less efficient and they don’t make them what they need to be in in an era of tech and an era that you know that we are operating in today there is no reason that we are still making this as difficult as it requires to be concurred and rightly as you said payroll is the single greatest liability that any business has from an expense viewpoint from an effect point of view on workers it is definitely vital that it’s done properly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the greatest harmful impact on individuals’s well-being and numerous other factors if people aren’t paid uh I’ve constantly been amazed coming into this Market sort of the last 5 to 10 years is how little thanks the
The payroll group might not have been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and people just see when things fail. Nevertheless, when things go right, it’s seen as just a routine job. This is how it’s perceived externally as well. Therefore, it is necessary to ensure that tasks like Wi-Fi International and other important matters are done correctly. Utilizing the very first Worldwide Payments first payroll payment option is an excellent initial step towards providing a detailed payroll option for staff members worldwide. Standardization, global procedures, and minimizing the variety of tools, platforms, and bank accounts needed for global payroll are essential factors in achieving service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few problems when things do not go as planned. Ultimately, we don’t do it for the gratitude.
anyhow we know how how important 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 processes and likewise so think of sorry I’m just I was simply gon na say imagine the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions imagine getting that lots of thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating task attempting to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to check out them and in fact see what was going on and kind of try to get back to everyone so moving on appearance why do business select to primary different checking account there are How Does Papaya Global Payroll Service Work organizations out there doing exactly this for particular countries and I’ve operated in a company or many companies doing precisely that I can state it doesn’t constantly feel effective and it does create more work I know we’re not intentionally doing that we’re not creating additional work for anybody where we do not need to and anybody that’s dealing with that procedure I ‘d be interested to hear your ideas 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 believe people have got so utilized to we need a new checking account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm the people have embraced and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a range I believe this is a procedure that requires looking at it requires altering however eventually individuals are extremely stuck to what they’re familiar
with best um change is a hard thing all of us do not like modification um so I believe it’s just type of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the benefits of having maintaining multiple checking account but there’s a huge amount of complexity goes with setting up a bank account preserving it guaranteeing it can send out International transfers guaranteeing it’s established with the ideal user accesses for individual individuals so the complexity is huge however I think the honest answer is change um people haven’t been able to alter or haven’t had necessarily the understanding to really 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 understanding you know and there is a component of resistance to change but we have actually constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what might nearly be figured out to be the next Century or two there is a lot to monitor and this technique does position a number of difficulties um so Johnny could you tell us about those obstacles yeah of course so there’s a variety right there is so
I simply did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you should have a corner office with a better parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you How Does Papaya Global Payroll Service Work