Over the last five or six years …How To Add Overtime Pay In Papaya Global Payroll… roles on the supplier side and also on the supplier side from a payroll point of view so really anticipating this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just provide everybody another number of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everyone is um it’s nice to to kind 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 really extremely bleak and I wish I was somewhere else 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 difficulty years of managing Worldwide payroll why companies keep different
Virtual payroll accounts are an option to standard checking account for managing payroll payments. This is especially beneficial for international organizations with dispersed and remote workforces, as it streamlines the complex process of cross-border payments. Instead of keeping different checking account for payroll in different nations, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are becoming a strategic property for payroll executives. We will also provide a recap of the main points covered and leave time for a Q&A session at the end.
Making sure precise, efficient, and timely payroll payments is a complex difficulty for organizations operating internationally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll checking account, find out how business anticipate payroll expenses to enhance working capital, and find how enhancing international payroll payments can change them from a challenging task into a tactical possession.
Handling payroll globally is a difficult job due to different regulations, compliance requirements, data security issues, and banking guidelines. The sheer number of employees and services adds to the complexity, with an approximated 3.5 billion people in the worldwide labor force, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Traditional payroll systems typically lead to manual processes, information silos, and an absence of integration, resulting in disparities and inefficiencies. Regardless of residing in an age of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar aims to offer insights and services to simplify and enhance international payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Workforce information in real time that’s another number that offers me sleepless nights and quite honestly the more an organization spends on global payroll the less of an image they see a lack of exposure likewise reaches payroll payments and inability to precisely track these payments can lead to compliance mishaps in the last mile of the deal almost half of global organizations have actually expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry errors improperly communicated 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 shipped to the wrong place the typical cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money all over the world payroll and payments don’t run efficiently if they depend on the necessary numerous processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles company face when they’re making payments to employees or otherwise that’s a great concern I always toss this back and say what is it what doesn’t require to be included best and what does
it need to be thought of there’s varying 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 have to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s complexity any place you look right ultimately building a knowledge base is definitely important however everywhere you look with payroll payment they are like very 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 basic and technology is permitting us to type of move forward with that it likewise as well to add to that payroll and finance need to work closer together um with differing Savings account Details differing banking requirements and setup processes is definitely essential that payroll and financing groups work closer together than ever um I’m always surprised when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate 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 procedure it’s the point of data collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being increasingly more essential to contribute to kind of the level of intricacy there’s a growing number of advantages being organ or being offered by businesses throughout the world so again you’re simply seeking to add a growing number of payments to this already intricate landscape so if you kind of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of genuine challenges or genuine difficult kind of pay uses to play to pay individuals I think yeah I mean over the last well yeah a number of decades I would absolutely say that the bigger a business gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are teams feeding details into the next function as it were that’s in fact managing the payment side of things but you understand in in my viewpoint and my experience that does not always require to be the case you know long gone are the times where we need to create additional handoffs while doing sos that we operate in they just make them more timely they make them less effective 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 operating in today there is no reason that we are still making this as tough as it requires to be agreed and appropriately as you stated payroll is the single biggest liability that any company has from a cost point of view from an effect viewpoint on workers it is absolutely vital 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 greatest detrimental impact on people’s wellness and lots of other factors if people aren’t paid uh I have actually always been impressed coming into this Market type of the last 5 to 10 years is how little thanks the
payroll team get um so I’m not exactly sure anyone on this type of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um however eventually payroll is such an essential cycle all of us hear about it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely important that all of this stuff is done properly so leveraging the first Worldwide Payments very first payroll payment solution is a great first step um supplying an end-to-end payroll solution for your employees internationally again I think is another substantial um procedure once again lining up and guaranteeing you have standardization International processes all of those things are absolutely crucial to success success of businesses and decreasing the variety of tools platforms and bank accounts they require for their International payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the grievances where things have not gone rather where they’re indicated to be um I don’t think any of us are in fact doing that for for the thanks
anyhow we understand how how essential a function it is which’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 imagine sorry I’m just I was just gon na state picture the amount of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions picture getting that numerous thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting job trying to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and actually see what was going on and kind of try to get back to everyone so carrying on appearance why do companies choose to main separate bank accounts there are How To Add Overtime Pay In Papaya Global Payroll services out there doing precisely this for particular countries and I’ve operated in a company or many services doing exactly that I can state it doesn’t constantly feel efficient and it does create more work I know we’re not purposely doing that we’re not creating extra work for anyone where we don’t need to and anybody that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think many reasons one is it’s the standard I think individuals have actually got so utilized to we need a brand-new savings account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm individuals have embraced and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a range I believe this is a process that requires taking a look at it needs changing but eventually individuals are extremely stuck to what they’re familiar
with best um change is a difficult thing all of us don’t like change um so I think it’s just type of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the benefits of having keeping numerous checking account however there’s a huge amount of intricacy chooses establishing a bank account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for individual individuals so the intricacy is big but I believe the honest answer is modification um individuals haven’t had the ability to change or have not had always the knowledge to truly make that change into alternate Solutions other than opening a savings account I think you have actually hit the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter however we have actually always 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 understand what could almost be figured out to be the next Century approximately there is a lot to keep an eye on and this method does position numerous challenges um so Johnny might you inform us about those challenges yeah obviously so there’s a variety right there is so
I just 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 are worthy of a corner workplace with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you How To Add Overtime Pay In Papaya Global Payroll