Over the last 5 or six years …How To Convert Decimal Into Minutes In Papaya Global Payroll… roles on the company side and also on the vendor side from a payroll viewpoint so actually looking forward to this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply give everybody another number of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite fascinating 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 everybody comes from and I actually do hope it’s much sunnier than it is 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 extremely very gloomy and I wish I was somewhere else at this moment in time all right so let’s start our program for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why business maintain separate
Virtual payroll accounts are an alternative to traditional savings account for managing payroll payments. This is especially useful for global companies with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of preserving separate checking account for payroll in various nations, virtual accounts and digital wallets provide a more structured service. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are becoming a tactical possession for payroll executives. We will also offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring precise, efficient, and prompt payroll payments is a complex challenge for businesses operating internationally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll savings account, find out how companies anticipate payroll costs to optimize working capital, and find how improving worldwide payroll payments can transform them from a challenging task into a strategic possession.
Managing payroll worldwide is a difficult job due to numerous regulations, compliance requirements, information security concerns, and banking rules. The large number of workers and organizations contributes to the complexity, with an approximated 3.5 billion people in the global workforce, 500 million of whom are in Africa, and 230 million businesses worldwide.
Standard payroll systems often result in manual procedures, information silos, and an absence of integration, causing inconsistencies and ineffectiveness. In spite of residing in a period of technological developments, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar goals to provide insights and options to streamline and enhance international payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force data in real time that’s another number that gives me sleep deprived nights and quite honestly the more a company invests in global payroll the less of an image they see a lack of presence also reaches payroll payments and failure to properly track these payments can cause compliance accidents in the last mile of the transaction nearly half of international businesses have revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM information information entry errors poorly communicated hires and terminations as well as absence management and system setups and then when you round all of it off and the data is shipped to the wrong location the average expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the world payroll and payments don’t run efficiently if they depend on the needed several processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges organization face when they’re making payments to staff members or otherwise that’s a good question I always toss this back and state what is it what does not require to be consisted of ideal and what does
it need to be considered there’s varying Bank details 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 have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s intricacy wherever you look right eventually developing a knowledge base is absolutely crucial but everywhere you look with payroll payment they are like incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the type 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 essential and technology is permitting us to type of move on with that it also also to contribute to that payroll and financing require to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is definitely important that payroll and financing groups work closer together than ever um I’m always impressed when people state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession would they split the payroll payment from calculation 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 data collection all the way through to paying people anywhere 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 important to contribute to kind of the level of complexity there’s increasingly more benefits being organ or being provided by organizations across the world so once again you’re just aiming to include increasingly more 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 but have you got any experience in kind of real challenges or genuine challenging sort of pay uses to play to pay people I think yeah I indicate over the last well yeah a couple of decades I would definitely state that the bigger an organization 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 groups feeding details into the next function as it were that’s really managing the payment side of things but you know 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 need to develop extra handoffs in the processes that we run in they simply make them more timely they make them less effective and they do not make them what they require to be in in an age of tech and an era that you know that we are working in today there is no reason we are still making this as challenging as it requires to be agreed and appropriately as you stated payroll is the single biggest liability that any company has from an expense perspective from an impact point of view on workers it is definitely important 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 need to be done right it has the most significant destructive effect on individuals’s well-being and lots of other aspects if people aren’t paid uh I’ve always been amazed coming into this Market type of the last five to 10 years is how little thanks the
payroll group get um so I’m unsure anybody on this kind of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such a crucial cycle all of us find out about it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s just a tick box workout 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 stuff is definitely vital that all of this stuff is done properly so leveraging the very first Global Payments first payroll payment option is a great first step um offering an end-to-end payroll option for your staff members internationally again I believe is another big um procedure once again lining up and guaranteeing you have standardization Global processes all of those things are definitely essential to success success of services and reducing the variety of tools platforms and savings account they require for their Global payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the grievances where things have not gone quite where they’re implied to be um I don’t think any of us are in fact doing that for for the thanks
anyhow we know how how important 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 involved in those procedures and also so imagine sorry I’m simply I was just gon na state think of the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions imagine getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing job trying to clean up all those up for sure oh definitely 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 try to browse them and in fact see what was going on and kind of shot to return to everyone so proceeding look why do business pick to main separate bank accounts there are How To Convert Decimal Into Minutes In Papaya Global Payroll businesses out there doing exactly this for particular nations and I have actually operated in a business or many businesses doing precisely that I can say it does not always feel efficient and it does create more work I understand we’re not intentionally doing that we’re not creating extra work for anyone where we do not need 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 quantity that we are I believe lots of factors one is it’s the standard I believe individuals have actually got so used to we require a brand-new checking account we open an entity and rightly so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard the people have embraced and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and numerous other methods 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 very stuck to what they recognize
with best um change is a tough thing we all don’t like change um so I think it’s simply kind of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand clearly the advantages of having keeping multiple checking account but there’s a substantial amount of intricacy goes with establishing a checking account preserving it ensuring it can send out International transfers ensuring it’s set up with the right user accesses for individual people so the complexity is big but I think the truthful answer is modification um individuals have not been able to change or haven’t had necessarily the understanding to actually make that change into alternate Solutions aside from opening a savings account I think you have actually hit the nail on the head I believe it is understanding you know and there is an element of resistance to alter but we have actually constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of proceeding and moving into you understand what could nearly be figured out to be the next Century or so there is a lot to keep track of and this technique does posture a number of challenges um so Johnny might you tell us about those challenges yeah of course so there’s a variety right there is so
I just did you changed our Enterprise 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 employees you should have a corner office with a closer parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you How To Convert Decimal Into Minutes In Papaya Global Payroll