Over the last 5 or 6 years …Is Papaya Global Payroll Worth It… roles on the service provider side and likewise on the vendor side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply provide everybody another number of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everyone is um it’s nice to to type 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 sunlight is it it’s not no it’s it’s raining here it’s really really dreary and I wish I was somewhere else at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why business maintain different
Virtual payroll accounts are an alternative to traditional checking account for managing payroll payments. This is particularly beneficial for international organizations with dispersed and remote workforces, as it simplifies the complex process of cross-border payments. Instead of preserving separate savings account for payroll in different countries, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are ending up being a tactical property for payroll executives. We will also supply a recap of the main points covered and leave time for a Q&A session at the end.
Ensuring precise, efficient, and timely payroll payments is a complex challenge for services operating worldwide. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll savings account, learn how business forecast payroll expenses to optimize working capital, and find how improving worldwide payroll payments can change them from a burdensome job into a strategic asset.
Managing payroll internationally is a challenging task due to numerous regulations, compliance requirements, data security issues, and banking rules. The sheer number of workers and services contributes to the complexity, with an estimated 3.5 billion individuals in the global labor force, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Conventional payroll systems frequently lead to manual processes, data silos, and an absence of integration, resulting in inconsistencies and inefficiencies. 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 manually, often using pen and paper. This webinar aims to provide insights and options to simplify and enhance international payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force information in real time that’s another number that gives me sleep deprived nights and rather frankly the more an organization invests in worldwide payroll the less of an image they see a lack of visibility likewise encompasses payroll payments and failure to precisely track these payments can cause compliance accidents in the last mile of the deal almost half of international organizations have revealed 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 because of time reporting bad HCM information data entry errors improperly interacted hires and terminations in addition to lack management and system configurations and after that when you round it all off and the information is delivered to the wrong place the average expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments do not run efficiently if they depend on the essential numerous procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges organization face when they’re making payments to workers or otherwise that’s an excellent question I always toss this back and state what is it what does not need to be consisted of ideal and what does
it require 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 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 have to pay from the client’s own in-country account so there’s intricacy anywhere you look right ultimately building a knowledge base is absolutely vital but everywhere you look with payroll payment they are like incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the sort 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 fundamental and innovation is allowing us to type of move on with that it also too 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 absolutely vital that payroll and finance teams work more detailed together than ever um I’m constantly surprised when people state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll profession 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 often split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being increasingly more crucial to add to type of the level of intricacy there’s a growing number of advantages being organ or being used by services across the world so once again you’re just looking to include increasingly more payments to this currently complicated landscape so if you type of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of genuine challenges or genuine tough kind of pay uses to play to pay individuals I think yeah I mean over the last well yeah a number of years I would certainly state 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 task there are teams feeding info into the next function as it were that’s really handling the payment side of things however you understand in in my opinion and my experience that does not necessarily require to be the case you understand long gone are the times where we require to produce extra handoffs at the same times that we operate in they just make them more timely they make them less effective and they do not make them what they require to be in in an era of tech and an era that you know that we are working in today there is no reason we are still making this as difficult as it requires to be agreed and appropriately as you said payroll is the single greatest liability that any service has from a cost perspective from an impact perspective on workers it is absolutely important 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 greatest harmful impact on individuals’s wellness and many other aspects if individuals aren’t paid uh I’ve always been surprised entering into this Market type of the last 5 to ten years is how little thanks the
payroll team get um so I’m unsure anyone on this type of webinar has 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 but eventually payroll is such an essential cycle all of us become aware of it when it goes wrong everybody jumps up and down when it goes wrong but 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 things is definitely crucial that all of this things is done correctly so leveraging the first Global Payments very first payroll payment option is a great initial step um offering an end-to-end payroll solution for your staff members worldwide once again I think is another big um process once again lining up and guaranteeing you have standardization Worldwide processes all of those things are absolutely crucial to success success of services and reducing the variety of tools platforms and savings account they need for their Global 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’ve never had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone quite where they’re indicated to be um I don’t believe any of us are really doing that for for the thanks
anyway 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 easy as possible for everyone that’s involved in those processes and likewise so think of sorry I’m simply I was just gon na state picture the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re speaking about hundreds of thousands potentially Millions envision 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 however it would absolutely be an intriguing task 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 need days of the week to attempt to browse them and in fact see what was going on and type of try to get back to everybody so moving on appearance why do companies pick to main separate savings account there are Is Papaya Global Payroll Worth It organizations out there doing exactly this for specific nations and I have actually worked in a service or numerous businesses doing exactly that I can say it doesn’t always feel effective and it does create more work I know we’re not purposely doing that we’re not producing additional work for any person where we don’t have to and anyone 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 amount that we are I think many reasons one is it’s the standard I believe people have actually got so used to we require a new bank account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the norm the people have actually embraced and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and numerous other methods um to to type of do it so I believe there’s a range I believe this is a procedure that needs taking a look at it requires changing however ultimately people are extremely stuck with what they’re familiar
with right um modification is a difficult thing we all do not like change um so I believe it’s simply type of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand clearly the benefits of having preserving numerous checking account but there’s a huge quantity of intricacy chooses setting up a savings account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the ideal user accesses for private individuals so the complexity is big but I believe the honest answer is modification um individuals have not had the ability to change or haven’t had necessarily the knowledge to truly make that change into alternate Solutions besides opening a savings account I think you’ve hit the nail on the head I believe it is understanding you understand and there is a component of resistance to alter but we’ve always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might nearly be identified to be the next Century or so there is a lot to keep an eye on and this method does posture numerous challenges um so Johnny could you tell us about those difficulties yeah naturally so there’s a variety right there is so
I simply did you switched our Enterprise 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 International workers you are worthy of a corner office with a closer parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Is Papaya Global Payroll Worth It