Over the last 5 or 6 years …Papaya Global How To Pass Payslip Onto Third Party… functions on the company side and also on the supplier side from a payroll perspective so really looking forward to this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just provide everyone 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 kind of let them do that so it ‘d be rather fascinating and I can see it going on currently simply to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I really 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 drizzling here it’s very extremely dreary and I wish I was somewhere else at this moment in time okay so let’s begin our program for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why business keep different
Virtual payroll accounts are an option to traditional savings account for managing payroll payments. This is especially useful for worldwide companies with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of preserving different savings account for payroll in different countries, virtual accounts and digital wallets offer a more structured service. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are becoming a strategic property for payroll executives. We will also supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing accurate, efficient, and prompt payroll payments is a complex challenge for organizations running internationally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll bank accounts, learn how companies forecast payroll expenses to optimize working capital, and find how simplifying international payroll payments can transform them from a burdensome task into a strategic property.
Handling payroll worldwide is a challenging job due to various guidelines, compliance requirements, data security concerns, and banking rules. The large number of workers and businesses contributes to the intricacy, with an estimated 3.5 billion people in the global labor force, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Conventional payroll systems typically result in manual processes, data silos, and a lack of integration, resulting in inconsistencies and ineffectiveness. Despite living in an era of technological improvements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar aims to provide insights and options to simplify and optimize worldwide payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of services say they have Labor force data in real time that’s another number that gives me sleepless nights and quite frankly the more an organization spends on international payroll the less of an image they see a lack of visibility also reaches payroll payments and failure to precisely track these payments can lead to compliance accidents in the last mile of the transaction nearly half of international organizations have expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM data information entry errors inadequately interacted hires and terminations as well as absence management and system setups and then when you round everything off and the information is shipped to the wrong place the typical cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money all over the world payroll and payments don’t run smoothly if they rely 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 requires to be factored into the difficulties business face when they’re making payments to staff members or otherwise that’s an excellent concern I constantly toss this back and state what is it what does not require to be consisted of 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 nation there’s payment time frames 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 customer’s own in-country account so there’s complexity wherever you look ideal ultimately developing a knowledge base is absolutely important however all over you look with payroll payment they resemble very payments no if however some infants about it you are all superheroes processing payments for payroll if you 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 sort of progress with that it likewise also to add to that payroll and finance require to work closer together um with varying Savings account Particulars varying banking requirements and setup procedures is definitely crucial that payroll and finance groups work better together than ever um I’m always astonished when individuals 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 divide the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness 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 organizations across the world so again you’re just wanting to add a growing number of payments to this already intricate landscape so if you sort of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of real obstacles or genuine tough sort of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a number of years I would certainly say that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are groups feeding details into the next function as it were that’s actually managing the payment side of things but you know in in my opinion and my experience that does not always require to be the case you understand long gone are the times where we require to develop extra handoffs at the same times that we run 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 an era of tech and a period that you understand that we are working in today there is no reason we are still making this as tough as it needs to be agreed and appropriately as you said payroll is the single biggest liability that any business has from a cost point of view from an effect perspective on staff members it is definitely crucial 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 have to be done right it has the greatest destructive impact on people’s wellness and many other aspects if individuals 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
payroll team get um so I’m not sure anyone on this type of webinar has been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such a crucial cycle we all 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 believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely essential that all of this stuff is done properly so leveraging the first Worldwide Payments first payroll payment option is a terrific initial step um providing an end-to-end payroll option for your staff members globally again I believe is another big um process once again aligning and guaranteeing you have standardization Worldwide procedures all of those things are absolutely crucial to success success of companies and reducing the number of tools platforms and bank accounts they need for their Global 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’ve never ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things haven’t gone quite where they’re suggested to be um I don’t believe any of us are really doing that for for the thanks
anyway we understand how how crucial a role 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 easy as possible for everyone that’s involved in those procedures and also so imagine sorry I’m just I was just gon na state envision the amount of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions think of getting that numerous thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an interesting task trying to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and actually see what was going on and sort of shot to get back to everyone so carrying on appearance why do business pick to main separate checking account there are Papaya Global How To Pass Payslip Onto Third Party companies out there doing exactly this for particular nations and I’ve operated in an organization or lots of businesses doing exactly that I can state it doesn’t always feel effective and it does develop more work I understand we’re not intentionally doing that we’re not producing extra work for any person where we do not need to and anyone that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe many reasons one is it’s the requirement I believe individuals have actually got so utilized to we require a brand-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 simply been the requirement and the norm individuals have adopted and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a variety I think this is a procedure that requires taking a look at it requires altering however eventually individuals are extremely stuck with what they’re familiar
with best um change is a tough thing we all don’t like modification um so I think it’s simply kind of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend clearly the benefits of having preserving numerous savings account however there’s a big quantity of complexity goes with establishing a bank account preserving it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for individual people so the intricacy is huge but I believe the sincere answer is modification um people haven’t been able to change or have not had necessarily the knowledge to really make that change into alternate Solutions besides opening a bank account I think you’ve struck the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter but we’ve constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could almost be determined to be the next Century approximately there is a lot to keep track of and this approach does pose numerous obstacles um so Johnny might you tell us about those difficulties yeah obviously so there’s a range right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has acquired another CFO, and with this enhanced ability, I have effectively protected payments for our 10,000 staff members worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global How To Pass Payslip Onto Third Party