Over the last five or 6 years …Papaya Global Payroll Cannabis… functions on the provider side and also on the supplier side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just offer everybody another couple of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everybody comes from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely extremely bleak and I wish I was elsewhere at this moment in time alright so let’s get started our program for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why business keep separate
Virtual payroll accounts are an option to conventional bank accounts for handling payroll payments. This is especially beneficial for global organizations with dispersed and remote workforces, as it simplifies the complicated process of cross-border payments. Instead of preserving separate savings account for payroll in different countries, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are becoming a tactical asset 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.
Making sure precise, effective, and timely payroll payments is a complex challenge for services operating internationally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll checking account, discover how companies anticipate payroll costs to enhance working capital, and find how simplifying worldwide payroll payments can change them from a troublesome job into a tactical asset.
Managing payroll worldwide is a complicated task due to numerous regulations, compliance requirements, information security concerns, and banking rules. The large number of workers and businesses adds to the complexity, with an estimated 3.5 billion individuals in the international labor force, 500 million of whom are in Africa, and 230 million organizations worldwide.
Standard payroll systems often result in manual procedures, information silos, and an absence of combination, resulting in disparities and inadequacies. In spite of residing in a period of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar aims to supply insights and solutions to simplify and enhance global payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of services state they have Labor force data in real time that’s another number that provides me sleepless nights and quite frankly the more an organization invests in global payroll the less of a photo they see an absence of visibility likewise extends to payroll payments and inability to precisely track these payments can cause compliance incidents in the last mile of the transaction almost half of worldwide organizations have actually expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM data information entry mistakes improperly communicated hires and terminations in addition to absence management and system configurations and then when you round everything off and the data is delivered to the wrong place the typical expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the globe payroll and payments don’t run smoothly if they count on the necessary multiple procedures 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 difficulties company face when they’re paying to employees or otherwise that’s an excellent concern I constantly throw this back and state what is it what does not require to be included best and what does
it require to be thought of there’s differing Bank information 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 have to pay from the customer’s own in-country account so there’s complexity wherever you look right eventually developing a knowledge base is absolutely important however 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 look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is permitting us to kind of move on with that it also also to contribute to that payroll and financing require to work closer together um with varying Savings account Particulars differing banking requirements and setup processes is absolutely vital that payroll and financing teams work closer together than ever um I’m constantly impressed when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate 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 often 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 wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being more and more crucial to add to sort of the level of complexity there’s increasingly more advantages being organ or being offered by organizations throughout the world so once again you’re just wanting to include more and more payments to this already intricate landscape so if you type of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of real difficulties or genuine tough kind of pay utilizes to play to pay people I believe yeah I mean over the last well yeah a number of years I would absolutely say that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are teams feeding info into the next function as it were that’s in fact handling the payment side of things however you understand in in my opinion and my experience that doesn’t necessarily require to be the case you know long gone are the times where we require to create additional handoffs in the processes that we run in they just make them more timely they make them less efficient and they do not make them what they require to be in in an era of tech and an age that you understand that we are working in today there is no reason that we are still making this as difficult as it requires to be agreed and rightly as you said payroll is the single greatest liability that any service has from a cost viewpoint from an impact perspective on staff members it is absolutely critical that it’s done correctly 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 most significant destructive result on people’s wellness and numerous other elements if people aren’t paid uh I have actually constantly been surprised coming into this Market type of the last five to ten years is how little thanks the
The payroll team might not have been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and people only see when things fail. Nevertheless, when things go right, it’s seen as just a regular task. This is how it’s viewed externally as well. For that reason, it is vital to guarantee that tasks like Wi-Fi International and other important matters are done correctly. Using the first International Payments first payroll payment solution is an excellent initial step towards offering a thorough payroll solution for staff members worldwide. Standardization, international procedures, and decreasing the number of tools, platforms, and bank accounts required for global payroll are crucial consider accomplishing service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a few problems when things do not go as planned. Eventually, we do not do it for the appreciation.
anyway we understand how how crucial 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 procedures and likewise so think of sorry I’m just I was just gon na say picture the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions envision getting that many thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating job attempting to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to look through them and really see what was going on and type of try to get back to everyone so carrying on appearance why do companies pick to main separate checking account there are Papaya Global Payroll Cannabis companies out there doing exactly this for particular countries and I have actually operated in a service or lots of organizations doing precisely that I can say it does not always feel effective and it does develop more work I know we’re not purposely doing that we’re not creating extra work for anyone 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 believe that we’re doing that in in the in the amount that we are I believe lots of reasons one is it’s the requirement I think individuals have got so utilized to we require a brand-new bank account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm 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 many other ways um to to kind of do it so I believe there’s a range I believe this is a procedure that requires taking a look at it needs changing however eventually people are very stuck with what they’re familiar
with best um modification is a tough thing all of us do not like change um so I think it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend clearly the advantages of having preserving numerous savings account but there’s a big amount of intricacy opts for establishing a checking account maintaining it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for private people so the complexity is big however I think the honest answer is modification um people have not had the ability to change or haven’t had always the understanding to truly make that change into alternate Solutions besides opening a savings account I think you have actually struck the nail on the head I think it is understanding you know and there is a component of resistance to alter but we have actually constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could practically be identified to be the next Century approximately there is a lot to monitor and this technique does present several difficulties um so Johnny could you inform us about those difficulties yeah of course so there’s a range right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has gotten another CFO, and with this boosted capability, I have actually effectively secured payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global Payroll Cannabis