Over the last 5 or six years …Problems Logging On To Papaya Global… functions on the supplier side and also on the supplier side from a payroll point of view so really eagerly anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply give everybody another couple of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on currently just 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 is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really very bleak and I wish I was somewhere else at this moment in time fine so let’s begin our program for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why business preserve separate
Virtual payroll accounts are an alternative to conventional checking account for handling payroll payments. This is particularly helpful for global organizations with dispersed and remote workforces, as it simplifies the complicated process of cross-border payments. Instead of preserving separate bank accounts for payroll in different nations, virtual accounts and digital wallets offer a more structured option. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are ending up being a tactical asset for payroll executives. We will likewise supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
Making sure accurate, effective, and timely payroll payments is a complex obstacle for services running worldwide. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll bank accounts, discover how business anticipate payroll costs to enhance working capital, and find how streamlining worldwide payroll payments can transform them from a burdensome task into a strategic property.
Managing payroll worldwide is a daunting job due to different policies, compliance requirements, data security concerns, and banking guidelines. The sheer variety of employees and companies adds to the intricacy, with an estimated 3.5 billion individuals in the international labor force, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Traditional payroll systems frequently lead to manual processes, data silos, and an absence of combination, resulting in disparities and inadequacies. In spite of residing in a period of technological improvements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar objectives to supply insights and options to simplify and optimize international payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of services say they have Workforce data in real time that’s another number that gives me sleepless nights and rather honestly the more an organization spends on worldwide payroll the less of a photo they see a lack of exposure likewise reaches payroll payments and inability to precisely track these payments can cause compliance accidents in the last mile of the deal nearly half of international organizations have expressed 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 poor HCM information data entry errors improperly communicated hires and terminations as well as lack management and system configurations and after that when you round all of it off and the information is shipped to the incorrect location the average cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments do not run smoothly if they rely on the essential several processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties company face when they’re making payments to staff members or otherwise that’s an excellent question I constantly toss this back and say what is it what doesn’t need to be included ideal and what does
it require to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames 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 complexity any place you look best eventually developing a knowledge base is definitely critical however everywhere you look with payroll payment they are like extremely payments no if however some children about it you are all superheroes processing payments for payroll if you look at the sort 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 on with that it also as well to contribute to that payroll and finance need to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is definitely essential that payroll and financing groups work more detailed together than ever um I’m constantly amazed when individuals say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so frequently 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 any place they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being increasingly more essential to contribute to kind of the level of intricacy there’s increasingly more advantages being organ or being offered by businesses throughout the world so again you’re just aiming to add a growing number of 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 genuine obstacles or real difficult type of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a number of decades I would absolutely state that the bigger an organization gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are teams feeding information into the next function as it were that’s in fact handling the payment side of things however 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 in the processes that we operate in they just make them more timely they make them less efficient and they don’t make them what they require to be in in a period of tech and a period that you understand that we are operating in today there is no reason why 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 organization has from a cost viewpoint from an impact point of view on workers it is absolutely vital that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the biggest destructive effect on individuals’s wellness and many other elements if people aren’t paid uh I’ve constantly been impressed entering into this Market sort of the last five to 10 years is how little thanks the
payroll team get um so I’m unsure anybody on this type of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um but eventually payroll is such a crucial cycle all of us become aware of it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely crucial that all of this stuff is done properly so leveraging the first International Payments very first payroll payment solution is a terrific primary step um offering an end-to-end payroll service for your staff members globally again I believe is another substantial um process again lining up and guaranteeing you have standardization Worldwide procedures all of those things are absolutely essential to success success of companies and lowering the number of tools platforms and bank accounts they require 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 have actually never had a hundred countless them within a payroll cycle do not 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 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 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 simple as possible for everyone that’s associated with those processes and also so envision sorry I’m just I was just gon na say think of the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands possibly Millions picture getting that many thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating job attempting to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to check out them and actually see what was going on and type of shot to get back to everyone so moving on appearance why do companies pick to primary different savings account there are Problems Logging On To Papaya Global companies out there doing exactly this for particular countries and I’ve worked in a business or numerous businesses doing exactly that I can say it does not always feel effective and it does produce more work I know we’re not deliberately doing that we’re not developing extra work for any person where we do not need to and any person that’s handling that process I ‘d be interested to hear your ideas Johnny why do you think 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 got so used to we need a brand-new checking account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just 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 taken a look at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a range I believe this is a process that needs taking a look at it requires changing however ultimately individuals are extremely stuck to what they’re familiar
with ideal um modification is a tough thing all of us do not like modification um so I believe it’s simply kind of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend obviously the benefits of having preserving several savings account however there’s a big amount of complexity goes with establishing a savings account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for specific people so the complexity is huge however I believe the sincere answer is change um people have not been able to alter or have not had always the knowledge to actually make that change into alternate Solutions besides opening a savings account I believe you’ve struck the nail on the head I think it is understanding you know and there is a component of resistance to change however we’ve always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could nearly be identified to be the next Century or two there is a lot to keep track of and this technique does present numerous obstacles um so Johnny could you tell us about those challenges 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 handle our payroll and payment jobs on one platform. It feels like our CFO has actually acquired another CFO, and with this boosted capability, I have actually successfully protected payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is better, considering your accomplishments. Problems Logging On To Papaya Global