Over the last five or six years …What Is Included In Papaya Global Payroll Subscription… functions on the service provider side and likewise on the vendor side from a payroll perspective so really looking forward to this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather interesting 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 originates from and I really 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 extremely really bleak and I want I was elsewhere at this moment in time fine so let’s get going our program for today is as follows um we are going to be looking at the difficulty years of managing International payroll why companies keep separate
Virtual payroll accounts are an option to standard checking account for handling payroll payments. This is particularly helpful for global companies with dispersed and remote labor forces, as it streamlines the complicated procedure of cross-border payments. Instead of keeping different checking account for payroll in different countries, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are becoming a tactical possession 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, effective, and prompt payroll payments is a complex difficulty for companies running worldwide. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll checking account, learn how business forecast payroll costs to optimize working capital, and find how improving international payroll payments can change them from a challenging task into a strategic possession.
Handling payroll internationally is a complicated job due to different regulations, compliance requirements, information security concerns, and banking rules. The large number of employees and services adds to the complexity, with an estimated 3.5 billion people in the international workforce, 500 million of whom are in Africa, and 230 million organizations worldwide.
Traditional payroll systems typically result in manual procedures, information silos, and a lack of combination, resulting in disparities and ineffectiveness. Regardless of residing in an era of technological advancements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar aims to supply insights and options to streamline and enhance international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services say they have Workforce information in real time that’s another number that gives me sleep deprived nights and rather honestly the more a business spends on international payroll the less of an image they see a lack of presence also reaches payroll payments and failure to accurately track these payments can cause compliance incidents in the last mile of the transaction almost half of global companies have actually expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM information information entry mistakes inadequately communicated hires and terminations in addition to lack management and system setups and then when you round everything off and the information is delivered to the wrong location the typical cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash worldwide payroll and payments don’t run efficiently if they rely on the needed numerous 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 difficulties service face when they’re making payments to workers or otherwise that’s a great concern I always throw this back and state what is it what does not need to be consisted of ideal and what does
it require to be considered there’s differing 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 abilities 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 client’s own in-country account so there’s complexity any place you look right eventually constructing a knowledge base is absolutely vital but all over you look with payroll payment they are like incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely fundamental and technology is allowing us to type of progress with that it likewise too to add to that payroll and financing need to work closer together um with differing Checking account Details varying banking requirements and setup processes is absolutely crucial that payroll and financing groups work closer together than ever um I’m constantly astonished when individuals say I have actually 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 estimation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more important to contribute to sort of the level of intricacy there’s more and more advantages being organ or being used by services across the world so again you’re just seeking to add increasingly more payments to this currently complicated 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 kind of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a couple of decades I would absolutely say that the larger a company gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are teams feeding details into the next function as it were that’s actually handling the payment side of things but you know in in my opinion and my experience that doesn’t always need to be the case you understand long gone are the times where we need to produce additional handoffs while doing sos that we run in they just make them more prompt they make them less efficient and they do not make them what they require to be in in an age of tech and an age that you understand that we are operating in today there is no reason why we are still making this as difficult as it requires to be agreed and rightly as you stated payroll is the single most significant liability that any service has from a cost viewpoint from an effect point of view on staff members 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 have to be done right it has the greatest destructive effect on people’s well-being and numerous other elements if individuals aren’t paid uh I’ve constantly been astonished coming into this Market sort of the last 5 to ten years is how little thanks the
payroll team get um so I’m uncertain anybody on this kind of webinar has actually been informed 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 eventually payroll is such a crucial cycle we all become aware of it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s simply a tick box exercise 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 essential that all of this stuff is done correctly so leveraging the very first Global Payments first payroll payment solution is a terrific initial step um providing an end-to-end payroll service for your employees globally once again I think is another huge um process again lining up and ensuring you have standardization Global processes all of those things are absolutely crucial to success success of companies and minimizing the number of tools platforms and checking account they need for their International payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle do not expect 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 rather where they’re indicated to be um I do not think any of us are really doing that for for the thanks
anyhow we know how how essential 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 everyone that’s associated with those processes and also so envision sorry I’m simply I was just gon na state think of the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re discussing numerous thousands potentially Millions imagine getting that many thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing task attempting to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and in fact see what was going on and kind of shot to return to everybody so proceeding appearance why do companies pick to main separate checking account there are What Is Included In Papaya Global Payroll Subscription businesses out there doing precisely this for particular nations and I’ve worked in a company or many businesses doing exactly that I can say it does not constantly feel effective and it does produce more work I know we’re not purposely doing that we’re not developing extra work for any person where we do not need to and anyone that’s handling that procedure 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 individuals have got so utilized to we require a new checking account we open an entity and appropriately so you require it for payroll functions however 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 embraced and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and lots of other methods um to to kind of do it so I think there’s a range I think this is a process that needs looking at it needs altering but ultimately individuals are extremely stuck to what they recognize
with best um modification is a tough thing we all don’t like modification um so I believe it’s just type of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend obviously the benefits of having keeping multiple bank accounts however there’s a huge quantity of intricacy opts for establishing a savings account keeping it ensuring it can send International transfers ensuring it’s established with the best user accesses for individual people so the intricacy is big however I believe the truthful response is change um people have not been able to change or haven’t had necessarily 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 understand and there is an element of resistance to change but we have actually 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 understand what might nearly be determined to be the next Century approximately there is a lot to keep an eye on and this technique does pose numerous difficulties 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 modification 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 improved capability, I have effectively protected payments for our 10,000 workers worldwide. Your devotion 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 achievements. What Is Included In Papaya Global Payroll Subscription