Over the last five or six years …When Is Papaya Global Payroll Due For Direct Deposit… functions on the provider side and likewise on the vendor side from a payroll point of view so truly looking forward to this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just give everyone another couple of uh well one of the 30 seconds or so 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 already just to hear where everybody is um it’s nice to to type of like see where everyone comes 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 raining here it’s extremely very bleak and I wish I was elsewhere at this moment in time okay so let’s get going our program for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why companies keep different
Virtual payroll accounts are an alternative to standard checking account for managing payroll payments. This is particularly helpful for global organizations with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of maintaining different bank accounts for payroll in different countries, virtual accounts and digital wallets offer a more streamlined 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 offer a recap of the main points covered and leave time for a Q&A session at the end.
Guaranteeing accurate, effective, and prompt payroll payments is a complex obstacle for companies operating worldwide. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll bank accounts, find out how companies forecast payroll costs to enhance working capital, and find how streamlining worldwide payroll payments can transform them from a difficult job into a strategic property.
Handling payroll internationally is a difficult task due to different guidelines, compliance requirements, data security concerns, and banking guidelines. The sheer variety of workers and businesses adds to the complexity, with an estimated 3.5 billion people in the worldwide workforce, 500 million of whom are in Africa, and 230 million companies worldwide.
Traditional payroll systems often lead to manual procedures, information silos, and an absence of integration, resulting in disparities and ineffectiveness. Regardless of living in a period of technological advancements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar goals to provide insights and solutions to simplify and enhance 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 state they have Labor force data in real time that’s another number that provides me sleep deprived nights and rather frankly the more a business invests in international payroll the less of an image they see an absence of presence also extends to payroll payments and failure to precisely track these payments can result in compliance mishaps in the last mile of the transaction nearly half of international services have actually revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry mistakes badly communicated hires and terminations as well as lack management and system configurations and after that when you round everything off and the information is delivered to the wrong place the typical cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash all over the world payroll and payments don’t run smoothly if they depend on the necessary several procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties service face when they’re paying to staff members or otherwise that’s a good question I constantly throw this back and say what is it what doesn’t require to be consisted of ideal and what does
it need to be thought about there’s varying Bank details 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 have to pay from the customer’s own in-country account so there’s complexity anywhere you look best ultimately developing a knowledge base is absolutely crucial however everywhere you look with payroll payment they are like super payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is allowing us to sort of move forward with that it also too to contribute to that payroll and finance require to work closer together um with varying Checking account Particulars varying banking requirements and setup procedures is absolutely vital that payroll and finance teams work closer together than ever um I’m constantly astonished when individuals say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from estimation 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 procedure it’s the point of data collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of essential to contribute to sort of the level of intricacy there’s increasingly more benefits being organ or being offered by organizations throughout the world so once again you’re simply seeking to include increasingly more payments to this currently complex landscape so if you type of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of genuine difficulties or real challenging kind of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a number of years I would certainly say that the larger a service 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 teams feeding info into the next function as it were that’s really managing the payment side of things however you understand in in my viewpoint and my experience that does not always need to be the case you know long gone are the times where we require to produce additional handoffs while doing sos that we operate in they simply 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 an era that you understand that we are operating in today there is no reason that we are still making this as hard as it needs to be concurred and rightly as you said payroll is the single most significant liability that any service has from an expense perspective from an impact point of view on staff members it is absolutely vital 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 biggest harmful effect on individuals’s wellness and many other elements if individuals aren’t paid uh I’ve constantly been amazed entering this Market kind of the last five to ten years is how little thanks the
payroll team get um so I’m not exactly sure anyone on this type of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um however eventually 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 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 also like why WI-Fi Global why all of this stuff is definitely vital that all of this stuff is done properly so leveraging the very first Worldwide Payments very first payroll payment option is a terrific first step um offering an end-to-end payroll service for your workers internationally once again I think is another huge um procedure again lining up and guaranteeing you have standardization International procedures all of those things are absolutely essential to success success of services and minimizing the variety of tools platforms and savings account they require 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’ve never had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t gone rather where they’re implied to be um I do not believe any of us are really doing that for for the thanks
anyhow 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 everybody that’s involved in those procedures and likewise so think of sorry I’m simply I was simply gon na say picture the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions think of getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting 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 require days of the week to try to browse them and actually see what was going on and kind of try to get back to everyone so moving on appearance why do companies pick to primary different savings account there are When Is Papaya Global Payroll Due For Direct Deposit organizations out there doing exactly this for specific nations and I’ve worked in a company or lots of services doing precisely that I can say it does not constantly feel effective and it does develop more work I understand we’re not purposely doing that we’re not producing additional work for anybody where we don’t need to and anyone that’s managing 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 think many reasons one is it’s the standard I believe individuals have got so utilized to we require a brand-new checking account we open an entity and appropriately so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have embraced and continue to do over years and years passed by to add to that people have looked at things like trust accounts and lots of other ways um to to type of do it so I believe there’s a variety I believe this is a procedure that requires taking a look at it needs altering but eventually individuals are really stuck to what they’re familiar
with best um change is a hard thing we all don’t like change um so I think it’s just sort of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand certainly the advantages of having maintaining numerous bank accounts however there’s a substantial quantity of complexity opts for setting up a checking account preserving it ensuring it can send out International transfers ensuring it’s set up with the best user accesses for specific people so the complexity is huge but I believe the sincere response is change um people haven’t had the ability to change or have not had necessarily the understanding to actually make that change into alternate Solutions aside from opening a savings account I think you’ve hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter however we’ve always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what could nearly be figured out to be the next Century or so there is a lot to keep an eye on and this approach does position a number of challenges um so Johnny could you tell us about those difficulties yeah of course so there’s a range right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs 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 staff members worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is closer, considering your achievements. When Is Papaya Global Payroll Due For Direct Deposit