Over the last 5 or 6 years …Can You Buy Papaya Global Payroll Software… roles on the supplier side and likewise on the supplier side from a payroll perspective so really looking forward to this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just provide everybody another couple of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I truly do hope it’s much sunnier than it remains 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 really dreary and I want I was elsewhere at this moment in time all right 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 managing Global payroll why business maintain different
Virtual payroll accounts are an option to standard bank accounts for managing payroll payments. This is particularly beneficial for global companies with dispersed and remote labor forces, as it simplifies the intricate procedure of cross-border payments. Instead of preserving different checking account for payroll in different nations, virtual accounts and digital wallets use 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 possession for payroll executives. We will likewise supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
Making sure precise, effective, and prompt payroll payments is a complex challenge for services running internationally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll savings account, discover how business anticipate payroll expenses to optimize working capital, and find how simplifying international payroll payments can transform them from a troublesome job into a tactical possession.
Handling payroll globally is a daunting task due to various policies, compliance requirements, data security issues, and banking guidelines. The sheer variety of employees and businesses adds to the complexity, with an estimated 3.5 billion individuals in the worldwide labor force, 500 million of whom are in Africa, and 230 million companies worldwide.
Traditional payroll systems often result in manual processes, information silos, and an absence of combination, causing disparities and inefficiencies. Despite living 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 aims to provide insights and options to streamline and enhance international payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of services say they have Labor force data in real time that’s another number that offers me sleepless nights and rather honestly the more a service spends on international payroll the less of a picture they see a lack of presence likewise encompasses payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the transaction almost half of worldwide services have revealed 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 due to time reporting bad HCM data data entry mistakes inadequately interacted hires and terminations as well as absence management and system configurations and then when you round all of it off and the information is delivered to the wrong location the typical expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money worldwide payroll and payments do not run efficiently if they depend on the necessary numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties service face when they’re making payments to staff members or otherwise that’s an excellent question I always toss this back and say what is it what does not require to be consisted of ideal and what does
it need to be considered there’s varying Bank details 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 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 customer’s own in-country account so there’s intricacy any place you look ideal ultimately constructing a knowledge base is definitely important however all over you look with payroll payment they are like very payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely fundamental and innovation is allowing us to sort of move forward with that it also also to add to that payroll and financing require to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is absolutely crucial that payroll and financing groups work closer together than ever um I’m constantly impressed when people say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from computation 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 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 live in and wellness being more and more essential to add to sort of the level of intricacy there’s more and more advantages being organ or being offered by companies across the world so once again you’re simply aiming to include more and more payments to this already complex landscape so if you sort of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of genuine challenges or real tough kind of pay utilizes to play to pay individuals I believe yeah I mean over the last well yeah a number of decades I would certainly state that the larger a service gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding info into the next function as it were that’s actually handling the payment side of things however you know in in my opinion and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we require to produce additional handoffs at the same times that we operate in they simply make them more prompt they make them less effective and they don’t make them what they require to be in in an era of tech and an era that you understand that we are operating in today there is no reason we are still making this as hard as it needs to be agreed and rightly as you stated payroll is the single biggest liability that any company has from a cost perspective from an impact point of view on employees it is absolutely critical 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 need to be done right it has the greatest harmful effect on people’s wellness and lots of other aspects if people aren’t paid uh I’ve constantly been astonished entering this Market sort of the last five to 10 years is how little thanks the
payroll team get um so I’m uncertain anybody on this type of webinar has been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an essential cycle we all become aware of it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s simply a tick box workout and I think 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 absolutely important that all of this stuff is done properly so leveraging the very first Global Payments first payroll payment service is a great initial step um supplying an end-to-end payroll option for your employees internationally again I believe is another huge um procedure once again aligning and guaranteeing you have standardization International processes all of those things are definitely essential to success success of businesses and decreasing the variety of tools platforms and bank accounts they need for their International 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’ve never ever had a hundred countless them within a payroll cycle don’t 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 meant to be um I do not think any of us are actually doing that for for the thanks
anyway we know how how important 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 everybody that’s involved in those procedures and likewise so envision sorry I’m simply I was simply gon na state envision the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re speaking about numerous thousands potentially Millions think of getting that many thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would definitely be an intriguing task trying to clean up 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 require days of the week to attempt to look through them and in fact see what was going on and type of shot to return to everyone so moving on appearance why do companies select to main separate checking account there are Can You Buy Papaya Global Payroll Software businesses out there doing precisely this for particular countries and I’ve worked in a company or many companies doing precisely that I can say it does not always feel efficient and it does develop more work I know we’re not intentionally doing that we’re not producing additional work for any person where we don’t have to and anybody that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I think numerous factors one is it’s the requirement I think people have actually got so utilized to we need a brand-new bank account we open an entity and rightly so you need it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have actually embraced and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a range I think this is a procedure that needs taking a look at it requires changing however ultimately people are really stuck to what they recognize
with best um modification is a hard thing we all do not like modification um so I think it’s just kind of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend obviously the advantages of having maintaining numerous bank accounts but there’s a substantial amount of intricacy goes with establishing a bank account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for specific people so the intricacy is substantial but I think the honest response is modification um people have not been able to alter or haven’t had always the understanding to truly make that change into alternate Solutions other than opening a checking account I think you have actually struck the nail on the head I believe it is understanding you understand and there is an element of resistance to alter however we’ve constantly 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 might practically be identified to be the next Century approximately there is a lot to keep track of and this method does pose a number of challenges um so Johnny might you tell us about those challenges yeah of course so there’s a range right there is so
I simply did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global employees you should have a corner workplace with a closer parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Can You Buy Papaya Global Payroll Software