Over the last five or six years …Cancel Papaya Global Payroll… roles on the company side and also on the supplier side from a payroll point of view so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply give everyone another number of uh well among the 30 seconds approximately to join all of us work back to back nowadays 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 everyone is um it’s nice to to type of like see where everybody originates from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really very bleak and I wish 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 looking at the difficulty years of handling International payroll why business preserve separate
Virtual payroll accounts are an option to conventional checking account for managing payroll payments. This is particularly beneficial for worldwide companies with dispersed and remote labor forces, as it streamlines the complicated procedure of cross-border payments. Instead of preserving different checking account for payroll in different nations, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are ending up being a strategic asset for payroll executives. We will also supply a recap of the main points covered and leave time for a Q&A session at the end.
Guaranteeing precise, efficient, and timely payroll payments is a complex obstacle for businesses operating internationally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll savings account, discover how business anticipate payroll costs to optimize working capital, and discover how improving international payroll payments can transform them from a challenging task into a tactical possession.
Handling payroll globally is a challenging task due to numerous regulations, compliance requirements, data security issues, and banking rules. The sheer variety of workers and organizations adds to the complexity, with an estimated 3.5 billion people in the global workforce, 500 countless whom are in Africa, and 230 million businesses worldwide.
Traditional payroll systems typically lead to manual procedures, information silos, and an absence of combination, resulting in disparities and inefficiencies. Regardless of living in a period of technological developments, 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 supply insights and services to simplify and optimize worldwide payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force data in real time that’s another number that gives me sleep deprived nights and rather honestly the more a company invests in international payroll the less of a picture they see a lack of presence likewise reaches payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the deal nearly half of global organizations have expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM data data entry errors inadequately interacted hires and terminations along with absence management and system setups and after that when you round all of it off and the data is shipped to the wrong place the typical cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money all over the world payroll and payments do not run efficiently if they depend on the required numerous processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges service face when they’re making payments to employees or otherwise that’s a great question I constantly toss this back and state what is it what doesn’t require to be consisted of ideal and what does
it require to be thought of 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 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 client’s own in-country account so there’s intricacy any place you look right eventually developing a knowledge base is absolutely critical but all over you look with payroll payment they are like very payments no if but some babies 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 essential and technology is enabling us to type of move on with that it also as well to add to that payroll and financing require to work closer together um with differing Bank Account Particulars varying banking requirements and setup processes is definitely imperative that payroll and financing teams work more detailed together than ever um I’m constantly surprised when people say I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll occupation would they split the payroll payment from computation 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 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
The contemporary world positions a high worth on well-being and the settlement landscape is ending up being significantly intricate. Companies are continuously presenting brand-new advantages and payment options, which adds to the total intricacy. Big corporations frequently divide their payroll and payment processing into separate teams, which can cause ineffectiveness and bottlenecks. In my viewpoint, this doesn’t have to be the case. In today’s technologically innovative period, there’s no validation for preserving cumbersome procedures. Payroll, the company’s biggest cost, should be processed correctly and on time. Even slight hold-ups can adversely impact staff members’ well-being and have significant effects. For that reason, it’s important to prioritize precise and prompt payments.
payroll team get um so I’m uncertain anyone on this sort of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an essential cycle all of us hear about it when it fails everyone jumps up and down when it fails but when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely vital that all of this things is done properly so leveraging the first Global Payments very first payroll payment solution is a terrific primary step um providing an end-to-end payroll service for your workers worldwide once again I think is another huge um process again aligning and ensuring you have standardization Global procedures all of those things are absolutely crucial to success success of businesses and lowering the number of tools platforms and savings account they need for their Worldwide payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred countless 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 complaints where things haven’t gone rather where they’re implied to be um I don’t believe any of us are actually doing that for for the thanks
anyhow we know how how essential 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 simple as possible for everybody that’s associated with those processes and likewise so imagine sorry I’m simply I was just gon na state imagine 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 talking about hundreds of thousands potentially Millions envision getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting task trying to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true 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 get back to everyone so moving on appearance why do business pick to main different bank accounts there are Cancel Papaya Global Payroll services out there doing exactly this for specific countries and I have actually operated in a business or many businesses doing exactly that I can state it does not always feel efficient and it does produce more work I know we’re not purposely doing that we’re not developing additional work for anybody where we don’t need to and any person that’s managing 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 quantity that we are I believe lots of reasons one is it’s the standard I think people have actually got so used to we require a new bank account we open an entity and appropriately so you need it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the norm individuals have 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 lots of other ways um to to kind of do it so I think there’s a variety I think this is a process that needs looking at it needs changing however ultimately individuals are extremely stuck with what they recognize
with best um modification is a difficult thing all of us don’t like change um so I think it’s simply sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the benefits of having keeping numerous checking account but there’s a substantial quantity of complexity opts for setting up a savings account maintaining it ensuring it can send International transfers ensuring it’s established with the right user accesses for specific individuals so the intricacy is substantial but I believe the honest answer is modification um individuals have not had the ability to change or haven’t had necessarily the knowledge to really make that change into alternate Solutions besides opening a bank account I think you have actually hit the nail on the head I think it is understanding you know and there is a component of resistance to alter but we’ve always done it that way is no real reason for not looking at the the advantages and the possibilities of proceeding and moving into you understand what could almost be determined to be the next Century approximately there is a lot to monitor and this technique does present numerous obstacles um so Johnny could you inform us about those obstacles yeah naturally so there’s a range right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has actually gained another CFO, and with this enhanced ability, I have successfully secured payments for our 10,000 staff members worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is closer, considering your achievements. Cancel Papaya Global Payroll