Over the last five or six years …Clocking In Machines Papaya Global… roles on the supplier side and also on the supplier side from a payroll viewpoint so really looking forward to this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply provide everyone another couple of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everybody comes from and I really do hope it’s much sunnier than it is 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 very dreary and I wish I was elsewhere at this moment in time alright so let’s start our program for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why business preserve separate
Virtual payroll accounts are an option to traditional bank accounts for managing payroll payments. This is especially helpful for international companies with dispersed and remote labor forces, as it streamlines the complex procedure of cross-border payments. Instead of preserving different bank accounts for payroll in different nations, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a strategic asset for payroll executives. We will likewise offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
Making sure accurate, efficient, and prompt payroll payments is a complex challenge for organizations operating worldwide. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll savings account, learn how business forecast payroll expenses to optimize working capital, and discover how streamlining international payroll payments can transform them from a difficult task into a tactical property.
Handling payroll worldwide is a challenging job due to numerous regulations, compliance requirements, data security issues, and banking rules. The large number of employees and companies adds to the intricacy, with an approximated 3.5 billion people in the global workforce, 500 million of whom are in Africa, and 230 million businesses worldwide.
Conventional payroll systems typically lead to manual procedures, data silos, and an absence of integration, leading to disparities and inefficiencies. In spite of residing in an era of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar goals to provide insights and options to streamline and enhance worldwide payroll payments.
about it to provide you an idea 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 gives me sleep deprived nights and quite frankly the more a business invests in worldwide payroll the less of an image they see a lack of presence also extends to payroll payments and inability to accurately track these payments can lead to compliance incidents in the last mile of the deal nearly half of international services have revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM information information entry errors inadequately interacted hires and terminations in addition to lack management and system configurations and then when you round everything off and the data is shipped to the incorrect place the average cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments don’t run efficiently if they depend on the required multiple processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges organization face when they’re making payments to staff members or otherwise that’s a great concern I constantly throw this back and state what is it what does not need to be included ideal and what does
it need to be thought of 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 anywhere you look right ultimately constructing a knowledge base is absolutely critical but everywhere you look with payroll payment they resemble super payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the kind 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 innovation is enabling us to type of progress with that it likewise also to contribute to that payroll and finance require to work closer together um with varying Savings account Particulars differing banking requirements and setup processes is definitely crucial that payroll and financing groups work more detailed together than ever um I’m always astonished when individuals say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work 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 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 3rd parties so with the
The modern-day world places a high value on wellness and the settlement landscape is becoming significantly detailed. Businesses are constantly introducing new benefits and payment options, which contributes to the general complexity. Big corporations often divide their payroll and payment processing into separate teams, which can cause inadequacies and bottlenecks. In my viewpoint, this doesn’t need to hold true. In today’s technologically advanced period, there’s no justification for preserving troublesome treatments. Payroll, the business’s greatest expense, need to be processed properly and on time. Even small delays can adversely affect workers’ wellness and have far-reaching repercussions. Therefore, it’s vital to prioritize accurate and prompt payments.
payroll group get um so I’m uncertain anyone on this sort of webinar has been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such a crucial cycle we all become aware of it when it goes wrong everyone jumps up and down when it goes wrong however 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 likewise like why WI-Fi Global why all of this things is definitely important that all of this stuff is done correctly so leveraging the very first Global Payments first payroll payment option is a terrific initial step um offering an end-to-end payroll service for your employees globally again I think is another big um process once again aligning and ensuring you have standardization Worldwide processes all of those things are definitely essential to success success of services and decreasing the variety of tools platforms and bank accounts they require for their Worldwide 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 ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the problems where things have not gone quite where they’re implied to be um I do not believe any of us are actually doing that for for the thanks
anyhow 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 easy as possible for everyone that’s involved in those procedures and also so think of sorry I’m just I was simply gon na state imagine the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re speaking about numerous thousands potentially Millions imagine getting that many thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing job attempting to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and in fact see what was going on and sort of try to return to everybody so proceeding look why do companies choose to main different bank accounts there are Clocking In Machines Papaya Global organizations out there doing precisely this for particular nations and I have actually operated in an organization or numerous organizations doing precisely that I can say it doesn’t constantly feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not creating additional work for anybody where we don’t have to and anyone that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe numerous reasons one is it’s the standard I think people have got so utilized to we need a new savings account we open an entity and appropriately so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the norm the people have actually embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and many other ways um to to kind of do it so I believe there’s a variety I think this is a process that needs taking a look at it needs changing however ultimately people are extremely stuck with what they’re familiar
with best um change is a tough thing all of us do not like change um so I think it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the advantages of having maintaining several checking account however there’s a big quantity of intricacy goes with establishing a savings account maintaining it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for individual individuals so the complexity is huge but I think the sincere answer is change um individuals have not been able to change or have not had necessarily the knowledge to truly make that change into alternate Solutions other than opening a savings account I think you have actually hit the nail on the head I think it is knowledge you know and there is an aspect of resistance to alter but we’ve always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of moving on and moving into you know what could practically be identified to be the next Century approximately there is a lot to keep an eye on and this approach does position a number of difficulties um so Johnny could you inform us about those obstacles yeah of course so there’s a range right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has gotten another CFO, and with this boosted capability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is better, considering your accomplishments. Clocking In Machines Papaya Global