Over the last five or 6 years …Does Papaya Global Have A Clock Feature… roles on the provider side and likewise on the vendor side from a payroll viewpoint so really looking forward to this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just give everybody another number of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really very uninspiring and I wish I was somewhere else at this moment in time okay so let’s get started our program for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why companies maintain separate
Virtual payroll accounts are an option to conventional savings account for handling payroll payments. This is particularly helpful for international organizations with dispersed and remote labor forces, as it simplifies the intricate procedure of cross-border payments. Instead of maintaining separate savings account for payroll in various countries, virtual accounts and digital wallets provide a more structured service. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are ending up being a strategic 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 precise, efficient, and timely payroll payments is a complex challenge for companies running worldwide. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll savings account, find out how business forecast payroll costs to enhance working capital, and find how simplifying worldwide payroll payments can transform them from a challenging task into a tactical asset.
Handling payroll internationally is a complicated task due to numerous guidelines, compliance requirements, data security issues, and banking guidelines. The sheer variety of staff members and companies adds to the intricacy, with an estimated 3.5 billion people in the international workforce, 500 countless whom are in Africa, and 230 million organizations worldwide.
Traditional payroll systems typically lead to manual processes, data silos, and a lack of integration, causing disparities and inadequacies. Despite residing in an age of technological advancements, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar aims to provide insights and options to simplify 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 organizations say they have Workforce information in real time that’s another number that offers me sleep deprived nights and quite honestly the more a service invests in international payroll the less of a photo they see a lack of exposure likewise reaches payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the deal almost half of global businesses have expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry mistakes badly interacted hires and terminations in addition to absence management and system setups and then when you round it all off and the information is shipped to the incorrect location the average expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments don’t run efficiently if they count on the required several procedures 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 difficulties business face when they’re paying to workers or otherwise that’s a good concern I always throw this back and say what is it what does not require to be included ideal and what does
it need to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment timespan 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 consumer’s own in-country account so there’s intricacy wherever you look ideal eventually building a knowledge base is absolutely vital but all over you look with payroll payment they resemble very payments no if however some children about it you are all superheroes processing payments for payroll if you take a 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 basic and innovation is permitting us to sort of progress with that it likewise too to contribute to that payroll and finance need to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is definitely important that payroll and finance groups work better together than ever um I’m constantly surprised when individuals say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information 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 live in and well-being being a growing number of crucial to contribute to kind of the level of complexity there’s a growing number of advantages being organ or being offered by services throughout the world so again you’re just looking to add increasingly more payments to this already intricate landscape so if you sort of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of real obstacles or genuine difficult type of pay utilizes to play to pay people I think yeah I suggest over the last well yeah a couple of years I would definitely say that the bigger a business gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are teams feeding information into the next function as it were that’s in fact managing the payment side of things but you know in in my opinion and my experience that does not necessarily require to be the case you understand long gone are the times where we need to produce extra handoffs at the same times that we run in they just make them more timely they make them less effective and they do not make them what they require to be in in an era of tech and an age that you know 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 appropriately as you said payroll is the single biggest liability that any service has from an expense viewpoint from an effect viewpoint on staff members it is absolutely important that it’s done correctly 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 greatest harmful impact on individuals’s well-being and lots of other aspects if people aren’t paid uh I have actually always been impressed entering this Market type of the last 5 to ten years is how little thanks the
The payroll team might not have actually been thanked for properly processing payroll during a webinar. If anyone has been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals just notice when things fail. However, when things go right, it’s viewed as just a routine task. This is how it’s perceived externally also. For that reason, it is essential to make sure that jobs like Wi-Fi Global and other crucial matters are done properly. Using the very first Worldwide Payments very first payroll payment service is an excellent preliminary action towards offering a detailed payroll solution for workers worldwide. Standardization, worldwide procedures, and decreasing the variety of tools, platforms, and checking account needed for international payroll are essential consider achieving organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few problems when things do not go as prepared. Ultimately, we do not do it for the gratitude.
anyway 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 easy as possible for everybody that’s associated with those procedures and also so think of sorry I’m simply I was just gon na state picture 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 discussing hundreds of thousands potentially Millions picture getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating task trying to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to look through them and in fact see what was going on and kind of try to return to everyone so carrying on look why do business select to main different checking account there are Does Papaya Global Have A Clock Feature organizations out there doing exactly this for particular nations and I have actually worked in a service or lots of companies doing exactly that I can say it does not constantly feel efficient and it does create more work I know we’re not deliberately doing that we’re not producing additional work for anyone where we don’t need to and anybody that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe many reasons one is it’s the standard I think individuals have got so used to we require a brand-new savings account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the standard the people have actually adopted and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and many other methods um to to type of do it so I believe there’s a variety I think this is a process that needs taking a look at it needs altering but ultimately people are really stuck to what they recognize
with best um change is a hard thing all of us don’t like change um so I think it’s just kind of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend certainly the advantages of having preserving several bank accounts however there’s a substantial quantity of intricacy chooses establishing a checking account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the best user accesses for specific individuals so the complexity is substantial however I think the honest response is modification um people have not been able to alter or have not had always the understanding to really make that change into alternate Solutions other than opening a checking account I believe you’ve hit the nail on the head I believe it is knowledge you know and there is an element of resistance to alter but we have actually constantly done it that way is no real reason for not looking at the the advantages and the possibilities of moving on and moving into you understand what could almost be identified to be the next Century or two there is a lot to keep track of and this technique does pose a number of obstacles um so Johnny could you inform us about those difficulties yeah obviously so there’s a variety 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 jobs on one platform. It feels like our CFO has acquired another CFO, and with this boosted ability, I have actually successfully protected payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is closer, considering your accomplishments. Does Papaya Global Have A Clock Feature