Over the last five or 6 years …Does Papaya Global Support Garnishments… functions on the supplier side and also on the vendor side from a payroll viewpoint so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply provide everybody another couple of uh well among the 30 seconds or so to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everybody is um it’s nice to to sort of like see where everybody comes from and I actually 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 raining here it’s really very gloomy and I wish I was somewhere else at this moment in time alright so let’s start our program for today is as follows um we are going to be looking at the difficulty years of managing International payroll why business maintain separate
Virtual payroll accounts are an alternative to traditional savings account for handling payroll payments. This is especially useful for global organizations with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of maintaining different savings account for payroll in different nations, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are ending up being a strategic asset 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.
Guaranteeing accurate, efficient, and timely payroll payments is a complex obstacle for companies operating globally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll checking account, discover how business forecast payroll costs to optimize working capital, and find how improving global payroll payments can change them from a challenging task into a strategic property.
Handling payroll worldwide is a complicated job due to numerous regulations, compliance requirements, information security concerns, and banking rules. The sheer number of staff members and services adds to the complexity, with an approximated 3.5 billion individuals in the global labor force, 500 million of whom remain in Africa, and 230 million companies worldwide.
Conventional payroll systems typically result in manual processes, information silos, and an absence of integration, causing inconsistencies and ineffectiveness. In spite of residing in an era of technological developments, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar goals to provide insights and solutions to streamline and enhance worldwide payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of services state they have Workforce data in real time that’s another number that provides me sleep deprived nights and quite frankly the more a company invests in international payroll the less of an image they see a lack of presence also extends to payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the transaction almost half of global organizations have expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM data information entry mistakes poorly interacted hires and terminations as well as lack management and system setups and then when you round everything off and the data 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 require to move the money all over the world 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 point of view and in your experience what else requires to be factored into the challenges service face when they’re paying to employees or otherwise that’s a good concern I constantly toss this back and state what is it what does not require to be included best 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 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 need to pay from the client’s own in-country account so there’s complexity anywhere you look right eventually constructing a knowledge base is definitely vital however everywhere you look with payroll payment they resemble extremely payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the kind of link in 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 technology is allowing us to sort of move on with that it likewise too to add to that payroll and financing need to work closer together um with differing Savings account Details differing banking requirements and setup procedures is absolutely vital that payroll and finance teams work better together than ever um I’m always surprised when individuals say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession would they divide the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so frequently 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 people anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more crucial to contribute to sort of the level of complexity there’s a growing number of advantages being organ or being provided by businesses across the world so again you’re just wanting to include more and more payments to this currently 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 genuine challenges or real difficult kind of pay uses to play to pay people I think yeah I imply over the last well yeah a couple of years I would absolutely state that the larger a business gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are teams feeding details into the next function as it were that’s in fact handling the payment side of things but you understand in in my opinion and my experience that does not necessarily need to be the case you understand long gone are the times where we need to create extra handoffs in the processes that we operate in they just make them more prompt they make them less effective and they do not make them what they require to be in in a period of tech and an age that you know that we are operating in today there is no reason we are still making this as difficult as it needs to be concurred and rightly as you stated payroll is the single greatest liability that any organization has from a cost viewpoint from an effect point of view on staff members it is absolutely important that it’s done properly and on time so what we suggest 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 well-being and lots of other aspects if individuals aren’t paid uh I have actually always been amazed coming into this Market type of the last five to ten years is how little thanks the
The payroll team might not have been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and individuals only notice when things go wrong. Nevertheless, when things go right, it’s viewed as just a routine job. This is how it’s perceived externally also. Therefore, it is essential to guarantee that jobs like Wi-Fi International and other crucial matters are done properly. Using the first Global Payments first payroll payment service is an excellent preliminary step towards providing a detailed payroll service for workers worldwide. Standardization, global procedures, and minimizing the number of tools, platforms, and checking account needed for international payroll are essential consider accomplishing service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of complaints when things do not go as prepared. Ultimately, we don’t do it for the appreciation.
anyway we understand how how essential a role 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 everyone that’s associated with those procedures and likewise so think of sorry I’m just I was just gon na state think of the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re speaking about numerous thousands potentially Millions think of getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating job attempting to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and in fact see what was going on and sort of try to get back to everyone so carrying on look why do companies select to primary separate savings account there are Does Papaya Global Support Garnishments companies out there doing precisely this for particular nations and I’ve operated in a service or lots of businesses doing exactly that I can state it doesn’t always feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not producing extra work for any person where we do not need to and anybody that’s dealing with that procedure 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 used to we require a new checking account we open an entity and rightly 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 the people have actually adopted and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and many other methods 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 altering but ultimately people are really stuck to what they’re familiar
with ideal um modification is a challenging thing all of us don’t like modification um so I think it’s just type of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend obviously the benefits of having preserving multiple checking account but there’s a big amount of complexity goes with establishing a checking account keeping it ensuring it can send International transfers guaranteeing it’s established with the ideal user accesses for specific individuals so the intricacy is huge but I think the sincere answer is change um individuals haven’t had the ability to change or haven’t had always the knowledge to actually make that change into alternate Solutions aside from opening a savings account I think you have actually struck the nail on the head I believe it is knowledge you know and there is a component of resistance to alter but we have actually always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could almost be identified to be the next Century or so there is a lot to track and this technique does posture several difficulties um so Johnny could you tell us about those obstacles yeah of course so there’s a range right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has gained another CFO, and with this boosted capability, I have actually successfully secured payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is better, considering your accomplishments. Does Papaya Global Support Garnishments