Over the last 5 or 6 years …How Do I Get Next Day Papaya Global Payroll… functions on the company side and also on the supplier side from a payroll point of view so actually looking forward to this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply provide everybody another number of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everybody comes from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really very bleak and I want I was somewhere else at this moment in time fine so let’s get started 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 alternative to standard checking account for handling payroll payments. This is especially helpful for global companies with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of maintaining separate savings account for payroll in various countries, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are ending up being a strategic asset for payroll executives. We will also offer a wrap-up 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 organizations operating internationally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll savings account, learn how companies forecast payroll expenses to optimize working capital, and discover how streamlining global payroll payments can transform them from a difficult job into a tactical possession.
Handling payroll worldwide is a complicated job due to numerous policies, compliance requirements, data security concerns, and banking guidelines. The large number of workers and companies adds to the complexity, with an estimated 3.5 billion individuals in the international labor force, 500 million of whom remain in Africa, and 230 million services worldwide.
Standard payroll systems typically result in manual procedures, information silos, and an absence of combination, leading to disparities and inefficiencies. In spite of living in a period of technological improvements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar objectives to supply insights and solutions to streamline and optimize worldwide payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite honestly the more an organization spends on global payroll the less of a picture they see an absence of visibility likewise extends to payroll payments and inability to precisely track these payments can result in compliance mishaps in the last mile of the transaction almost half of worldwide organizations have actually expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM information information entry mistakes improperly communicated hires and terminations in addition to lack management and system configurations and after that when you round it all off and the information is shipped to the wrong place the typical expense of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the world payroll and payments do not run efficiently if they depend on the necessary several procedures 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 obstacles company face when they’re paying to employees or otherwise that’s a good concern I always toss this back and state what is it what doesn’t require to be consisted of ideal and what does
it need to be considered there’s differing Bank details 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 abilities 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 consumer’s own in-country account so there’s intricacy wherever you look best eventually developing a knowledge base is definitely vital but all over you look with payroll payment they are like extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and technology is permitting us to kind of move forward with that it also as well to add to that payroll and finance require to work closer together um with differing Savings account Details varying banking requirements and setup procedures is definitely important that payroll and finance teams work more detailed together than ever um I’m constantly surprised when individuals say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being increasingly more essential to add to sort of the level of intricacy there’s increasingly more advantages being organ or being offered by companies throughout the world so again you’re simply looking to add a growing number of payments to this already intricate landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of real obstacles or genuine difficult kind of pay utilizes to play to pay people I believe yeah I imply over the last well yeah a couple of decades I would definitely state that the larger a service gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are groups feeding details into the next function as it were that’s in fact handling the payment side of things however you know in in my viewpoint and my experience that doesn’t always require to be the case you understand long gone are the times where we require to develop additional handoffs while doing sos that we run in they simply make them more prompt they make them less effective and they do not make them what they need to be in in an age of tech and an age that you understand that we are working in today there is no reason why we are still making this as hard as it requires to be agreed and appropriately as you stated payroll is the single most significant liability that any organization has from a cost perspective from an effect viewpoint on workers 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 have to be done right it has the greatest destructive impact on people’s well-being and lots of other aspects if people aren’t paid uh I’ve always been astonished entering this Market type of the last 5 to 10 years is how little thanks the
The payroll team may not have actually been thanked for correctly processing payroll during a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and individuals only discover when things fail. Nevertheless, when things go right, it’s seen as simply a regular job. This is how it’s perceived externally as well. Therefore, it is important to make sure that jobs like Wi-Fi International and other essential matters are done correctly. Using the very first International Payments very first payroll payment solution is an excellent initial step towards providing a comprehensive payroll option for employees worldwide. Standardization, international procedures, and decreasing the variety of tools, platforms, and checking account needed for global payroll are crucial consider accomplishing organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few complaints when things don’t go as planned. Ultimately, we do not do it for the gratitude.
anyhow 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 everyone that’s associated with those processes and likewise so imagine sorry I’m just I was simply gon na state envision the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions envision getting that lots of thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing task attempting to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and in fact see what was going on and sort of shot to return to everybody so carrying on appearance why do companies choose to main different checking account there are How Do I Get Next Day Papaya Global Payroll services out there doing precisely this for specific nations and I’ve operated in an organization or many companies doing precisely that I can say it does not constantly feel efficient and it does create more work I know we’re not intentionally doing that we’re not developing extra work for anybody where we don’t need to and any person that’s dealing with that process 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 believe lots of reasons one is it’s the standard I believe people have got so used to we need a brand-new bank account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just 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 people have actually taken a look at things like trust accounts and lots of other methods um to to type of do it so I think there’s a variety I think this is a process that requires looking at it requires altering however ultimately individuals are very stuck with what they recognize
with right um change is a challenging thing all of us do not like modification um so I think it’s simply type of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand clearly the advantages of having maintaining multiple bank accounts but there’s a huge quantity of complexity goes with setting up a bank account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for private individuals so the intricacy is substantial but I think the truthful response is change um individuals have not had the ability to change or have not had necessarily the understanding to truly make that change into alternate Solutions other than opening a bank account I believe you have actually hit the nail on the head I think it is understanding you understand and there is an element of resistance to change but we have actually always 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 understand what could nearly be determined to be the next Century approximately there is a lot to keep track of and this method does present numerous obstacles um so Johnny could you inform us about those difficulties yeah obviously 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International workers you should have a corner office with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you How Do I Get Next Day Papaya Global Payroll