Over the last 5 or six years …Papaya Global Canada Payroll… functions on the service provider side and also on the vendor side from a payroll perspective so really eagerly anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just provide everybody another couple of uh well one of the 30 seconds or so 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 sort of like see where everybody originates 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 really gloomy and I wish I was somewhere else at this moment in time fine so let’s start our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why business keep different
Virtual payroll accounts are an option to standard savings account for handling payroll payments. This is particularly helpful for global organizations with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of keeping separate savings account for payroll in various countries, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are becoming a strategic possession for payroll executives. We will also provide a recap of the main points covered and leave time for a Q&A session at the end.
Making sure precise, efficient, and timely payroll payments is a complex challenge for services running worldwide. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll bank accounts, learn how business anticipate payroll costs to optimize working capital, and discover how streamlining worldwide payroll payments can transform them from a challenging job into a strategic property.
Handling payroll internationally is a difficult task due to various policies, compliance requirements, data security issues, and banking guidelines. The large number of employees and businesses adds to the complexity, with an approximated 3.5 billion people in the global labor force, 500 countless whom are in Africa, and 230 million organizations worldwide.
Traditional payroll systems typically result in manual processes, information silos, and a lack of integration, causing inconsistencies and inadequacies. In spite of living in a period of technological improvements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar objectives to offer 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 companies say they have Workforce data in real time that’s another number that gives me sleepless nights and quite frankly the more a business spends on worldwide payroll the less of a photo they see a lack of exposure also encompasses payroll payments and inability to accurately track these payments can cause compliance incidents in the last mile of the deal almost half of worldwide organizations have actually expressed 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 bad HCM data data entry mistakes poorly communicated hires and terminations in addition to absence management and system configurations and after that when you round all of it off and the data is shipped to the wrong place the average cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the world payroll and payments do not run efficiently if they count on the essential numerous procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles company face when they’re paying to staff members or otherwise that’s a great question I always throw this back and say what is it what doesn’t require to be included 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 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 any place you look ideal ultimately building a knowledge base is definitely vital but all over you look with payroll payment they are like super payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is allowing us to kind of move on with that it likewise too to add to that payroll and finance require to work closer together um with varying Savings account Particulars varying banking requirements and setup procedures is definitely vital that payroll and financing teams work closer together than ever um I’m always impressed when people state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work 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 procedure it’s the point of information collection all the way through to paying people any place they are but also paying statutory authorities and on statutory third parties so with the
The contemporary world places a high worth on well-being and the settlement landscape is becoming progressively intricate. Organizations are constantly presenting brand-new advantages and payment alternatives, which contributes to the overall complexity. Big corporations frequently divide their payroll and payment processing into separate teams, which can result in inadequacies and bottlenecks. In my opinion, this doesn’t have to be the case. In today’s technologically advanced era, there’s no validation for preserving cumbersome treatments. Payroll, the company’s greatest cost, must be processed properly and on time. Even minor hold-ups can adversely affect employees’ well-being and have far-reaching repercussions. Therefore, it’s vital to prioritize accurate and timely payments.
The payroll team might not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and individuals only observe when things fail. Nevertheless, when things go right, it’s viewed as simply a regular task. This is how it’s perceived externally too. For that reason, it is essential to guarantee that jobs like Wi-Fi Global and other essential matters are done properly. Using the very first International Payments first payroll payment solution is an excellent preliminary step towards providing a comprehensive payroll solution for staff members worldwide. Standardization, worldwide processes, and lowering the number of tools, platforms, and bank accounts essential for global payroll are essential factors in accomplishing organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of problems when things don’t go as prepared. Ultimately, we don’t do it for the appreciation.
anyhow we know 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 simple as possible for everyone that’s associated with those processes and likewise so envision sorry I’m just I was simply gon na state imagine the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions think of getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing job trying 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 need days of the week to attempt to check out them and really see what was going on and sort of try to get back to everyone so proceeding look why do business choose to primary separate checking account there are Papaya Global Canada Payroll companies out there doing exactly this for specific countries and I’ve worked in a business or many services doing exactly that I can state it does not always feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not creating extra work for any person where we don’t have to and anyone that’s handling 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 lots of reasons one is it’s the requirement I believe individuals have actually got so used to we need a new bank account we open an entity and rightly 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 requirement and the norm the people have adopted and continue to do over years and years passed by to add to that individuals have taken a look at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a variety I believe this is a procedure that requires taking a look at it requires altering however eventually people are very stuck with what they’re familiar
with ideal um change is a challenging thing we all do not like modification um so I believe it’s just type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the benefits of having maintaining several bank accounts however there’s a big amount of complexity goes with setting up a savings account preserving it guaranteeing it can send International transfers guaranteeing it’s established with the right user accesses for individual individuals so the complexity is substantial however I think the honest response is modification um individuals haven’t had the ability to alter or haven’t had necessarily the understanding to really make that change into alternate Solutions besides opening a bank account I believe you’ve hit the nail on the head I believe it is understanding you understand and there is an aspect of resistance to alter however we’ve always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what might almost be identified to be the next Century approximately there is a lot to track and this approach does position a number of difficulties um so Johnny might you inform us about those challenges yeah obviously so there’s a variety right there is so
I just did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you deserve a corner workplace with a more detailed parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Canada Payroll