Over the last five or 6 years …Papaya Global Have To Keep Enabling Online Documents… functions on the service provider side and also on the supplier side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just offer everyone another couple of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everyone 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 drizzling here it’s really very bleak and I wish I was elsewhere 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 managing International payroll why business preserve separate
Virtual payroll accounts are an alternative to conventional bank accounts for managing payroll payments. This is especially useful for global companies with dispersed and remote workforces, as it streamlines the complicated procedure of cross-border payments. Instead of maintaining separate savings account for payroll in different countries, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a strategic possession for payroll executives. We will also supply a recap of the main points covered and leave time for a Q&A session at the end.
Guaranteeing accurate, effective, and timely payroll payments is a complex obstacle for services running worldwide. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll bank accounts, learn how business forecast payroll expenses to optimize working capital, and discover how improving global payroll payments can change them from a troublesome job into a strategic possession.
Managing payroll internationally is a complicated job due to different guidelines, compliance requirements, data security concerns, and banking guidelines. The sheer number of staff members and organizations adds to the complexity, with an approximated 3.5 billion individuals in the global labor force, 500 million of whom are in Africa, and 230 million businesses worldwide.
Conventional payroll systems frequently lead to manual processes, information silos, and an absence of integration, leading to inconsistencies and inadequacies. Despite living in an age of technological developments, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar objectives to offer insights and services to streamline and enhance global payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services say they have Workforce data in real time that’s another number that provides me sleepless nights and rather honestly the more an organization spends on worldwide payroll the less of a picture they see a lack of exposure likewise reaches payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the deal almost half of international services have actually revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry errors poorly interacted hires and terminations in addition to absence management and system configurations and then when you round it all off and the data is delivered to the incorrect place the typical 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 worldwide payroll and payments don’t run efficiently if they depend on the necessary multiple procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties company face when they’re making payments to workers or otherwise that’s a great concern I constantly toss this back and state what is it what does not need to be included right and what does
it require to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s intricacy any place you look ideal ultimately building a knowledge base is absolutely vital but all over you look with payroll payment they resemble extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you take a 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 fundamental and innovation is enabling us to type of progress with that it also also to add to that payroll and financing require to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is definitely important that payroll and financing teams work better together than ever um I’m constantly impressed when individuals say I have actually split payroll and payment um if you stroll down the street and asked anybody 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 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 procedure it’s the point of information collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory third parties so with the
The modern world puts a high value on wellness and the payment landscape is becoming progressively detailed. Businesses are constantly presenting new advantages and payment options, which adds to the total complexity. Big corporations frequently divide their payroll and payment processing into separate teams, which can result in inadequacies and bottlenecks. In my opinion, this does not need to hold true. In today’s highly innovative period, there’s no validation for preserving troublesome treatments. Payroll, the business’s biggest expenditure, need to be processed correctly and on time. Even slight delays can negatively affect employees’ wellness and have significant consequences. For that reason, it’s vital to focus on accurate and timely payments.
payroll team get um so I’m not sure anybody on this kind of webinar has been informed 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 an important cycle all of us hear about it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely vital that all of this stuff is done correctly so leveraging the very first International Payments very first payroll payment solution is an excellent first step um providing an end-to-end payroll service for your employees globally once again I believe is another big um process once again lining up and ensuring you have standardization Global processes all of those things are absolutely key to success success of businesses and minimizing the variety of tools platforms and savings account they require for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred thousand of 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 rather where they’re suggested to be um I do not believe any of us are in fact doing that for for the thanks
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 simple as possible for everybody that’s associated with those processes and also so picture sorry I’m just I was simply gon na state envision the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions envision getting that many thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting task attempting to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to look through them and really see what was going on and kind of try to return to everyone so moving on appearance why do companies pick to primary separate bank accounts there are Papaya Global Have To Keep Enabling Online Documents organizations out there doing precisely this for specific nations and I’ve worked in a company or numerous businesses doing precisely that I can say it doesn’t constantly feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not creating extra work for anyone where we don’t need to and anybody that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I believe many factors one is it’s the standard I believe people have actually got so utilized to we need a new checking 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 just been the standard and the standard the people have adopted and continue to do over years and years gone past to add to that individuals have taken a look 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 requires taking a look at it requires changing however ultimately people are very stuck with what they’re familiar
with ideal um change is a tough thing all of us don’t like modification um so I think it’s simply type of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend certainly the advantages of having keeping numerous bank accounts however there’s a substantial quantity of complexity chooses setting up a checking account maintaining it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for private individuals so the intricacy is huge however I believe the truthful answer is modification um people haven’t had the ability to alter or have not had necessarily the understanding to truly make that change into alternate Solutions aside from opening a bank account I believe you’ve hit the nail on the head I think it is understanding you know and there is an element of resistance to change but we’ve always done it that way is no real reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what could nearly be determined to be the next Century approximately there is a lot to keep an eye on and this method does present numerous difficulties um so Johnny might you tell us about those obstacles yeah naturally 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 tasks on one platform. It feels like our CFO has actually acquired another CFO, and with this improved capability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global Have To Keep Enabling Online Documents