Over the last 5 or six years …Papaya Global Payroll Services Phone Number… roles on the supplier side and also on the supplier side from a payroll viewpoint so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply provide everybody another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite 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 comes from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really extremely uninspiring and I wish I was elsewhere at this moment in time okay so let’s get going our program for today is as follows um we are going to be looking at the obstacle years of managing International payroll why business preserve separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts enhancing papaya International payroll payments as a tactical asset uh we’ll also review a recap and that must leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being increasingly more typical and managing them becomes a growing number of complicated Global organizations are aiming to discover Solutions and brand-new methods to improve procedures especially from a payroll and cross-border payment standpoint numerous companies keep different savings account just for payroll while some have several accounts in different nations does it make sense for companies to keep separate savings account often in different nations it does however just for payroll is there a much better method what function do virtual accounts and digital wallets also known as virtual wallets play in helping international companies enhance the episode complex procedures of
Ensuring accurate, effective, and prompt payroll payments is a complex difficulty for companies operating worldwide. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll savings account, learn how business anticipate payroll expenses to optimize working capital, and discover how enhancing worldwide payroll payments can transform them from a challenging job into a tactical asset.
Managing payroll globally is a challenging task due to various regulations, compliance requirements, data security concerns, and banking guidelines. The sheer variety of employees and businesses adds to the intricacy, with an estimated 3.5 billion individuals in the worldwide labor force, 500 countless whom are in Africa, and 230 million organizations worldwide.
Traditional payroll systems often lead to manual procedures, data silos, and an absence of combination, resulting in disparities and ineffectiveness. In spite of residing in a period of technological developments, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar objectives to provide insights and solutions 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 only 11 of businesses say they have Workforce data in real time that’s another number that offers me sleepless nights and rather frankly the more a service invests in global payroll the less of a picture they see a lack of exposure also reaches payroll payments and inability to accurately track these payments can result in compliance mishaps in the last mile of the deal almost half of global businesses have actually revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM data information entry mistakes badly interacted hires and terminations in addition to absence management and system configurations and after that when you round everything off and the data is shipped to the incorrect place the typical expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments don’t run smoothly if they depend on the needed numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles organization face when they’re paying to workers or otherwise that’s a good concern I constantly toss this back and say what is it what doesn’t need to be consisted of ideal and what does
it require to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment capabilities 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 complexity anywhere you look best ultimately constructing a knowledge base is absolutely important but everywhere you look with payroll payment they are like super payments no if but some infants 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 essential and technology is enabling us to kind of progress with that it likewise also to contribute to that payroll and financing need to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is absolutely essential that payroll and finance groups work more detailed together than ever um I’m always astonished when individuals state I’ve 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
world we reside in and wellness being a growing number of crucial to contribute to kind of the level of complexity there’s more and more advantages being organ or being used by organizations across the world so once again you’re just aiming to include more and more payments to this already complicated landscape so if you kind of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of genuine obstacles or real challenging type of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a number of decades I would absolutely say that the bigger a company gets the more it tends to segregate the payroll and the payments functions 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 know long gone are the times where we need to produce additional handoffs at the same times that we run in they simply make them more timely they make them less efficient and they don’t make them what they need to be in in an era of tech and a period that you know that we are working in today there is no reason that we are still making this as hard as it requires to be agreed and appropriately as you stated payroll is the single greatest liability that any company has from a cost perspective from an impact viewpoint on employees it is absolutely important that it’s done properly 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 most significant harmful impact on people’s wellness and numerous other elements if individuals aren’t paid uh I’ve constantly been amazed 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 anybody has been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and people only see when things go wrong. However, when things go right, it’s seen as just a regular task. This is how it’s perceived externally as well. For that reason, it is vital to ensure that jobs like Wi-Fi Global and other essential matters are done properly. Utilizing the very first International Payments first payroll payment option is a terrific initial step towards providing a thorough payroll service for workers worldwide. Standardization, international processes, and minimizing the number of tools, platforms, and checking account essential for international payroll are crucial consider attaining company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few problems when things don’t go as planned. Ultimately, we don’t do it for the appreciation.
anyway we understand how how important 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 everybody that’s involved in those procedures and likewise so picture sorry I’m simply I was just gon na say picture the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions picture getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing job attempting to clean 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 try to look through them and really see what was going on and type of shot to get back to everybody so proceeding appearance why do business select to main separate savings account there are Papaya Global Payroll Services Phone Number businesses out there doing exactly this for particular countries and I’ve worked in an organization or lots of businesses doing precisely that I can state it does not always feel effective and it does create more work I know we’re not purposely doing that we’re not producing extra work for anyone where we do not need to and anyone that’s managing 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 amount that we are I think many reasons one is it’s the requirement I think people have got so used to we require a new checking account we open an entity and appropriately so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s simply 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 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 range I believe this is a process that requires looking at it requires changing however ultimately people are very stuck to what they recognize
with ideal um change is a challenging thing all of us do not like change um so I believe it’s simply sort of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend certainly the benefits of having preserving several checking account however there’s a substantial amount of intricacy goes with establishing a checking account preserving it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for private individuals so the intricacy is big however I think the sincere answer is modification um individuals haven’t had the ability to alter or haven’t had necessarily the understanding to truly make that change into alternate Solutions besides opening a savings account I believe you have actually hit the nail on the head I think it is knowledge you understand and there is an aspect of resistance to alter but we’ve always done it that way is no real reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what could nearly be figured out to be the next Century approximately there is a lot to keep track of and this approach does position a number of challenges um so Johnny might you tell us about those obstacles yeah obviously so there’s a variety right there is so
I recently made a modification 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 gotten another CFO, and with this boosted ability, I have actually effectively protected payments for our 10,000 workers worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is better, considering your accomplishments. Papaya Global Payroll Services Phone Number