Over the last 5 or six years …Papaya Global Payroll System… functions on the service provider side and also on the vendor side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just offer everyone another couple of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite 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 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 sunlight is it it’s not no it’s it’s drizzling here it’s extremely very dreary and I wish I was somewhere else at this moment in time alright 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 maintain different
Virtual payroll accounts are an alternative to traditional checking account for handling payroll payments. This is particularly useful for global companies with dispersed and remote labor forces, as it simplifies the complicated process of cross-border payments. Instead of preserving separate checking account for payroll in different nations, virtual accounts and digital wallets provide a more structured service. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are becoming a strategic asset for payroll executives. We will also offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
Making sure precise, efficient, and prompt payroll payments is a complex obstacle for companies operating internationally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll savings account, find out how companies anticipate payroll expenses to enhance working capital, and discover how enhancing global payroll payments can transform them from a troublesome task into a strategic possession.
Handling payroll worldwide is a complicated task due to various policies, compliance requirements, data security issues, and banking guidelines. The sheer number of workers and companies adds to the complexity, with an approximated 3.5 billion individuals in the global workforce, 500 countless whom are in Africa, and 230 million businesses worldwide.
Standard payroll systems frequently result in manual procedures, data silos, and an absence of combination, resulting in disparities and ineffectiveness. Regardless of living in a period of technological advancements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar aims to offer insights and solutions to simplify and optimize worldwide payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Labor force information in real time that’s another number that provides me sleep deprived nights and rather frankly the more a service spends on worldwide payroll the less of an image they see a lack of visibility also reaches payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the deal almost half of global organizations have revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry mistakes inadequately interacted hires and terminations along with lack management and system setups and after that when you round everything off and the information is shipped to the wrong place the average expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money all over the world payroll and payments do not run smoothly if they count on the required multiple 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 challenges company face when they’re paying to employees or otherwise that’s a good question I always toss this back and state what is it what doesn’t require to be included best and what does
it need 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 have to pay from an in-country account do you need to pay from the client’s own in-country account so there’s intricacy wherever you look best ultimately building a knowledge base is definitely crucial but everywhere you look with payroll payment they resemble very payments no if but some children 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 believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is allowing us to kind of move on with that it also also to add to that payroll and financing require 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 surprised when individuals say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they split 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory third parties so with the
The modern world positions a high worth on well-being and the compensation landscape is becoming increasingly intricate. Businesses are constantly presenting new benefits and payment alternatives, which adds to the general complexity. Large corporations typically divide their payroll and payment processing into different groups, which can lead to inefficiencies and traffic jams. In my opinion, this does not have to be the case. In today’s technologically sophisticated period, there’s no validation for maintaining cumbersome treatments. Payroll, the company’s biggest expense, must be processed properly and on time. Even small delays can negatively affect workers’ wellness and have significant consequences. For that reason, it’s vital to focus on precise and timely payments.
The payroll group may not have been thanked for correctly processing payroll throughout a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and people just notice when things fail. Nevertheless, when things go right, it’s seen as just a regular task. This is how it’s viewed externally too. Therefore, it is necessary to guarantee that tasks like Wi-Fi International and other vital matters are done correctly. Utilizing the first Global Payments first payroll payment service is a fantastic preliminary step towards offering a thorough payroll option for staff members worldwide. Standardization, worldwide procedures, and reducing the variety of tools, platforms, and checking account necessary 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 receive a few complaints when things don’t go as planned. Eventually, we do not do it for the gratitude.
anyhow we understand how how crucial 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 also so imagine sorry I’m simply I was simply gon na state envision the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions imagine getting that many thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting job attempting to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to look through them and in fact see what was going on and type of try to get back to everyone so proceeding appearance why do companies choose to primary separate bank accounts there are Papaya Global Payroll System services out there doing exactly this for specific countries and I’ve worked in a service or many organizations doing exactly that I can say it doesn’t always feel efficient and it does develop more work I know we’re not intentionally doing that we’re not developing extra work for anyone where we do not need to and anyone that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think many factors one is it’s the requirement I believe people have got so utilized to we require a brand-new bank account we open an entity and appropriately so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the norm the people have actually adopted and continue to do over years and years passed by to contribute to that individuals have actually looked at things like trust accounts and many other methods um to to type of do it so I believe there’s a range I think this is a procedure that requires looking at it needs changing but eventually individuals are really stuck to what they’re familiar
with ideal um modification is a challenging thing we all don’t like change um so I think it’s simply type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand clearly the benefits of having maintaining numerous checking account but there’s a huge quantity of intricacy opts for establishing a checking account preserving it guaranteeing it can send out International transfers guaranteeing it’s established with the ideal user accesses for specific people so the complexity is big however I think the sincere response is change um individuals haven’t had the ability to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions other than opening a bank account I think you have actually struck the nail on the head I think it is knowledge you know and there is a component of resistance to change however we’ve always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could nearly be determined to be the next Century or so there is a lot to monitor and this method does position a number of difficulties um so Johnny could you tell us about those difficulties yeah of course 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 acquired another CFO, and with this improved ability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is better, considering your achievements. Papaya Global Payroll System