Over the last 5 or 6 years …Papaya Global Phone Number Liverpool… roles on the service provider side and likewise on the supplier side from a payroll point of view so really looking forward to this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply give everyone another couple of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everybody comes from and I really 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 really uninspiring and I want I was elsewhere at this moment in time alright so let’s get going our program for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why companies maintain separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic possession uh we’ll also review a wrap-up and that must leave his time at the very very end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being increasingly more common and managing them ends up being more and more complicated Global organizations are wanting to find Solutions and new methods to streamline procedures particularly from a payroll and cross-border payment standpoint lots of organizations preserve separate checking account just for payroll while some have several accounts in various nations does it make sense for companies to preserve different checking account in some cases in different nations it does but just for payroll is there a much better way what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting international business improve the episode complex procedures of
Making sure accurate, efficient, and timely payroll payments is a complex obstacle for businesses operating globally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll checking account, discover how companies anticipate payroll expenses to optimize working capital, and discover how simplifying global payroll payments can change them from a difficult job into a tactical property.
Handling payroll globally is a challenging job due to numerous policies, compliance requirements, information security issues, and banking rules. The sheer number of employees and businesses contributes to the complexity, with an approximated 3.5 billion people in the worldwide labor force, 500 countless whom are in Africa, and 230 million organizations worldwide.
Standard payroll systems typically result in manual processes, information silos, and an absence of integration, resulting in disparities and ineffectiveness. In spite of residing in an era of technological advancements, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar aims to provide insights and options to streamline and enhance international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force information in real time that’s another number that offers me sleep deprived nights and quite honestly the more a company invests in worldwide payroll the less of an image they see an absence of visibility likewise reaches payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the deal almost half of worldwide organizations have actually revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM data information entry mistakes inadequately interacted hires and terminations as well as lack management and system configurations and after that when you round all of it off and the data is delivered to the incorrect place the average cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the globe payroll and payments do not run efficiently if they count on the necessary multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles organization face when they’re making payments to workers or otherwise that’s a great question I constantly throw this back and state what is it what does not need to be consisted of best and what does
it require to be thought of there’s differing Bank information 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 have to pay from the consumer’s own in-country account so there’s intricacy anywhere you look right ultimately building a knowledge base is absolutely vital however all over you look with payroll payment they are like incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you 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 absolutely essential and innovation is enabling us to sort of move on with that it also also to add to that payroll and finance require to work closer together um with differing Bank Account Details varying banking requirements and setup processes is absolutely important that payroll and financing teams work better together than ever um I’m always surprised when people state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate 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 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 individuals any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world puts a high worth on wellness and the payment landscape is becoming significantly complex. Services are continually presenting new benefits and payment options, which contributes to the overall complexity. Large corporations frequently divide their payroll and payment processing into separate groups, which can lead to ineffectiveness and bottlenecks. In my viewpoint, this does not need to be the case. In today’s technically sophisticated age, there’s no validation for keeping troublesome procedures. Payroll, the business’s biggest expense, need to be processed correctly and on time. Even minor hold-ups can adversely impact workers’ well-being and have significant effects. Therefore, it’s vital to prioritize accurate and timely payments.
payroll team get um so I’m unsure anyone on this type of webinar has been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an essential cycle all of us find out about it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely essential that all of this stuff is done properly so leveraging the first International Payments very first payroll payment solution is a fantastic initial step um supplying an end-to-end payroll solution for your employees internationally once again I think is another big um procedure again aligning and guaranteeing you have standardization International processes all of those things are absolutely essential to success success of organizations and minimizing the variety of tools platforms and checking account they need for their Global 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 5 or 10 or whatever it might be with the with the the complaints where things have not gone rather where they’re meant to be um I do not believe any of us are actually doing that for for the thanks
anyhow we understand how how crucial a function 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 also so picture sorry I’m just I was simply gon na say 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 numerous thousands potentially Millions envision getting that many thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting task 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 held true um you ‘d need days of the week to try to look through them and in fact see what was going on and type of try to return to everybody so proceeding look why do business choose to primary separate bank accounts there are Papaya Global Phone Number Liverpool services out there doing exactly this for particular nations and I have actually worked in a service or numerous services doing exactly that I can say it does not always feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not producing additional work for anybody where we don’t have to and anybody that’s handling that procedure 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 numerous factors one is it’s the standard I think individuals have got so utilized to we need a brand-new savings account we open an entity and appropriately so you need it for payroll functions 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 individuals have adopted and continue to do over years and years gone past to add to that people have looked at things like trust accounts and many other ways um to to sort of do it so I believe there’s a range I think this is a process that requires looking at it needs changing but ultimately individuals are extremely stuck with what they recognize
with best um modification is a challenging thing we all don’t like change um so I believe it’s simply type of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend clearly the benefits of having keeping numerous checking account but there’s a huge quantity of complexity chooses establishing a checking account preserving it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for individual people so the intricacy is big however I believe the truthful answer is change um individuals haven’t been able to change or have not had necessarily the knowledge to really 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 knowledge you know and there is a component of resistance to change however we have actually always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could practically be identified to be the next Century or so there is a lot to keep an eye on and this approach does pose a number of challenges um so Johnny could you inform us about those difficulties yeah of course so there’s a range 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 acquired another CFO, and with this improved ability, I have successfully secured payments for our 10,000 workers worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You deserve a corner office with a parking space that is closer, considering your achievements. Papaya Global Phone Number Liverpool