Over the last five or six years …Can I Continue To Use Papaya Global Payroll 2014… roles on the provider side and likewise on the supplier side from a payroll point of view so really anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just provide everybody another number of uh well among the 30 seconds or so 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 already just to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I really 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 somewhere else at this moment in time all right so let’s start our program for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why business maintain different
Virtual payroll accounts are an option to standard bank accounts for managing payroll payments. This is especially useful for global companies with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of maintaining different bank accounts for payroll in various countries, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a strategic asset for payroll executives. We will likewise provide a recap of the main points covered and leave time for a Q&A session at the end.
Making sure accurate, efficient, and timely payroll payments is a complex obstacle for companies operating internationally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll savings account, find out how companies anticipate payroll costs to optimize working capital, and discover how streamlining international payroll payments can transform them from a burdensome job into a strategic property.
Managing payroll globally is an overwhelming job due to numerous policies, compliance requirements, information security concerns, and banking rules. The sheer variety of employees and businesses adds to the complexity, with an estimated 3.5 billion people in the international labor force, 500 countless whom are in Africa, and 230 million services worldwide.
Traditional payroll systems frequently result in manual processes, information silos, and an absence of combination, leading to disparities and inadequacies. Regardless of residing in an era of technological improvements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar objectives to provide insights and options to simplify and enhance worldwide payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force information in real time that’s another number that gives me sleepless nights and rather honestly the more a company spends on international payroll the less of a picture they see an absence of exposure also encompasses payroll payments and failure to precisely track these payments can cause compliance accidents in the last mile of the transaction nearly half of international services have expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM information information entry errors poorly interacted hires and terminations as well as absence management and system setups and then when you round everything off and the information is delivered to the incorrect location the average expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments do not run efficiently if they count on the necessary several processes 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 paying to employees or otherwise that’s a good concern I constantly throw this back and say what is it what does not require to be consisted of ideal and what does
it need to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy anywhere you look ideal eventually developing a knowledge base is absolutely vital however everywhere you look with payroll payment they are like incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is permitting us to kind of move forward with that it likewise also to add to that payroll and finance need to work closer together um with varying Checking account Particulars varying banking requirements and setup procedures is absolutely crucial that payroll and financing teams work more detailed together than ever um I’m constantly amazed when individuals say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they split the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people any place they are however also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world positions a high value on wellness and the payment landscape is ending up being significantly complex. Companies are continuously introducing brand-new benefits and payment alternatives, which contributes to the general intricacy. Large corporations often divide their payroll and payment processing into different groups, which can cause inefficiencies and traffic jams. In my viewpoint, this does not need to be the case. In today’s technologically innovative era, there’s no reason for preserving troublesome procedures. Payroll, the company’s greatest expense, must be processed properly and on time. Even small delays can adversely affect employees’ well-being and have far-reaching consequences. Therefore, it’s important to prioritize accurate and timely payments.
payroll team get um so I’m not exactly sure anybody on this kind of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an essential cycle we all find out about it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external deem 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 correctly so leveraging the very first Worldwide Payments first payroll payment option is a great first step um providing an end-to-end payroll option for your staff members worldwide again I think is another huge um process once again aligning and ensuring you have standardization International processes all of those things are definitely crucial to success success of businesses and minimizing the variety of tools platforms and checking account they require for their Global payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or 10 or whatever it might be with the with the the problems where things have not gone quite where they’re meant to be um I do not think any of us are actually doing that for for the thanks
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 easy as possible for everyone that’s associated with those processes and likewise so picture sorry I’m just I was simply gon na state envision the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions think of getting that numerous thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting task trying to clean all those up for sure oh definitely 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 attempt to browse them and actually see what was going on and kind of try to return to everybody so proceeding appearance why do business pick to primary different checking account there are Can I Continue To Use Papaya Global Payroll 2014 organizations out there doing precisely this for specific nations and I have actually operated in a service or numerous businesses doing exactly that I can say it does not always feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not developing extra work for anybody where we do not need to and anyone that’s managing 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 amount that we are I think numerous reasons one is it’s the standard I believe individuals have actually got so utilized to we require a brand-new bank account we open an entity and appropriately so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the norm individuals have actually adopted and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a variety I believe this is a procedure that requires taking a look at it requires changing however ultimately individuals are very stuck with what they recognize
with best um change is a difficult thing we all don’t like modification um so I think it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend certainly the advantages of having maintaining several savings account however there’s a big quantity of complexity chooses setting up a bank account keeping it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for specific individuals so the intricacy is substantial however I think the sincere answer is modification um individuals haven’t been able to change or haven’t had always the knowledge to really make that change into alternate Solutions besides opening a bank account I believe you have actually hit the nail on the head I believe it is understanding you understand and there is an element of resistance to change but we’ve always done it that way is no real excuse for not looking at the the benefits and the possibilities of proceeding and moving into you understand what might nearly be figured out to be the next Century or two there is a lot to monitor and this method does position numerous obstacles um so Johnny might you tell us about those obstacles yeah of course so there’s a range 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 jobs on one platform. It feels like our CFO has actually gained another CFO, and with this enhanced ability, I have successfully protected payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is closer, considering your accomplishments. Can I Continue To Use Papaya Global Payroll 2014