Over the last 5 or six years …Contact Papaya Global Support… functions on the service provider side and also on the vendor side from a payroll point of view so really anticipating this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just give everybody another couple of uh well among the 30 seconds or two to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on currently simply to hear where everybody 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 definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very really uninspiring and I want I was elsewhere at this moment in time alright so let’s get started our program for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why business preserve separate
Virtual payroll accounts are an option to traditional savings account for managing payroll payments. This is particularly useful for worldwide organizations with dispersed and remote workforces, as it simplifies the intricate procedure of cross-border payments. Instead of preserving separate savings account for payroll in various countries, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are ending up being a tactical property for payroll executives. We will also provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
Making sure precise, effective, and timely payroll payments is a complex challenge for companies operating globally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll bank accounts, discover how companies anticipate payroll expenses to optimize working capital, and find how simplifying worldwide payroll payments can transform them from a difficult job into a tactical asset.
Handling payroll globally is a daunting job due to various regulations, compliance requirements, information security issues, and banking rules. The sheer variety of staff members and businesses adds to the complexity, with an estimated 3.5 billion people in the worldwide labor force, 500 million of whom are in Africa, and 230 million organizations worldwide.
Traditional payroll systems frequently result in manual processes, data silos, and an absence of integration, resulting in disparities and ineffectiveness. In spite of residing in a period of technological developments, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar aims to supply insights and options to streamline and optimize worldwide payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of services say they have Workforce information in real time that’s another number that gives me sleepless nights and rather frankly the more a service invests in global payroll the less of a photo they see a lack of presence likewise encompasses payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the transaction nearly half of worldwide services have actually expressed that they don’t 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 data entry mistakes inadequately interacted hires and terminations along with absence management and system configurations and then when you round it all off and the information is shipped to the incorrect location the typical cost of a worldwide information 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 don’t run smoothly if they rely on the required numerous procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges business face when they’re making payments to workers or otherwise that’s a great concern I always toss this back and say what is it what does not require to be consisted of right and what does
it require 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 time frames 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 client’s own in-country account so there’s complexity anywhere you look right eventually developing a knowledge base is definitely vital however all over you look with payroll payment they are like very payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely basic and innovation is allowing us to kind of move on with that it also too to add to that payroll and financing need to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is absolutely imperative that payroll and finance teams work closer together than ever um I’m constantly astonished when people say I’ve divided payroll and payment um if you stroll 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 an industry accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory third parties so with the
The modern world places a high worth on well-being and the payment landscape is becoming significantly elaborate. Services are constantly presenting new advantages and payment choices, which adds to the total complexity. Big corporations often divide their payroll and payment processing into separate groups, which can cause ineffectiveness and bottlenecks. In my opinion, this doesn’t have to hold true. In today’s highly advanced era, there’s no justification for preserving cumbersome treatments. Payroll, the business’s most significant expenditure, must be processed properly and on time. Even slight delays can adversely affect employees’ wellness and have far-reaching repercussions. Therefore, it’s vital to focus on precise and prompt payments.
The payroll group might not have actually been thanked for properly processing payroll during a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and people only see when things fail. However, when things go right, it’s viewed as just a routine task. This is how it’s viewed externally as well. Therefore, it is necessary to ensure that tasks like Wi-Fi Global and other important matters are done correctly. Using the very first Global Payments very first payroll payment service is an excellent initial action towards providing a comprehensive payroll option for employees worldwide. Standardization, international procedures, and decreasing the variety of tools, platforms, and savings account required for worldwide payroll are crucial consider accomplishing business success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of problems when things don’t go as prepared. Ultimately, we do not do it for the gratitude.
anyway we understand how how essential 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 processes and likewise so picture sorry I’m just I was just gon na state envision the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions think of getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting job trying to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and really see what was going on and type of try to get back to everyone so carrying on look why do companies select to main different checking account there are Contact Papaya Global Support businesses out there doing precisely this for particular nations and I’ve worked in an organization or lots of companies doing precisely that I can state it doesn’t always feel effective and it does create more work I understand we’re not intentionally doing that we’re not developing additional work for any person where we don’t need to and any person that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe lots of reasons one is it’s the standard I believe individuals have actually got so utilized to we need a brand-new savings account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard the people have embraced and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a variety I think this is a process that needs taking a look at it needs altering but eventually individuals are really stuck to what they recognize
with best um modification is a challenging thing we all do not like modification um so I believe it’s simply type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the benefits of having preserving several bank accounts however there’s a substantial quantity of complexity chooses setting up a bank account keeping it ensuring it can send International transfers ensuring it’s established with the right user accesses for individual people so the complexity is substantial but I think the honest answer is change um individuals have not been able to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions other than opening a checking account I think you have actually hit the nail on the head I believe it is knowledge you know and there is a component of resistance to change but we’ve constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what could nearly be determined to be the next Century or two there is a lot to monitor and this method does present a number of obstacles um so Johnny could you inform us about those challenges yeah naturally so there’s a variety right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has gotten another CFO, and with this improved capability, I have successfully protected payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is closer, considering your accomplishments. Contact Papaya Global Support