Over the last 5 or 6 years …How To Contact Papaya Global Helpline… roles on the provider side and likewise on the vendor side from a payroll point of view so actually anticipating this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply give everyone another couple of uh well one of 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 interesting and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely extremely bleak and I wish I was somewhere else at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be looking at the challenge years of handling International payroll why companies maintain separate
Virtual payroll accounts are an option to conventional checking account for handling payroll payments. This is especially useful for worldwide companies with dispersed and remote labor forces, as it streamlines the complicated process of cross-border payments. Instead of preserving different bank accounts for payroll in various countries, virtual accounts and digital wallets use 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 tactical asset for payroll executives. We will likewise offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
Guaranteeing precise, efficient, and prompt payroll payments is a complex challenge for businesses operating internationally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll savings account, discover how companies anticipate payroll expenses to optimize working capital, and find how enhancing worldwide payroll payments can transform them from a burdensome task into a strategic possession.
Managing payroll worldwide is an overwhelming job due to numerous regulations, compliance requirements, information security concerns, and banking rules. The large number of staff members and services adds to the complexity, with an estimated 3.5 billion people in the global labor force, 500 countless whom remain in Africa, and 230 million services worldwide.
Conventional payroll systems often lead to manual processes, information silos, and an absence of integration, resulting in inconsistencies and inefficiencies. Regardless of living in a period of technological advancements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar aims to supply insights and solutions to streamline and optimize global payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services say they have Workforce data in real time that’s another number that offers me sleep deprived nights and rather frankly the more a service invests in worldwide payroll the less of a picture they see a lack of visibility also reaches payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the transaction nearly half of international organizations have revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry errors badly communicated hires and terminations in addition to absence management and system setups and then when you round everything off and the information is delivered to the wrong location the average cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money worldwide payroll and payments don’t run smoothly if they rely on the necessary several processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges service face when they’re paying to workers or otherwise that’s a good concern I constantly throw this back and say what is it what does not need to be included right 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 need to pay from the consumer’s own in-country account so there’s complexity wherever you look best ultimately constructing a knowledge base is absolutely critical however everywhere you look with payroll payment they are like super payments no if however some children about it you are all superheroes processing payments for payroll if you look at the kind 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 definitely essential and technology is permitting us to kind of move on with that it likewise also to contribute to that payroll and financing need to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is absolutely necessary that payroll and finance groups work more detailed together than ever um I’m always impressed when individuals say I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from estimation 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 eventually 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 3rd parties so with the
world we reside in and well-being being a growing number of essential to add to type of the level of complexity there’s a growing number of benefits being organ or being used by companies throughout the world so once again you’re simply wanting to include increasingly more payments to this currently complicated landscape so if you type of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of real obstacles or genuine challenging type of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a couple of years I would certainly say that the bigger a service gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are teams feeding details into the next function as it were that’s in fact handling the payment side of things however you know in in my opinion and my experience that does not always require to be the case you understand long gone are the times where we need to develop additional handoffs in the processes that we run in they simply make them more timely they make them less effective and they do not make them what they need to be in in an age of tech and a period that you know that we are operating in today there is no reason we are still making this as challenging as it needs to be concurred and rightly as you said payroll is the single greatest liability that any business has from a cost perspective from an impact point of view on workers it is definitely critical that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the most significant detrimental result on individuals’s wellness and lots of other elements if people aren’t paid uh I have actually constantly been astonished entering this Market type of the last five to 10 years is how little thanks the
The payroll group might not have actually been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and individuals just see when things go wrong. Nevertheless, when things go right, it’s seen as just a regular job. This is how it’s perceived externally as well. Therefore, it is vital to make sure that tasks like Wi-Fi Global and other vital matters are done correctly. Utilizing the first International Payments very first payroll payment option is a great preliminary step towards offering a thorough payroll option for staff members worldwide. Standardization, global procedures, and reducing the variety of tools, platforms, and bank accounts needed for worldwide payroll are essential factors in accomplishing business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of complaints when things do not go as prepared. 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 easy as possible for everyone that’s involved in those procedures and likewise so picture sorry I’m just I was just gon na say imagine the quantity 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 picture getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing task attempting to clean all those up for sure oh absolutely 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 try to browse them and in fact see what was going on and kind of try to return to everybody so proceeding look why do business pick to primary separate savings account there are How To Contact Papaya Global Helpline companies out there doing exactly this for specific countries and I’ve operated in a company or many businesses doing precisely that I can state it doesn’t constantly feel efficient and it does produce more work I understand we’re not purposely doing that we’re not creating extra work for anybody where we don’t have to and anyone that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I believe numerous factors one is it’s the standard I believe people have got so used to we require a brand-new checking account we open an entity and rightly so you need 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 standard the people have actually embraced and continue to do over years and years gone past to contribute to that individuals have actually taken a look at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a range I think this is a procedure that needs taking a look at it requires altering however ultimately individuals are really stuck to what they’re familiar
with ideal um modification is a tough thing we all do not like change um so I believe it’s just kind of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having maintaining multiple savings account however there’s a huge amount of complexity chooses setting up a bank account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for individual individuals so the complexity is huge however I think the truthful answer is modification um people have not had the ability to change or haven’t had necessarily the knowledge to really make that change into alternate Solutions other than opening a savings account I believe you have actually hit the nail on the head I believe it is knowledge you know and there is an element of resistance to change however we’ve constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could practically be determined to be the next Century or so there is a lot to keep an eye on and this approach does posture several obstacles um so Johnny might you tell us about those difficulties yeah obviously so there’s a variety 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 jobs on one platform. It feels like our CFO has actually gained another CFO, and with this enhanced ability, I have successfully secured payments for our 10,000 staff members worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is closer, considering your accomplishments. How To Contact Papaya Global Helpline