Over the last 5 or six years …How To See Whos Using Your Papaya Global Payroll Subscription… functions on the company side and also on the vendor side from a payroll viewpoint so truly looking forward to this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just offer everyone another couple of uh well one of the 30 seconds approximately 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 sort of like see where everybody comes from and I actually 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 very dreary and I wish 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 taking a look at the challenge years of handling Worldwide payroll why business keep separate
Virtual payroll accounts are an option to conventional bank accounts for managing payroll payments. This is particularly beneficial for international companies with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of preserving different checking account for payroll in various nations, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are becoming a strategic property for payroll executives. We will also supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring accurate, efficient, and timely payroll payments is a complex difficulty for businesses operating globally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll bank accounts, learn how business anticipate payroll costs to enhance working capital, and discover how simplifying global payroll payments can change them from a challenging task into a tactical asset.
Handling payroll worldwide is a complicated task due to numerous regulations, compliance requirements, information security issues, and banking rules. The large variety of workers and organizations adds to the intricacy, with an estimated 3.5 billion individuals in the international labor force, 500 million of whom remain in Africa, and 230 million companies worldwide.
Conventional payroll systems frequently result in manual processes, information silos, and a lack of integration, resulting in inconsistencies and inadequacies. In spite of residing in a period of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar aims to supply insights and solutions to streamline and enhance 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 state they have Workforce data in real time that’s another number that gives me sleep deprived nights and rather frankly the more a business spends on international payroll the less of a picture they see an absence of exposure likewise encompasses payroll payments and failure to accurately track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of international businesses have actually revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry mistakes badly communicated hires and terminations as well as absence management and system setups and after that when you round everything off and the data is shipped to the incorrect place the average expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the world payroll and payments do not run efficiently if they rely on the required several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges company face when they’re paying to staff members or otherwise that’s an excellent question I always toss this back and say what is it what does not require to be consisted of best and what does
it require to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per nation 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 have to pay from the customer’s own in-country account so there’s intricacy any place you look ideal ultimately developing a knowledge base is definitely important but all over you look with payroll payment they are like extremely payments no if but some children 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 think there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is permitting us to sort of progress with that it also as well to contribute to that payroll and finance need to work closer together um with varying Checking account Particulars varying banking requirements and setup processes is absolutely essential that payroll and finance groups work more detailed together than ever um I’m always amazed when individuals say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll occupation 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 eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world places a high worth on wellness and the settlement landscape is ending up being increasingly intricate. Businesses are continually presenting new benefits and payment options, which adds to the total complexity. Large corporations often divide their payroll and payment processing into different teams, which can result in inadequacies and bottlenecks. In my viewpoint, this does not have to be the case. In today’s technically innovative age, there’s no reason for keeping troublesome procedures. Payroll, the business’s most significant expense, need to be processed correctly and on time. Even slight hold-ups can negatively impact workers’ well-being and have significant consequences. For that reason, it’s crucial to prioritize precise and timely payments.
payroll team get um so I’m unsure anyone on this type of webinar has been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such a crucial cycle we all find out about it when it fails everybody jumps up and down when it fails but when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely essential that all of this stuff is done properly so leveraging the first International Payments very first payroll payment option is a terrific primary step um providing an end-to-end payroll solution for your workers internationally again I think is another substantial um procedure once again lining up and ensuring you have standardization International processes all of those things are definitely essential to success success of businesses and lowering the variety of tools platforms and checking account they need for their Worldwide payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never ever had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re indicated to be um I don’t think any of us are really doing that for for the thanks
anyhow we know how how essential a function it is which’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 associated with those processes and likewise so picture sorry I’m just I was just gon na say envision the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions think of getting that many thank you notes 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 attempting to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to check out them and actually see what was going on and sort of shot to return to everyone so carrying on look why do companies pick to main different savings account there are How To See Whos Using Your Papaya Global Payroll Subscription organizations out there doing precisely this for specific countries and I’ve worked in a business or many services doing exactly that I can say it doesn’t constantly feel effective and it does produce more work I know we’re not intentionally doing that we’re not creating extra work for anybody where we do not have to and any person that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe many factors one is it’s the standard I believe people have actually got so used to we require a brand-new savings account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the standard and the norm the people have actually adopted and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a variety I believe this is a process that needs looking at it needs altering but eventually people are really stuck to what they’re familiar
with right um modification is a difficult thing we all do not like modification 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 stuff um I understand certainly the benefits of having keeping several savings account but there’s a big quantity of intricacy chooses establishing a savings account preserving it guaranteeing it can send International transfers ensuring it’s set up with the right user accesses for individual individuals so the intricacy is substantial however I believe the sincere response is modification um people have not been able to change or have not had necessarily the understanding to truly make that change into alternate Solutions other than opening a savings account I think you’ve hit the nail on the head I think it is understanding you know and there is an element of resistance to alter however we’ve constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of carrying on and moving into you know what could almost be figured out to be the next Century approximately there is a lot to track and this approach does position numerous difficulties um so Johnny might you tell us about those difficulties yeah obviously 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 handle our payroll and payment jobs on one platform. It feels like our CFO has acquired another CFO, and with this improved capability, I have actually effectively secured payments for our 10,000 staff members worldwide. Your commitment to mastering worldwide 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 achievements. How To See Whos Using Your Papaya Global Payroll Subscription