Over the last 5 or six years …Papaya Global Payrol Phone Number… roles on the company side and also on the vendor side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply give everyone another couple of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather fascinating 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 is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely extremely gloomy and I want I was somewhere else at this moment in time fine so let’s start our agenda for today is as follows um we are going to be looking at the difficulty years of managing International payroll why business maintain different
Virtual payroll accounts are an alternative to standard bank accounts for handling payroll payments. This is especially helpful for global companies with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of keeping different savings account for payroll in different nations, virtual accounts and digital wallets offer a more structured service. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are ending up being a tactical possession 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.
Making sure accurate, effective, and timely payroll payments is a complex challenge for companies operating internationally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll savings account, discover how companies forecast payroll expenses to optimize working capital, and find how simplifying worldwide payroll payments can change them from a challenging job into a tactical property.
Handling payroll globally is a complicated task due to numerous policies, compliance requirements, information security issues, and banking guidelines. The large number of staff members and organizations adds to the intricacy, with an approximated 3.5 billion people in the global workforce, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Conventional payroll systems frequently lead to manual processes, data silos, and a lack of combination, causing disparities and inadequacies. Regardless of residing in an age of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar goals to provide insights and options to simplify and enhance worldwide payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce data in real time that’s another number that gives me sleepless nights and quite frankly the more a company spends on international payroll the less of a photo they see an absence of exposure also extends to payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the deal nearly half of international companies have actually expressed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry mistakes improperly interacted hires and terminations in addition to lack management and system configurations and then when you round all of it off and the data is delivered to the incorrect 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 cash around the world payroll and payments do not run efficiently if they depend on the essential numerous procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles service face when they’re making payments to workers or otherwise that’s an excellent concern I always throw this back and state what is it what does not require to be included right and what does
it require to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan 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 customer’s own in-country account so there’s complexity any place you look right ultimately constructing a knowledge base is definitely critical but everywhere you look with payroll payment they resemble extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the sort 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 enabling us to kind of move forward with that it also also to contribute to that payroll and financing need to work closer together um with differing Checking account Details differing banking requirements and setup processes is absolutely vital that payroll and financing groups work better together than ever um I’m always surprised when people state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they split 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people wherever they are but likewise paying statutory authorities and on statutory third parties so with the
The modern-day world puts a high value on wellness and the compensation landscape is ending up being progressively elaborate. Businesses are constantly presenting new advantages and payment alternatives, which contributes to the total intricacy. Large corporations frequently divide their payroll and payment processing into separate teams, which can result in inefficiencies and traffic jams. In my opinion, this does not have to hold true. In today’s technically advanced period, there’s no validation for maintaining troublesome procedures. Payroll, the business’s biggest cost, must be processed correctly and on time. Even minor delays can negatively affect staff members’ well-being and have far-reaching repercussions. For that reason, it’s crucial to focus on precise and prompt payments.
payroll group get um so I’m unsure anyone on this sort of webinar has been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um however eventually payroll is such a crucial cycle we all find out about it when it goes wrong everyone jumps up and down when it fails 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 also like why WI-Fi Global why all of this things is definitely vital that all of this things is done properly so leveraging the very first Global Payments first payroll payment solution is a fantastic first step um supplying an end-to-end payroll service for your workers globally again I think is another substantial um process once again aligning and ensuring you have standardization Worldwide procedures all of those things are definitely crucial to success success of services and minimizing the number of tools platforms and savings account they need for their International 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 do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone quite where they’re meant to be um I do not believe any of us are in fact doing that for for the thanks
anyway we understand how how important a role 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 easy as possible for everyone that’s involved in those processes and likewise so imagine sorry I’m simply I was simply gon na state think of the amount of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions think of getting that lots of thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would definitely be a fascinating task 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 need days of the week to attempt to browse them and actually see what was going on and kind of try to return to everyone so proceeding look why do companies select to primary separate bank accounts there are Papaya Global Payrol Phone Number companies out there doing exactly this for particular countries and I’ve worked in an organization or numerous organizations doing exactly that I can say it doesn’t constantly feel efficient and it does produce more work I know we’re not deliberately doing that we’re not creating extra work for any person where we don’t need to and anyone 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 lots of reasons one is it’s the standard I believe people have actually got so used to we need a brand-new savings account we open an entity and rightly 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 requirement and the norm the people have actually embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a range I believe this is a process that needs taking a look at it needs altering however ultimately individuals are extremely stuck with what they’re familiar
with best um modification is a difficult thing we all do not like modification um so I believe it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand obviously the benefits of having maintaining numerous bank accounts however there’s a huge amount of complexity chooses setting up a savings account preserving it ensuring it can send International transfers ensuring it’s set up with the right user accesses for private individuals so the complexity is huge but I think the truthful answer is change um people haven’t been able to alter or haven’t had always the knowledge to really make that change into alternate Solutions other than opening a savings account I believe you’ve hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter however we’ve always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might almost be identified to be the next Century or two there is a lot to monitor and this approach does position a number of challenges um so Johnny could you tell us about those obstacles 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 jobs on one platform. It feels like our CFO has gotten another CFO, and with this enhanced capability, I have actually successfully secured payments for our 10,000 workers worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is good. You should have a corner office with a parking space that is closer, considering your achievements. Papaya Global Payrol Phone Number