Over the last five or 6 years …Papaya Global Previous Payroll… roles on the service provider side and likewise on the vendor side from a payroll perspective so really anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just offer everyone another number of uh well among the 30 seconds or two to join all of us work back to back these days 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 everybody is um it’s nice to to kind of like see where everybody 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 extremely really bleak and I want 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 difficulty years of handling Global payroll why companies keep different
Virtual payroll accounts are an option to conventional checking account for managing payroll payments. This is particularly useful for worldwide companies with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of maintaining separate bank accounts for payroll in different countries, virtual accounts and digital wallets provide a more structured option. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a tactical asset for payroll executives. We will likewise provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
Ensuring precise, effective, and prompt payroll payments is a complex obstacle for services operating globally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll checking account, learn how business forecast payroll expenses to optimize working capital, and find how streamlining international payroll payments can transform them from a challenging task into a tactical asset.
Handling payroll worldwide is a difficult task due to different regulations, compliance requirements, information security concerns, and banking guidelines. The large variety of staff members and companies adds to the intricacy, with an estimated 3.5 billion individuals in the worldwide labor force, 500 million of whom are in Africa, and 230 million companies worldwide.
Standard payroll systems frequently result in manual procedures, information silos, and a lack of integration, leading to inconsistencies and inefficiencies. In spite of residing in an age of technological advancements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar aims to supply insights and solutions to streamline and optimize worldwide payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite frankly the more an organization spends on worldwide payroll the less of a photo they see a lack of presence likewise reaches payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the transaction nearly half of global services have expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry errors poorly interacted hires and terminations in addition to lack management and system configurations and after that when you round everything off and the information is shipped to the incorrect location the typical cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the globe payroll and payments don’t run efficiently if they depend on the required multiple 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 business face when they’re paying to staff members or otherwise that’s an excellent question I always toss this back and state what is it what does not need to be included best and what does
it need to be considered there’s varying 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 have to pay from the consumer’s own in-country account so there’s intricacy wherever you look ideal eventually constructing a knowledge base is absolutely important but everywhere 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 look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely basic and technology is permitting us to type of move forward with that it likewise as well to add to that payroll and finance require to work closer together um with varying Checking account Details differing banking requirements and setup processes is absolutely vital that payroll and finance groups work better together than ever um I’m constantly astonished when individuals state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from computation I would say no so why do we as a market 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 anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
The modern world positions a high worth on well-being and the payment landscape is ending up being increasingly detailed. Businesses are continually introducing brand-new advantages and payment options, which adds to the general intricacy. Large corporations often divide their payroll and payment processing into separate groups, which can cause inadequacies and bottlenecks. In my opinion, this doesn’t have to be the case. In today’s technically advanced period, there’s no justification for maintaining cumbersome treatments. Payroll, the business’s greatest expenditure, need to be processed properly and on time. Even slight delays can negatively affect employees’ well-being and have significant effects. For that reason, it’s important to focus on accurate and timely payments.
payroll group get um so I’m not sure anyone on this sort of webinar has 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 important cycle all of us become aware of it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely crucial that all of this stuff is done properly so leveraging the first Global Payments first payroll payment solution is a great first step um supplying an end-to-end payroll solution for your workers globally again I think is another huge um process again lining up and ensuring you have standardization Global procedures all of those things are definitely essential to success success of organizations and decreasing the number of tools platforms and savings account they require for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually 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 grievances where things haven’t gone rather where they’re suggested to be um I don’t think any of us are in fact doing that for for the thanks
anyhow 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 simple as possible for everyone that’s associated with those procedures and also so think of sorry I’m simply I was just gon na state picture the amount of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions picture getting that many thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating job trying to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to check out them and actually see what was going on and sort of shot to return to everyone so proceeding look why do business select to main separate bank accounts there are Papaya Global Previous Payroll services out there doing precisely this for specific countries and I have actually operated in a business or numerous services doing precisely that I can state it does not constantly feel effective and it does create more work I know we’re not intentionally doing that we’re not producing extra work for any person where we do not have to and anyone that’s dealing with that process 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 think lots of reasons one is it’s the standard I think individuals have actually got so used to we require a new checking account we open an entity and appropriately so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the standard individuals have actually adopted and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and lots of other methods um to to kind of do it so I think there’s a range I think this is a procedure that requires taking a look at it requires changing but eventually individuals are extremely stuck to what they recognize
with best um modification is a challenging thing all of us don’t like change um so I believe it’s just type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend clearly the advantages of having maintaining several checking account but there’s a huge quantity of complexity goes with establishing a bank account maintaining it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for individual people so the complexity is big however I think the honest answer is change um individuals haven’t been able to change or have not had always the knowledge to truly make that change into alternate Solutions aside from opening a checking account I believe you have actually hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter however we have actually always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could nearly be determined to be the next Century or so there is a lot to keep an eye on and this approach does pose a number of challenges um so Johnny could you inform us about those difficulties yeah obviously 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 manage our payroll and payment tasks on one platform. It feels like our CFO has gained another CFO, and with this boosted capability, I have actually effectively secured payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is better, considering your achievements. Papaya Global Previous Payroll