Over the last 5 or 6 years …Papaya Global Vs Papaya Global For Payroll… functions on the company side and likewise on the vendor side from a payroll point of view so truly 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 number of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everyone 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 extremely bleak and I want I was elsewhere at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why business maintain different
Virtual payroll accounts are an alternative to standard savings account for handling payroll payments. This is particularly useful for worldwide companies with dispersed and remote labor forces, as it streamlines the complex procedure of cross-border payments. Instead of keeping separate savings account for payroll in different nations, virtual accounts and digital wallets offer a more structured 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 prompt payroll payments is a complex difficulty for services running globally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll savings account, learn how companies forecast payroll costs to enhance working capital, and find how streamlining global payroll payments can change them from a challenging task into a tactical asset.
Managing payroll globally is a daunting task due to numerous guidelines, compliance requirements, information security issues, and banking rules. The sheer variety of employees and services adds to the intricacy, with an approximated 3.5 billion individuals in the global labor force, 500 million of whom remain in Africa, and 230 million services worldwide.
Conventional payroll systems often result in manual procedures, data silos, and an absence of combination, leading to inconsistencies and inefficiencies. In spite of residing in a period of technological advancements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar objectives to provide insights and options to simplify and enhance global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Labor force information in real time that’s another number that offers me sleep deprived nights and quite honestly the more a business spends on international payroll the less of a picture they see a lack of presence also reaches payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the deal nearly half of worldwide organizations have actually expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM information data entry mistakes badly communicated hires and terminations along with lack management and system configurations and then when you round all of it off and the information is delivered to the wrong location the typical cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments don’t run smoothly if they count on the necessary multiple processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties company face when they’re making payments to workers or otherwise that’s a great question I always toss this back and say what is it what does not require to be included best and what does
it need to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per country 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 need to pay from the consumer’s own in-country account so there’s intricacy anywhere you look ideal eventually building a knowledge base is definitely critical but everywhere you look with payroll payment they are like incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and innovation is enabling us to kind of move forward with that it likewise also to add to that payroll and financing need to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is absolutely essential that payroll and finance groups work better together than ever um I’m always surprised when people state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as an industry 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 individuals any place they are however also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world positions a high worth on well-being and the compensation landscape is becoming progressively elaborate. Organizations are continuously presenting brand-new advantages and payment choices, which contributes to the total intricacy. Large corporations frequently divide their payroll and payment processing into different teams, which can result in inefficiencies and traffic jams. In my viewpoint, this does not have to hold true. In today’s technologically advanced period, there’s no validation for preserving troublesome treatments. Payroll, the company’s biggest cost, should be processed properly and on time. Even minor delays can negatively affect staff members’ 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 unsure anybody on this type of webinar has actually 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 but eventually payroll is such an important cycle all of us hear about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely crucial that all of this stuff is done correctly so leveraging the first Global Payments first payroll payment service is an excellent first step um supplying an end-to-end payroll option for your employees globally again I think is another substantial um process again aligning and ensuring you have standardization Worldwide processes all of those things are definitely essential to success success of companies and decreasing the number of tools platforms and savings account they need for their Worldwide payroll too could not 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 thousand of them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the grievances where things have not gone rather where they’re implied to be um I do not believe any of us are in fact doing that for for the thanks
anyhow we know how how important a function 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 associated with those procedures and also so picture sorry I’m just I was just gon na state picture 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 speaking about hundreds of thousands potentially Millions envision getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating job trying to clean all those up for sure oh definitely I can’t envision 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 type of try to get back to everyone so moving on look why do companies choose to main separate checking account there are Papaya Global Vs Papaya Global For Payroll businesses out there doing precisely this for particular countries and I’ve operated in a business or lots of companies doing exactly that I can say it does not always feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not developing additional work for any person where we don’t need to and anyone that’s managing 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 think many factors one is it’s the requirement I believe individuals have actually got so utilized to we require a 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 think it’s simply been the standard and the standard the people have adopted and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a range I think this is a procedure that needs taking a look at it requires altering however ultimately individuals are extremely stuck with what they recognize
with right um modification is a challenging thing we all don’t like change um so I think it’s just sort of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend obviously the advantages of having maintaining multiple savings account however there’s a huge quantity of complexity goes with setting up a checking account keeping it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for specific individuals so the intricacy is big but I believe the sincere answer is modification um individuals have not been able to change or have not had always the knowledge to really make that change into alternate Solutions other than opening a savings account I think you’ve struck the nail on the head I think it is knowledge you understand and there is a component of resistance to alter but 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 might practically be identified to be the next Century or so there is a lot to keep an eye on and this technique does pose several obstacles um so Johnny could you tell us about those obstacles yeah obviously so there’s a range right there is so
I simply did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide workers you are worthy of a corner workplace with a more detailed parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Vs Papaya Global For Payroll