Over the last five or 6 years …What Does Papaya Global Payroll Do… roles on the service provider side and likewise on the vendor side from a payroll viewpoint so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just offer 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 intriguing and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everybody comes from and I actually 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 drizzling here it’s very very bleak and I wish I was elsewhere at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why companies preserve different
Virtual payroll accounts are an option to standard checking account for handling payroll payments. This is especially useful for international organizations with dispersed and remote workforces, as it simplifies the complex procedure of cross-border payments. Instead of keeping separate bank accounts for payroll in different countries, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are becoming a strategic 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.
Guaranteeing precise, efficient, and prompt payroll payments is a complex challenge for services running globally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll checking account, discover how business forecast payroll costs to optimize working capital, and discover how streamlining international payroll payments can change them from a troublesome task into a strategic possession.
Handling payroll internationally is a challenging job due to numerous policies, compliance requirements, data security concerns, and banking rules. The large variety of workers and services adds to the intricacy, with an approximated 3.5 billion people in the global labor force, 500 countless whom are in Africa, and 230 million services worldwide.
Traditional payroll systems frequently lead to manual procedures, information silos, and a lack of combination, causing inconsistencies and inadequacies. Regardless of living in a period of technological advancements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar objectives to offer insights and services to simplify 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 provides me sleepless nights and quite honestly the more a company invests in global payroll the less of an image they see a lack of visibility also extends to payroll payments and inability to accurately track these payments can result in compliance mishaps in the last mile of the transaction almost half of international companies have actually revealed that they do not 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 bad HCM information information entry errors inadequately communicated hires and terminations as well as absence management and system configurations and after that when you round it all off and the data is shipped to the wrong place the average cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the world payroll and payments don’t run efficiently if they rely on the needed several processes 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 business face when they’re making payments to staff members or otherwise that’s an excellent concern I always throw this back and state what is it what doesn’t require to be included right 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 country there’s payment time frames there’s payment capabilities 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 intricacy any place you look best eventually building a knowledge base is absolutely important but everywhere you look with payroll payment they resemble extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the kind of link 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 technology is enabling us to type of move on with that it also too to add to that payroll and financing require to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is absolutely important that payroll and finance groups work more detailed together than ever um I’m constantly impressed when people state I have actually 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 an industry accept that why our payroll and payments so often split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory third parties so with the
The modern-day world puts a high value on well-being and the compensation landscape is ending up being significantly intricate. Services are constantly introducing new advantages and payment options, which adds to the total complexity. Big corporations typically divide their payroll and payment processing into separate teams, which can lead to ineffectiveness and bottlenecks. In my viewpoint, this doesn’t need to hold true. In today’s highly advanced era, there’s no validation for preserving troublesome treatments. Payroll, the business’s greatest expense, should be processed properly and on time. Even minor hold-ups can adversely affect staff members’ wellness and have significant consequences. Therefore, it’s critical to prioritize accurate and timely payments.
payroll group get um so I’m not sure anybody on this sort of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an essential cycle we all hear about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely important that all of this stuff is done correctly so leveraging the first Global Payments very first payroll payment option is a terrific initial step um offering an end-to-end payroll solution for your staff members globally again I believe is another big um procedure once again aligning and guaranteeing you have standardization International processes all of those things are definitely key to success success of companies and lowering the number of tools platforms and bank accounts they require 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 countless them within a payroll cycle don’t anticipate to you do get the odd five or ten 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 believe any of us are in fact doing that for for the thanks
anyway we know how how crucial 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 everybody that’s associated with those processes and also so picture sorry I’m simply I was simply gon na state imagine the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions imagine getting that many thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing task trying to clean up 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 look through them and actually see what was going on and kind of shot to get back to everyone so moving on look why do companies pick to primary different checking account there are What Does Papaya Global Payroll Do organizations out there doing exactly this for particular nations and I’ve worked in a business or many organizations doing precisely that I can say it doesn’t always feel effective and it does develop more work I know we’re not intentionally doing that we’re not creating extra work for any person where we do not need to and any person that’s dealing with that procedure 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 believe numerous reasons one is it’s the standard I believe individuals have got so utilized to we require a brand-new savings account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm individuals have actually embraced and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and lots of other methods um to to sort of do it so I think there’s a variety I think this is a process that needs looking at it needs altering however eventually people are very stuck with what they’re familiar
with best um modification is a tough thing all of us do not like change um so I think it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend clearly the benefits of having preserving multiple savings account but there’s a big quantity of complexity goes with establishing a checking account preserving it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for private people so the intricacy is big but I think the truthful answer is change um people have not had the ability to change or haven’t had always the understanding to actually make that change into alternate Solutions aside from opening a checking account I think you’ve struck the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter but we have actually always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what could almost be determined to be the next Century approximately there is a lot to monitor and this approach does pose several obstacles um so Johnny could you inform us about those challenges yeah obviously so there’s a range 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 tasks on one platform. It seems like our CFO has gained another CFO, and with this boosted ability, I have actually successfully protected payments for our 10,000 employees worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is closer, considering your achievements. What Does Papaya Global Payroll Do