Over the last 5 or six years …How Do I Hide Old Employees In Papaya Global… functions on the provider side and also on the vendor side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just provide everybody another couple of uh well among the 30 seconds or so 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 fascinating 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 everyone comes from and I actually 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 very very bleak and I want I was somewhere else at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be looking at the obstacle years of handling International payroll why companies keep different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic possession uh we’ll also go over a recap and that should leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces become increasingly more common and handling them ends up being a growing number of complicated Worldwide companies are seeking to discover Solutions and new methods to improve processes specifically from a payroll and cross-border payment perspective lots of companies preserve different bank account just for payroll while some have multiple accounts in different nations does it make good sense for companies to keep separate checking account sometimes in different nations it does however just for payroll is there a much better way what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational business enhance the episode complex processes of
Making sure precise, efficient, and timely payroll payments is a complex difficulty for services operating globally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll savings account, learn how business forecast payroll costs to optimize working capital, and discover how streamlining global payroll payments can transform them from a difficult job into a strategic asset.
Handling payroll worldwide is a daunting job due to various regulations, compliance requirements, data security issues, and banking guidelines. The sheer number of staff members and organizations adds to the intricacy, with an estimated 3.5 billion individuals in the global labor force, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Traditional payroll systems often result in manual procedures, data silos, and a lack of integration, resulting in disparities and inadequacies. In spite of residing in a period of technological advancements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar goals to offer insights and solutions to streamline and optimize international payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of services state they have Workforce information in real time that’s another number that provides me sleep deprived nights and rather frankly the more an organization spends on international payroll the less of an image they see an absence of visibility likewise extends to payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the deal nearly half of global organizations have expressed 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 because of time reporting bad HCM information information entry errors improperly interacted hires and terminations in addition to absence management and system setups and after that when you round it all off and the information is delivered to the wrong location the typical cost of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash worldwide payroll and payments do not run smoothly if they rely on the needed multiple procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties service face when they’re making payments to employees or otherwise that’s an excellent concern I constantly toss this back and say what is it what does not need 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 country there’s payment timespan 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 complexity wherever you look best ultimately developing a knowledge base is definitely crucial however all over you look with payroll payment they are like incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the sort 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 basic and innovation is allowing us to kind of move on with that it likewise too to contribute to that payroll and finance require to work closer together um with varying Checking account Details varying banking requirements and setup procedures is definitely vital that payroll and financing teams work more detailed together than ever um I’m always astonished when people state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll profession would they divide the payroll payment from calculation 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 information collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory third parties so with the
The contemporary world positions a high worth on wellness and the compensation landscape is ending up being increasingly elaborate. Organizations are continuously introducing new benefits and payment alternatives, which contributes to the general intricacy. Large corporations frequently divide their payroll and payment processing into different groups, which can lead to inadequacies and bottlenecks. In my viewpoint, this does not need to hold true. In today’s technically sophisticated era, there’s no reason for keeping troublesome procedures. Payroll, the company’s greatest expense, need to be processed correctly and on time. Even small hold-ups can negatively affect workers’ well-being and have significant repercussions. For that reason, it’s vital to prioritize precise and prompt payments.
payroll team get um so I’m not exactly sure anybody on this kind of webinar has been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um but eventually payroll is such a crucial cycle we all find out about it when it fails everyone jumps up and down when it fails but when it goes right it’s simply a tick box workout and I believe 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 vital that all of this things is done correctly so leveraging the first Worldwide Payments first payroll payment option is a terrific initial step um providing an end-to-end payroll option for your workers worldwide again I believe is another substantial um procedure once again aligning and guaranteeing you have standardization International procedures all of those things are absolutely crucial to success success of organizations and minimizing the variety of tools platforms and checking 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 ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things have not gone quite where they’re indicated to be um I don’t think any of us are actually doing that for for the thanks
anyhow we know how how essential 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 easy as possible for everybody that’s associated with those procedures and likewise so envision sorry I’m simply I was simply gon na say imagine the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions picture getting that many thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting job trying to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse them and actually see what was going on and type of try to return to everyone so moving on appearance why do business pick to main separate checking account there are How Do I Hide Old Employees In Papaya Global organizations out there doing precisely this for specific countries and I’ve operated in a business or numerous companies doing precisely that I can say it doesn’t constantly feel efficient and it does create more work I understand we’re not purposely doing that we’re not developing extra work for anyone where we do not need to and any person 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 factors one is it’s the standard I believe individuals have actually got so utilized to we require a brand-new bank 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 believe it’s just been the standard and the standard the people have actually embraced 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 many other methods um to to type of do it so I think there’s a range I think this is a procedure that requires looking at it requires altering however ultimately individuals are really stuck to what they recognize
with right um modification is a difficult thing we all don’t like change 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 clearly the advantages of having preserving multiple bank accounts however there’s a substantial amount of intricacy chooses establishing a bank account preserving it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for individual individuals so the complexity is big however I believe the sincere answer is modification um people haven’t been able to change or have not had necessarily the knowledge to truly make that change into alternate Solutions besides opening a savings account I believe you’ve hit the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change but we have actually always done it that way is no real reason for not looking at the the advantages and the possibilities of moving on and moving into you understand what could almost be determined to be the next Century approximately there is a lot to keep track of and this technique does present several obstacles um so Johnny might you tell us about those difficulties yeah obviously so there’s a range right there is so
I recently made a change to our Enterprise 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 improved ability, I have effectively secured payments for our 10,000 workers worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is more detailed, considering your achievements. How Do I Hide Old Employees In Papaya Global