Over the last five or six years …Is Papaya Global Payroll Bonded… functions on the provider side and likewise on the supplier side from a payroll viewpoint so really anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply provide everybody 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 fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to type of like see where everyone comes from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really very uninspiring and I want I was elsewhere at this moment in time okay 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 business preserve different
Virtual payroll accounts are an option to standard savings account for managing payroll payments. This is especially helpful for international companies with dispersed and remote workforces, as it simplifies the complex process of cross-border payments. Instead of preserving different checking account for payroll in different nations, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are becoming a tactical asset for payroll executives. We will also offer a recap of the main points covered and leave time for a Q&A session at the end.
Making sure precise, efficient, and timely payroll payments is a complex obstacle for services operating worldwide. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll bank accounts, discover how business anticipate payroll costs to enhance working capital, and discover how simplifying worldwide payroll payments can transform them from a challenging job into a strategic property.
Managing payroll globally is a daunting job due to different regulations, compliance requirements, data security issues, and banking rules. The sheer number of workers and businesses contributes to the intricacy, with an approximated 3.5 billion people in the worldwide workforce, 500 million of whom remain in Africa, and 230 million services worldwide.
Standard payroll systems often lead to manual processes, data silos, and an absence of combination, causing inconsistencies and inadequacies. In spite of living in an age of technological advancements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar aims to supply insights and solutions to streamline and enhance worldwide payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force information in real time that’s another number that offers me sleepless nights and rather honestly the more an organization invests in international payroll the less of a picture they see a lack of visibility also encompasses payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the transaction almost half of global services have actually revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM information data entry mistakes improperly interacted hires and terminations as well as absence management and system setups and then when you round it all off and the information is delivered to the wrong location the typical expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money all over the world payroll and payments do not run smoothly if they depend on the required numerous processes 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 difficulties business face when they’re paying to workers or otherwise that’s a good concern I constantly toss this back and say what is it what does not require to be consisted of ideal and what does
it need to be thought about 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 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 client’s own in-country account so there’s complexity wherever you look right ultimately building a knowledge base is definitely crucial but all over you look with payroll payment they resemble extremely payments no if however some infants 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 think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is allowing us to type of move forward with that it likewise also to add to that payroll and finance need to work closer together um with differing Checking account Details varying banking requirements and setup procedures is definitely essential that payroll and finance groups work more detailed together than ever um I’m always astonished when individuals say 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 occupation would they divide the payroll payment from computation 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 ultimately 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 but also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world positions a high worth on wellness and the payment landscape is becoming progressively elaborate. Businesses are continuously introducing new benefits and payment choices, which contributes to the total complexity. Large corporations typically divide their payroll and payment processing into separate teams, which can result in inefficiencies and bottlenecks. In my opinion, this doesn’t have to hold true. In today’s technologically advanced period, there’s no justification for maintaining troublesome treatments. Payroll, the company’s biggest cost, need to be processed properly and on time. Even slight delays can adversely affect workers’ well-being and have far-reaching consequences. Therefore, it’s critical to focus on accurate and timely payments.
payroll team get um so I’m uncertain anybody on this kind of webinar has been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um however eventually payroll is such a crucial cycle all of us hear about it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s just 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 definitely important that all of this things is done correctly so leveraging the first Worldwide Payments first payroll payment option is a fantastic initial step um providing an end-to-end payroll option for your employees worldwide once again I think is another big um process again aligning and guaranteeing you have standardization Worldwide processes all of those things are absolutely key to success success of businesses and decreasing the number of tools platforms and savings account they require for their Global 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 thousand of 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 problems where things have not gone quite where they’re indicated to be um I don’t believe any of us are really doing that for for the thanks
anyhow we understand 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 everyone that’s associated with those processes and also so imagine sorry I’m just I was just gon na say think of the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re discussing hundreds of thousands potentially Millions think of getting that lots of thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting task attempting to clean all those up for sure oh definitely I can’t imagine 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 in fact see what was going on and sort of shot to get back to everyone so moving on look why do business pick to primary different savings account there are Is Papaya Global Payroll Bonded companies out there doing precisely this for specific countries and I’ve operated in a service or numerous organizations doing precisely that I can say it does not always feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not developing additional work for any person where we do not have to and anybody that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I believe numerous factors one is it’s the requirement I think people have got so utilized to we require a new savings account we open an entity and rightly so you need it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have actually adopted and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and many other methods um to to kind of do it so I believe there’s a range I think this is a procedure that needs looking at it needs changing but eventually people are extremely stuck to what they recognize
with ideal um modification is a challenging thing we all do not like change um so I think it’s just type of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand undoubtedly the benefits of having maintaining several checking account however there’s a substantial amount of intricacy chooses setting up a savings account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for private people so the complexity is big but I believe the honest answer is change um individuals haven’t been able to alter or have not had necessarily the understanding to really make that change into alternate Solutions other than opening a bank account I believe you have actually hit the nail on the head I believe it is understanding you understand and there is an element of resistance to change but we have actually always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might almost be determined to be the next Century approximately there is a lot to track and this method does posture numerous obstacles um so Johnny could you tell us about those obstacles yeah of course so there’s a range right there is so
I just did you switched our Enterprise 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 Global staff members you should have a corner office with a closer parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Is Papaya Global Payroll Bonded