Over the last five or six years …Papaya Global Payroll Australia… roles on the company side and likewise on the supplier side from a payroll viewpoint so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll simply provide everyone another couple of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll sort 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 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 really extremely uninspiring and I wish I was somewhere else at this moment in time alright 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 Global payroll why business keep separate
Virtual payroll accounts are an alternative to traditional bank accounts for handling payroll payments. This is particularly useful for worldwide companies with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of maintaining different bank accounts for payroll in various countries, virtual accounts and digital wallets provide a more structured option. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are ending up being a strategic property for payroll executives. We will also provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
Making sure accurate, efficient, and prompt payroll payments is a complex challenge for services operating globally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll bank accounts, discover how companies anticipate payroll costs to optimize working capital, and discover how improving global payroll payments can transform them from a troublesome task into a tactical asset.
Managing payroll internationally is a complicated task due to different regulations, compliance requirements, information security issues, and banking guidelines. The sheer number of workers and companies contributes to the complexity, with an approximated 3.5 billion individuals in the global workforce, 500 million of whom are in Africa, and 230 million companies worldwide.
Conventional payroll systems typically result in manual processes, information silos, and a lack of combination, resulting in disparities and inefficiencies. Despite residing in an era of technological advancements, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar goals to provide insights and services to simplify and optimize global payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Workforce information in real time that’s another number that provides me sleep deprived nights and rather honestly the more a service spends on global payroll the less of a picture they see a lack of visibility also extends to payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the transaction nearly half of worldwide services have expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry mistakes poorly interacted hires and terminations in addition to lack management and system setups and after that when you round it all off and the information is delivered to the incorrect place the typical cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the globe payroll and payments do not run smoothly if they depend on the required 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 obstacles business face when they’re paying to employees or otherwise that’s a good concern I constantly toss this back and say what is it what doesn’t need to be included 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 nation there’s payment timespan there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the client’s own in-country account so there’s complexity anywhere you look ideal eventually developing a knowledge base is absolutely vital 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 kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is enabling us to type of move on with that it likewise too to contribute to that payroll and financing need to work closer together um with differing Bank Account Particulars varying banking requirements and setup processes is absolutely vital that payroll and financing groups work better together than ever um I’m always astonished when individuals state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work 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 frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data 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 modern-day world positions a high value on wellness and the compensation landscape is becoming increasingly detailed. Companies are constantly introducing new benefits and payment alternatives, which adds to the overall intricacy. Large corporations frequently divide their payroll and payment processing into separate groups, which can lead to inefficiencies and bottlenecks. In my opinion, this does not have to hold true. In today’s technologically innovative period, there’s no reason for preserving troublesome treatments. Payroll, the business’s most significant cost, should be processed correctly and on time. Even minor hold-ups can adversely affect workers’ wellness and have significant consequences. Therefore, it’s important to focus on accurate and timely payments.
The payroll team might not have been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and individuals only see when things fail. However, when things go right, it’s viewed as simply a regular job. This is how it’s perceived externally as well. For that reason, it is necessary to guarantee that jobs like Wi-Fi Worldwide and other essential matters are done correctly. Utilizing the very first Worldwide Payments very first payroll payment solution is a fantastic preliminary action towards supplying a comprehensive payroll service for employees worldwide. Standardization, worldwide processes, and decreasing the number of tools, platforms, and bank accounts necessary for international payroll are crucial factors in achieving service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a few complaints when things don’t go as planned. Ultimately, we don’t do it for the appreciation.
anyhow we know how how important 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 simple as possible for everyone that’s involved in those processes and also so think of sorry I’m simply I was simply gon na state imagine the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions imagine getting that many thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing task attempting to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and actually see what was going on and kind of shot to get back to everybody so moving on appearance why do companies select to primary different bank accounts there are Papaya Global Payroll Australia services out there doing precisely this for particular nations and I’ve operated in an organization or many companies doing exactly that I can state it does not always feel effective and it does develop more work I know we’re not intentionally 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 believe that we’re doing that in in the in the quantity that we are I think numerous factors one is it’s the standard I think individuals have got so used to we need a new bank account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have actually adopted and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and many other methods um to to sort of do it so I think there’s a range I think this is a procedure that needs looking at it needs altering however ultimately people are extremely stuck to what they recognize
with ideal um change is a tough thing all of us don’t like change um so I believe it’s simply sort of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend obviously the advantages of having maintaining several bank accounts but there’s a big quantity of complexity chooses establishing a checking account keeping it ensuring it can send International transfers guaranteeing it’s set up with the ideal user accesses for specific individuals so the complexity is substantial but I think the sincere response is change um individuals haven’t had the ability to alter or have not had always the understanding to truly make that change into alternate Solutions other than opening a checking account I think you’ve hit the nail on the head I think it is understanding you know and there is an aspect of resistance to change however we’ve constantly 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 know what could almost be determined to be the next Century or so there is a lot to keep track of and this technique does present a number of difficulties um so Johnny might you tell us about those difficulties yeah obviously so there’s a variety right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has acquired another CFO, and with this boosted ability, I have successfully protected payments for our 10,000 staff members worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global Payroll Australia