Over the last five or 6 years …Papaya Global Solutions Internship Gainesville… functions on the company side and also on the supplier side from a payroll point of view so truly anticipating this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply give everyone another number of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everybody is um it’s nice to to sort 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 very really dreary and I wish I was somewhere else at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why business preserve separate
Virtual payroll accounts are an alternative to conventional savings account for handling payroll payments. This is especially helpful for worldwide companies with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of preserving different bank accounts for payroll in various nations, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are becoming a tactical property for payroll executives. We will also provide a recap of the main points covered and leave time for a Q&A session at the end.
Guaranteeing precise, effective, and timely payroll payments is a complex obstacle for organizations running worldwide. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll checking account, find out how business forecast payroll expenses to enhance working capital, and discover how simplifying international payroll payments can transform them from a difficult task into a strategic property.
Handling payroll internationally is an overwhelming job due to different guidelines, compliance requirements, information security concerns, and banking guidelines. The sheer number of employees and services contributes to the intricacy, with an estimated 3.5 billion people in the international workforce, 500 million of whom remain in Africa, and 230 million companies worldwide.
Traditional payroll systems typically result in manual processes, data silos, and an absence of combination, leading to disparities and inadequacies. Despite living in a period of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar goals to provide insights and solutions to simplify and enhance worldwide payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce data in real time that’s another number that offers me sleepless nights and quite honestly the more a service spends on global payroll the less of a photo they see an absence of exposure likewise reaches payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the transaction almost half of international organizations have actually revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry mistakes 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 incorrect location the average cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash worldwide payroll and payments do not run efficiently if they depend on the needed numerous procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles business face when they’re making payments to employees or otherwise that’s an excellent concern I always throw this back and state what is it what does not need to be consisted of ideal 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 have to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s complexity wherever you look best eventually developing a knowledge base is absolutely critical however everywhere you look with payroll payment they are like very payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely basic and technology is enabling us to sort of move forward with that it likewise too to contribute to that payroll and financing require to work closer together um with differing Savings account Details differing banking requirements and setup procedures is definitely imperative that payroll and financing teams work better together than ever um I’m constantly surprised when people state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll occupation 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 procedure it’s the point of information collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being more and more essential to add to kind of the level of complexity there’s a growing number of advantages being organ or being offered by organizations throughout the world so once again you’re just aiming to include a growing number of payments to this already complex landscape so if you sort of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of genuine challenges or real challenging sort of pay uses to play to pay people I think yeah I imply over the last well yeah a couple of years I would certainly state that the larger a business gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are groups feeding info into the next function as it were that’s in fact handling the payment side of things however you know in in my opinion and my experience that doesn’t necessarily require to be the case you know long gone are the times where we need to produce additional handoffs in the processes that we run in they simply make them more prompt they make them less efficient and they don’t make them what they need to be in in an era of tech and a period that you know that we are working in today there is no reason we are still making this as challenging as it needs to be agreed and appropriately as you stated payroll is the single biggest liability that any company has from a cost point of view from an impact perspective on employees it is definitely critical that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the biggest damaging result on individuals’s well-being and many other factors if people aren’t paid uh I have actually constantly been surprised entering into this Market type of the last five to ten years is how little thanks the
The payroll team might not have been thanked for properly processing payroll throughout a webinar. If anybody has been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and people only observe when things go wrong. However, when things go right, it’s seen as just a routine job. This is how it’s perceived externally too. Therefore, it is essential to ensure that jobs like Wi-Fi International and other essential matters are done properly. Using the very first Worldwide Payments very first payroll payment solution is a terrific preliminary action towards providing an extensive payroll service for staff members worldwide. Standardization, worldwide procedures, and decreasing the variety of tools, platforms, and savings account required for worldwide payroll are crucial factors in attaining business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of problems when things do not go as planned. Ultimately, we do not do it for the appreciation.
anyway we know how how essential 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 everyone that’s involved in those processes and also so think of sorry I’m simply I was just gon na say think of the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions envision getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating task attempting to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and in fact see what was going on and kind of shot to get back to everybody so carrying on appearance why do companies choose to main separate checking account there are Papaya Global Solutions Internship Gainesville companies out there doing precisely this for specific countries and I have actually worked in a service or lots of services doing exactly that I can state it does not constantly feel efficient and it does produce more work I understand we’re not purposely doing that we’re not developing extra work for anybody where we don’t need to and any person that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I think many factors one is it’s the standard I believe individuals have actually got so utilized to we need a new checking account we open an entity and appropriately so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have embraced and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and many other ways um to to sort of do it so I think there’s a variety I think this is a procedure that requires looking at it requires changing but eventually people are very stuck with what they recognize
with right um modification is a challenging thing we all do not 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 lot of track of stuff um I understand obviously the benefits of having preserving several bank accounts but there’s a huge amount of intricacy opts for setting up a savings account preserving it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for private people so the intricacy is huge but I believe the truthful answer is modification um individuals haven’t had the ability to change or haven’t had always the knowledge to really make that change into alternate Solutions other than opening a savings account I think you have actually struck the nail on the head I think it is understanding you know and there is an element of resistance to change but we’ve always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what might practically be figured out to be the next Century or two there is a lot to keep an eye on and this technique does pose a number of difficulties um so Johnny could you tell us about those challenges yeah of course so there’s a range right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has gained another CFO, and with this boosted capability, I have effectively protected payments for our 10,000 workers worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is better, considering your achievements. Papaya Global Solutions Internship Gainesville