Over the last 5 or six years …What Version Of Papaya Global Payroll Do I Have… roles on the company side and likewise on the supplier side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply offer everyone another couple of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite fascinating 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 everybody originates from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely very uninspiring and I want I was somewhere else at this moment in time alright so let’s begin our program for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why companies preserve separate
Virtual payroll accounts are an option to traditional bank accounts for managing payroll payments. This is particularly useful for global companies with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of maintaining separate savings account for payroll in different countries, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are ending up being a tactical property 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 accurate, effective, and prompt payroll payments is a complex difficulty for businesses running globally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll savings account, discover how companies anticipate payroll expenses to optimize working capital, and find how improving worldwide payroll payments can change them from a burdensome task into a tactical asset.
Managing payroll worldwide is a challenging task due to different guidelines, compliance requirements, data security concerns, and banking guidelines. The large variety of employees and services adds to the intricacy, with an estimated 3.5 billion people in the global labor force, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Traditional payroll systems typically result in manual processes, data silos, and a lack of combination, leading to inconsistencies and inadequacies. Regardless of living in an age of technological advancements, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar goals to provide insights and services to simplify and optimize international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force information in real time that’s another number that gives me sleepless nights and rather honestly the more a business invests in global payroll the less of an image they see a lack of exposure also reaches payroll payments and inability to accurately track these payments can lead to compliance accidents in the last mile of the transaction nearly half of worldwide companies have actually revealed that they don’t 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 mistakes improperly interacted hires and terminations as well as lack management and system configurations and then when you round everything off and the information is shipped to the incorrect location the average cost of a global data 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 efficiently if they depend on the necessary multiple procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles business face when they’re making payments to employees or otherwise that’s an excellent concern I always toss this back and say what is it what doesn’t require to be consisted of right and what does
it need to be thought of there’s varying Bank information 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 need to pay from the client’s own in-country account so there’s intricacy anywhere you look ideal eventually building a knowledge base is definitely vital however everywhere you look with payroll payment they resemble incredibly payments no if however 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 absolutely fundamental and innovation is enabling us to type of move on with that it also as well to contribute to that payroll and financing require to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is definitely necessary that payroll and finance teams work closer together than ever um I’m always amazed when individuals say I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession would they divide the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so typically 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 wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world puts a high value on wellness and the payment landscape is becoming progressively detailed. Services are continually introducing new benefits and payment choices, which adds to the total complexity. Big corporations frequently divide their payroll and payment processing into different groups, which can lead to inefficiencies and traffic jams. In my opinion, this does not need to hold true. In today’s technologically sophisticated period, there’s no validation for preserving cumbersome procedures. Payroll, the company’s greatest cost, must be processed correctly and on time. Even small hold-ups can adversely impact employees’ well-being and have significant consequences. Therefore, it’s critical to prioritize precise and timely payments.
payroll group get um so I’m not exactly 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 eventually payroll is such a crucial cycle all of us become aware of it when it fails everybody jumps up and down when it fails but 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 crucial that all of this stuff is done properly so leveraging the first Worldwide Payments first payroll payment service is an excellent primary step um offering an end-to-end payroll solution for your employees worldwide again I think is another huge um procedure once again aligning and guaranteeing you have standardization International processes all of those things are absolutely essential to success success of organizations and lowering the number of tools platforms and bank accounts they need for their International 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 expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things have not gone rather where they’re indicated to be um I don’t believe any of us are in fact doing that for for the thanks
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 everybody that’s involved in those processes and also so think of sorry I’m simply I was just gon na state think of the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions imagine getting that many thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing job attempting to clean 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 browse them and really see what was going on and sort of try to get back to everyone so proceeding appearance why do companies select to main separate bank accounts there are What Version Of Papaya Global Payroll Do I Have organizations out there doing exactly this for specific countries and I’ve worked in a company or many companies doing precisely that I can state it does not always feel efficient and it does produce more work I know we’re not intentionally doing that we’re not developing additional work for anybody where we do not have to and anyone that’s dealing with 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 believe numerous reasons one is it’s the standard I believe individuals have actually got so used to we need a 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 think it’s just been the requirement and the standard the people have actually adopted and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and many other ways um to to sort of do it so I think there’s a variety I believe this is a process that needs looking at it requires changing however eventually people are really stuck to 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 simply kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend certainly the advantages of having preserving several bank accounts but there’s a big amount of intricacy goes with setting up a checking account preserving it guaranteeing it can send out International transfers guaranteeing it’s established with the ideal user accesses for individual individuals so the complexity is big however I believe the truthful answer is change um individuals have not had the ability to change or have not had necessarily the understanding to truly make that change into alternate Solutions besides opening a checking account I believe you have actually struck the nail on the head I believe it is understanding you know and there is a component of resistance to change however we have actually constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what could practically be determined to be the next Century or two there is a lot to track and this approach does present numerous difficulties um so Johnny might you tell us about those difficulties yeah of course so there’s a variety right there is so
I simply did you switched our Business 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 International staff members you deserve a corner office with a closer parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you What Version Of Papaya Global Payroll Do I Have