Over the last 5 or six years …Does Papaya Global Payroll Have A Free Trial… roles on the company side and also on the supplier side from a payroll perspective so actually anticipating this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply provide everyone another number of uh well among 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 fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely really uninspiring and I wish I was somewhere else at this moment in time all right so let’s get going our program for today is as follows um we are going to be taking a look at the obstacle years of managing International payroll why business keep separate
Virtual payroll accounts are an alternative to conventional bank accounts for managing payroll payments. This is especially useful for international organizations with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of maintaining separate checking account for payroll in different nations, 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 becoming a strategic property for payroll executives. We will likewise supply a wrap-up of the bottom lines 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 check out the benefits and drawbacks of payroll wallets versus payroll savings account, discover how business anticipate payroll costs to optimize working capital, and discover how streamlining worldwide payroll payments can transform them from a burdensome job into a strategic property.
Handling payroll internationally is an overwhelming task due to different regulations, compliance requirements, information security concerns, and banking guidelines. The large number of employees and services contributes to the complexity, with an approximated 3.5 billion people in the worldwide labor force, 500 million of whom are in Africa, and 230 million organizations worldwide.
Traditional payroll systems often lead to manual procedures, data silos, and an absence of integration, causing disparities and inadequacies. In spite of living in a period of technological improvements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar goals to offer insights and options to simplify and enhance international payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce information in real time that’s another number that gives me sleepless nights and rather honestly the more a service invests in worldwide payroll the less of a picture they see a lack of exposure also extends to payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the deal almost half of global services have revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry mistakes badly interacted hires and terminations in addition to absence management and system setups and then when you round all of it off and the information is delivered to the incorrect location the typical cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments don’t run efficiently if they rely on the essential numerous processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles company face when they’re making payments to employees or otherwise that’s an excellent question I always toss this back and say what is it what does not need to be included ideal and what does
it need to be thought about 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 customer’s own in-country account so there’s complexity wherever you look best ultimately constructing a knowledge base is definitely vital but all over you look with payroll payment they are like incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely fundamental and technology is enabling us to kind of move on with that it also as well to add to that payroll and finance require to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is definitely necessary that payroll and financing groups work better together than ever um I’m always amazed when people say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work 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 procedure it’s the point of information collection all the way through to paying people any place they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being more and more crucial to add to type of the level of intricacy there’s more and more benefits being organ or being used by businesses across the world so once again you’re simply seeking to include more and more payments to this already complex landscape so if you sort of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of real obstacles or real challenging kind of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a couple of years I would certainly say that the larger a company gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are teams feeding details into the next function as it were that’s in fact managing the payment side of things but you know in in my opinion and my experience that does not always require to be the case you know long gone are the times where we require to develop additional handoffs while doing sos that we run in they just make them more timely they make them less efficient and they do not make them what they require to be in in an age of tech and a period that you know that we are operating in today there is no reason that we are still making this as tough as it requires to be agreed and rightly as you said payroll is the single biggest liability that any business has from an expense point of view from an impact viewpoint on staff members it is absolutely crucial that it’s done properly 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 impact on individuals’s well-being and numerous other aspects if individuals aren’t paid uh I have actually always been impressed entering this Market sort of the last five to ten years is how little thanks the
The payroll team might not have actually been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and people only observe when things fail. However, when things go right, it’s viewed as just a routine job. This is how it’s viewed externally too. Therefore, it is vital to guarantee that tasks like Wi-Fi Global and other important matters are done correctly. Utilizing the very first Worldwide Payments very first payroll payment solution is a terrific preliminary step towards supplying a comprehensive payroll option for staff members worldwide. Standardization, worldwide processes, and lowering the number of tools, platforms, and checking account required for global payroll are key consider achieving service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of grievances when things don’t go as planned. Eventually, we do not do it for the appreciation.
anyhow we know how how crucial a function 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 simple as possible for everybody that’s associated with those processes and also so imagine 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 individuals that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions picture getting that numerous 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 certainly be a fascinating job attempting to clean all those up for sure oh absolutely 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 in fact see what was going on and type of shot to get back to everybody so carrying on appearance why do companies choose to main different checking account there are Does Papaya Global Payroll Have A Free Trial companies out there doing exactly this for particular nations and I have actually worked in a service or lots of services doing precisely that I can say it doesn’t constantly feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not producing additional work for anyone where we don’t have to and anyone 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 amount that we are I think many reasons one is it’s the requirement I think people have got so used to we require a new checking account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have actually embraced and continue to do over years and years gone past to add to that people have looked 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 taking a look at it needs changing however ultimately individuals are very stuck with what they’re familiar
with ideal um modification is a challenging thing all of us do not like modification um so I think it’s just kind of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the benefits of having preserving multiple checking account but there’s a substantial quantity of intricacy goes with establishing a savings account preserving it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for private people so the intricacy is huge but I believe the sincere response is change um individuals have not been able to change or haven’t had always the knowledge to actually make that change into alternate Solutions aside from opening a checking account I think you have actually struck the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change but we’ve always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might nearly be identified to be the next Century or two there is a lot to keep track of and this approach does present a number of obstacles um so Johnny could you tell us about those challenges 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 gotten another CFO, and with this boosted capability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is better, considering your achievements. Does Papaya Global Payroll Have A Free Trial