Over the last five or six years …Papaya Global Accounting… roles on the service provider side and likewise on the supplier side from a payroll point of view so really anticipating this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just provide everyone another number of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everyone 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 remains 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 really uninspiring and I wish I was elsewhere at this moment in time okay so let’s begin 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 companies maintain different
Virtual payroll accounts are an alternative to traditional bank accounts for managing payroll payments. This is particularly beneficial for global organizations with dispersed and remote workforces, as it streamlines the complicated procedure of cross-border payments. Instead of keeping separate checking account for payroll in different nations, virtual accounts and digital wallets offer a more structured service. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are becoming a tactical possession for payroll executives. We will also offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
Making sure accurate, effective, and prompt payroll payments is a complex obstacle for organizations operating worldwide. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll bank accounts, discover how business anticipate payroll costs to optimize working capital, and discover how streamlining international payroll payments can transform them from a challenging job into a strategic possession.
Handling payroll globally is a challenging job due to various regulations, compliance requirements, information security concerns, and banking guidelines. The large number of workers and organizations contributes to the complexity, with an approximated 3.5 billion individuals in the global workforce, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Conventional payroll systems often result in manual processes, data silos, and an absence of combination, causing disparities and ineffectiveness. Regardless of residing in an age of technological improvements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar aims to provide insights and solutions to streamline and optimize worldwide payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of services say they have Workforce information in real time that’s another number that provides me sleep deprived nights and rather frankly the more an organization invests in global payroll the less of an image they see a lack of visibility likewise reaches payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the transaction nearly half of worldwide services 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 due to time reporting bad HCM data data entry mistakes poorly communicated hires and terminations along with absence management and system setups and after that when you round all of it off and the data is delivered to the incorrect place the typical expense of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments do not run smoothly if they rely on the essential multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles service 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 require 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 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 have to pay from the client’s own in-country account so there’s intricacy any place you look ideal eventually developing a knowledge base is definitely crucial however all over you look with payroll payment they resemble extremely payments no if but some babies 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 believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is allowing us to kind of progress with that it also too to contribute to that payroll and finance require to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is absolutely vital that payroll and finance groups work closer together than ever um I’m constantly astonished when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t 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 process it’s the point of information collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high value on wellness and the settlement landscape is becoming progressively complex. Services are continually introducing new benefits and payment alternatives, which adds to the total complexity. Large corporations frequently divide their payroll and payment processing into separate teams, which can lead to ineffectiveness and bottlenecks. In my opinion, this does not have to hold true. In today’s technologically advanced era, there’s no reason for maintaining cumbersome treatments. Payroll, the business’s greatest expense, must be processed properly and on time. Even minor hold-ups can adversely impact employees’ well-being and have far-reaching effects. For that reason, it’s important to focus on accurate and prompt payments.
payroll group get um so I’m not exactly sure anybody on this kind of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um however 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 believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely crucial that all of this things is done correctly so leveraging the first Global Payments first payroll payment service is a fantastic initial step um offering an end-to-end payroll solution for your employees worldwide once again I think is another huge um procedure once again lining up and ensuring you have standardization International processes all of those things are definitely essential to success success of businesses and lowering the variety of tools platforms and bank accounts 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’ve never had a hundred countless 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 grievances where things haven’t gone rather where they’re indicated to be um I do not think any of us are actually doing that for for the thanks
anyway we know 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 simple as possible for everyone that’s associated with those processes and likewise so envision sorry I’m just I was just gon na state imagine the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions picture getting that lots of thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing job attempting to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to check out them and in fact see what was going on and kind of try to get back to everyone so moving on appearance why do business choose to primary different bank accounts there are Papaya Global Accounting companies out there doing exactly this for specific countries and I have actually operated in a service or many businesses doing exactly that I can state it doesn’t constantly feel efficient and it does develop more work I know we’re not purposely doing that we’re not producing additional work for any person where we don’t need to and anyone 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 believe lots of factors one is it’s the standard I think people have got so used to we need a brand-new bank account we open an entity and appropriately 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 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 individuals have taken a look at things like trust accounts and many other methods um to to sort of do it so I believe there’s a range I think this is a procedure that requires looking at it requires altering however eventually individuals are very stuck with what they’re familiar
with ideal um change is a tough thing we all don’t like modification um so I think it’s just kind of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having keeping numerous savings account but there’s a substantial quantity of complexity chooses establishing a bank account keeping it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for private individuals so the intricacy is big but I think the honest response is change um people have not had the ability to change or haven’t had necessarily the knowledge to really make that change into alternate Solutions other than opening a savings account I believe you have actually hit the nail on the head I believe it is knowledge you know and there is a component of resistance to alter but we have actually always 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 understand what could practically be figured out to be the next Century approximately there is a lot to monitor and this technique does position several challenges um so Johnny could you tell us about those obstacles yeah naturally so there’s a range right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually acquired another CFO, and with this enhanced capability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global Accounting