Over the last five or 6 years …Papaya Global Add Bank Holidays… roles on the service provider side and also on the supplier side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply give everybody another couple of uh well one of the 30 seconds or two 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 already simply to hear where everybody is um it’s nice to to sort of like see where everyone originates 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 raining here it’s very extremely bleak and I want I was elsewhere at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why business preserve different
Virtual payroll accounts are an option to conventional checking account for managing payroll payments. This is particularly useful for worldwide companies with dispersed and remote workforces, as it simplifies the intricate procedure of cross-border payments. Instead of preserving different savings account for payroll in various countries, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are ending up being a strategic possession for payroll executives. We will also provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing precise, efficient, and timely payroll payments is a complex obstacle for services running internationally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll checking account, find out how companies forecast payroll expenses to enhance working capital, and discover how enhancing global payroll payments can transform them from a burdensome job into a strategic possession.
Handling payroll worldwide is a challenging job due to numerous policies, compliance requirements, data security concerns, and banking guidelines. The sheer variety of staff members and businesses contributes to the complexity, with an estimated 3.5 billion people in the international labor force, 500 countless whom are in Africa, and 230 million organizations worldwide.
Traditional payroll systems frequently lead to manual procedures, data silos, and an absence of combination, leading to inconsistencies and ineffectiveness. In spite of residing in an age of technological developments, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar goals to supply insights and services to simplify and optimize worldwide payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite honestly the more a service invests in worldwide payroll the less of an image they see an absence of exposure also encompasses payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the transaction almost half of global services have expressed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM data data entry errors inadequately interacted hires and terminations along with lack management and system configurations and after that when you round everything off and the data is delivered to the wrong location the typical cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments do not run smoothly if they depend on the essential multiple processes 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 difficulties service face when they’re making payments to staff members or otherwise that’s a great question I always throw this back and state what is it what does not require to be included right and what does
it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time 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 client’s own in-country account so there’s complexity wherever you look right eventually building a knowledge base is absolutely crucial however all over you look with payroll payment they are like incredibly payments no if however some children 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 definitely essential and innovation is permitting us to type of move forward with that it likewise too to add to that payroll and financing need to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is absolutely important that payroll and finance teams work better together than ever um I’m always impressed when people state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from computation 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 process it’s the point of information collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory third parties so with the
The contemporary world puts a high worth on well-being and the compensation landscape is becoming significantly elaborate. Companies are continually presenting new advantages and payment options, which adds to the overall complexity. Large corporations typically divide their payroll and payment processing into separate teams, which can result in inadequacies and bottlenecks. In my opinion, this does not have to be the case. In today’s highly advanced age, there’s no validation for preserving cumbersome procedures. Payroll, the business’s greatest expense, should be processed properly and on time. Even slight delays can adversely impact employees’ wellness and have far-reaching effects. For that reason, it’s vital to focus on accurate and prompt payments.
payroll team get um so I’m unsure anyone on this type of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such a crucial cycle all of us find out about it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely crucial that all of this stuff is done correctly so leveraging the very first Worldwide Payments very first payroll payment service is a terrific primary step um providing an end-to-end payroll option for your employees globally once again I believe is another big um process once again lining up and guaranteeing you have standardization Worldwide processes all of those things are absolutely key to success success of organizations and reducing the number of tools platforms and bank accounts they need for their Worldwide payroll too could not 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 anticipate to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things have not gone quite where they’re implied to be um I don’t think any of us are really doing that for for the thanks
anyway we know how how crucial 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 everybody that’s involved in those processes and also so picture sorry I’m simply I was simply gon na say picture the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions picture 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 definitely be a fascinating task 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 actually see what was going on and type of try to get back to everybody so proceeding appearance why do business select to primary separate savings account there are Papaya Global Add Bank Holidays services out there doing exactly this for specific countries and I’ve operated in a business or lots of services doing exactly that I can say it does not constantly feel effective and it does create more work I know we’re not deliberately doing that we’re not producing extra work for anybody where we don’t have to and any person that’s handling 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 quantity that we are I think numerous reasons one is it’s the requirement I believe individuals have actually got so utilized to we need a new checking 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 norm individuals have actually adopted and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and lots of other methods um to to kind of do it so I think there’s a range I think this is a process that needs taking a look at it requires altering but ultimately people are very stuck with what they’re familiar
with best um change is a tough thing all of us do not like change um so I believe it’s just type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having maintaining numerous bank accounts but there’s a substantial amount of complexity chooses setting up a savings account maintaining it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for private people so the intricacy is huge but I think the sincere response is modification um individuals haven’t been able to change or haven’t had necessarily the knowledge to really make that change into alternate Solutions besides opening a checking account I believe you have actually hit the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change however we’ve constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what might nearly be determined to be the next Century approximately there is a lot to keep track of and this approach does pose a number of difficulties um so Johnny could you inform us about those obstacles yeah obviously 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 manage our payroll and payment tasks on one platform. It seems like our CFO has acquired another CFO, and with this enhanced capability, I have actually effectively secured payments for our 10,000 workers worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Add Bank Holidays