Over the last 5 or six years …Papaya Global For Bookkeepers… functions on the service provider side and also on the supplier side from a payroll point of view so actually looking forward to this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just offer everybody another couple of uh well one of the 30 seconds or so 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 already just to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very extremely gloomy and I want I was somewhere else at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be looking at the difficulty years of handling International payroll why business keep separate
Virtual payroll accounts are an alternative to traditional savings account for managing payroll payments. This is especially useful for international organizations with dispersed and remote labor forces, as it simplifies the complex procedure of cross-border payments. Instead of maintaining different checking account for payroll in various countries, virtual accounts and digital wallets provide 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 property for payroll executives. We will likewise provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring precise, efficient, and prompt payroll payments is a complex challenge for businesses running worldwide. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll savings account, discover how business anticipate payroll expenses to optimize working capital, and discover how streamlining worldwide payroll payments can change them from a burdensome task into a tactical possession.
Handling payroll globally is a daunting task due to numerous regulations, compliance requirements, information security concerns, and banking rules. The sheer variety of workers and services adds to the complexity, with an estimated 3.5 billion people in the international labor force, 500 million of whom are in Africa, and 230 million services worldwide.
Traditional payroll systems typically result in manual procedures, information silos, and an absence of integration, leading to disparities and ineffectiveness. In spite of living in an era of technological advancements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar objectives to offer insights and services to streamline and enhance global payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force data in real time that’s another number that gives me sleepless nights and rather honestly the more a company invests in worldwide payroll the less of a picture they see an absence of visibility likewise extends to payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the deal almost half of global companies have actually revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM data data entry errors improperly interacted hires and terminations along with lack management and system configurations and then when you round it all off and the information is delivered to the wrong location the average expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments do not run efficiently if they depend on the needed multiple procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties business face when they’re paying to workers or otherwise that’s a good concern I constantly toss this back and state what is it what does not require to be included best and what does
it require to be considered 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 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 wherever you look right ultimately developing a knowledge base is absolutely important however everywhere you look with payroll payment they resemble very payments no if but some infants about it you are all superheroes processing payments for payroll if you 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 definitely basic and technology is allowing us to kind of move on with that it likewise too to add to that payroll and finance need to work closer together um with varying Savings account Particulars differing banking requirements and setup processes is definitely imperative that payroll and finance groups work more detailed together than ever um I’m constantly impressed when people state I have actually 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
The modern world places a high worth on wellness and the settlement landscape is ending up being significantly elaborate. Organizations are constantly introducing new advantages and payment alternatives, which adds to the total complexity. Large corporations frequently divide their payroll and payment processing into different groups, which can cause inadequacies and bottlenecks. In my viewpoint, this does not have to hold true. In today’s highly innovative era, there’s no reason for maintaining troublesome procedures. Payroll, the business’s greatest expense, need to be processed correctly and on time. Even small delays can negatively affect employees’ wellness and have significant repercussions. For that reason, it’s critical to prioritize precise and prompt payments.
payroll team get um so I’m not exactly sure anybody on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um however eventually payroll is such an essential cycle we all find out about it when it fails everyone jumps up and down when it fails however when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely vital that all of this things is done properly so leveraging the very first Worldwide Payments first payroll payment service is an excellent primary step um offering an end-to-end payroll option for your workers globally once again I think is another big um process once again lining up and ensuring you have standardization International procedures all of those things are definitely crucial to success success of organizations and decreasing the variety of tools platforms and bank accounts they need for their Global payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re implied to be um I don’t believe any of us are actually doing that for for the thanks
anyhow we understand 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 involved in those procedures and likewise so imagine sorry I’m simply I was just gon na say imagine the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions envision getting that many thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an intriguing task trying to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and actually see what was going on and type of shot to return to everyone so proceeding appearance why do business select to primary separate bank accounts there are Papaya Global For Bookkeepers organizations out there doing exactly this for particular nations and I’ve operated in a company or numerous organizations doing precisely that I can say it does not constantly feel efficient and it does create more work I understand we’re not deliberately doing that we’re not developing additional work for any person where we don’t have to and any person that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe many factors one is it’s the standard I think individuals have got so used to we require a brand-new checking account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have embraced and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a variety I think this is a process that needs taking a look at it needs changing however ultimately people are really stuck to what they recognize
with ideal um modification is a hard thing we all do not like change um so I believe it’s simply type of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the advantages of having maintaining several bank accounts but there’s a big quantity of intricacy chooses establishing a bank account keeping it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for specific people so the complexity is huge but I think the truthful answer is change um individuals have not been able to alter or haven’t had necessarily the understanding to really make that change into alternate Solutions besides opening a bank account I believe you’ve struck the nail on the head I believe it is understanding you know and there is an element of resistance to change but we’ve always done it that way is no real reason for not looking at the the benefits and the possibilities of carrying on and moving into you understand what could almost be figured out to be the next Century approximately there is a lot to keep track of and this method does present a number of challenges um so Johnny might you tell us about those obstacles 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 manage our payroll and payment jobs on one platform. It seems like our CFO has actually acquired another CFO, and with this enhanced capability, I have effectively protected payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is better, considering your achievements. Papaya Global For Bookkeepers