Over the last 5 or six years …Square Vs Papaya Global For Payroll… functions on the service provider side and also on the vendor side from a payroll point of view so really eagerly anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just give everyone another couple of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everybody originates from and I really do hope it’s much sunnier than it remains 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 really 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 managing Global payroll why business keep separate
Virtual payroll accounts are an option to conventional bank accounts for handling payroll payments. This is especially helpful for global companies with dispersed and remote labor forces, as it simplifies the complex procedure of cross-border payments. Instead of preserving different bank accounts for payroll in various nations, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are ending up being a strategic property for payroll executives. We will also supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing accurate, effective, and timely payroll payments is a complex difficulty for organizations operating worldwide. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll savings account, learn how business forecast payroll costs to enhance working capital, and discover how enhancing worldwide payroll payments can transform them from a difficult task into a strategic possession.
Managing payroll internationally is a difficult task due to various guidelines, compliance requirements, data security concerns, and banking guidelines. The large variety of staff members and companies adds to the intricacy, with an approximated 3.5 billion people in the global workforce, 500 countless whom remain in Africa, and 230 million services worldwide.
Standard payroll systems often result in manual processes, information silos, and a lack of integration, resulting in inconsistencies and inefficiencies. Despite residing in an era of technological advancements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar aims to provide insights and services to simplify and optimize worldwide payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce data in real time that’s another number that offers me sleep deprived nights and rather honestly the more a service spends on international payroll the less of an image they see an absence of exposure likewise reaches payroll payments and inability to properly track these payments can result in compliance incidents in the last mile of the transaction nearly half of international services have actually revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM information data entry errors inadequately interacted hires and terminations as well as lack management and system setups and after that when you round all of it off and the information is delivered to the wrong location the typical cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the world payroll and payments don’t run smoothly if they depend on the needed several processes 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 service face when they’re paying to staff members or otherwise that’s an excellent question I always throw this back and say what is it what does not require to be consisted of right and what does
it require to be considered 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 abilities 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 complexity anywhere you look ideal eventually building a knowledge base is definitely vital however everywhere you look with payroll payment they resemble extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the sort 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 fundamental and technology is enabling us to type of progress with that it also as well to contribute to that payroll and financing require to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is definitely essential that payroll and financing teams work better together than ever um I’m always astonished when individuals say I have actually split payroll and payment um if you stroll down the street and asked anybody 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 frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory third parties so with the
The modern world places a high worth on wellness and the payment landscape is ending up being progressively elaborate. Companies are continually introducing new benefits and payment options, which adds to the total complexity. Big corporations often divide their payroll and payment processing into different groups, which can lead to inadequacies and traffic jams. In my opinion, this doesn’t have to hold true. In today’s highly sophisticated era, there’s no justification for maintaining cumbersome treatments. Payroll, the business’s biggest expenditure, need to be processed correctly and on time. Even slight hold-ups can adversely impact workers’ well-being and have far-reaching effects. For that reason, it’s crucial to prioritize accurate and timely payments.
payroll team get um so I’m not exactly sure anybody on this type of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such a crucial cycle we all find out about it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s just a tick box exercise 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 absolutely crucial that all of this stuff is done correctly so leveraging the first Worldwide Payments very first payroll payment solution is a fantastic initial step um offering an end-to-end payroll solution for your employees globally again I believe is another huge um procedure again aligning and guaranteeing you have standardization International procedures all of those things are definitely key to success success of organizations and reducing the number of tools platforms and savings account they require 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 countless them within a payroll cycle do not anticipate to you do get the odd 5 or ten 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 believe any of us are in fact doing that for for the thanks
anyway we understand how how essential 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 everyone that’s associated with those procedures and likewise so picture sorry I’m simply I was simply gon na say picture the quantity 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 think of 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 absolutely be an interesting task trying 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 require days of the week to try 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 pick to primary different savings account there are Square Vs Papaya Global For Payroll companies out there doing precisely this for specific countries and I have actually operated in a company or numerous organizations doing exactly that I can say it does not always feel efficient and it does create more work I understand we’re not intentionally doing that we’re not creating additional work for any person where we do not need to and any person that’s handling that process 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 reasons one is it’s the requirement I think 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 simply been the requirement and the standard the people have embraced and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and lots of other ways um to to kind of do it so I believe there’s a range I think this is a process that requires looking at it requires changing however eventually people are extremely stuck with what they’re familiar
with right um modification is a hard thing we all don’t like modification um so I believe it’s just kind of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend obviously the advantages of having maintaining multiple bank accounts however there’s a substantial amount of complexity chooses establishing a checking account preserving it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for individual people so the complexity is huge but I think the honest response is modification um individuals have not had the ability to change or have not had necessarily the understanding to actually make that change into alternate Solutions aside from opening a checking account I believe you have actually hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to change however we’ve always done it that way is no genuine reason for not looking at the the advantages and the possibilities of moving on and moving into you know what might practically be identified to be the next Century or two there is a lot to track and this approach does position a number of obstacles um so Johnny could you inform us about those obstacles yeah obviously so there’s a range right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has actually gained another CFO, and with this boosted ability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is closer, considering your achievements. Square Vs Papaya Global For Payroll