Over the last 5 or six years …How To Send Employee Log On Info For Papaya Global Payroll… roles on the company side and also on the vendor side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just offer everybody another couple of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite interesting 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 originates from and I actually 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 really very gloomy and I wish I was somewhere else at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why business maintain different
Virtual payroll accounts are an option to traditional savings account for managing payroll payments. This is particularly helpful for global companies with dispersed and remote labor forces, as it streamlines the complicated procedure of cross-border payments. Instead of maintaining separate bank accounts for payroll in various countries, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are becoming 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 prompt payroll payments is a complex obstacle for companies operating globally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll checking account, learn how business anticipate payroll costs to enhance working capital, and discover how enhancing international payroll payments can transform them from a troublesome job into a strategic possession.
Handling payroll worldwide is a complicated job due to various regulations, compliance requirements, data security issues, and banking rules. The large variety of workers and businesses contributes to the intricacy, with an estimated 3.5 billion individuals in the worldwide workforce, 500 million of whom are in Africa, and 230 million companies worldwide.
Standard payroll systems often result in manual processes, information silos, and an absence of integration, resulting in disparities and inadequacies. Regardless of residing in an age of technological developments, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar objectives to supply insights and solutions to streamline and enhance international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Labor force data in real time that’s another number that gives me sleepless nights and quite honestly the more a service invests in global payroll the less of an image they see a lack of presence also encompasses payroll payments and inability to accurately track these payments can lead to compliance accidents in the last mile of the deal almost half of global services have expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM data information entry mistakes inadequately communicated hires and terminations in addition to lack management and system setups and after that when you round all of it off and the information is shipped to the incorrect location the average expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money all over the world payroll and payments do not run smoothly if they depend on the needed numerous 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 challenges business face when they’re making payments to employees or otherwise that’s an excellent concern I always toss this back and state what is it what does not need to be included ideal and what does
it need to be thought about 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 abilities 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 consumer’s own in-country account so there’s complexity anywhere you look ideal ultimately constructing a knowledge base is definitely critical but all over you look with payroll payment they are like very payments no if however some children about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is allowing us to sort of progress with that it also too to add to that payroll and finance require to work closer together um with varying Checking account Details varying banking requirements and setup procedures is absolutely necessary that payroll and finance groups work closer together than ever um I’m always amazed when people state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession would they split 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 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 important to contribute to type of the level of intricacy there’s more and more advantages being organ or being used by businesses throughout the world so once again you’re just seeking to include a growing number of payments to this already complicated landscape so if you type of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of genuine difficulties or real tough kind of pay uses to play to pay individuals I think yeah I imply over the last well yeah a number of decades I would definitely say that the larger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding information into the next function as it were that’s actually handling the payment side of things but you understand in in my viewpoint and my experience that doesn’t necessarily need to be the case you know long gone are the times where we require to develop additional handoffs in the processes that we run in they simply make them more prompt they make them less efficient and they do not make them what they need to be in in an age of tech and an era that you know that we are operating in today there is no reason we are still making this as hard as it needs to be agreed and rightly as you said payroll is the single biggest liability that any service has from a cost perspective from an effect perspective on employees it is absolutely critical that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the most significant damaging effect on individuals’s wellness and many other factors if individuals aren’t paid uh I’ve always been surprised entering this Market type of the last 5 to ten years is how little thanks the
The payroll group may not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and individuals only see when things fail. Nevertheless, when things go right, it’s viewed as simply a routine task. This is how it’s viewed externally too. Therefore, it is important to make sure that jobs like Wi-Fi Global and other important matters are done properly. Using the very first Worldwide Payments very first payroll payment option is a great preliminary step towards offering a detailed payroll service for staff members worldwide. Standardization, worldwide procedures, and reducing the variety of tools, platforms, and bank accounts necessary for worldwide payroll are essential consider attaining company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of grievances when things do not go as prepared. Eventually, we do not do it for the appreciation.
anyhow we understand how how crucial a function it is which’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 think of sorry I’m just I was just gon na say imagine the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions think of getting that lots of thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating job attempting to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse them and actually see what was going on and kind of try to get back to everyone so proceeding look why do business choose to primary different savings account there are How To Send Employee Log On Info For Papaya Global Payroll businesses out there doing precisely this for specific countries and I have actually worked in a company or lots of services doing precisely that I can say it doesn’t always feel effective 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 ideas Johnny why do you think 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 think people have actually got so utilized to we need a new bank account we open an entity and appropriately so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm the people have embraced and continue to do over years and years passed by to add to that individuals have taken a look at things like trust accounts and numerous other ways um to to type of do it so I think there’s a variety I think this is a procedure that needs looking at it requires changing but eventually people are very stuck with what they’re familiar
with ideal um modification is a hard thing we all do not like modification um so I believe it’s just type of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand certainly the advantages of having maintaining numerous checking account but there’s a big quantity of complexity opts for establishing a bank account keeping it ensuring it can send out International transfers ensuring it’s set up with the ideal user accesses for specific people so the intricacy is big but I believe the truthful response is modification um individuals haven’t been able to change or have not had necessarily the understanding to truly make that change into alternate Solutions aside from opening a checking account I think you’ve struck the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change however we’ve 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 nearly be figured out to be the next Century or two there is a lot to keep track of and this method does posture numerous challenges um so Johnny might you tell us about those obstacles yeah obviously so there’s a range right there is so
I simply did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International employees you deserve a corner workplace with a closer parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you How To Send Employee Log On Info For Papaya Global Payroll