Over the last five or 6 years …How To Setup Papaya Global Payroll Standard… roles on the provider side and also on the supplier side from a payroll perspective so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just offer everyone another couple of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everyone originates from and I really 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 extremely extremely dreary and I wish I was somewhere else at this moment in time all right so let’s start our program for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why business preserve different
Virtual payroll accounts are an alternative to standard bank accounts for managing payroll payments. This is particularly beneficial for worldwide companies with dispersed and remote workforces, as it simplifies the complex procedure of cross-border payments. Instead of keeping separate checking account for payroll in different nations, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are becoming a strategic possession for payroll executives. We will also provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
Making sure accurate, effective, and prompt payroll payments is a complex challenge for businesses running internationally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll checking account, learn how companies anticipate payroll costs to enhance working capital, and find how streamlining international payroll payments can change them from a difficult task into a strategic property.
Handling payroll globally is an overwhelming task due to different regulations, compliance requirements, information security issues, and banking rules. The sheer number of workers and companies adds to the complexity, with an approximated 3.5 billion individuals in the worldwide labor force, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Conventional payroll systems often lead to manual processes, data silos, and a lack of combination, causing disparities and inefficiencies. Despite residing in a period of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar objectives to provide insights and services to simplify and optimize worldwide payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force data in real time that’s another number that provides me sleep deprived nights and rather honestly the more a business spends on global payroll the less of an image they see a lack of visibility likewise reaches payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the deal nearly half of global businesses have actually revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry mistakes improperly communicated hires and terminations along with absence management and system setups and after that when you round everything off and the data is delivered to the wrong place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money worldwide payroll and payments don’t run smoothly if they depend on the necessary numerous procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles business face when they’re paying to employees or otherwise that’s a great question I always throw this back and state what is it what does not require to be included ideal and what does
it need to be thought of there’s varying 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 abilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy anywhere you look right ultimately developing a knowledge base is absolutely vital but everywhere you look with payroll payment they resemble incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the kind 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 essential and innovation is permitting us to sort of move forward with that it likewise 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 vital that payroll and finance groups work more detailed together than ever um I’m constantly impressed when individuals state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t 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 often 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 anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world positions a high value on wellness and the payment landscape is ending up being progressively intricate. Companies are continually introducing brand-new benefits and payment alternatives, which contributes to the overall intricacy. Large corporations frequently divide their payroll and payment processing into separate teams, which can cause ineffectiveness and bottlenecks. In my opinion, this does not need to hold true. In today’s technically advanced period, there’s no reason for preserving troublesome procedures. Payroll, the company’s most significant expense, need to be processed properly and on time. Even small delays can adversely affect workers’ wellness and have far-reaching effects. For that reason, it’s crucial to focus on precise and timely payments.
payroll group get um so I’m not sure anybody on this sort of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an essential cycle we all hear about it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s just a tick box workout and I think 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 stuff is done correctly so leveraging the very first Global Payments very first payroll payment solution is a fantastic first step um providing an end-to-end payroll service for your staff members internationally again I think is another big um process again aligning and guaranteeing you have standardization Global processes all of those things are definitely crucial to success success of companies and minimizing the variety of tools platforms and bank accounts they need for their Worldwide payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never ever 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 complaints 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 role 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 easy as possible for everyone that’s associated with those procedures and also so imagine sorry I’m simply I was simply gon na state envision the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions imagine getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing job 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 need days of the week to try to check out them and really see what was going on and kind of shot to return to everybody so carrying on appearance why do companies select to main separate checking account there are How To Setup Papaya Global Payroll Standard companies out there doing exactly this for specific countries and I’ve worked in a company or numerous services doing exactly that I can state it doesn’t always feel efficient and it does create more work I know we’re not deliberately doing that we’re not developing additional work for anyone 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 think that we’re doing that in in the in the amount that we are I think many factors one is it’s the requirement I believe people have got so utilized to we require a brand-new checking account we open an entity and appropriately so you require 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 standard and the norm individuals have actually adopted and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and numerous other methods um to to type of do it so I think there’s a range I believe this is a procedure that needs taking a look at it needs changing however ultimately people are very stuck with what they recognize
with ideal um change is a hard thing all of us don’t like change um so I believe it’s simply kind of moving far 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 keeping several checking account but there’s a huge amount of complexity opts for setting up a bank account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for private individuals so the intricacy is substantial but I believe the honest response is change um people haven’t been able to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions besides opening a checking account I believe you have actually struck the nail on the head I think it is understanding you understand and there is an element of resistance to alter but we’ve constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of carrying on and moving into you know what might nearly be identified to be the next Century approximately there is a lot to keep track of and this approach does position a number of obstacles um so Johnny might you tell us about those challenges yeah naturally so there’s a range right there is so
I just did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you deserve a corner workplace with a better parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you How To Setup Papaya Global Payroll Standard