Over the last five or 6 years …Papaya Global Online Payroll Login… functions on the supplier side and also on the vendor side from a payroll point of view so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just offer everyone another couple of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll sort 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 type of like see where everyone comes from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really really uninspiring and I wish I was somewhere else at this moment in time okay so let’s begin our program for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why companies keep different
Virtual payroll accounts are an alternative to traditional savings account for handling payroll payments. This is especially helpful for global companies with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of keeping separate bank accounts for payroll in various countries, virtual accounts and digital wallets offer a more structured option. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are ending up being a tactical asset for payroll executives. We will likewise provide a recap of the main points covered and leave time for a Q&A session at the end.
Ensuring precise, effective, and prompt payroll payments is a complex obstacle for companies running globally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll checking account, find out how companies anticipate payroll costs to optimize working capital, and discover how enhancing worldwide payroll payments can transform them from a burdensome job into a strategic property.
Managing payroll globally is a complicated task due to different policies, compliance requirements, information security issues, and banking guidelines. The sheer number of employees and organizations contributes to the intricacy, with an estimated 3.5 billion people in the international labor force, 500 million of whom are in Africa, and 230 million services worldwide.
Conventional payroll systems typically result in manual procedures, information silos, and a lack of combination, resulting in disparities and inefficiencies. Despite living in an age of technological improvements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar aims to provide insights and solutions to streamline and optimize international payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce information in real time that’s another number that provides me sleep deprived nights and rather honestly the more an organization invests in international payroll the less of a photo they see a lack of visibility also reaches payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the transaction almost half of global organizations have actually expressed that they don’t 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 data data entry errors badly interacted hires and terminations along with absence management and system configurations and then when you round everything off and the data is delivered to the incorrect location the typical cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money all over the world payroll and payments don’t run efficiently if they count on the necessary several procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges company face when they’re paying to staff members or otherwise that’s an excellent question I constantly toss this back and state what is it what doesn’t need to be consisted of ideal and what does
it need to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per country 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 have to pay from the consumer’s own in-country account so there’s intricacy wherever you look right eventually developing a knowledge base is absolutely crucial but everywhere you look with payroll payment they resemble extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is allowing us to sort of progress with that it likewise too to contribute to that payroll and finance need to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is definitely vital that payroll and financing groups work more detailed together than ever um I’m always surprised when people say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more essential to add to sort of the level of intricacy there’s a growing number of benefits being organ or being offered by companies across the world so again you’re simply seeking to include increasingly more payments to this currently complicated landscape so if you type of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of real difficulties or genuine difficult sort of pay utilizes to play to pay people I think yeah I imply over the last well yeah a couple of decades I would absolutely state that the bigger a business gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are teams feeding info into the next function as it were that’s really handling the payment side of things but you understand in in my viewpoint and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we require to produce extra handoffs at the same times that we run in they just make them more timely they make them less efficient and they do not make them what they require to be in in a period of tech and a period that you understand that we are operating in today there is no reason that we are still making this as challenging as it needs to be agreed and rightly as you stated payroll is the single biggest liability that any business has from an expense viewpoint from an impact perspective on staff members it is absolutely crucial that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the biggest detrimental effect on people’s wellness and lots of other elements if individuals aren’t paid uh I’ve always been amazed coming into this Market sort of the last five to ten years is how little thanks the
The payroll team might not have been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and individuals only see when things fail. However, when things go right, it’s viewed as just a regular job. This is how it’s viewed externally also. Therefore, it is necessary to ensure that jobs like Wi-Fi International and other crucial matters are done properly. Using the first International Payments first payroll payment solution is an excellent preliminary action towards providing a thorough payroll option for staff members worldwide. Standardization, worldwide procedures, and decreasing the variety of tools, platforms, and bank accounts essential for global payroll are key factors in accomplishing company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of problems when things do not go as planned. Ultimately, we do not do it for the appreciation.
anyway we understand how how important 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 easy as possible for everybody that’s involved in those procedures and likewise so imagine sorry I’m simply I was just gon na say think of the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re discussing hundreds of thousands potentially Millions picture getting that many thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating task attempting to clean all those up for sure oh definitely 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 try to return to everybody so moving on appearance why do business select to main different savings account there are Papaya Global Online Payroll Login organizations out there doing precisely this for particular countries and I’ve operated in a service or numerous companies doing precisely that I can say it doesn’t always feel efficient and it does develop more work I know we’re not deliberately doing that we’re not producing additional work for anyone where we do not have to and anybody 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 many factors one is it’s the requirement I think people have actually got so used to we require a new bank account we open an entity and rightly so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the standard the people have actually embraced and continue to do over years and years passed by to contribute to that individuals have actually looked at things like trust accounts and many other methods um to to type of do it so I believe there’s a range I think this is a process that needs looking at it needs altering however ultimately people are extremely stuck with what they’re familiar
with best um change is a challenging thing we all do not like modification um so I believe it’s simply kind of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand clearly the benefits of having keeping several savings account but there’s a huge quantity of intricacy chooses establishing a savings account maintaining it ensuring it can send International transfers guaranteeing it’s set up with the best user accesses for specific individuals so the intricacy is substantial but I believe the sincere answer is modification um individuals haven’t been able to alter or have not had necessarily the knowledge to actually make that change into alternate Solutions besides opening a bank account I think you have actually struck the nail on the head I believe it is understanding you know and there is an aspect of resistance to change but we’ve always done it that way is no genuine reason for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could practically be identified to be the next Century or two there is a lot to keep an eye on and this approach does pose several obstacles um so Johnny might you tell us about those difficulties yeah of course so there’s a range right there is so
I simply did you changed our Business 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 Worldwide staff members you deserve a corner workplace with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Online Payroll Login