Over the last five or six years …Papaya Global Payroll And Hr Reviews… functions on the supplier 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 fine thanks Johnny uh we’ll simply provide everybody another number of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely really dreary and I wish I was elsewhere at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Worldwide payroll why companies keep separate
Virtual payroll accounts are an option to conventional savings account for handling payroll payments. This is particularly useful for international organizations with dispersed and remote workforces, as it streamlines the complex process of cross-border payments. Instead of keeping different checking account for payroll in various countries, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are becoming a strategic possession 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.
Making sure accurate, efficient, and prompt payroll payments is a complex challenge for businesses operating internationally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll bank accounts, discover how business anticipate payroll expenses to enhance working capital, and find how streamlining international payroll payments can change them from a troublesome job into a tactical asset.
Handling payroll worldwide is a daunting job due to various guidelines, compliance requirements, information security concerns, and banking guidelines. The large number of employees and organizations adds to the intricacy, with an estimated 3.5 billion individuals in the global labor force, 500 countless whom are in Africa, and 230 million organizations worldwide.
Standard payroll systems typically result in manual processes, information silos, and an absence of combination, resulting in inconsistencies and inefficiencies. Despite living in an age of technological developments, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar objectives to offer insights and services 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 organizations state they have Workforce information in real time that’s another number that offers me sleep deprived nights and rather frankly the more a company invests in worldwide payroll the less of a photo they see a lack of visibility likewise reaches payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the deal nearly half of global organizations have revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM information information entry errors badly communicated hires and terminations along with lack management and system setups and then when you round all of it off and the information is delivered to the wrong place the typical cost of a worldwide information 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 do not run smoothly if they rely on the necessary numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties organization face when they’re paying to staff members or otherwise that’s a great concern I constantly throw this back and state what is it what does not require to be included ideal and what does
it require to be thought of there’s differing 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 capabilities 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 client’s own in-country account so there’s intricacy anywhere you look ideal eventually constructing a knowledge base is absolutely important but all over you look with payroll payment they resemble very 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 think there’s now a bit more recognition that payroll payments are definitely basic and innovation is enabling us to sort of progress with that it also as well to add to that payroll and finance require to work closer together um with varying Savings account Particulars varying banking requirements and setup procedures is absolutely vital that payroll and finance teams work closer together than ever um I’m always surprised when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anyone 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 data collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more crucial to add to type of the level of intricacy there’s a growing number of benefits being organ or being provided by organizations throughout the world so again you’re simply aiming to add more and more payments to this currently complicated landscape so if you type of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of real obstacles or real difficult kind of pay uses to play to pay individuals I think yeah I suggest 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 operates um there are groups doing one part of the task there are teams feeding information into the next function as it were that’s actually managing the payment side of things but you know in in my viewpoint and my experience that doesn’t always need to be the case you understand long gone are the times where we require to develop extra handoffs in the processes that we operate in they simply make them more timely they make them less efficient and they don’t make them what they need to be in in a period of tech and a period that you know that we are operating in today there is no reason we are still making this as hard as it requires to be concurred and rightly as you stated payroll is the single greatest liability that any business has from a cost perspective from an effect viewpoint on staff members it is absolutely critical that it’s done correctly and on time so what we mean 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 harmful impact on individuals’s well-being and lots of other aspects if individuals aren’t paid uh I have actually always been astonished coming into this Market sort of the last 5 to ten years is how little thanks the
The payroll group might not have been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and people only see when things go wrong. However, when things go right, it’s seen as simply a regular job. This is how it’s perceived externally too. Therefore, it is essential to guarantee that jobs like Wi-Fi International and other vital matters are done properly. Utilizing the very first Global Payments very first payroll payment option is a fantastic preliminary step towards providing an extensive payroll service for employees worldwide. Standardization, worldwide processes, and decreasing the number of tools, platforms, and savings account necessary for global payroll are crucial factors in attaining service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of problems when things don’t go as prepared. Eventually, we do not do it for the appreciation.
anyway we know how how important 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 everyone that’s associated with those procedures and likewise so picture sorry I’m simply I was simply gon na state think of 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 discussing hundreds of thousands potentially Millions imagine getting that many thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting task attempting to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to browse them and in fact see what was going on and sort of shot to get back to everyone so moving on appearance why do business pick to main separate savings account there are Papaya Global Payroll And Hr Reviews services out there doing precisely this for particular countries and I’ve operated in a business or many organizations doing precisely that I can say it does not constantly feel effective and it does create more work I understand we’re not deliberately doing that we’re not creating extra work for anyone where we don’t need to and anybody that’s managing 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 quantity that we are I think many reasons one is it’s the standard I think people have got so utilized to we need a brand-new checking account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the norm the people have actually embraced and continue to do over years and years passed by to add to that people have looked at things like trust accounts and many other ways um to to kind of do it so I think there’s a variety I believe this is a procedure that requires looking at it needs changing but eventually individuals are really stuck to what they’re familiar
with best um change is a difficult thing we all do not like change um so I believe it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having maintaining numerous bank accounts but there’s a big quantity of intricacy opts for setting up a checking account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the right user accesses for individual individuals so the intricacy is big but I believe the honest response is modification um people haven’t been able to alter or have not had always the knowledge to really make that change into alternate Solutions besides opening a bank account I think you’ve struck the nail on the head I think it is understanding you understand and there is an aspect of resistance to change however we have actually always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might almost be determined to be the next Century or two there is a lot to monitor and this approach does position several obstacles um so Johnny could you inform us about those difficulties yeah obviously so there’s a variety 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 Worldwide workers you deserve a corner workplace with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Payroll And Hr Reviews