Over the last 5 or six years …How Do I Transfer My Papaya Global To Another Computer… functions on the supplier side and also on the supplier side from a payroll point of view so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply provide everyone another couple of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on currently just 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 definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very really dreary and I want I was elsewhere at this moment in time alright so let’s begin our program for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why companies preserve separate
Virtual payroll accounts are an alternative to standard savings account for handling payroll payments. This is particularly useful for worldwide organizations with dispersed and remote labor forces, as it streamlines the complicated process of cross-border payments. Instead of maintaining different checking account for payroll in various nations, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are ending up being a strategic asset for payroll executives. We will also offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
Guaranteeing accurate, efficient, and timely payroll payments is a complex difficulty for companies operating internationally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll checking account, find out how business anticipate payroll expenses to optimize working capital, and discover how improving global payroll payments can change them from a troublesome task into a strategic possession.
Handling payroll worldwide is an overwhelming task due to different regulations, compliance requirements, data security concerns, and banking rules. The large variety of employees and services contributes to the complexity, with an estimated 3.5 billion individuals in the international workforce, 500 countless whom are in Africa, and 230 million organizations worldwide.
Traditional payroll systems typically lead to manual procedures, data silos, and an absence of combination, leading to disparities and inadequacies. In spite of residing in an age of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar goals to supply insights and solutions to streamline and optimize international payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force information in real time that’s another number that gives me sleep deprived nights and quite honestly the more a service spends on worldwide payroll the less of a photo they see a lack of visibility also encompasses payroll payments and inability to precisely track these payments can cause compliance accidents in the last mile of the deal almost half of worldwide businesses have revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM data data entry errors inadequately communicated hires and terminations as well as absence management and system configurations and then when you round everything off and the data is shipped to the wrong location the average cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe payroll and payments do not run efficiently if they depend on the required several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties business face when they’re paying to employees or otherwise that’s a good concern I always toss this back and state what is it what doesn’t need to be consisted of ideal and what does
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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 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 anywhere you look ideal eventually developing a knowledge base is definitely vital however 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 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 enabling us to kind of progress with that it likewise too to add to that payroll and financing need to work closer together um with differing Savings account Details varying banking requirements and setup processes is definitely necessary that payroll and financing groups work better together than ever um I’m constantly surprised when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from calculation 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 eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being more and more important to contribute to type of the level of intricacy there’s more and more advantages being organ or being offered by organizations across the world so once again you’re just wanting to add a growing number of payments to this already intricate landscape so if you kind of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of real obstacles or genuine challenging kind of pay utilizes to play to pay people I think yeah I suggest over the last well yeah a number of years I would definitely state 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 in fact handling the payment side of things however you understand in in my viewpoint and my experience that does not always require to be the case you know long gone are the times where we require to develop extra handoffs at the same times that we operate in they just make them more prompt they make them less efficient and they do not make them what they need to be in in a period of tech and an age that you know that we are operating in today there is no reason that we are still making this as difficult as it requires to be agreed and rightly as you said payroll is the single greatest liability that any company has from a cost point of view from an effect perspective on workers it is absolutely important that it’s done properly 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 most significant damaging result on individuals’s well-being and numerous other aspects if individuals aren’t paid uh I have actually always been surprised coming into this Market kind of the last 5 to ten years is how little thanks the
The payroll team might not have actually been thanked for properly processing payroll during a webinar. If anyone has been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and people just see when things fail. Nevertheless, when things go right, it’s seen as simply a regular task. This is how it’s viewed externally as well. For that reason, it is necessary to ensure that tasks like Wi-Fi Worldwide and other essential matters are done properly. Utilizing the first Global Payments very first payroll payment solution is a fantastic initial step towards offering a comprehensive payroll option for workers worldwide. Standardization, global procedures, and lowering the number of tools, platforms, and checking account necessary for worldwide payroll are key factors in attaining company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically get a few grievances when things don’t go as planned. Eventually, we do not do it for the appreciation.
anyway we know 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 everyone that’s involved in those procedures and likewise so imagine sorry I’m just I was simply gon na say picture the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions picture getting that many thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing task attempting to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and really see what was going on and kind of try to get back to everybody so proceeding appearance why do companies select to primary separate savings account there are How Do I Transfer My Papaya Global To Another Computer businesses out there doing exactly this for specific countries and I’ve worked in an organization or lots of companies doing precisely that I can state it doesn’t always feel efficient and it does create more work I understand we’re not purposely doing that we’re not producing extra work for any person where we do not need to and anybody that’s dealing with that process 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 reasons one is it’s the requirement I believe individuals have got so used to we need a new bank account we open an entity and appropriately 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 just been the requirement and the standard the people have actually embraced and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and many other methods um to to sort of do it so I think there’s a range I think this is a procedure that requires looking at it requires changing but ultimately people are extremely stuck to what they recognize
with ideal um change is a difficult thing we all don’t like modification um so I think it’s just type of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand certainly the benefits of having keeping multiple savings account but there’s a big amount of complexity opts for setting up a savings account keeping it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for specific people so the intricacy is big but I think the honest response is change um people haven’t been able to change or have not had always the knowledge to truly make that change into alternate Solutions other than opening a bank account I think you’ve hit the nail on the head I believe it is knowledge you know and there is an element of resistance to alter but we have actually always done it that way is no real excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what could almost be determined to be the next Century or so there is a lot to keep track of and this technique does present several difficulties um so Johnny could you tell us about those challenges yeah of course so there’s a range right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has acquired another CFO, and with this enhanced ability, I have effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is better, considering your accomplishments. How Do I Transfer My Papaya Global To Another Computer