Over the last 5 or six years …How To Cancel Papaya Global Payroll Online… roles on the company side and also on the vendor side from a payroll point of view so actually anticipating this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just provide everybody another number of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everyone originates from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely extremely uninspiring and I wish I was somewhere else at this moment in time all right so let’s get going our program for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why companies maintain different
Virtual payroll accounts are an option to traditional checking account for handling payroll payments. This is especially useful for worldwide companies with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of maintaining separate savings account for payroll in different nations, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are becoming a strategic asset for payroll executives. We will also provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing precise, efficient, and prompt payroll payments is a complex challenge for organizations running worldwide. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll bank accounts, find out how companies anticipate payroll expenses to enhance working capital, and find how simplifying international payroll payments can transform them from a challenging task into a strategic asset.
Handling payroll internationally is an overwhelming task due to various policies, compliance requirements, information security concerns, and banking rules. The large variety of workers and organizations adds to the complexity, with an approximated 3.5 billion people in the international labor force, 500 million of whom are in Africa, and 230 million services worldwide.
Standard payroll systems typically result in manual processes, data silos, and a lack of combination, resulting in inconsistencies and inadequacies. Despite 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 goals to offer insights and solutions to simplify and optimize global payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of services say they have Workforce data in real time that’s another number that provides me sleepless nights and quite honestly the more a company invests in international payroll the less of a picture they see a lack of visibility likewise extends to payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the transaction almost half of global companies have expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry errors improperly communicated hires and terminations along with lack management and system configurations and after that when you round all of it off and the data is delivered to the incorrect location the average expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash worldwide payroll and payments don’t run smoothly if they count on the essential multiple processes 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 difficulties business face when they’re paying to workers or otherwise that’s an excellent concern I always throw this back and state what is it what does not need to be included right and what does
it need to be considered there’s differing Bank information 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 need to pay from the consumer’s own in-country account so there’s intricacy wherever you look ideal ultimately constructing a knowledge base is definitely 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 between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and innovation is allowing us to type of move forward with that it likewise as well to contribute to that payroll and finance require to work closer together um with varying Bank Account Particulars varying banking requirements and setup procedures is definitely necessary that payroll and financing teams work more detailed together than ever um I’m always astonished when people say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t 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 typically split and cut up um eventually 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 but also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being a growing number of important to add to kind of the level of complexity there’s more and more benefits being organ or being offered by services across the world so once again you’re just wanting to add a growing number of payments to this already complex landscape so if you kind of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of genuine difficulties or real tough type of pay utilizes to play to pay individuals I think yeah I indicate over the last well yeah a couple of years I would definitely say that the bigger an organization gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are teams feeding details into the next function as it were that’s really managing the payment side of things however you understand in in my opinion and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we need to create extra handoffs in the processes that we run 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 an age of tech and an era that you know that we are working in today there is no reason why we are still making this as difficult as it needs to be concurred and appropriately as you said payroll is the single biggest liability that any service has from an expense point of view from an impact viewpoint on employees it is definitely 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 need to be done right it has the most significant harmful effect on individuals’s well-being and many other factors if individuals aren’t paid uh I have actually constantly been impressed coming into this Market kind of the last five to ten years is how little thanks the
payroll team get um so I’m uncertain anybody on this sort of webinar has been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um however eventually payroll is such an essential cycle all of us hear about it when it fails everyone jumps up and down when it fails however when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely important that all of this things is done correctly so leveraging the first Global Payments very first payroll payment service is a fantastic initial step um offering an end-to-end payroll solution for your workers internationally once again I think is another big um process again aligning and guaranteeing you have standardization Worldwide processes all of those things are definitely crucial to success success of companies and lowering the number of tools platforms and savings account they need for their Global 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 have actually never had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the grievances where things haven’t gone quite where they’re meant to be um I don’t believe any of us are actually doing that for for the thanks
anyway we know how how essential 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 simple as possible for everyone that’s involved in those procedures and likewise so think of sorry I’m just I was simply gon na say picture the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re speaking about numerous thousands possibly Millions envision getting that many thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating 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 try to look through them and actually see what was going on and kind of try to get back to everybody so proceeding appearance why do companies choose to main different bank accounts there are How To Cancel Papaya Global Payroll Online businesses out there doing exactly this for specific countries and I’ve worked in a service or numerous companies doing exactly that I can state it does not always feel efficient and it does create more work I know we’re not purposely doing that we’re not developing additional work for any person where we do not have to and any person that’s managing 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 quantity that we are I think many reasons one is it’s the requirement I believe people have got so used to we require a new bank account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard the people have embraced and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a range I believe this is a procedure that requires taking a look at it needs changing but ultimately individuals are extremely stuck with what they’re familiar
with best um modification is a hard thing we all don’t like change um so I think 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 comprehend undoubtedly the benefits of having maintaining several checking account however there’s a huge amount of complexity chooses establishing a checking account maintaining it guaranteeing it can send International transfers guaranteeing it’s established with the right user accesses for individual individuals so the complexity is huge but I think the truthful response is modification um people haven’t been able to change or have not had necessarily the understanding to really make that change into alternate Solutions other than opening a bank account I believe you’ve struck the nail on the head I think it is knowledge you understand and there is an element of resistance to alter but we’ve always done it that way is no real excuse for not looking at the the advantages and the possibilities of carrying on and moving into you know what might nearly be identified to be the next Century or so there is a lot to track and this approach does posture numerous difficulties um so Johnny could you inform us about those difficulties yeah of course 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 Global employees you deserve a corner workplace with a better parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you How To Cancel Papaya Global Payroll Online