Over the last 5 or six years …How To Link Papaya Global To Outlook… functions on the company side and also on the vendor side from a payroll viewpoint so truly looking forward to this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply give everybody 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 type of let them do that so it ‘d be rather interesting and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everybody originates from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really really uninspiring and I wish I was elsewhere at this moment in time fine so let’s begin our program for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why business keep different
Virtual payroll accounts are an alternative to standard checking account for handling payroll payments. This is especially helpful for worldwide companies with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of preserving separate bank accounts for payroll in various countries, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are ending up being a tactical 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.
Ensuring accurate, effective, and timely payroll payments is a complex difficulty for services running globally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll bank accounts, discover how companies forecast payroll costs to enhance working capital, and discover how simplifying global payroll payments can transform them from a challenging task into a tactical possession.
Managing payroll worldwide is a complicated job due to numerous guidelines, compliance requirements, data security issues, and banking guidelines. The large variety of staff members and services adds to the intricacy, with an approximated 3.5 billion individuals in the worldwide workforce, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Conventional payroll systems typically result in manual processes, information silos, and an absence of combination, causing disparities and inadequacies. In spite of living in an age of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar objectives to supply insights and options to streamline and enhance international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Labor force information in real time that’s another number that provides me sleep deprived nights and quite frankly the more a company spends on global payroll the less of a photo they see a lack of exposure likewise encompasses payroll payments and failure to precisely track these payments can cause compliance incidents in the last mile of the deal almost half of worldwide companies have actually expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM data data entry mistakes improperly communicated hires and terminations along with absence management and system configurations and then when you round everything off and the information is shipped to the wrong place the average expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the world payroll and payments do not run efficiently if they rely on the essential multiple 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 challenges service face when they’re paying to employees or otherwise that’s a great concern I constantly toss this back and state what is it what doesn’t require to be consisted of right and what does
it require to be thought of 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 abilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the client’s own in-country account so there’s intricacy wherever you look ideal ultimately developing a knowledge base is definitely crucial but everywhere you look with payroll payment they resemble very payments no if but some children about it you are all superheroes processing payments for payroll if you look at the type 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 absolutely basic and technology is permitting us to kind of move forward with that it also too to add to that payroll and finance need to work closer together um with varying Bank Account Details differing banking requirements and setup processes is absolutely crucial that payroll and finance teams work better together than ever um I’m always amazed when individuals state I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession would they split the payroll payment from calculation 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 individuals anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more important to add to sort of the level of intricacy there’s a growing number of advantages being organ or being used by businesses across the world so once again you’re just looking to add more and more payments to this already complex landscape so if you kind of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of real obstacles or real difficult sort of pay uses to play to pay people I think yeah I imply over the last well yeah a number of years I would certainly state that the larger a business gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are teams feeding information into the next function as it were that’s really handling the payment side of things but you know in in my opinion and my experience that doesn’t necessarily need to be the case you know long gone are the times where we require to produce extra handoffs while doing sos that we operate in they just make them more timely they make them less effective 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 tough as it needs to be concurred and rightly as you stated payroll is the single biggest liability that any organization has from a cost point of view from an effect viewpoint on employees it is definitely critical that it’s done properly and on time so what we suggest 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 detrimental result on people’s wellness and numerous other elements if individuals aren’t paid uh I have actually constantly been surprised entering this Market type of the last five to 10 years is how little thanks the
The payroll group may not have been thanked for correctly processing payroll throughout a webinar. If anybody has 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 just observe when things go wrong. Nevertheless, when things go right, it’s viewed as simply a regular task. This is how it’s perceived externally too. Therefore, it is important to make sure that jobs like Wi-Fi Global and other essential matters are done properly. Using the very first Global Payments first payroll payment service is an excellent preliminary action towards supplying a thorough payroll solution for employees worldwide. Standardization, international processes, and lowering the number of tools, platforms, and checking account essential for worldwide payroll are crucial factors in accomplishing company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a few complaints when things do not go as planned. Ultimately, we don’t do it for the appreciation.
anyway we know how how essential 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 easy as possible for everyone that’s involved in those processes and likewise so envision sorry I’m just I was just gon na say envision the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands potentially Millions think of getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating task trying to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to look through them and in fact see what was going on and type of shot to return to everyone so proceeding appearance why do business choose to main separate checking account there are How To Link Papaya Global To Outlook organizations out there doing exactly this for specific countries and I have actually worked in an organization or many services doing precisely that I can state it doesn’t constantly feel effective and it does produce more work I understand we’re not intentionally doing that we’re not producing extra work for anybody where we don’t need to and anybody that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe lots of reasons one is it’s the requirement I believe people have got so utilized to we require a new bank account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm individuals have embraced and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and many other methods 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 altering but ultimately individuals are really stuck with what they recognize
with ideal um modification is a challenging thing we all don’t like modification um so I think it’s just type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand certainly the advantages of having keeping multiple checking account but there’s a big quantity of complexity goes with setting up a bank account keeping it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for specific individuals so the intricacy is big but I believe the truthful answer is change um individuals haven’t been able to alter or haven’t had always the understanding to truly make that change into alternate Solutions besides opening a bank account I believe you have actually struck the nail on the head I think it is understanding you understand and there is a component of resistance to change however we have actually always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could almost be determined to be the next Century or two there is a lot to track and this method does position several difficulties um so Johnny could you inform us about those challenges yeah naturally so there’s a variety right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has gotten another CFO, and with this improved capability, I have actually successfully protected payments for our 10,000 employees worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is closer, considering your achievements. How To Link Papaya Global To Outlook