Over the last 5 or six years …Papaya Global And Papaya Globalwont Open On My Computer Together… functions on the provider side and also on the vendor side from a payroll viewpoint so actually anticipating this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just give everybody another number of uh well one of the 30 seconds approximately to join we all 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 definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very very dreary and I want I was somewhere else at this moment in time fine so let’s get going our program for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why business maintain separate
Virtual payroll accounts are an option to standard savings account for handling payroll payments. This is especially useful for worldwide organizations with dispersed and remote workforces, as it streamlines the complex process of cross-border payments. Instead of keeping separate checking account for payroll in different countries, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are ending up being a strategic property 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.
Ensuring accurate, effective, and prompt payroll payments is a complex obstacle for organizations operating internationally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll bank accounts, find out how companies forecast payroll expenses to optimize working capital, and find how enhancing worldwide payroll payments can change them from a burdensome job into a strategic property.
Managing payroll globally is a complicated task due to numerous policies, compliance requirements, data security issues, and banking guidelines. The large variety of employees and services contributes to the complexity, with an estimated 3.5 billion people in the international labor force, 500 million of whom remain in Africa, and 230 million services worldwide.
Conventional payroll systems frequently result in manual procedures, data silos, and a lack of integration, leading to disparities and ineffectiveness. Regardless of residing in a period of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar objectives to provide insights and solutions to simplify and enhance global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force data in real time that’s another number that offers me sleepless nights and rather honestly the more a business invests in worldwide payroll the less of an image they see an absence of exposure also encompasses payroll payments and failure to precisely track these payments can result in compliance accidents in the last mile of the deal almost half of worldwide companies have 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 because of time reporting bad HCM data data entry mistakes badly interacted hires and terminations along with lack management and system configurations and after that when you round it all off and the data is shipped to the incorrect location the typical cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments do not run smoothly if they depend on the essential numerous processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges service face when they’re paying to staff members or otherwise that’s a great concern I always toss this back and state what is it what does not need to be consisted of right and what does
it need to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per nation 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 any place you look ideal eventually building a knowledge base is absolutely crucial but everywhere you look with payroll payment they resemble incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely essential and innovation is enabling us to kind of progress with that it likewise also to add to that payroll and finance need to work closer together um with varying Savings account Details differing banking requirements and setup procedures is absolutely vital that payroll and finance groups work better together than ever um I’m constantly impressed when individuals say I’ve 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 divide the payroll payment from computation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being a growing number of important to contribute to type of the level of intricacy there’s a growing number of advantages being organ or being offered by services throughout the world so once again you’re just aiming to add a growing number of payments to this currently complex landscape so if you sort of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of real obstacles or genuine challenging sort of pay utilizes to play to pay people I believe yeah I mean over the last well yeah a couple of decades I would absolutely say that the larger a company 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 details 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 need to produce extra handoffs at the same times 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 a period of tech and an era that you understand that we are operating in today there is no reason that we are still making this as difficult as it requires to be concurred and appropriately as you said payroll is the single biggest liability that any business has from a cost perspective from an impact point of view on workers it is definitely 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 most significant destructive impact on people’s well-being and many other aspects if individuals aren’t paid uh I have actually constantly been surprised coming into this Market kind of the last 5 to ten years is how little thanks the
The payroll group may not have been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and individuals just observe when things fail. Nevertheless, when things go right, it’s seen as simply a routine job. This is how it’s viewed externally too. Therefore, it is necessary to guarantee that tasks like Wi-Fi Global and other essential matters are done properly. Utilizing the very first Worldwide Payments first payroll payment service is a terrific initial action towards supplying a comprehensive payroll service for staff members worldwide. Standardization, global procedures, and minimizing the number of tools, platforms, and bank accounts essential for international payroll are key factors in achieving business success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few grievances when things don’t go as planned. Ultimately, we don’t do it for the gratitude.
anyhow 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 easy as possible for everyone that’s involved in those procedures and also so picture sorry I’m just I was simply gon na say think of the quantity 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 picture getting that lots of thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting task attempting to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and in fact see what was going on and sort of shot to return to everyone so proceeding appearance why do business select to primary separate checking account there are Papaya Global And Papaya Globalwont Open On My Computer Together businesses out there doing exactly this for particular countries and I’ve operated in a service or many services doing precisely that I can say it does not constantly feel efficient and it does create more work I understand we’re not deliberately doing that we’re not developing additional work for anyone where we don’t have to and anyone that’s handling that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I think lots of reasons one is it’s the requirement I think individuals have actually got so used to we need a brand-new checking account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have adopted and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a variety I believe this is a procedure that requires taking a look at it requires altering however eventually people are extremely stuck with what they recognize
with right um modification is a tough thing all of us don’t like modification 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 understand certainly the advantages of having keeping several checking account however there’s a substantial amount of complexity opts for establishing a savings account keeping it ensuring it can send International transfers guaranteeing it’s established with the best user accesses for private individuals so the intricacy is substantial however I think the honest response is change 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 savings account I think you’ve hit the nail on the head I believe it is understanding you know and there is an element of resistance to change but we have actually always done it that way is no genuine reason for not looking at the the benefits and the possibilities of moving on and moving into you know what might almost be determined to be the next Century or so there is a lot to monitor and this method does position numerous challenges um so Johnny could you inform us about those challenges yeah obviously so there’s a variety right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has gotten another CFO, and with this improved ability, I have successfully secured payments for our 10,000 staff members worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global And Papaya Globalwont Open On My Computer Together