Over the last five or 6 years …Papaya Global Customer Service Phone Number… roles on the provider side and also on the vendor side from a payroll viewpoint so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just offer everyone another couple of uh well among the 30 seconds or so to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everybody comes from and I actually 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 raining here it’s really really gloomy and I wish I was somewhere else at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be looking at the challenge years of handling Global payroll why companies maintain separate
Virtual payroll accounts are an alternative to conventional savings account for managing payroll payments. This is especially beneficial for global organizations with dispersed and remote labor forces, as it streamlines the complex procedure of cross-border payments. Instead of preserving separate savings account for payroll in various nations, virtual accounts and digital wallets use a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are ending up being a strategic possession for payroll executives. We will also supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring precise, effective, and timely payroll payments is a complex obstacle for services running globally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll savings account, discover how business forecast payroll expenses to optimize working capital, and discover how streamlining worldwide payroll payments can transform them from a burdensome task into a tactical property.
Managing payroll worldwide is a challenging job due to various guidelines, compliance requirements, data security issues, and banking guidelines. The large number of workers and organizations contributes to the intricacy, with an approximated 3.5 billion individuals in the worldwide labor force, 500 countless whom are in Africa, and 230 million services worldwide.
Conventional payroll systems often result in manual processes, data silos, and a lack of combination, leading to inconsistencies and inefficiencies. Regardless of residing in an era of technological improvements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar objectives to provide insights and solutions to streamline and optimize international payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Workforce information in real time that’s another number that gives me sleepless nights and quite frankly the more a company spends on worldwide payroll the less of a picture they see a lack of presence likewise encompasses payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the deal almost half of international organizations have actually expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry errors improperly interacted hires and terminations as well as absence management and system configurations and then when you round it all off and the information is delivered to the wrong location the average cost of a worldwide 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 do not run efficiently if they count on the essential numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles company face when they’re paying to workers or otherwise that’s a good concern I always toss this back and state what is it what does not need to be included best and what does
it need to be thought about there’s varying 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 abilities 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 customer’s own in-country account so there’s complexity anywhere you look best ultimately building a knowledge base is definitely vital however everywhere you look with payroll payment they are like very payments no if but some children 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 recognition that payroll payments are definitely essential and innovation is permitting us to kind of progress with that it likewise too to contribute to that payroll and finance need to work closer together um with varying Checking account Details differing banking requirements and setup processes is absolutely imperative that payroll and financing groups work closer together than ever um I’m constantly astonished when individuals state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they split the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being increasingly more important to add to type of the level of intricacy there’s more and more advantages being organ or being provided by services throughout the world so again you’re simply wanting to add more and more payments to this currently complex landscape so if you sort of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of genuine challenges or genuine difficult sort of pay utilizes to play to pay people I think yeah I mean over the last well yeah a number of years I would certainly state that the bigger a business gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are teams feeding info into the next function as it were that’s in fact managing the payment side of things however you understand in in my opinion and my experience that doesn’t always require to be the case you know long gone are the times where we need to develop additional 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 a period that you know that we are operating in today there is no reason why we are still making this as challenging as it requires to be agreed and rightly as you said payroll is the single greatest liability that any service has from an expense perspective from an effect point of view on workers it is absolutely critical 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 greatest detrimental effect on people’s well-being and lots of other aspects if people aren’t paid uh I’ve always been astonished coming into this Market type of the last 5 to 10 years is how little thanks the
The payroll group may not have been thanked for correctly processing payroll throughout a webinar. If anyone has actually 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 people only discover when things go wrong. However, when things go right, it’s viewed as just a routine task. This is how it’s viewed externally as well. For that reason, it is important to make sure that jobs like Wi-Fi Global and other vital matters are done properly. Utilizing the very first Global Payments very first payroll payment service is a terrific initial action towards offering a comprehensive payroll option for employees worldwide. Standardization, worldwide procedures, and decreasing the variety of tools, platforms, and checking account essential for global payroll are crucial factors in achieving business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of complaints when things don’t go as planned. Eventually, we don’t do it for the appreciation.
anyhow we know how how important a role 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 everybody that’s associated with those processes and also so picture sorry I’m simply I was simply gon na say picture the amount of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions imagine getting that lots of thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting job trying to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and actually see what was going on and kind of try to return to everybody so proceeding look why do business select to primary separate checking account there are Papaya Global Customer Service Phone Number companies out there doing exactly this for specific countries and I have actually operated in a business or many companies doing exactly that I can state it doesn’t always feel effective and it does create more work I understand we’re not purposely doing that we’re not producing additional work for anybody where we don’t have to and anybody that’s managing 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 many reasons one is it’s the requirement I think individuals have actually got so used to we require a new checking account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the norm the people have embraced and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and many other methods um to to sort of do it so I believe there’s a variety I believe this is a process that needs looking at it needs altering however eventually individuals are very stuck to what they recognize
with ideal um change is a tough thing all of us don’t like modification um so I think it’s just kind of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand undoubtedly the advantages of having maintaining several savings account but there’s a substantial quantity of intricacy opts for setting up a checking account maintaining it ensuring it can send out International transfers ensuring it’s set up with the right user accesses for specific people so the intricacy is substantial but I think the truthful response is modification um people have not had the ability to change or have not had always the understanding to actually make that change into alternate Solutions besides opening a savings account I believe you have actually hit the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to change but we have actually constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might almost be identified to be the next Century approximately there is a lot to monitor and this approach does posture several difficulties um so Johnny might you inform us about those obstacles yeah of course so there’s a variety right there is so
I just did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International employees you are worthy of a corner workplace with a better parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Customer Service Phone Number