Over the last 5 or 6 years …Papaya Global Error With Email No Error… roles on the provider side and also on the vendor side from a payroll point of view so actually anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just provide everybody another couple of uh well one of 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 intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I actually 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 drizzling here it’s extremely 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 difficulty years of handling Global payroll why companies keep different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic asset uh we’ll also go over a recap which should leave his time at the very very end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become more and more typical and handling them becomes more and more intricate Worldwide organizations are looking to find Solutions and new ways to improve procedures especially from a payroll and cross-border payment viewpoint lots of organizations maintain different checking account just for payroll while some have multiple accounts in different nations does it make good sense for business to keep different savings account often in various nations it does but just for payroll is there a much better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping international companies streamline the episode complex processes of
Ensuring accurate, effective, and prompt payroll payments is a complex difficulty for companies operating internationally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll savings account, find out how companies forecast payroll expenses to enhance working capital, and discover how simplifying worldwide payroll payments can change them from a difficult job into a strategic asset.
Handling payroll internationally is a challenging job due to different regulations, compliance requirements, information security issues, and banking guidelines. The large number of workers and companies adds to the intricacy, with an estimated 3.5 billion people in the global workforce, 500 million of whom remain in Africa, and 230 million services worldwide.
Traditional payroll systems typically result in manual procedures, information silos, and a lack of integration, resulting in inconsistencies and inadequacies. Regardless of residing in an age of technological developments, 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 goals to provide insights and options to streamline and enhance global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite frankly the more an organization invests in worldwide payroll the less of a photo they see an absence of exposure likewise extends to payroll payments and inability to properly track these payments can lead to compliance accidents in the last mile of the transaction nearly half of global businesses have revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry errors poorly interacted hires and terminations in addition to absence management and system configurations and after that when you round everything off and the data is delivered to the incorrect location the typical expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money all over the world payroll and payments don’t run efficiently if they depend on the essential numerous procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties business face when they’re making payments to employees or otherwise that’s a good question I always toss this back and state what is it what does not require to be consisted of right and what does
it need to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s complexity wherever you look ideal ultimately developing a knowledge base is definitely vital however all over 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 look at the type 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 absolutely basic and innovation is permitting us to type of move on with that it also too to add to that payroll and finance need to work closer together um with varying Bank Account Details varying banking requirements and setup processes is definitely imperative that payroll and finance teams work more detailed together than ever um I’m always amazed when individuals say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so frequently 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 any place they are but also paying statutory authorities and on statutory third parties so with the
The contemporary world positions a high value on wellness and the settlement landscape is becoming progressively elaborate. Businesses are constantly presenting new benefits and payment choices, which contributes to the overall complexity. Big corporations frequently divide their payroll and payment processing into separate teams, which can result in ineffectiveness and traffic jams. In my opinion, this doesn’t need to hold true. In today’s highly sophisticated period, there’s no reason for maintaining troublesome treatments. Payroll, the business’s greatest cost, should be processed properly and on time. Even small hold-ups can adversely impact employees’ wellness and have far-reaching consequences. Therefore, it’s vital to prioritize accurate and timely payments.
payroll team get um so I’m not sure anybody on this kind of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such an essential cycle we all become aware of it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely important that all of this things is done properly so leveraging the first International Payments very first payroll payment service is a terrific initial step um providing an end-to-end payroll solution for your employees internationally again I believe is another substantial um procedure once again lining up and ensuring you have standardization Global processes all of those things are absolutely essential to success success of businesses and reducing the variety of tools platforms and bank accounts they require for their Worldwide 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’ve never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re indicated to be um I do not think any of us are in fact doing that for for the thanks
anyhow we understand 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 associated with those procedures and also so imagine sorry I’m simply I was simply gon na state think of the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions picture getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would definitely be an intriguing task trying to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to browse them and in fact see what was going on and type of try to get back to everyone so moving on look why do companies choose to primary different checking account there are Papaya Global Error With Email No Error companies out there doing exactly this for specific nations and I’ve operated in a business or numerous services doing precisely that I can say it doesn’t constantly feel effective and it does create more work I understand we’re not intentionally doing that we’re not creating additional work for anybody where we don’t need to and any person that’s managing that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I think lots of factors one is it’s the standard I think people have actually got so utilized to we need a new checking account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm individuals have embraced and continue to do over years and years gone past to contribute to that people have 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 think this is a process that requires looking at it needs changing however eventually people are really stuck to what they recognize
with ideal um change is a hard thing all of us do not like modification um so I think it’s simply type of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend certainly the advantages of having keeping numerous bank accounts but there’s a big quantity of intricacy goes with setting up a checking account keeping it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for individual individuals so the intricacy is substantial but I believe the sincere response is change um individuals have not been able to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a checking account I believe you have actually struck the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter however we have actually constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you know what could practically be determined to be the next Century approximately there is a lot to monitor and this technique does posture several challenges um so Johnny might you tell us about those obstacles yeah obviously 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 Worldwide employees you deserve a corner office with a better parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Error With Email No Error