Over the last five or 6 years …How To Create Departments In Papaya Global… roles on the service provider side and also on the supplier side from a payroll perspective so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just provide everyone another number of uh well one of the 30 seconds or so 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 intriguing and I can see it going on already simply to hear where everyone 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 sunshine is it it’s not no it’s it’s drizzling here it’s very very bleak and I want I was elsewhere at this moment in time alright so let’s get started our program for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why companies preserve separate
Virtual payroll accounts are an option to traditional savings account for handling payroll payments. This is particularly beneficial for worldwide organizations with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of maintaining different bank accounts for payroll in various countries, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are ending up being a strategic asset for payroll executives. We will also supply a recap of the main points covered and leave time for a Q&A session at the end.
Guaranteeing accurate, efficient, and prompt payroll payments is a complex challenge for companies operating internationally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll checking account, learn how business anticipate payroll expenses to enhance working capital, and discover how streamlining global payroll payments can change them from a burdensome job into a strategic possession.
Managing payroll internationally is a complicated job due to different regulations, compliance requirements, data security issues, and banking rules. The sheer variety of staff members and organizations adds to the complexity, with an approximated 3.5 billion people in the international workforce, 500 countless whom are in Africa, and 230 million services worldwide.
Conventional payroll systems frequently result in manual procedures, data silos, and a lack of integration, resulting in disparities and ineffectiveness. Despite residing in an era of technological advancements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar aims to offer insights and solutions to simplify and optimize international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force data in real time that’s another number that offers me sleep deprived nights and rather honestly the more a service spends on international payroll the less of an image they see an absence of exposure also reaches payroll payments and inability to properly track these payments can lead to compliance accidents in the last mile of the transaction nearly half of international businesses have revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry mistakes inadequately communicated hires and terminations along with lack management and system configurations and after that when you round all of it off and the information is shipped to the incorrect place the average expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the globe payroll and payments don’t run efficiently if they depend on the needed multiple processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles service face when they’re making payments to staff members or otherwise that’s an excellent question I always toss this back and say what is it what does not require 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 time frames there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the client’s own in-country account so there’s complexity wherever you look right eventually developing a knowledge base is definitely vital but everywhere you look with payroll payment they resemble incredibly 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 between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is enabling us to type of move forward with that it likewise also to contribute to that payroll and financing need to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is definitely important that payroll and finance groups work better together than ever um I’m constantly surprised when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession would they split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being more and more important to add to type of the level of complexity there’s increasingly more benefits being organ or being provided by companies across the world so again you’re just seeking to include increasingly more payments to this currently complex landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of genuine difficulties or genuine challenging sort of pay uses to play to pay people I think yeah I indicate over the last well yeah a couple of years I would definitely state that the bigger an organization gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are groups feeding information into the next function as it were that’s really handling the payment side of things however you know in in my opinion and my experience that doesn’t always need to be the case you understand long gone are the times where we need to produce additional handoffs at the same times that we operate in they simply make them more timely they make them less effective and they don’t make them what they need to be in in a period of tech and an era that you understand that we are working in today there is no reason we are still making this as tough as it requires to be concurred and rightly as you said payroll is the single greatest liability that any organization has from a cost point of view from an effect point of view on workers it is absolutely important that it’s done correctly and on time so what we imply 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 damaging effect on individuals’s well-being and lots of other aspects if people aren’t paid uh I’ve always been surprised entering into this Market kind of the last 5 to ten years is how little thanks the
The payroll team may not have actually been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and people just discover when things fail. However, when things go right, it’s viewed as just a routine task. This is how it’s perceived externally too. For that reason, it is essential to make sure that jobs like Wi-Fi International and other important matters are done properly. Utilizing the first Global Payments very first payroll payment option is a terrific initial step towards offering an extensive payroll solution for employees worldwide. Standardization, worldwide processes, and lowering the number of tools, platforms, and savings account required for global payroll are key factors in attaining organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a few problems when things don’t go as prepared. Eventually, we don’t do it for the appreciation.
anyhow we understand how how crucial 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 simple as possible for everyone that’s associated with those procedures and likewise so picture sorry I’m simply I was just gon na state think of the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions picture getting that many thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating task attempting to clean all those up for sure oh definitely 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 check out them and in fact see what was going on and sort of shot to return to everyone so carrying on look why do business select to primary different savings account there are How To Create Departments In Papaya Global organizations out there doing precisely this for specific countries and I have actually operated in a company or lots of businesses doing exactly that I can say it doesn’t constantly feel efficient and it does develop more work I know we’re not deliberately doing that we’re not producing extra work for anybody where we don’t need to and anybody that’s dealing with 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 quantity that we are I think numerous reasons one is it’s the requirement I think people have got so utilized to we require a new checking account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm the people have actually adopted and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and numerous other methods um to to type of do it so I think there’s a range I believe this is a procedure that needs taking a look at it requires changing however ultimately people are very stuck to what they’re familiar
with ideal um modification is a challenging thing all of us don’t like modification um so I think it’s just type of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend clearly the benefits of having preserving several bank accounts however there’s a big amount of complexity opts for establishing a savings account preserving it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for individual individuals so the complexity is big however I believe the sincere response is change um individuals have not had the ability to alter or have not had always the understanding to truly make that change into alternate Solutions aside from opening a bank account I believe you’ve hit the nail on the head I think it is understanding you understand and there is an element of resistance to alter however we’ve constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what could almost be identified to be the next Century or two there is a lot to keep track of and this technique does position several difficulties um so Johnny might you inform us about those difficulties 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 International workers you should have a corner office with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you How To Create Departments In Papaya Global