Over the last 5 or six years …What Is Included Under Papaya Global Payroll… roles on the supplier side and likewise on the supplier side from a payroll perspective so really looking forward to this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply provide everyone another couple of uh well among the 30 seconds or two to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everyone is um it’s nice to to kind of like see where everybody originates from and I really do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very very uninspiring and I want I was somewhere else at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why business keep separate
Virtual payroll accounts are an alternative to conventional bank accounts for managing payroll payments. This is particularly helpful for global companies with dispersed and remote labor forces, as it simplifies the intricate process of cross-border payments. Instead of maintaining different checking account for payroll in various countries, virtual accounts and digital wallets use a more structured solution. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are becoming a tactical asset for payroll executives. We will likewise offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Making sure precise, effective, and prompt payroll payments is a complex challenge for businesses operating internationally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll bank accounts, find out how business forecast payroll expenses to optimize working capital, and find how enhancing international payroll payments can change them from a burdensome job into a tactical asset.
Handling payroll globally is a difficult job due to numerous policies, compliance requirements, data security concerns, and banking rules. The large variety of employees and companies contributes to the intricacy, with an estimated 3.5 billion individuals in the international labor force, 500 countless whom remain in Africa, and 230 million services worldwide.
Standard payroll systems typically lead to manual procedures, information silos, and a lack of integration, resulting in inconsistencies and ineffectiveness. In spite of residing in an age of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar aims to offer insights and solutions to streamline and optimize international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of services say they have Labor force data in real time that’s another number that offers me sleep deprived nights and quite honestly the more a company spends on global payroll the less of an image they see an absence of visibility also extends to payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the deal nearly half of global businesses have expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM data information entry errors inadequately interacted hires and terminations as well as absence management and system setups and after that when you round it all off and the information is shipped to the wrong location the typical expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments do not run efficiently if they rely on the needed several procedures 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 organization face when they’re paying to workers or otherwise that’s an excellent concern I constantly toss this back and say what is it what does not need to be included ideal and what does
it require 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 amount of time 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 consumer’s own in-country account so there’s complexity any place you look best eventually building a knowledge base is definitely vital however all over 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 between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely fundamental and technology is permitting us to kind of move on with that it also also to contribute to that payroll and financing require to work closer together um with varying Savings account Details differing banking requirements and setup procedures is absolutely important that payroll and financing teams work closer together than ever um I’m constantly amazed when people say I’ve divided 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 split the payroll payment from calculation 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory third parties so with the
The modern world places a high value on well-being and the payment landscape is ending up being significantly detailed. Companies are continually introducing brand-new benefits and payment alternatives, which adds to the total complexity. Big corporations frequently divide their payroll and payment processing into separate groups, which can cause ineffectiveness and traffic jams. In my viewpoint, this doesn’t have to hold true. In today’s highly sophisticated age, there’s no justification for keeping troublesome treatments. Payroll, the business’s greatest cost, must be processed properly and on time. Even minor delays can adversely impact staff members’ well-being and have far-reaching consequences. For that reason, it’s important to prioritize precise and timely payments.
payroll group get um so I’m not exactly sure anybody on this type of webinar has been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an essential cycle all of us become aware of it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely crucial that all of this stuff is done correctly so leveraging the first Global Payments first payroll payment service is an excellent first step um offering an end-to-end payroll service for your workers internationally once again I think is another huge um process again aligning and ensuring you have standardization Global processes all of those things are absolutely essential to success success of services and lowering the number of tools platforms and checking account they require for their International payroll too could not 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 5 or 10 or whatever it might be with the with the the grievances where things have not gone quite where they’re indicated to be um I do not think any of us are in fact doing that for for the thanks
anyway we understand how how important 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 everybody that’s involved in those processes and also so imagine sorry I’m simply I was just gon na state picture the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions envision getting that numerous thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating task trying to clean up 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 attempt to look through them and actually see what was going on and type of shot to return to everybody so carrying on appearance why do business choose to main different savings account there are What Is Included Under Papaya Global Payroll companies out there doing precisely this for particular countries and I’ve worked in a business or numerous organizations doing exactly that I can state it does not always feel efficient and it does develop more work I know we’re not deliberately doing that we’re not creating additional work for anybody where we do not need to and any person that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think lots of factors one is it’s the standard I think people have actually got so used to we require a new savings account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the standard the people have actually 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 ways um to to type of do it so I think there’s a variety I think this is a process that requires taking a look at it needs changing however eventually individuals are extremely stuck with what they’re familiar
with ideal um modification is a hard thing all of us do not like modification um so I think it’s simply type of moving away 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 preserving multiple savings account but there’s a big amount of intricacy opts for establishing a savings account keeping it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for specific individuals so the complexity is huge however I think the honest response is change um individuals have not had the ability to alter or have not had always the knowledge to actually make that change into alternate Solutions besides opening a bank account I think you’ve hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to change however we’ve constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of carrying on and moving into you know what might practically be identified to be the next Century or two there is a lot to track and this method does position several difficulties um so Johnny might you inform us about those obstacles yeah obviously so there’s a range 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 seems like our CFO has actually acquired another CFO, and with this improved capability, I have actually effectively secured payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is good. You should have a corner workplace with a parking space that is better, considering your achievements. What Is Included Under Papaya Global Payroll