Over the last 5 or 6 years …Papaya Global Starting The New Tax Year… roles on the provider side and likewise on the vendor side from a payroll point of view so really eagerly anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just give everybody another couple of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everyone originates from and I really do hope it’s much sunnier than it remains 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 extremely very gloomy and I want I was elsewhere at this moment in time alright so let’s start our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why companies keep separate
Virtual payroll accounts are an alternative to traditional bank accounts for handling payroll payments. This is particularly useful for global organizations with dispersed and remote labor forces, as it simplifies the intricate process of cross-border payments. Instead of maintaining separate checking account for payroll in various nations, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are becoming a strategic possession for payroll executives. We will likewise offer a recap of the main points covered and leave time for a Q&A session at the end.
Ensuring precise, efficient, and timely payroll payments is a complex difficulty for companies running internationally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll savings account, discover how business forecast payroll expenses to optimize working capital, and find how enhancing worldwide payroll payments can change them from a burdensome job into a tactical possession.
Managing payroll globally is a complicated job due to various policies, compliance requirements, information security issues, and banking guidelines. The large variety of workers and organizations adds to the complexity, with an estimated 3.5 billion individuals in the international labor force, 500 million of whom remain in Africa, and 230 million companies worldwide.
Traditional payroll systems often result in manual procedures, information silos, and a lack of integration, leading to inconsistencies and inefficiencies. Despite residing in a period of technological developments, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar aims to provide insights and services to streamline and optimize international payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force information in real time that’s another number that offers me sleepless nights and rather frankly the more a company invests in worldwide payroll the less of a picture they see an absence of exposure also extends to payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the transaction nearly half of international organizations 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 errors are due to time reporting poor HCM information information entry errors poorly interacted hires and terminations in addition to absence management and system setups and after that when you round all of it off and the information is shipped to the wrong place the typical expense of a global 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 do not run efficiently if they rely on the necessary several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges business face when they’re making payments to staff members or otherwise that’s an excellent question I constantly toss this back and state what is it what does not require to be included best and what does
it need to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment abilities so can you pay it from International or do you need 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 important but all over you look with payroll payment they are like incredibly payments no if however some babies 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 fundamental and technology is permitting us to type of move forward with that it also too to contribute to that payroll and financing require to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is absolutely crucial that payroll and financing teams work better together than ever um I’m constantly surprised when individuals say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll occupation 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 frequently 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 any place they are however also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world puts a high value on wellness and the compensation landscape is ending up being increasingly elaborate. Organizations are continually presenting brand-new benefits and payment options, which contributes to the total intricacy. Large corporations often divide their payroll and payment processing into separate groups, which can cause inadequacies and bottlenecks. In my opinion, this does not need to hold true. In today’s technically innovative age, there’s no justification for maintaining cumbersome procedures. Payroll, the company’s biggest cost, need to be processed properly and on time. Even small hold-ups can adversely affect employees’ well-being and have far-reaching repercussions. For that reason, it’s crucial to prioritize accurate and timely payments.
payroll group get um so I’m not exactly sure anybody on this type of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be terrific 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 fails everybody jumps up and down when it fails but when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely vital that all of this stuff is done correctly so leveraging the first Global Payments very first payroll payment solution is a fantastic primary step um supplying an end-to-end payroll service for your workers globally once again I think is another substantial um procedure again lining up and ensuring you have standardization International processes all of those things are definitely key to success success of companies and decreasing the variety of tools platforms and checking account they require for their Global payroll too could not agree with you more and on the the front in terms of 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 ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re implied to be um I don’t believe any of us are actually doing that for for the thanks
anyway 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 everyone that’s involved in those processes and also so envision sorry I’m just I was just gon na say 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 speaking about hundreds of thousands possibly Millions imagine getting that many thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting 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 need days of the week to attempt to look through them and actually see what was going on and kind of shot to return to everybody so moving on look why do business pick to primary different checking account there are Papaya Global Starting The New Tax Year organizations out there doing exactly this for specific countries and I’ve worked in a service or lots of companies doing exactly that I can state it doesn’t always feel effective and it does produce more work I know we’re not deliberately doing that we’re not producing extra work for any person where we do not need to and any person 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 believe lots of factors one is it’s the standard I think people have got so used to we require a new checking account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the standard individuals have actually adopted and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a range I think this is a procedure that needs taking a look at it requires changing but ultimately individuals are extremely stuck with what they recognize
with ideal um modification is a challenging thing all of us don’t like change um so I think it’s just type of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand clearly the benefits of having keeping several savings account however there’s a substantial amount of intricacy chooses establishing a savings account keeping it ensuring it can send International transfers ensuring it’s set up with the ideal user accesses for individual people so the complexity is huge but I think the sincere response is change um people 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 think you have actually hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to change however we have actually 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 nearly be determined to be the next Century approximately there is a lot to keep track of and this approach does position several difficulties um so Johnny might you inform us about those difficulties 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global workers you are worthy of a corner office with a more detailed parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Starting The New Tax Year