Over the last five or six years …How To Add A New Employee To Papaya Global 50… functions on the company side and also on the supplier side from a payroll point of view so really anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply provide everybody another couple of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everybody is um it’s nice to to sort of like see where everybody comes 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 raining here it’s extremely extremely uninspiring and I wish I was elsewhere at this moment in time okay so let’s get going our program for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why companies maintain separate
Virtual payroll accounts are an option to standard checking account for managing payroll payments. This is particularly beneficial for worldwide companies with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of preserving different checking account for payroll in different countries, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are ending up being a tactical possession for payroll executives. We will also offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing precise, effective, and prompt payroll payments is a complex challenge for businesses running worldwide. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll bank accounts, learn how companies anticipate payroll expenses to enhance working capital, and find how improving international payroll payments can change them from a challenging job into a strategic property.
Managing payroll internationally is a difficult task due to different regulations, compliance requirements, data security issues, and banking rules. The sheer number of staff members and services adds to the intricacy, with an estimated 3.5 billion people in the global labor force, 500 million of whom are in Africa, and 230 million organizations worldwide.
Standard payroll systems often lead to manual processes, information silos, and a lack of combination, leading to disparities and inadequacies. In spite of living in an era of technological developments, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar aims to offer insights and options to simplify and enhance international payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force data in real time that’s another number that provides me sleep deprived nights and rather honestly the more a company spends on global payroll the less of a picture they see an absence of exposure also encompasses payroll payments and inability to precisely track these payments can lead to compliance incidents in the last mile of the transaction almost half of worldwide organizations have actually expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry errors improperly communicated hires and terminations as well as lack management and system configurations and after that when you round all of it off and the data is delivered to the wrong place the average expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash all over the world payroll and payments don’t run efficiently if they count on the required multiple procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles organization face when they’re paying to employees or otherwise that’s a good question I always toss this back and say what is it what does not need to be consisted of best and what does
it need to be thought of there’s differing 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 need to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s complexity wherever you look best ultimately building a knowledge base is definitely vital however everywhere you look with payroll payment they resemble incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is enabling us to kind of progress with that it likewise too to add to that payroll and finance require to work closer together um with varying Bank Account Particulars varying banking requirements and setup procedures is definitely imperative that payroll and financing groups work more detailed together than ever um I’m constantly surprised when people state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation would they split the payroll payment from estimation 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 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 but likewise paying statutory authorities and on statutory third parties so with the
The modern world puts a high value on well-being and the settlement landscape is becoming increasingly complex. Companies are constantly introducing new benefits and payment alternatives, which adds to the total complexity. Big corporations often divide their payroll and payment processing into separate groups, which can result in inefficiencies and traffic jams. In my opinion, this doesn’t need to be the case. In today’s highly advanced era, there’s no validation for preserving cumbersome procedures. Payroll, the company’s biggest expenditure, need to be processed correctly and on time. Even minor hold-ups can adversely impact employees’ wellness and have far-reaching repercussions. For that reason, it’s vital to prioritize precise and prompt payments.
payroll team get um so I’m not exactly sure anybody on this sort of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such a crucial cycle we all find out about 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 view as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely essential that all of this stuff is done correctly so leveraging the very first International Payments very first payroll payment service is a terrific primary step um providing an end-to-end payroll solution for your staff members worldwide again I think is another substantial um process again aligning and guaranteeing you have standardization Global procedures all of those things are definitely essential to success success of businesses and decreasing the number of tools platforms and checking account they need 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 ever had a hundred thousand of 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 complaints where things haven’t gone quite where they’re suggested to be um I don’t think any of us are actually doing that for for the thanks
anyhow we understand 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 simple as possible for everyone that’s associated with those procedures and also so think of sorry I’m simply I was simply gon na state envision the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re talking about hundreds of thousands potentially Millions picture getting that many thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an interesting task trying to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and really see what was going on and type of shot to get back to everybody so proceeding appearance why do business select to main separate checking account there are How To Add A New Employee To Papaya Global 50 companies out there doing exactly this for particular countries and I have actually operated in a business or many companies doing precisely that I can state it doesn’t constantly feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not developing extra work for any person where we don’t have to and anyone that’s handling 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 many reasons one is it’s the requirement I think individuals have actually got so used to we need a brand-new bank account we open an entity and appropriately so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the standard the people have embraced and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and many other ways um to to sort of do it so I think there’s a range I think this is a procedure that requires looking at it requires changing however ultimately people are very stuck to what they’re familiar
with best um change is a hard thing we all don’t like change um so I believe it’s just kind of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand certainly the advantages of having keeping numerous bank accounts but there’s a big amount of complexity goes with establishing a savings account keeping it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for individual individuals so the intricacy is big but I think the sincere response is change um individuals haven’t had the ability to change or have not had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a savings account I think you’ve hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to change however we’ve constantly done it that way is no real reason 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 approximately there is a lot to keep track of and this technique does present numerous difficulties um so Johnny might you inform us about those challenges yeah naturally so there’s a variety right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has acquired another CFO, and with this improved capability, I have actually successfully secured payments for our 10,000 employees worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is more detailed, considering your achievements. How To Add A New Employee To Papaya Global 50