Over the last 5 or six years …How To Send Pay Slips From Papaya Global… functions on the provider side and also on the supplier side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply provide everyone another couple of uh well among 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 fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everyone comes from and I really do hope it’s much sunnier than it is 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 very extremely 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 looking at the difficulty years of managing Worldwide payroll why business maintain different
Virtual payroll accounts are an alternative to conventional savings account for handling payroll payments. This is particularly useful for worldwide organizations with dispersed and remote workforces, as it streamlines the complicated procedure of cross-border payments. Instead of preserving different savings account for payroll in different countries, virtual accounts and digital wallets provide a more structured service. In this webinar, we will check out 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 wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing accurate, effective, and timely payroll payments is a complex challenge for companies running globally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll savings account, learn how business forecast payroll expenses to optimize working capital, and find how improving worldwide payroll payments can transform them from a difficult job into a strategic asset.
Handling payroll internationally is a challenging job due to numerous policies, compliance requirements, data security concerns, and banking guidelines. The large variety of staff members and companies adds to the complexity, with an approximated 3.5 billion individuals in the worldwide workforce, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Traditional payroll systems frequently result in manual processes, data silos, and a lack of combination, leading to inconsistencies and ineffectiveness. In spite of living in an era of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar aims to provide insights and solutions to streamline 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 companies say they have Workforce information in real time that’s another number that offers me sleep deprived nights and quite frankly the more an organization spends on international payroll the less of an image they see an absence of exposure likewise reaches payroll payments and inability to accurately track these payments can result in compliance accidents in the last mile of the transaction nearly half of worldwide businesses have actually revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM information information entry mistakes badly interacted hires and terminations in addition to lack management and system configurations and then when you round everything off and the information is shipped to the incorrect location the typical cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money all over the world payroll and payments don’t run efficiently if they depend on the necessary multiple processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles business face when they’re paying to workers or otherwise that’s a good question I constantly toss this back and state what is it what does not need to be included ideal and what does
it need to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan 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 intricacy any place you look best ultimately building a knowledge base is absolutely important but all over you look with payroll payment they resemble incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the kind 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 allowing us to sort of progress with that it likewise too to add to that payroll and finance require to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is definitely crucial that payroll and financing teams work more detailed together than ever um I’m constantly astonished when individuals say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll profession 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 individuals any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being a growing number of essential to contribute to kind of the level of intricacy there’s more and more advantages being organ or being offered by services across the world so once again you’re simply wanting to include more and more payments to this already complex landscape so if you type of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of real obstacles or genuine tough sort of pay uses to play to pay people I believe yeah I mean over the last well yeah a number of decades I would definitely say that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are teams feeding information into the next function as it were that’s in fact managing 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 develop additional handoffs at the same times that we operate in they simply make them more timely they make them less effective and they do not make them what they require to be in in an age of tech and an era that you understand that we are working in today there is no reason why we are still making this as challenging as it requires to be agreed and appropriately as you stated payroll is the single greatest liability that any company has from an expense perspective from an effect perspective on employees it is absolutely critical that it’s done correctly and on time so what we suggest 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 destructive effect on people’s well-being and lots of other elements if individuals aren’t paid uh I have actually constantly been impressed entering into this Market sort of the last five to 10 years is how little thanks the
payroll team get um so I’m uncertain anyone on this type of webinar has been told 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 employees or not um but ultimately payroll is such an essential cycle we all become aware of it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely vital that all of this things is done properly so leveraging the first Global Payments first payroll payment service is a great initial step um offering an end-to-end payroll option for your employees globally once again I believe is another huge um process again aligning and ensuring you have standardization Global procedures all of those things are absolutely essential to success success of services and decreasing the variety of tools platforms and bank accounts they need for their Global 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 have actually never had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things have not gone rather where they’re suggested to be um I do not believe any of us are really doing that for for the thanks
anyway 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 easy as possible for everyone that’s associated with those processes and also so imagine sorry I’m just I was just gon na state imagine the amount 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 numerous thousands potentially Millions think of getting that many thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an intriguing task attempting to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and in fact see what was going on and kind of try to return to everybody so moving on look why do companies select to main separate savings account there are How To Send Pay Slips From Papaya Global services out there doing precisely this for specific nations and I’ve worked in a company or numerous organizations doing precisely that I can say it does not always feel effective and it does develop more work I understand we’re not intentionally doing that we’re not producing additional work for any person where we don’t have to and anyone that’s handling that process 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 reasons one is it’s the requirement I believe individuals have actually got so utilized to we require a brand-new savings account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm the people have actually adopted and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a range I think this is a procedure that needs taking a look at it needs altering but ultimately individuals are extremely stuck with what they’re familiar
with best um modification is a tough thing all of us don’t like modification um so I think it’s simply sort of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the benefits of having preserving several checking account however there’s a huge quantity of complexity chooses setting up a checking account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for specific individuals so the complexity is substantial but I think the truthful response is modification um people haven’t had the ability to alter or haven’t had always the understanding to truly make that change into alternate Solutions other than opening a savings account I believe you have actually hit the nail on the head I think it is understanding you know and there is an aspect of resistance to change but we’ve constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what could nearly be figured out to be the next Century or two there is a lot to track and this method does pose a number of challenges um so Johnny might you inform us about those obstacles yeah naturally so there’s a variety right there is so
I recently made a modification to our Business 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 gained another CFO, and with this boosted capability, I have actually successfully protected payments for our 10,000 employees worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is more detailed, considering your accomplishments. How To Send Pay Slips From Papaya Global