Over the last five or six years …Can You Change Direct Deposit In On Papaya Global Payroll… roles on the service provider side and also on the vendor side from a payroll perspective so really anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply provide everybody another number of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everybody 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 remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely extremely uninspiring and I wish I was somewhere else at this moment in time alright so let’s begin our program for today is as follows um we are going to be looking at the obstacle years of managing International payroll why business maintain different
Virtual payroll accounts are an alternative to standard savings account for handling payroll payments. This is particularly helpful for international organizations with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of keeping different checking account for payroll in different nations, virtual accounts and digital wallets offer a more structured service. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are ending up being a strategic asset 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 accurate, efficient, and timely payroll payments is a complex difficulty for businesses running worldwide. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll checking account, find out how business forecast payroll costs to optimize working capital, and find how improving international payroll payments can transform them from a challenging job into a strategic property.
Managing payroll globally is a difficult job due to different regulations, compliance requirements, information security issues, and banking rules. The sheer number of workers and businesses contributes to the complexity, with an estimated 3.5 billion individuals in the international labor force, 500 countless whom are in Africa, and 230 million companies worldwide.
Standard payroll systems often result in manual processes, information silos, and a lack of integration, resulting in inconsistencies and ineffectiveness. Regardless of residing in a period of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar goals to supply insights and options to streamline and enhance international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce information in real time that’s another number that offers me sleepless nights and quite frankly the more an organization spends on global payroll the less of a photo they see a lack of visibility likewise extends to payroll payments and failure to precisely track these payments can result in compliance accidents in the last mile of the deal almost half of international organizations have actually expressed that they do not 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 information data entry mistakes badly communicated hires and terminations as well as absence management and system setups and then when you round everything off and the data is shipped to the incorrect place the typical cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash worldwide payroll and payments don’t run efficiently if they count on the necessary several 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 difficulties business face when they’re paying to workers or otherwise that’s a great concern I constantly toss this back and say what is it what doesn’t need to be included right and what does
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it need to be thought of there’s varying Bank details 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 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 customer’s own in-country account so there’s intricacy wherever you look best eventually constructing a knowledge base is definitely crucial however all over you look with payroll payment they are like incredibly payments no if but some children 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 believe there’s now a bit more recognition that payroll payments are definitely basic and innovation is allowing us to sort of progress with that it also as well to add to that payroll and financing need to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is definitely important that payroll and finance teams work better together than ever um I’m constantly astonished when individuals state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from computation 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 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 third parties so with the
world we live in and wellness being a growing number of crucial to add to kind of the level of intricacy there’s more and more benefits being organ or being provided by companies throughout the world so once again you’re just wanting to add increasingly more payments to this currently complex landscape so if you sort of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of real obstacles or real challenging kind of pay utilizes to play to pay people I believe yeah I mean over the last well yeah a number of years I would certainly state that the bigger a service 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 info into the next function as it were that’s actually handling the payment side of things but you understand in in my opinion and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we need to produce additional handoffs while doing sos that we operate in they just make them more timely they make them less efficient and they do not make them what they require to be in in a period of tech and an era that you know that we are working in today there is no reason we are still making this as challenging as it requires to be concurred and rightly as you said payroll is the single biggest liability that any organization has from an expense viewpoint from an impact perspective on employees it is definitely crucial that it’s done properly 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 greatest harmful effect on people’s well-being and lots of other factors if people aren’t paid uh I’ve constantly been astonished coming into this Market type of the last five to ten years is how little thanks the
payroll team get um so I’m not sure anybody on this kind of webinar has been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um however eventually payroll is such a crucial cycle all of us find out about it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I believe 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 stuff is definitely crucial that all of this stuff is done properly so leveraging the very first Global Payments very first payroll payment service is an excellent initial step um supplying an end-to-end payroll service for your employees globally once again I believe is another huge um process again aligning and guaranteeing you have standardization Worldwide procedures all of those things are absolutely crucial to success success of services and decreasing 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 terms of of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle do not expect 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 meant to be um I don’t believe 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 easy as possible for everybody that’s associated with those processes and also so imagine sorry I’m just I was just gon na state think of the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions think of getting that lots of 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 an interesting job attempting to clean all those up for sure oh definitely 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 in fact see what was going on and kind of try to return to everyone so proceeding look why do companies select to primary separate checking account there are Can You Change Direct Deposit In On Papaya Global Payroll companies out there doing exactly this for specific nations and I’ve operated in a business or numerous services doing precisely that I can state it doesn’t constantly feel efficient and it does develop more work I know we’re not deliberately doing that we’re not developing extra work for any person where we do not need to and any person that’s managing that process I ‘d be interested to hear your ideas Johnny why do you believe 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 people have actually got so used to we need a brand-new savings account we open an entity and appropriately so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the norm the people have 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 ways um to to type of do it so I think there’s a range I believe this is a procedure that needs looking at it requires altering however eventually people are extremely stuck with what they’re familiar
with best um change is a tough thing all of us don’t like change um so I think it’s just type of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand certainly the advantages of having keeping several checking account however there’s a substantial amount of intricacy chooses establishing a savings account keeping it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for private people so the complexity is big but I think the honest answer is modification um individuals haven’t had the ability to change or have not had always the knowledge to actually make that change into alternate Solutions other than opening a savings account I believe you’ve struck the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter but we have actually always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of proceeding 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 method does position a number of obstacles um so Johnny could you tell us about those obstacles yeah of course so there’s a range right there is so
I just recently made a change 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 ability, I have effectively protected payments for our 10,000 staff members worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is more detailed, considering your accomplishments. Can You Change Direct Deposit In On Papaya Global Payroll