Over the last 5 or 6 years …How.To.Access Papaya Global From Android… functions on the service provider side and also on the vendor side from a payroll perspective so truly anticipating this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just give everyone another number of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on currently simply 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 sunshine is it it’s not no it’s it’s raining here it’s very extremely uninspiring and I want I was somewhere else at this moment in time fine so let’s start our program for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why business preserve different
Virtual payroll accounts are an option to standard savings account for handling payroll payments. This is particularly useful for global companies with dispersed and remote labor forces, as it simplifies the intricate procedure of cross-border payments. Instead of maintaining separate checking account for payroll in different nations, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are becoming a strategic property for payroll executives. We will also offer a recap of the main points covered and leave time for a Q&A session at the end.
Guaranteeing precise, effective, and timely payroll payments is a complex challenge for services operating worldwide. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll checking account, find out how companies forecast payroll expenses to optimize working capital, and find how streamlining worldwide payroll payments can transform them from a difficult task into a tactical possession.
Handling payroll internationally is a challenging job due to numerous guidelines, compliance requirements, information security concerns, and banking rules. The large variety of workers and businesses contributes to the complexity, with an approximated 3.5 billion people in the international labor force, 500 million of whom are in Africa, and 230 million organizations worldwide.
Traditional payroll systems often lead to manual procedures, data silos, and a lack of integration, leading to disparities and ineffectiveness. Regardless of residing in a period of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar objectives to provide insights and solutions to streamline and enhance global payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Workforce data in real time that’s another number that provides me sleepless nights and rather honestly the more a service spends on global payroll the less of a photo they see a lack of presence also reaches payroll payments and inability to precisely track these payments can cause compliance accidents in the last mile of the transaction almost half of worldwide services have actually 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 data information entry errors improperly communicated hires and terminations as well as absence management and system setups and after that when you round all of it off and the data is shipped to the incorrect location the average expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the world payroll and payments do not run efficiently if they depend on the essential numerous 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 difficulties service face when they’re paying to employees or otherwise that’s a great concern I always throw this back and state what is it what does not need to be included best and what does
it require to be thought about there’s varying Bank details 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 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 anywhere you look ideal ultimately developing a knowledge base is absolutely important but everywhere you look with payroll payment they are like incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the kind 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 allowing us to type of move forward with that it also also to contribute to that payroll and finance need to work closer together um with varying Checking account Details varying banking requirements and setup processes is absolutely crucial that payroll and financing teams work closer together than ever um I’m always impressed when individuals say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work 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 often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being more and more essential to contribute to kind of the level of complexity there’s a growing number of benefits being organ or being used by businesses throughout the world so again you’re just wanting to add increasingly more payments to this already complex landscape so if you kind of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of real challenges or genuine challenging sort of pay utilizes to play to pay people I believe yeah I mean over the last well yeah a number of decades I would absolutely state that the larger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are teams feeding information into the next function as it were that’s really handling the payment side of things but you understand in in my viewpoint and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we require to create additional handoffs in the processes that we operate in they just make them more prompt they make them less efficient and they do not make them what they require to be in in a period of tech and a period that you understand that we are operating in today there is no reason why we are still making this as difficult as it needs to be concurred and rightly as you stated payroll is the single biggest liability that any business has from an expense viewpoint from an impact perspective on employees it is absolutely crucial that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the biggest harmful result on individuals’s wellness and many other aspects if individuals aren’t paid uh I have actually constantly been surprised entering into this Market sort of the last five to ten years is how little thanks the
payroll group get um so I’m uncertain anybody on this type of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such a crucial cycle all of us hear 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 workout and I think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely vital that all of this things is done correctly so leveraging the first International Payments first payroll payment option is a great initial step um providing an end-to-end payroll service for your workers globally again I think is another huge um process once again lining up and ensuring you have standardization Worldwide procedures all of those things are absolutely crucial to success success of businesses and lowering the variety of tools platforms and bank accounts they need for their International payroll too couldn’t 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 countless them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things haven’t gone rather where they’re implied to be um I do not think any of us are really doing that for for the thanks
anyhow we know 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 everyone that’s associated with those procedures and also so picture sorry I’m simply I was simply gon na say picture the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions imagine getting that many thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting job attempting to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to browse them and actually see what was going on and kind of shot to get back to everyone so moving on look why do companies select to main different savings account there are How.To.Access Papaya Global From Android businesses out there doing precisely this for specific countries and I have actually operated in a business or many services doing exactly that I can say it does not always feel effective and it does produce 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 any person that’s managing 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 factors one is it’s the standard I believe individuals have got so used to we need a brand-new savings account we open an entity and rightly 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 requirement and the norm individuals have adopted and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a variety I believe this is a process that needs taking a look at it needs altering however ultimately individuals are extremely stuck to what they’re familiar
with best um change is a hard thing all of us do not like change um so I think it’s simply type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the advantages of having preserving multiple bank accounts however there’s a huge quantity of intricacy opts for establishing a checking account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for specific people so the intricacy is huge however I think the sincere answer is modification um people haven’t been able to alter or haven’t had always the understanding to really make that change into alternate Solutions besides opening a savings account I believe you have actually struck the nail on the head I think it is knowledge you understand and there is an element of resistance to alter however we have actually always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what could nearly be figured out to be the next Century or so there is a lot to keep track of and this method does position numerous obstacles um so Johnny could you tell us about those challenges yeah of course 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 manage our payroll and payment tasks on one platform. It seems like our CFO has actually acquired another CFO, and with this enhanced ability, I have successfully protected payments for our 10,000 workers worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is better, considering your accomplishments. How.To.Access Papaya Global From Android