Over the last 5 or 6 years …How To Email Wageslips From Papaya Global… functions on the company side and likewise on the vendor side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just provide everybody another couple of uh well among the 30 seconds approximately to join we all work back to back these days 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 type of like see where everybody comes from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really very uninspiring and I wish I was elsewhere at this moment in time all right so let’s get started 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 maintain separate
Virtual payroll accounts are an alternative to standard savings account for managing payroll payments. This is especially helpful for international companies with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of keeping separate checking account for payroll in different nations, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are ending up being a tactical property for payroll executives. We will likewise provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Making sure accurate, efficient, and timely payroll payments is a complex difficulty for businesses running internationally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll checking account, find out how companies forecast payroll expenses to optimize working capital, and find how simplifying international payroll payments can transform them from a challenging task into a strategic possession.
Managing payroll internationally is an overwhelming task due to different regulations, compliance requirements, data security issues, and banking guidelines. The sheer variety of workers and services adds to the intricacy, with an approximated 3.5 billion people in the international workforce, 500 million of whom are in Africa, and 230 million companies worldwide.
Conventional payroll systems often result in manual procedures, data silos, and an absence of integration, leading to inconsistencies and ineffectiveness. Regardless of living in a period of technological developments, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar aims to supply insights and options to simplify and optimize worldwide payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of services state they have Workforce information in real time that’s another number that provides me sleep deprived nights and rather frankly the more a business invests in worldwide payroll the less of a picture they see an absence of visibility also reaches payroll payments and inability to precisely track these payments can cause compliance incidents in the last mile of the transaction almost half of global businesses have expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry errors poorly interacted hires and terminations along with absence management and system configurations and after that when you round it all off and the data is delivered to the incorrect place the average expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money all over the world payroll and payments do not run smoothly if they rely on the necessary multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges organization face when they’re making payments to workers or otherwise that’s a great question I constantly toss this back and state what is it what doesn’t require to be consisted of ideal 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 country there’s payment amount of time there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the client’s own in-country account so there’s complexity wherever you look ideal eventually constructing a knowledge base is definitely crucial however everywhere you look with payroll payment they resemble very payments no if but some children about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is allowing us to kind of move forward with that it also as well to contribute to that payroll and financing need to work closer together um with varying Bank Account Particulars varying banking requirements and setup procedures is absolutely essential that payroll and financing groups work more detailed together than ever um I’m constantly impressed when people say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession would they divide 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more essential to add to sort of the level of complexity there’s more and more advantages being organ or being provided by services throughout the world so again you’re just seeking to add increasingly more payments to this currently intricate landscape so if you kind of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of real obstacles or real difficult sort of pay uses to play to pay individuals I think yeah I indicate over the last well yeah a couple of decades I would definitely state that the bigger a business gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are groups feeding details into the next function as it were that’s really handling the payment side of things but you understand in in my opinion and my experience that does not always require to be the case you know long gone are the times where we require to develop extra handoffs at the same times that we run 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 an era that you know that we are working in today there is no reason we are still making this as difficult as it requires to be agreed and rightly as you said payroll is the single most significant liability that any company has from a cost point of view from an impact viewpoint on staff members it is definitely critical 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 greatest detrimental impact on people’s well-being and many other elements if people aren’t paid uh I’ve always been astonished coming into this Market sort of the last 5 to 10 years is how little thanks the
payroll team get um so I’m unsure anybody on this type of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um but eventually payroll is such a crucial cycle we all become aware of it when it fails everyone jumps up and down when it fails however when it goes right it’s simply a tick box workout and I think 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 things is definitely essential that all of this things is done correctly so leveraging the very first International Payments very first payroll payment service is an excellent first step um providing an end-to-end payroll solution for your workers globally once again I believe is another big um process again lining up and ensuring you have standardization Worldwide procedures all of those things are absolutely crucial to success success of companies and minimizing the number of tools platforms and bank accounts they require for their Worldwide 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 5 or 10 or whatever it might be with the with the the complaints where things have not gone quite where they’re meant to be um I don’t believe any of us are actually doing that for for the thanks
anyway we understand how how crucial a function 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 involved in those procedures and likewise so picture sorry I’m just I was simply gon na state think of the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions picture getting that many thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting job attempting to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and in fact see what was going on and sort of shot to return to everyone so carrying on appearance why do companies choose to primary separate checking account there are How To Email Wageslips From Papaya Global businesses out there doing precisely this for particular nations and I’ve worked in a service or lots of companies doing precisely that I can say it doesn’t always feel effective and it does create more work I understand we’re not intentionally doing that we’re not creating extra work for any person where we don’t have to and anybody that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe numerous reasons one is it’s the requirement I think people have got so utilized to we need a brand-new checking account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard the people have embraced and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and lots of other ways 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 but eventually people are extremely stuck to what they recognize
with best um modification is a challenging thing all of us do not like modification um so I believe it’s just kind of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand obviously the benefits of having preserving numerous checking account however there’s a big quantity of complexity opts for establishing a savings account preserving it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for private people so the complexity is huge but I believe the sincere response is change um people haven’t been able to change or have not had always the knowledge to really make that change into alternate Solutions besides opening a savings account I believe you’ve struck the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter however we have actually constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could practically be determined to be the next Century approximately there is a lot to monitor and this approach does posture several difficulties um so Johnny might you inform us about those challenges yeah of course so there’s a variety right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has gotten another CFO, and with this boosted ability, I have successfully secured payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner office with a parking space that is better, considering your accomplishments. How To Email Wageslips From Papaya Global