Over the last five or six years …How To Force Papaya Global Payroll To Update… roles on the service provider side and likewise on the supplier side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply provide everyone 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 interesting and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everyone comes from and I truly do hope it’s much sunnier than it remains 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 extremely extremely dreary and I want I was elsewhere at this moment in time alright so let’s get started our program for today is as follows um we are going to be looking at the obstacle years of handling International payroll why business maintain separate
Virtual payroll accounts are an alternative to standard checking account for handling payroll payments. This is particularly helpful for global organizations with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of maintaining separate savings account for payroll in various nations, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are ending up being a tactical asset for payroll executives. We will likewise supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Making sure accurate, efficient, and prompt payroll payments is a complex challenge for organizations operating internationally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll checking account, discover how companies anticipate payroll costs to optimize working capital, and find how simplifying international payroll payments can transform them from a troublesome task into a strategic possession.
Managing payroll worldwide is a complicated job due to various regulations, compliance requirements, information security issues, and banking guidelines. The sheer variety of workers and organizations contributes to the intricacy, with an approximated 3.5 billion individuals in the global labor force, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Traditional payroll systems typically lead to manual processes, information silos, and an absence of integration, leading to inconsistencies and ineffectiveness. Despite residing in an age of technological developments, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar objectives to offer insights and solutions to streamline and enhance international payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Workforce information in real time that’s another number that offers me sleepless nights and quite frankly the more a service spends on worldwide payroll the less of a picture they see a lack of presence also extends to payroll payments and inability to precisely track these payments can lead to compliance incidents in the last mile of the deal nearly half of international businesses 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 bad HCM data information entry errors inadequately interacted hires and terminations in addition to absence management and system configurations and after that when you round all of it off and the information is shipped to the incorrect place the average cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the globe payroll and payments don’t run efficiently if they count on the required numerous 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 obstacles company face when they’re making payments to employees or otherwise that’s a good concern I always toss this back and state what is it what doesn’t require to be consisted of right and what does
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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 timespan 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 intricacy wherever you look right ultimately developing a knowledge base is absolutely critical however all over you look with payroll payment they resemble extremely payments no if but some babies 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 acknowledgment that payroll payments are absolutely fundamental and technology is allowing us to type of progress with that it also also to add to that payroll and financing require to work closer together um with varying Savings account Details differing banking requirements and setup processes is absolutely necessary that payroll and finance groups work more detailed together than ever um I’m constantly amazed when people state I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation would they split the payroll payment from estimation 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 people anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more essential to add to kind of the level of intricacy there’s increasingly more benefits being organ or being used by companies across the world so again you’re just aiming to add increasingly more payments to this already complex landscape so if you kind of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of genuine obstacles or genuine difficult kind of pay uses to play to pay people I believe yeah I indicate over the last well yeah a couple of decades I would absolutely say that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are groups feeding information into the next function as it were that’s actually handling the payment side of things however you know in in my viewpoint and my experience that doesn’t necessarily require to be the case you know long gone are the times where we require to develop additional handoffs in the processes that we operate in they simply make them more prompt they make them less effective and they do not make them what they require to be in in an age of tech and a period that you know that we are working in today there is no reason that we are still making this as tough as it requires to be concurred and appropriately as you said payroll is the single biggest liability that any organization has from a cost viewpoint from an effect perspective on employees it is definitely vital that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the most significant damaging result on individuals’s well-being and many other aspects if individuals aren’t paid uh I have actually always been surprised entering this Market kind of the last 5 to ten years is how little thanks the
payroll group get um so I’m not sure anybody on this sort of webinar has been told 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 employees or not um however eventually payroll is such an essential cycle we all hear about it when it goes wrong everyone 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 also like why WI-Fi Global why all of this things is absolutely crucial that all of this stuff is done properly so leveraging the first Global Payments first payroll payment solution is a terrific primary step um supplying an end-to-end payroll service for your workers globally again I think is another big um procedure again aligning and guaranteeing you have standardization International procedures all of those things are definitely key to success success of services and reducing the number of tools platforms and bank accounts they need for their Global payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve 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 complaints where things haven’t gone quite where they’re meant to be um I don’t think any of us are actually doing that for for the thanks
anyway we know how how crucial 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 easy as possible for everyone that’s involved in those procedures and also so think of sorry I’m simply I was simply 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 discussing numerous thousands potentially Millions think of 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 up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and in fact see what was going on and sort of try to get back to everybody so carrying on look why do companies pick to primary separate bank accounts there are How To Force Papaya Global Payroll To Update services out there doing exactly this for particular countries and I’ve operated in a business or lots of organizations doing precisely that I can state it does not always feel effective and it does produce more work I know we’re not deliberately doing that we’re not developing extra work for anyone where we do not need to and anyone that’s dealing with 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 quantity that we are I think lots of reasons one is it’s the standard I think people have actually got so used to we need a new bank account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm the people have actually embraced and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and many other ways um to to kind of do it so I believe there’s a range I think this is a process that requires looking at it needs altering however eventually people are very stuck to what they’re familiar
with best um change is a tough thing all of us do not like modification um so I believe it’s simply kind of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend certainly the benefits of having maintaining several savings account but there’s a big quantity of complexity opts for establishing a checking account preserving it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for private individuals so the complexity is big however I think the honest answer is modification um individuals have not been able to change or have not had necessarily the understanding 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 a component of resistance to alter however we’ve always done it that way is no real excuse for not looking at the the benefits and the possibilities of carrying on and moving into you understand what might nearly be figured out to be the next Century or so there is a lot to monitor and this approach does present a number of obstacles um so Johnny might you tell us about those challenges yeah of course so there’s a variety right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has actually gotten another CFO, and with this improved capability, I have actually effectively secured payments for our 10,000 employees worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is better, considering your achievements. How To Force Papaya Global Payroll To Update