Over the last five or six years …How Do I Add A Note To My Papaya Global Payroll… roles on the supplier side and likewise on the supplier side from a payroll perspective so truly anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply give everybody another number of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I actually 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 raining here it’s very really bleak and I want I was elsewhere at this moment in time all right so let’s get started our program for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why companies maintain different
Virtual payroll accounts are an alternative to conventional bank accounts for managing payroll payments. This is particularly useful for global companies with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of maintaining separate bank accounts for payroll in various countries, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are ending up being a tactical asset for payroll executives. We will also provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Making sure precise, effective, and timely payroll payments is a complex obstacle for businesses running worldwide. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll bank accounts, discover how companies forecast payroll expenses to enhance working capital, and find how simplifying worldwide payroll payments can change them from a troublesome job into a strategic property.
Handling payroll worldwide is a difficult job due to different regulations, compliance requirements, information security issues, and banking rules. The large variety of workers and businesses adds to the intricacy, with an estimated 3.5 billion individuals in the worldwide labor force, 500 million of whom are in Africa, and 230 million organizations worldwide.
Traditional payroll systems frequently result in manual procedures, information silos, and an absence of combination, leading to inconsistencies and ineffectiveness. Regardless of residing in a period of technological improvements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar goals to supply insights and services to simplify and optimize global payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Labor force information in real time that’s another number that gives me sleepless nights and rather honestly the more a business invests in global payroll the less of a picture they see an absence of presence likewise encompasses payroll payments and inability to precisely track these payments can lead to compliance incidents in the last mile of the deal almost half of global services have actually expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry mistakes badly communicated hires and terminations in addition to absence management and system setups and then when you round it all off and the data is shipped to the wrong place the average cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world payroll and payments don’t run smoothly if they rely on the needed numerous procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties company face when they’re making payments to employees or otherwise that’s an excellent concern I always throw this back and say what is it what does not need to be consisted of best 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 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 need to pay from the customer’s own in-country account so there’s intricacy anywhere you look right ultimately constructing a knowledge base is absolutely vital but everywhere you look with payroll payment they are like very payments no if however some children about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is enabling us to sort of progress with that it also also to add to that payroll and finance need to work closer together um with varying Savings account Particulars differing banking requirements and setup processes is absolutely essential that payroll and finance teams work better 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 operate 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 eventually 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 but likewise paying statutory authorities and on statutory third parties so with the
The modern world puts a high value on wellness and the payment landscape is becoming significantly complex. Organizations are continually presenting new advantages and payment choices, which contributes to the overall complexity. Large corporations frequently divide their payroll and payment processing into different teams, which can cause ineffectiveness and bottlenecks. In my viewpoint, this does not have to be the case. In today’s technologically sophisticated age, there’s no reason for keeping troublesome procedures. Payroll, the company’s most significant expense, need to be processed correctly and on time. Even small delays can negatively affect workers’ well-being and have significant repercussions. Therefore, it’s critical to prioritize accurate and timely payments.
payroll team get um so I’m not exactly sure anybody on this sort of webinar has been informed thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such a crucial cycle we all become aware of it when it goes wrong everyone jumps up and down when it goes wrong but 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 stuff is absolutely important that all of this stuff is done correctly so leveraging the first International Payments first payroll payment service is an excellent first step um supplying an end-to-end payroll service for your staff members globally once again I believe is another big um procedure once again aligning and guaranteeing you have standardization Worldwide procedures all of those things are definitely essential to success success of companies and lowering the number of tools platforms and bank accounts they require for their Global 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 countless 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 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 essential 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 simple as possible for everybody that’s associated with those processes and also so think of sorry I’m simply I was just gon na state imagine the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions think of getting that many thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing task attempting to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and in fact see what was going on and type of shot to return to everybody so carrying on look why do business choose to primary separate savings account there are How Do I Add A Note To My Papaya Global Payroll companies out there doing precisely this for particular countries and I have actually worked in a company or numerous businesses doing precisely that I can state it doesn’t always feel efficient and it does develop more work I know we’re not intentionally doing that we’re not producing extra work for any person where we don’t have 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 amount that we are I think many factors one is it’s the requirement I believe individuals have actually got so used to we need a brand-new checking account we open an entity and rightly 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 standard and the standard individuals have embraced and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and many other methods um to to type of do it so I think there’s a variety I believe this is a process that requires taking a look at it needs altering however ultimately people 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 just type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand undoubtedly the benefits of having maintaining numerous bank accounts but there’s a huge quantity of complexity opts for setting up a checking account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for private individuals so the intricacy is big however I think the truthful answer is modification um people haven’t been able to change or haven’t had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a bank account I believe you have actually hit the nail on the head I believe it is knowledge you know and there is an element of resistance to change however we’ve always done it that way is no real reason for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might almost be identified to be the next Century or so there is a lot to keep an eye on and this method does position a number of obstacles um so Johnny might you inform us about those difficulties 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 manage our payroll and payment tasks on one platform. It seems like our CFO has gained another CFO, and with this boosted ability, I have effectively protected payments for our 10,000 staff members worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is better, considering your accomplishments. How Do I Add A Note To My Papaya Global Payroll