Over the last 5 or 6 years …Papaya Global Turkey… roles on the service provider side and also on the supplier side from a payroll viewpoint so truly looking forward to this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everybody comes from and I actually do hope it’s much sunnier than it is 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 wish I was elsewhere at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing Worldwide payroll why business preserve different
Virtual payroll accounts are an option to standard checking account for managing payroll payments. This is especially helpful for worldwide companies with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of maintaining different bank accounts for payroll in various countries, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are becoming a tactical property for payroll executives. We will likewise supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
Making sure accurate, efficient, and timely payroll payments is a complex challenge for organizations running globally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll bank accounts, find out how companies anticipate payroll expenses to enhance working capital, and discover how streamlining global payroll payments can transform them from a burdensome task into a tactical asset.
Handling payroll worldwide is a complicated job due to various policies, compliance requirements, data security concerns, and banking rules. The large number of employees and organizations adds to the intricacy, with an estimated 3.5 billion people in the global labor force, 500 million of whom are in Africa, and 230 million companies worldwide.
Standard payroll systems often result in manual procedures, information silos, and a lack of integration, resulting in inconsistencies and ineffectiveness. Regardless of residing in an era of technological advancements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar aims to provide insights and services to simplify and enhance global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force information in real time that’s another number that provides me sleep deprived nights and quite frankly the more an organization invests in global payroll the less of a photo they see an absence of presence also reaches payroll payments and inability to precisely track these payments can cause compliance mishaps in the last mile of the transaction almost half of global companies have revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry errors improperly communicated hires and terminations along with lack management and system setups and then when you round everything off and the data is shipped to the incorrect place the average expense of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the globe payroll and payments don’t run efficiently if they depend on the essential multiple processes 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 challenges company face when they’re paying to workers or otherwise that’s a good question I constantly toss this back and state what is it what does not need to be consisted of ideal and what does
it need to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames 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 client’s own in-country account so there’s complexity anywhere you look right eventually building a knowledge base is absolutely vital however everywhere you look with payroll payment they resemble very payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and technology is allowing us to sort of move forward with that it likewise also to contribute to that payroll and financing require to work closer together um with varying Savings account Details varying banking requirements and setup procedures is absolutely vital that payroll and financing groups work more detailed together than ever um I’m always amazed when individuals say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
The modern-day world positions a high worth on well-being and the payment landscape is becoming significantly elaborate. Services are continuously introducing brand-new advantages and payment alternatives, which adds to the overall intricacy. Big corporations typically divide their payroll and payment processing into separate groups, which can cause inefficiencies and traffic jams. In my opinion, this does not have to hold true. In today’s technologically sophisticated age, there’s no reason for maintaining troublesome treatments. Payroll, the business’s most significant expense, need to be processed correctly and on time. Even slight delays can adversely impact employees’ wellness and have significant effects. Therefore, it’s critical to focus on accurate and timely payments.
payroll group get um so I’m not exactly sure anybody on this sort of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um but eventually payroll is such a crucial cycle we all hear about 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 consider as 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 very first Worldwide Payments very first payroll payment option is a terrific primary step um providing an end-to-end payroll solution for your staff members worldwide again I believe is another huge um procedure again aligning and guaranteeing you have standardization Global procedures all of those things are absolutely essential to success success of companies and minimizing the variety of tools platforms and savings account they need 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’ve never ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the problems where things haven’t gone quite where they’re suggested to be um I do not think any of us are really doing that for for the thanks
anyhow we know how how crucial a function 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 associated with 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 quantity of individuals that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions envision 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 however it would certainly be an interesting job trying to clean 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 check out them and really see what was going on and type of try to get back to everybody so moving on look why do companies select to main different bank accounts there are Papaya Global Turkey companies out there doing precisely this for particular nations and I have actually operated in a service or many companies doing exactly that I can state it does not always feel efficient and it does create more work I know we’re not purposely doing that we’re not producing extra work for anyone where we do not have to and anybody that’s handling that procedure 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 reasons one is it’s the standard I think individuals have actually got so utilized to we require a brand-new savings account we open an entity and appropriately so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the norm the people have actually adopted and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a range I think this is a procedure that needs taking a look at it needs altering but eventually people are very stuck with what they recognize
with best um modification is a tough thing we all don’t like modification um so I think it’s just type of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend certainly the benefits of having preserving numerous savings account but there’s a substantial amount of intricacy goes with setting up a checking account keeping it guaranteeing it can send International transfers guaranteeing it’s set up with the ideal user accesses for individual individuals so the complexity is huge but I think the truthful answer is change um people haven’t been able to alter or have not had always the knowledge to actually make that change into alternate Solutions other than opening a bank account I believe you’ve struck the nail on the head I think it is understanding you know 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 advantages and the possibilities of carrying on and moving into you understand what might almost be determined to be the next Century or so there is a lot to keep an eye on and this approach does present numerous obstacles um so Johnny might you tell us about those challenges yeah of course so there’s a variety right there is so
I just recently made a change to our Enterprise 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 gotten another CFO, and with this boosted ability, I have effectively secured payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is closer, considering your accomplishments. Papaya Global Turkey