Over the last 5 or 6 years …How To Transfer Papaya Global Payroll To Another Computer… functions on the service provider side and also 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 all right thanks Johnny uh we’ll simply offer everyone another couple of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everyone comes from and I actually 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 raining here it’s extremely extremely bleak and I want I was elsewhere at this moment in time fine so let’s begin our program for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why business maintain different
Virtual payroll accounts are an option to conventional savings account for handling payroll payments. This is particularly beneficial for global companies with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of preserving different savings account for payroll in various countries, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are ending up being a strategic possession for payroll executives. We will likewise offer a recap of the main points 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 companies running worldwide. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll savings account, find out how business forecast payroll expenses to enhance working capital, and find how streamlining international payroll payments can transform them from a challenging job into a tactical asset.
Managing payroll worldwide is a complicated job due to different regulations, compliance requirements, information security issues, and banking guidelines. The sheer number of workers and services adds to the complexity, with an estimated 3.5 billion individuals in the worldwide labor force, 500 countless whom remain in Africa, and 230 million services worldwide.
Conventional payroll systems typically result in manual procedures, data silos, and an absence of combination, causing inconsistencies and inadequacies. Despite residing in an era of technological advancements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar objectives to offer insights and solutions 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 companies state they have Labor force information in real time that’s another number that gives me sleep deprived nights and rather honestly the more an organization invests in global payroll the less of an image they see an absence of presence also encompasses payroll payments and failure to precisely track these payments can lead to compliance accidents in the last mile of the transaction almost half of global organizations have actually expressed 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 because of time reporting poor HCM data information entry errors improperly interacted hires and terminations as well as absence management and system setups and after that when you round it all off and the data is shipped to the wrong location the typical cost of an international 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 count on the essential several processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties organization 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 need to be included right and what does
it need to be thought of 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 need to pay from the client’s own in-country account so there’s complexity wherever you look right ultimately constructing a knowledge base is absolutely important but all over you look with payroll payment they resemble super payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and technology is permitting us to sort of move forward with that it likewise too to add to that payroll and financing require to work closer together um with differing Checking account Details varying banking requirements and setup processes is definitely vital that payroll and financing groups work better together than ever um I’m constantly amazed when people say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as a market 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 data collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of essential to add to kind of the level of intricacy there’s increasingly more benefits being organ or being offered by businesses throughout the world so again you’re simply aiming to add increasingly more payments to this currently complex landscape so if you sort 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 difficulties or real difficult kind of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a couple of decades I would definitely say that the larger a service 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 teams feeding info into the next function as it were that’s in fact managing the payment side of things however you understand in in my opinion and my experience that doesn’t always require to be the case you know long gone are the times where we need to create extra handoffs in the processes that we run in they simply make them more prompt they make them less efficient and they do not make them what they need to be in in an era of tech and an age that you know that we are working in today there is no reason that we are still making this as hard as it needs to be concurred and appropriately as you stated payroll is the single most significant liability that any company has from a cost point of view from an impact perspective on staff members it is absolutely vital that it’s done correctly 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 detrimental effect on people’s wellness and many other factors if people aren’t paid uh I’ve always been amazed coming into this Market kind of the last 5 to ten years is how little thanks the
payroll group get um so I’m unsure anyone on this kind of webinar has been told 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 staff members or not um however eventually payroll is such an important cycle we all hear about it when it fails everybody jumps up and down when it fails but when it goes right it’s just a tick box exercise and I believe 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 essential that all of this things is done correctly so leveraging the very first International Payments first payroll payment solution is a terrific first step um offering an end-to-end payroll option for your employees globally again I believe is another substantial um process again aligning and ensuring you have standardization Global processes all of those things are definitely essential to success success of companies and decreasing the variety of tools platforms and savings account they require for their Global 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’ve never ever 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 problems where things have not gone rather where they’re implied to be um I don’t believe any of us are really doing that for for the thanks
anyhow we understand how how important a role 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 everyone that’s involved in those procedures and also so think of sorry I’m just I was simply gon na state picture the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions think of getting that many thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing task 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 require days of the week to attempt to look through them and really see what was going on and type of try to get back to everybody so proceeding look why do companies select to primary different savings account there are How To Transfer Papaya Global Payroll To Another Computer companies out there doing exactly this for specific countries and I’ve worked in a company or lots of businesses 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 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 quantity that we are I think numerous factors one is it’s the requirement I believe people have got so used to we need a brand-new checking account we open an entity and rightly so you need it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the norm individuals have actually 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 many other methods um to to sort of do it so I think there’s a range I think this is a process that requires taking a look at it requires changing but eventually people are extremely stuck with what they’re familiar
with ideal um modification is a hard thing all of us do not like modification um so I believe it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend obviously the benefits of having maintaining multiple checking account however there’s a big amount of complexity opts for setting up a savings account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for private individuals so the intricacy is huge however I think the honest response is change um people have not had the ability to change or have not had necessarily the understanding to actually make that change into alternate Solutions aside from opening a checking account I believe you’ve struck the nail on the head I believe it is knowledge you understand and there is a component of resistance to change but we have actually constantly done it that way is no real reason for not looking at the the advantages and the possibilities of proceeding and moving into you understand what could nearly be figured out to be the next Century approximately there is a lot to keep an eye on and this approach does present a number of obstacles um so Johnny might you tell us about those obstacles yeah of course so there’s a range 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 feels like our CFO has actually gained another CFO, and with this enhanced capability, I have successfully secured payments for our 10,000 staff members worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is closer, considering your achievements. How To Transfer Papaya Global Payroll To Another Computer