Over the last five or six years …Can I Change An Efile Date In Papaya Global Payroll… functions on the service provider side and also on the vendor side from a payroll point of view so really 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 number of uh well one of the 30 seconds or two to join all of us 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 currently simply to hear where everybody is um it’s nice to to type of like see where everybody originates from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really really uninspiring and I wish I was somewhere else at this moment in time all right so let’s get going our program for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why companies maintain different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical asset uh we’ll also discuss a wrap-up and that must leave his time at the very very end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being more and more typical and handling them ends up being more and more complicated International companies are aiming to find Solutions and new ways to streamline procedures particularly from a payroll and cross-border payment perspective many companies preserve separate checking account just for payroll while some have multiple accounts in various nations does it make sense for business to preserve different bank accounts often in different countries it does however just for payroll exists a better method what function do virtual accounts and digital wallets also known as virtual wallets play in helping international companies enhance the episode complex processes of
Ensuring accurate, effective, and timely payroll payments is a complex challenge for businesses operating internationally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll savings account, discover how business anticipate payroll costs to optimize working capital, and discover how streamlining worldwide payroll payments can change them from a challenging task into a strategic possession.
Managing payroll internationally is a difficult task due to various policies, compliance requirements, information security issues, and banking rules. The large number of staff members and companies contributes to the intricacy, with an estimated 3.5 billion people in the worldwide workforce, 500 countless whom remain in Africa, and 230 million services worldwide.
Conventional payroll systems typically lead to manual processes, data silos, and an absence of integration, causing disparities and ineffectiveness. Regardless of living in an age of technological improvements, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar objectives to offer insights and solutions to simplify and enhance global payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force data in real time that’s another number that offers me sleep deprived nights and quite frankly the more an organization invests in global payroll the less of an image they see an absence of exposure likewise extends to payroll payments and inability to properly track these payments can cause compliance mishaps in the last mile of the transaction nearly half of international services 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 information data entry errors badly communicated hires and terminations along with absence management and system setups and then when you round it all off and the data is delivered to the incorrect place the average cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments don’t run efficiently if they count on the essential numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges business face when they’re making payments to workers or otherwise that’s a great concern I always throw this back and say what is it what doesn’t need to be included best and what does
it require to be thought about there’s differing Bank information 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 have to pay from the customer’s own in-country account so there’s intricacy any place you look right ultimately building a knowledge base is definitely crucial but everywhere you look with payroll payment they are like incredibly payments no if however 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 absolutely essential and technology is allowing us to sort of move forward with that it likewise also to contribute to that payroll and finance need to work closer together um with varying Savings account Particulars varying banking requirements and setup procedures is absolutely imperative that payroll and financing groups work better together than ever um I’m always impressed when individuals state I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so typically 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 people wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being more and more important to add to kind of the level of intricacy there’s a growing number of advantages being organ or being used by organizations across the world so once again you’re simply wanting to include a growing number of payments to this currently intricate landscape so if you sort of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of genuine obstacles or real tough kind of pay uses to play to pay people I believe yeah I suggest over the last well yeah a number of years I would certainly say that the bigger a company 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 info into the next function as it were that’s really handling the payment side of things however you know in in my opinion and my experience that doesn’t necessarily need to be the case you know long gone are the times where we need to create additional handoffs at the same times that we operate in they simply make them more timely they make them less efficient and they don’t make them what they need to be in in an age of tech and an age that you know that we are operating in today there is no reason that we are still making this as difficult as it needs to be concurred and appropriately as you said payroll is the single biggest liability that any service has from an expense perspective from an effect point of view on staff members it is absolutely important that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the greatest damaging effect on people’s well-being and lots of other factors if individuals aren’t paid uh I’ve always been impressed entering into this Market type of the last five to 10 years is how little thanks the
payroll team get um so I’m not exactly sure anybody on this kind of webinar has actually 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 ultimately payroll is such an essential cycle we all become aware of it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s simply 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 vital that all of this stuff is done properly so leveraging the first Global Payments very first payroll payment option is a fantastic initial step um providing an end-to-end payroll solution for your workers internationally again I think is another big um process again lining up and guaranteeing you have standardization Worldwide procedures all of those things are definitely essential to success success of companies and decreasing the variety of tools platforms and checking account they require for their International 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 countless them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the problems where things haven’t gone rather where they’re indicated to be um I don’t believe any of us are really doing that for for the thanks
anyway we understand how how essential 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 everybody that’s associated with those processes and also so picture sorry I’m just I was simply gon na say think of the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions envision getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting job trying to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and actually see what was going on and type of try to return to everyone so carrying on look why do companies select to main separate savings account there are Can I Change An Efile Date In Papaya Global Payroll companies out there doing exactly this for particular countries and I have actually worked in an organization or many companies doing precisely that I can state it doesn’t always feel efficient and it does create more work I understand we’re not intentionally doing that we’re not creating additional work for anyone where we don’t have to and anybody that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you believe 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 people have actually got so used to we require a new checking account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm the people have adopted and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a variety I think this is a procedure that requires taking a look at it requires altering however eventually people are extremely stuck to what they’re familiar
with ideal um modification is a difficult thing all of us do not 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 obviously the advantages of having maintaining multiple checking account however there’s a substantial amount of intricacy goes with setting up a checking account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the right user accesses for specific people so the complexity is substantial but I believe the truthful response is change um individuals haven’t had the ability to alter or haven’t had necessarily the understanding to actually make that change into alternate Solutions other than opening a savings account I think you’ve struck the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter but we have actually constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might practically be figured out to be the next Century approximately there is a lot to track and this method does pose a number of challenges um so Johnny could you inform us about those difficulties yeah of course so there’s a variety right there is so
I just did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International staff members you should have a corner office with a more detailed parking space since I mastered Global payroll and payments with Papaya payroll OS did you Can I Change An Efile Date In Papaya Global Payroll