Over the last 5 or six years …Does Papaya Global Payroll Efile 1099 Electronically… functions on the company side and likewise on the supplier side from a payroll point of view so really looking forward to this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just provide everybody another number of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I actually 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 very extremely bleak and I want I was somewhere else 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 Worldwide payroll why business keep separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts improving papaya Worldwide payroll payments as a strategic possession uh we’ll likewise review a wrap-up which needs to leave his time at the really really end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become a growing number of common and managing them ends up being more and more complex Worldwide companies are wanting to find Solutions and new methods to simplify procedures specifically from a payroll and cross-border payment standpoint numerous organizations maintain different checking account just for payroll while some have multiple accounts in various countries does it make sense for companies to maintain separate savings account often in different countries it does but just for payroll is there a much better way what role do virtual accounts and digital wallets also called virtual wallets play in helping international companies improve the episode complex processes of
Ensuring precise, effective, and prompt payroll payments is a complex difficulty for organizations operating worldwide. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll bank accounts, learn how business forecast payroll costs to enhance working capital, and find how enhancing global payroll payments can change them from a difficult job into a strategic asset.
Managing payroll internationally is an overwhelming job due to different guidelines, compliance requirements, information security issues, and banking rules. The large variety of workers and organizations adds to the intricacy, with an estimated 3.5 billion people in the global workforce, 500 countless whom are in Africa, and 230 million services worldwide.
Standard payroll systems frequently result in manual procedures, data silos, and an absence of combination, leading to inconsistencies and inefficiencies. In spite of living in an age of technological improvements, 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 goals to provide insights and options to streamline 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 data in real time that’s another number that gives me sleepless nights and rather frankly the more a service spends on international payroll the less of a photo they see a lack of visibility also extends to payroll payments and inability to accurately track these payments can lead to compliance accidents in the last mile of the deal almost half of worldwide 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 mistakes are because of time reporting bad HCM information information entry mistakes 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 delivered to the incorrect place the average expense of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money all over the world payroll and payments don’t run efficiently if they rely on the essential 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 obstacles company face when they’re paying to workers or otherwise that’s a good question I always throw this back and state what is it what does not require to be consisted of right and what does
it require to be thought about there’s differing Bank details 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 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 ideal eventually constructing a knowledge base is definitely important but everywhere you look with payroll payment they resemble incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the sort of link in 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 innovation is allowing us to type of progress with that it also as well to add to that payroll and financing require to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is definitely imperative that payroll and financing groups work more detailed together than ever um I’m constantly astonished when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession would they divide the payroll payment from computation I would say no so why do we as an industry 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 wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being more and more important to contribute to kind of the level of complexity there’s more and more advantages being organ or being offered by organizations across the world so once again you’re just aiming to include more and more payments to this already intricate landscape so if you type 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 real challenges or real difficult type of pay utilizes to play to pay people I think yeah I imply over the last well yeah a couple of years I would definitely say that the bigger a service gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are teams feeding info into the next function as it were that’s actually handling the payment side of things but you understand in in my viewpoint and my experience that doesn’t always need to be the case you understand long gone are the times where we require to produce additional handoffs in the processes that we operate in they just make them more prompt they make them less effective and they don’t make them what they need to be in in a period of tech and a period that you understand that we are operating in today there is no reason why we are still making this as hard as it requires to be concurred and rightly as you said payroll is the single most significant liability that any organization has from a cost point of view from an effect point of view on workers it is definitely important that it’s done properly and on time so what we mean 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 destructive result on individuals’s wellness and numerous other aspects if individuals aren’t paid uh I have actually constantly been surprised coming into this Market kind of the last 5 to 10 years is how little thanks the
payroll team get um so I’m unsure anybody on this sort of webinar has actually been informed 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 staff members or not um but eventually payroll is such a crucial cycle all of us find out about it when it goes wrong everybody 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 consider as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely vital that all of this things is done properly so leveraging the very first Global Payments first payroll payment service is a great initial step um offering an end-to-end payroll service for your staff members worldwide again I think is another substantial um process once again aligning and ensuring you have standardization Global procedures all of those things are absolutely essential to success success of companies and lowering the number of tools platforms and savings account they require for their International 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 anticipate 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 suggested to be um I don’t think any of us are really doing that for for the thanks
anyway we know how how essential 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 simple as possible for everyone that’s involved in those procedures and also so imagine sorry I’m simply I was simply gon na say envision the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions think of getting that lots of thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an interesting job attempting to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to browse them and really see what was going on and sort of try to return to everybody so carrying on look why do companies select to main different checking account there are Does Papaya Global Payroll Efile 1099 Electronically organizations out there doing precisely this for specific nations and I’ve operated in a company or many services doing precisely that I can state it doesn’t always feel efficient and it does develop more work I know we’re not deliberately doing that we’re not producing extra work for anyone where we do not need to and anybody that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think lots of factors one is it’s the requirement I believe people have got so used to we need a brand-new savings account we open an entity and rightly 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 embraced and continue to do over years and years passed by to contribute to that individuals have actually looked at things like trust accounts and many other ways um to to kind of do it so I think there’s a variety I think this is a process that needs taking a look at it needs changing but ultimately people are very stuck to what they’re familiar
with ideal um change is a hard thing we all do not like modification um so I think it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend clearly the benefits of having maintaining numerous checking account but there’s a substantial amount of complexity chooses setting up a savings account keeping it ensuring it can send International transfers ensuring it’s set up with the best user accesses for individual individuals so the intricacy is substantial however I think the sincere response is modification um people have not had the ability to change or have not had necessarily the knowledge to truly make that change into alternate Solutions besides opening a savings account I believe you have actually struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter but we’ve always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what might nearly be determined to be the next Century or two there is a lot to monitor and this approach does position numerous difficulties um so Johnny could you tell us about those obstacles yeah naturally so there’s a variety right there is so
I simply did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide staff members you are worthy of a corner workplace with a more detailed parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Does Papaya Global Payroll Efile 1099 Electronically