Over the last five or six years …How To Edit Eftps In Papaya Global Payroll… functions on the service provider side and also on the vendor side from a payroll viewpoint so actually anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just offer everyone another number of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I truly do hope it’s much sunnier than it is 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 really very uninspiring and I want I was elsewhere at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why companies maintain different
Virtual payroll accounts are an alternative to traditional savings account for managing payroll payments. This is especially useful for worldwide companies with dispersed and remote labor forces, as it simplifies the intricate procedure of cross-border payments. Instead of maintaining different checking account for payroll in different nations, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a strategic asset for payroll executives. We will also provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively securely and on time throughout this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how companies precisely forecast their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in enough in one country but when you’re doing it globally it’s next level and Beyond it becomes complicated for a range of factors most significantly policies compliance data security and banking guidelines then there are the sheer numbers they add more complexity the global Labor force is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing around the world in the traditional payroll design there’s frequently a frustrating number of various systems leading to lengthy manual procedures and silos the variety of Combinations could be non-existent in large amounts and or really really fundamental there’s no real consistency framework we’re residing in an age of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which simply blows my mind whenever I I think
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Labor force information in real time that’s another number that gives me sleepless nights and rather honestly the more a company spends on worldwide payroll the less of a picture they see a lack of visibility also encompasses payroll payments and inability to properly track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of international businesses have actually revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry errors badly interacted hires and terminations in addition to lack management and system setups and then when you round all of it off and the data is delivered to the wrong location the typical cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the globe payroll and payments do not run smoothly if they rely on the necessary multiple processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles business face when they’re paying to workers or otherwise that’s a good concern I always throw this back and say what is it what doesn’t need to be consisted of right and what does
it require to be thought about 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 abilities 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 consumer’s own in-country account so there’s complexity any place you look best eventually developing a knowledge base is definitely critical but all over you look with payroll payment they are like incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort 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 basic and innovation is allowing us to sort of move on with that it likewise too to add to that payroll and finance need to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is absolutely necessary that payroll and finance groups work closer together than ever um I’m constantly amazed when people state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation would they divide the payroll payment from calculation 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world puts a high value on well-being and the payment landscape is ending up being significantly intricate. Companies are continually introducing new benefits and payment choices, which contributes to the general intricacy. Big corporations typically divide their payroll and payment processing into different teams, which can cause inefficiencies and bottlenecks. In my opinion, this doesn’t have to be the case. In today’s highly sophisticated period, there’s no validation for keeping troublesome procedures. Payroll, the company’s biggest cost, should be processed correctly and on time. Even minor hold-ups can negatively affect staff members’ wellness and have significant repercussions. For that reason, it’s crucial to prioritize accurate and prompt payments.
payroll team get um so I’m unsure anyone on this type of webinar has actually been told 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 employees or not um but ultimately payroll is such an important cycle all of us find out about it when it fails everybody jumps up and down when it fails but when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely essential that all of this stuff is done correctly so leveraging the very first Global Payments first payroll payment option is a fantastic primary step um providing an end-to-end payroll service for your staff members internationally again I believe is another substantial um procedure again aligning and ensuring you have standardization Worldwide processes all of those things are absolutely essential to success success of organizations and minimizing the variety of tools platforms and bank accounts 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 ever had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or 10 or whatever it might be with the with the the problems where things haven’t gone quite where they’re indicated to be um I don’t think any of us are actually doing that for for the thanks
anyhow we know 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 easy as possible for everyone that’s associated with those procedures and also so imagine sorry I’m simply I was simply gon na state picture the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re speaking about hundreds of thousands possibly Millions envision getting that many thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing task trying to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to look through them and really see what was going on and type of try to return to everyone so proceeding look why do companies choose to primary different savings account there are How To Edit Eftps In Papaya Global Payroll companies out there doing exactly this for particular countries and I’ve operated in a business or many businesses doing exactly that I can say it doesn’t always feel effective and it does develop more work I know we’re not deliberately doing that we’re not producing additional work for any person where we don’t need to and anyone that’s managing that process 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 believe many factors one is it’s the requirement I think individuals have got so utilized to we require a brand-new checking account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm the people have actually adopted and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a range I believe this is a procedure that needs looking at it requires altering however ultimately individuals are extremely stuck with what they recognize
with right um change is a hard thing we all don’t like change um so I think it’s simply sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand certainly the advantages of having maintaining numerous savings account but there’s a substantial amount of intricacy chooses establishing a bank account keeping it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for private people so the complexity is substantial but I believe the sincere answer is modification um individuals haven’t had the ability to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions other than opening a savings 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 constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what could almost be identified to be the next Century approximately there is a lot to keep track of and this approach does pose numerous obstacles um so Johnny might you inform us about those obstacles yeah of course so there’s a range 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International workers you are worthy of a corner office with a closer parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you How To Edit Eftps In Papaya Global Payroll