Over the last five or 6 years …Papaya Global Payroll Tax Calculator… roles on the supplier side and also on the supplier side from a payroll point of view so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply offer everybody another number of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on already simply to hear where everybody is um it’s nice to to type of like see where everybody comes from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very really bleak and I wish 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 managing Global payroll why companies preserve separate
Virtual payroll accounts are an option to traditional checking account for handling payroll payments. This is particularly helpful for global companies with dispersed and remote labor forces, as it simplifies the intricate process of cross-border payments. Instead of keeping different savings account for payroll in various countries, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are ending up being a tactical possession for payroll executives. We will likewise supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing precise, efficient, and timely payroll payments is a complex challenge for businesses running globally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll checking account, learn how business forecast payroll costs to optimize working capital, and find how enhancing worldwide payroll payments can change them from a difficult job into a tactical property.
Managing payroll globally is an overwhelming task due to numerous policies, compliance requirements, data security issues, and banking rules. The large number of employees and organizations contributes to the complexity, with an estimated 3.5 billion people in the international labor force, 500 million of whom remain in Africa, and 230 million services worldwide.
Conventional payroll systems frequently lead to manual procedures, information silos, and a lack of combination, resulting in disparities and inadequacies. Despite living in an era of technological advancements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar goals to offer insights and services to streamline and enhance international payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce information in real time that’s another number that gives me sleepless nights and quite frankly the more a company invests in worldwide payroll the less of an image they see an absence of exposure also reaches payroll payments and failure to accurately track these payments can cause compliance incidents in the last mile of the transaction nearly half of international organizations have revealed that they do not 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 information information entry mistakes improperly communicated hires and terminations as well as lack management and system configurations and then when you round everything off and the data is shipped to the incorrect place the typical cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the globe payroll and payments do not run efficiently if they count on the needed numerous 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 obstacles company face when they’re paying to workers or otherwise that’s a great concern I always throw this back and say what is it what does not require to be consisted of best and what does
it require 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 have 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 ultimately constructing a knowledge base is absolutely important but everywhere you look with payroll payment they resemble extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the type 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 definitely basic and innovation is allowing us to type of move forward with that it also too to contribute to that payroll and financing require to work closer together um with differing Bank Account Details differing banking requirements and setup procedures is definitely vital that payroll and financing groups work closer together than ever um I’m always astonished when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they split 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more essential to contribute to kind of the level of complexity 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 already intricate landscape so if you sort of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of genuine obstacles or real challenging sort of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a number of years I would absolutely say that the bigger 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 groups feeding info into the next function as it were that’s in fact managing the payment side of things but you know in in my opinion and my experience that does not necessarily need to be the case you understand long gone are the times where we require to produce extra handoffs in the processes that we operate in they just make them more prompt they make them less effective and they do not make them what they require to be in in an era of tech and an age that you understand that we are operating in today there is no reason we are still making this as hard as it requires to be concurred and rightly as you stated payroll is the single greatest liability that any business has from a cost viewpoint from an effect point of view on staff members it is absolutely vital that it’s done properly 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 biggest detrimental impact on individuals’s well-being and numerous other elements if individuals aren’t paid uh I have actually constantly been astonished entering into this Market kind of the last five to 10 years is how little thanks the
payroll group get um so I’m uncertain anyone on this type of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such a crucial cycle we all become aware of it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout and I think 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 things is definitely crucial that all of this things is done properly so leveraging the first Global Payments first payroll payment option is a terrific primary step um providing an end-to-end payroll solution for your employees globally again I think is another big um process again lining up and ensuring you have standardization International processes all of those things are absolutely essential to success success of organizations and decreasing the variety of tools platforms and bank accounts 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 had a hundred thousand of 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 grievances where things have not gone rather where they’re suggested to be um I do not think any of us are in fact doing that for for the thanks
anyhow we know how how important 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 involved in those procedures and also so picture sorry I’m simply I was simply gon na say imagine the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions picture getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would definitely be a fascinating task attempting to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and really see what was going on and type of shot to return to everybody so carrying on look why do companies choose to main separate savings account there are Papaya Global Payroll Tax Calculator services out there doing precisely this for particular countries and I’ve worked in a company or numerous organizations doing exactly that I can state it does not always feel effective and it does develop more work I know we’re not deliberately doing that we’re not creating extra work for anybody where we do not have to and any person that’s handling that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I think numerous reasons one is it’s the requirement I believe people have actually got so utilized to we require a new savings account we open an entity and rightly so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm the people have embraced and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and lots of other ways um to to kind of do it so I think there’s a range I believe this is a procedure that requires taking a look at it requires changing but ultimately individuals are very stuck with what they recognize
with right um change is a challenging thing we all don’t like modification um so I believe it’s just type of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand clearly the advantages of having keeping several savings account but there’s a substantial quantity of intricacy goes with setting up a checking account maintaining it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for private individuals so the complexity is substantial but I think the sincere answer is modification um individuals have not been able to change or haven’t had always the understanding to truly make that change into alternate Solutions aside from opening a bank account I think you’ve struck the nail on the head I believe it is knowledge you know and there is an element of resistance to change but we’ve always done it that way is no genuine reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what could nearly be identified to be the next Century or so there is a lot to track and this technique does posture numerous difficulties um so Johnny might you inform us about those obstacles yeah obviously so there’s a range right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has gotten another CFO, and with this boosted capability, I have actually effectively secured payments for our 10,000 staff members worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Payroll Tax Calculator