Over the last 5 or six years …Papaya Global Year End Guide Pdf… functions on the provider side and also on the vendor side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just provide everyone another couple of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everyone comes from and I really 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 extremely extremely bleak and I wish I was somewhere else at this moment in time alright so let’s get going our program for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why companies preserve separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts improving papaya Worldwide payroll payments as a tactical asset uh we’ll also review a wrap-up and that should leave his time at the very really end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being a growing number of typical and handling them ends up being more and more complicated Worldwide organizations are looking to find Solutions and new ways to simplify procedures particularly from a payroll and cross-border payment standpoint numerous organizations preserve different savings account just for payroll while some have numerous accounts in different nations does it make good sense for companies to keep separate checking account sometimes in different countries it does but just for payroll exists a much better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational business streamline the episode complex processes of
Ensuring accurate, efficient, and timely payroll payments is a complex challenge for organizations running internationally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll bank accounts, find out how companies forecast payroll costs to optimize working capital, and find how simplifying worldwide payroll payments can change them from a troublesome task into a tactical property.
Handling payroll globally is a difficult job due to different policies, compliance requirements, data security issues, and banking rules. The large variety of employees and companies contributes to the intricacy, with an estimated 3.5 billion people in the global labor force, 500 countless whom remain in Africa, and 230 million services worldwide.
Traditional payroll systems often result in manual procedures, data silos, and a lack of combination, causing disparities and inefficiencies. In spite of living in an age of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar aims to provide insights and options to simplify and enhance worldwide payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Workforce information in real time that’s another number that gives me sleep deprived nights and quite honestly the more a service invests in global payroll the less of a picture they see a lack of exposure likewise reaches payroll payments and inability to accurately track these payments can result in compliance mishaps in the last mile of the deal nearly half of global services have revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry mistakes poorly interacted hires and terminations along with absence management and system setups and after that when you round it all off and the data is shipped to the wrong place the average 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 worldwide payroll and payments don’t run efficiently if they count on the required numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties service face when they’re paying to staff members or otherwise that’s a great concern I constantly throw this back and say what is it what does not require to be included best and what does
it need to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per nation 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 client’s own in-country account so there’s intricacy any place you look ideal eventually developing a knowledge base is absolutely vital 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 look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely fundamental and technology is permitting us to kind of move forward with that it likewise too to add to that payroll and financing need to work closer together um with differing Checking account Particulars varying banking requirements and setup processes is absolutely crucial that payroll and finance groups work better together than ever um I’m always surprised when people state I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation 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 often 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 third parties so with the
The modern world positions a high worth on well-being and the compensation landscape is becoming progressively detailed. Companies are continuously introducing new advantages and payment choices, which contributes to the total complexity. Large corporations typically divide their payroll and payment processing into different groups, which can cause inadequacies and traffic jams. In my opinion, this doesn’t have to hold true. In today’s technically sophisticated era, there’s no reason for maintaining troublesome procedures. Payroll, the company’s most significant expense, should be processed properly and on time. Even minor hold-ups can adversely impact staff members’ wellness and have far-reaching repercussions. For that reason, it’s crucial to focus on precise and timely payments.
payroll team get um so I’m not exactly sure anybody on this sort of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an essential cycle all of us find out about it when it fails everybody jumps up and down when it fails however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely crucial that all of this stuff is done properly so leveraging the very first International Payments very first payroll payment service is a terrific initial step um providing an end-to-end payroll service for your workers worldwide once again I believe is another big um procedure once again aligning and ensuring you have standardization Global processes all of those things are absolutely essential to success success of organizations and minimizing the variety of tools platforms and savings account they need for their International 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 had a hundred countless them within a payroll cycle do not expect to you do get the odd five or 10 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 actually doing that for for the thanks
anyway we know how how essential a function 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 likewise so think of sorry I’m just I was just gon na say think of the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re discussing numerous thousands potentially Millions imagine getting that many thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting job trying to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and actually see what was going on and sort of shot to get back to everyone so moving on look why do business pick to main different bank accounts there are Papaya Global Year End Guide Pdf organizations out there doing precisely this for specific countries and I’ve worked in an organization or many services doing exactly that I can state it doesn’t constantly feel efficient and it does create more work I understand we’re not deliberately doing that we’re not creating additional work for anyone where we do not need to and any person that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe numerous factors one is it’s the requirement I think individuals have actually got so utilized to we need a brand-new savings account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the standard individuals have actually embraced and continue to do over years and years passed by to add to that people 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 think this is a process that needs looking at it requires altering but ultimately people are very stuck to what they’re familiar
with best um change is a challenging thing all of us don’t like change um so I believe it’s simply sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having maintaining numerous savings account however there’s a big amount of intricacy goes with setting up a bank account maintaining it ensuring it can send International transfers ensuring it’s set up with the ideal user accesses for private individuals so the complexity is big but I think the truthful response is change um people haven’t had the ability to alter or haven’t had always the understanding to really make that change into alternate Solutions aside from opening a savings account I believe you’ve hit the nail on the head I think it is knowledge you know and there is an element of resistance to alter however we’ve constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what might almost be determined to be the next Century or so there is a lot to monitor and this method does position numerous difficulties um so Johnny might you inform us about those obstacles yeah of course so there’s a range right there is so
I simply did you switched 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 International workers you deserve a corner office with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Year End Guide Pdf