Over the last 5 or 6 years …Adjusting Nic Year To Date Figures In Papaya Global… roles on the supplier side and likewise on the vendor side from a payroll point of view so actually looking forward to this conversation 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 among the 30 seconds or so to join all of us work back to back nowadays so we’ll type 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 originates from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very extremely dreary and I want I was somewhere else at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing International payroll why business maintain different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya International payroll payments as a tactical property uh we’ll likewise discuss a recap which should leave his time at the very extremely 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 Global labor forces become increasingly more common and handling them ends up being a growing number of complex Worldwide companies are looking to discover Solutions and brand-new ways to enhance processes specifically from a payroll and cross-border payment viewpoint numerous companies maintain separate savings account just for payroll while some have several accounts in different countries does it make sense for companies to keep separate bank accounts in some cases in different countries it does but just for payroll exists a much better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international business simplify the episode complex processes of
Making sure precise, efficient, and prompt payroll payments is a complex obstacle for companies operating globally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll checking account, discover how business anticipate payroll costs to enhance working capital, and find how simplifying worldwide payroll payments can transform them from a burdensome task into a tactical asset.
Managing payroll worldwide is a daunting job due to different policies, compliance requirements, information security concerns, and banking guidelines. The sheer variety of employees and companies adds to the intricacy, with an estimated 3.5 billion individuals in the global workforce, 500 million of whom are in Africa, and 230 million companies worldwide.
Standard payroll systems typically lead to manual processes, data silos, and an absence of combination, resulting in disparities and ineffectiveness. In spite of residing in an era of technological developments, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar objectives to supply insights and services 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 just 11 of businesses state they have Workforce data in real time that’s another number that offers me sleepless nights and quite frankly the more an organization invests in global payroll the less of an image they see an absence of visibility also encompasses payroll payments and inability to accurately track these payments can result in compliance incidents in the last mile of the deal nearly half of global companies have actually expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry mistakes improperly interacted hires and terminations along with lack management and system configurations and after that when you round everything off and the information is shipped to the wrong location the average expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the world payroll and payments don’t run efficiently if they depend on the necessary numerous procedures 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 challenges company face when they’re making payments to employees or otherwise that’s an excellent concern I constantly throw this back and say what is it what does not need to be included ideal and what does
it need to be thought about there’s differing Bank details 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 need 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 important but all over you look with payroll payment they resemble incredibly payments no if however some babies 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 acknowledgment that payroll payments are definitely fundamental and technology is permitting us to kind of move forward with that it also too to add to that payroll and financing need to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is absolutely imperative that payroll and financing teams work better together than ever um I’m constantly astonished when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation would they split 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 ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory third parties so with the
The contemporary world puts a high worth on well-being and the payment landscape is becoming progressively detailed. Companies are constantly introducing new benefits and payment choices, which contributes to the total intricacy. Large corporations typically divide their payroll and payment processing into separate teams, which can cause ineffectiveness and traffic jams. In my opinion, this doesn’t have to be the case. In today’s technically sophisticated era, there’s no justification for keeping cumbersome procedures. Payroll, the company’s most significant expense, need to be processed properly and on time. Even small hold-ups can adversely affect workers’ well-being and have significant effects. Therefore, it’s important to prioritize accurate and timely payments.
payroll team get um so I’m not exactly sure anybody on this type of webinar has 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 staff members or not um but ultimately payroll is such an essential cycle we all become aware of it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise 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 stuff is absolutely crucial that all of this stuff is done properly so leveraging the very first Global Payments first payroll payment service is a terrific primary step um offering an end-to-end payroll service for your employees globally once again I think is another substantial um procedure once again lining up and guaranteeing you have standardization Global procedures all of those things are absolutely crucial 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 regards to of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the problems where things have not gone rather where they’re implied to be um I don’t believe any of us are really doing that for for the thanks
anyhow we know how how crucial 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 everybody that’s associated with those processes and also so envision sorry I’m simply I was simply gon na say envision the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions picture getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating task trying to clean up 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 attempt to check out them and in fact see what was going on and sort of try to return to everybody so moving on look why do companies choose to primary separate savings account there are Adjusting Nic Year To Date Figures In Papaya Global businesses out there doing exactly this for particular countries and I’ve operated in a business or many organizations doing precisely that I can state it doesn’t always feel efficient and it does produce more work I know we’re not deliberately doing that we’re not developing additional work for anyone where we don’t have to and anyone 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 amount that we are I believe lots of factors one is it’s the requirement I believe individuals have actually got so utilized to we require a new savings account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the standard the people have actually adopted and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a variety I believe this is a procedure that requires taking a look at it needs altering but eventually individuals are really stuck with what they’re familiar
with ideal um modification is a difficult thing we all don’t like change um so I believe it’s simply kind of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand clearly the advantages of having keeping numerous bank accounts but there’s a huge quantity of complexity chooses establishing a savings account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the ideal user accesses for specific individuals so the complexity is substantial but I think the honest answer is change um people haven’t been able to change or haven’t had necessarily the understanding to actually make that change into alternate Solutions other than opening a bank account I think you have actually struck the nail on the head I think it is knowledge you understand and there is a component of resistance to change however we’ve constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of moving on and moving into you know what could nearly be identified to be the next Century or two there is a lot to monitor and this method does position several difficulties um so Johnny might you inform us about those obstacles yeah obviously so there’s a variety right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has actually gotten another CFO, and with this improved ability, I have actually effectively secured payments for our 10,000 employees worldwide. Your devotion 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 better, considering your accomplishments. Adjusting Nic Year To Date Figures In Papaya Global