Over the last five or 6 years …How To Automate Papaya Global Payroll Tax Payment… functions on the provider side and likewise on the vendor side from a payroll point of view so really looking forward to this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply provide everybody another couple of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everyone is um it’s nice to to kind of like see where everybody originates from and I actually 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 drizzling here it’s extremely extremely gloomy and I wish I was somewhere else at this moment in time alright 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 Worldwide payroll why companies keep different
Virtual payroll accounts are an alternative to conventional savings account for managing payroll payments. This is particularly helpful for international organizations with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of keeping different checking account for payroll in various countries, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a tactical property for payroll executives. We will also provide a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly effectively securely and on time throughout this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll bank account how business precisely forecast their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in adequate in one country however when you’re doing it globally it’s next level and Beyond it ends up being intricate for a variety of reasons most importantly regulations compliance data security and banking rules then there are the large numbers they add further complexity the worldwide Workforce is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the world in the traditional payroll design there’s often a frustrating number of various systems resulting in lengthy manual processes and silos the variety of Integrations could be non-existent in large quantities and or extremely very basic there’s no real consistency framework we’re residing in an age of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that simply blows my mind whenever I I think
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Workforce data in real time that’s another number that provides me sleepless nights and rather honestly the more an organization invests in international payroll the less of a photo they see an absence of presence likewise encompasses payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the transaction nearly half of global companies 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 errors are due to time reporting bad HCM information data entry errors improperly communicated hires and terminations as well as absence management and system configurations and then when you round everything off and the information is delivered to the wrong location the average cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world payroll and payments don’t run smoothly if they rely on the needed several processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties business face when they’re paying to employees or otherwise that’s a great question I always throw this back and state what is it what does not need to be consisted of right and what does
it require to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan 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 intricacy anywhere you look right eventually constructing a knowledge base is definitely critical however everywhere you look with payroll payment they are like extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the type of link 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 innovation is permitting us to sort of move forward with that it also too to contribute to that payroll and finance need to work closer together um with differing Checking account Particulars varying banking requirements and setup processes is absolutely important that payroll and finance groups work more detailed together than ever um I’m constantly impressed when people state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession would they split the payroll payment from estimation 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 anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
The modern world positions a high value on well-being and the payment landscape is becoming significantly detailed. Businesses are continually introducing new advantages and payment alternatives, which contributes to the total complexity. Large corporations often divide their payroll and payment processing into separate groups, which can cause inadequacies and bottlenecks. In my viewpoint, this does not have to hold true. In today’s highly advanced period, there’s no validation for keeping troublesome procedures. Payroll, the business’s most significant expenditure, must be processed correctly and on time. Even small hold-ups can negatively impact employees’ well-being and have significant effects. Therefore, it’s important to prioritize precise and timely payments.
The payroll group might not have actually been thanked for properly processing payroll during a webinar. If anyone has been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and individuals only see when things fail. Nevertheless, when things go right, it’s seen as just a regular job. This is how it’s viewed externally as well. Therefore, it is vital to guarantee that jobs like Wi-Fi International and other vital matters are done correctly. Utilizing the very first Worldwide Payments very first payroll payment solution is a great preliminary action towards offering a thorough payroll solution for workers worldwide. Standardization, international procedures, and lowering the variety of tools, platforms, and bank accounts essential for worldwide payroll are key consider accomplishing company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few grievances when things don’t go as planned. Ultimately, we don’t do it for the gratitude.
anyhow we understand 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 everyone that’s involved in those processes and also so envision sorry I’m just I was just gon na state think of the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions envision getting that lots of 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 job attempting to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and actually see what was going on and kind of shot to get back to everyone so carrying on appearance why do companies select to main separate checking account there are How To Automate Papaya Global Payroll Tax Payment businesses out there doing precisely this for particular nations and I have actually operated in a service or many companies doing exactly that I can state it doesn’t always feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not producing additional work for anyone where we do not need to and anyone that’s handling that process 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 reasons one is it’s the requirement I think people have got so used to we require a new bank account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm the people have actually embraced and continue to do over years and years gone past to contribute to that individuals have actually taken a look at things like trust accounts and lots of other ways um to to type of do it so I believe there’s a range I believe this is a process that requires looking at it needs changing but eventually people are extremely stuck to what they’re familiar
with right um change is a tough thing all of us do not like modification um so I think it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend certainly the advantages of having preserving multiple checking account however there’s a substantial amount of intricacy chooses establishing a savings account preserving it guaranteeing it can send out International transfers guaranteeing it’s established with the ideal user accesses for individual individuals so the intricacy is huge but I believe the truthful response is change um individuals haven’t been able to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions besides opening a bank account I believe you have actually struck the nail on the head I think it is understanding you know and there is a component of resistance to alter however we have actually always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what might almost be determined to be the next Century or two there is a lot to monitor and this approach does pose several challenges um so Johnny could you tell us about those difficulties yeah obviously so there’s a range right there is so
I just did you switched 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 Global staff members you deserve a corner workplace with a better parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you How To Automate Papaya Global Payroll Tax Payment