Over the last 5 or six years …Papaya Global End Of Tax Year Procedure… functions on the provider side and likewise on the supplier side from a payroll viewpoint so really eagerly anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply provide everybody another number of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everybody comes from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely very dreary and I want I was elsewhere at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why business preserve separate
Virtual payroll accounts are an alternative to standard bank accounts for managing payroll payments. This is especially beneficial for global companies with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of keeping different checking account for payroll in different nations, virtual accounts and digital wallets use a more structured option. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are ending up being a strategic 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.
Ensuring accurate, efficient, and prompt payroll payments is a complex difficulty for services operating internationally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll checking account, discover how business anticipate payroll costs to optimize working capital, and find how enhancing global payroll payments can change them from a difficult task into a strategic asset.
Managing payroll globally is a complicated task due to numerous regulations, compliance requirements, data security concerns, and banking guidelines. The sheer number of workers and services 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 organizations worldwide.
Traditional payroll systems typically lead to manual procedures, information silos, and an absence of combination, resulting in inconsistencies and inadequacies. Despite living in an era of technological advancements, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar objectives to offer insights and services to streamline and enhance worldwide payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Workforce data in real time that’s another number that gives me sleep deprived nights and quite frankly the more a service invests in worldwide payroll the less of a picture they see a lack of presence likewise extends to payroll payments and inability to precisely track these payments can cause compliance accidents in the last mile of the transaction nearly half of global organizations have expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM information data entry mistakes badly communicated hires and terminations along with lack management and system setups and then when you round it all off and the information is delivered to the wrong location the typical expense of an international data 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 essential multiple processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles business face when they’re paying to staff members or otherwise that’s a good concern I always toss this back and say what is it what does not require to be included best and what does
it need 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 timespan there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s intricacy any place you look right eventually building a knowledge base is definitely critical however everywhere you look with payroll payment they resemble extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you take a 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 absolutely basic and technology is enabling us to sort of move forward with that it also also to add to that payroll and finance require to work closer together um with differing Savings account Details varying banking requirements and setup procedures is definitely vital that payroll and finance teams work more detailed together than ever um I’m constantly astonished when people state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession would they divide the payroll payment from estimation I would say no so why do we as a market 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 information collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern world puts a high worth on well-being and the payment landscape is becoming increasingly complex. Organizations are continuously introducing new advantages and payment choices, which adds to the general complexity. Large corporations frequently divide their payroll and payment processing into separate teams, which can lead to ineffectiveness and traffic jams. In my viewpoint, this doesn’t have to be the case. In today’s highly sophisticated era, there’s no reason for maintaining cumbersome treatments. Payroll, the company’s most significant cost, should be processed correctly and on time. Even small hold-ups can negatively impact workers’ wellness and have significant consequences. For that reason, it’s critical to prioritize accurate and timely payments.
The payroll group may not have been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and people just see when things fail. However, when things go right, it’s viewed as just a regular task. This is how it’s perceived externally as well. Therefore, it is necessary to ensure that jobs like Wi-Fi Worldwide and other essential matters are done correctly. Using the very first Worldwide Payments very first payroll payment option is a fantastic initial step towards offering a detailed payroll solution for employees worldwide. Standardization, international procedures, and reducing the number of tools, platforms, and savings account needed for worldwide payroll are crucial factors in attaining company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of problems when things do not go as planned. Ultimately, we don’t do it for the gratitude.
anyway we know how how important 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 simple as possible for everyone that’s associated with those procedures and also so picture sorry I’m just I was simply gon na state imagine the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re discussing numerous thousands potentially Millions envision getting that numerous thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing job trying to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to check out them and really see what was going on and kind of try to get back to everyone so moving on appearance why do business pick to primary separate bank accounts there are Papaya Global End Of Tax Year Procedure businesses out there doing precisely this for specific countries and I have actually operated in a service or many services doing precisely that I can say it does not constantly feel efficient and it does develop more work I know we’re not deliberately doing that we’re not developing extra work for anybody where we do not need to and anyone that’s dealing with 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 think many 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 but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have embraced and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and many other ways um to to kind of do it so I believe there’s a variety I believe this is a process that needs taking a look at it requires altering however eventually individuals are extremely stuck with what they’re familiar
with ideal um modification is a tough thing we all don’t like modification um so I think it’s simply sort of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend clearly the advantages of having maintaining numerous savings account however there’s a huge amount of complexity goes with setting up a savings account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for individual people so the complexity is substantial however I believe the honest answer is change um individuals have not had the ability to alter or have not had necessarily the knowledge to really make that change into alternate Solutions besides opening a savings account I think you’ve struck the nail on the head I think it is understanding you understand and there is an aspect 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 could nearly be identified to be the next Century or so there is a lot to keep an eye on and this approach does present several obstacles um so Johnny could you tell us about those challenges yeah obviously so there’s a range right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has actually gained another CFO, and with this boosted ability, I have actually effectively secured payments for our 10,000 staff members worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is better, considering your achievements. Papaya Global End Of Tax Year Procedure