Over the last 5 or 6 years …Papaya Global New Tax Year Software Version… functions on the provider side and likewise on the supplier side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply give everyone another couple of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I truly 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 raining here it’s extremely extremely bleak and I want I was elsewhere 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
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts streamlining papaya International payroll payments as a strategic possession uh we’ll also discuss a wrap-up which ought to leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being increasingly more common and handling them ends up being a growing number of intricate Worldwide companies are looking to discover Solutions and brand-new methods to streamline processes particularly from a payroll and cross-border payment perspective many companies preserve different bank account just for payroll while some have several accounts in different countries does it make sense for business to maintain different checking account in some cases in various nations it does but just for payroll is there a much better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational companies enhance the episode complex processes of
Making sure precise, efficient, and timely payroll payments is a complex challenge for businesses operating internationally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll bank accounts, find out how business anticipate payroll expenses to enhance working capital, and find how streamlining international payroll payments can transform them from a burdensome task into a tactical asset.
Managing payroll worldwide is an overwhelming job due to different guidelines, compliance requirements, information security issues, and banking rules. The large number of staff members and organizations adds to the intricacy, with an estimated 3.5 billion people in the worldwide labor force, 500 countless whom remain in Africa, and 230 million services worldwide.
Conventional payroll systems frequently lead to manual processes, data silos, and an absence of combination, causing inconsistencies and ineffectiveness. Despite residing in a period of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar aims to offer insights and services to streamline and optimize global payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce data in real time that’s another number that offers me sleep deprived nights and quite frankly the more an organization invests in international payroll the less of a picture they see an absence of visibility 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 worldwide companies have expressed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM information data entry errors inadequately interacted hires and terminations in addition to absence management and system setups and after that when you round it all off and the data is delivered to the wrong location the average cost 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 money around the globe payroll and payments do not run smoothly if they rely on the required several processes 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 challenges service face when they’re paying to workers or otherwise that’s an excellent question I constantly throw this back and state what is it what doesn’t require to be included best and what does
it need to be considered there’s varying 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 consumer’s own in-country account so there’s complexity wherever you look ideal eventually building a knowledge base is absolutely vital however everywhere you look with payroll payment they resemble incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely basic and innovation is permitting us to sort of progress with that it likewise also to contribute to that payroll and finance require to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is absolutely imperative that payroll and financing teams work closer together than ever um I’m constantly astonished when people say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from computation 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 eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being more and more crucial to contribute to type of the level of intricacy there’s more and more advantages being organ or being provided by companies across the world so once again you’re simply aiming to add a growing number of payments to this already intricate landscape so if you type 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 real obstacles or real challenging kind of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a couple of decades I would definitely state that the bigger a business gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are teams feeding information into the next function as it were that’s really managing the payment side of things but you know in in my opinion and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we require to produce additional handoffs while doing sos that we operate in they simply make them more timely 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 why we are still making this as hard as it requires to be agreed and rightly as you stated payroll is the single greatest liability that any organization has from an expense point of view from an impact perspective on employees it is absolutely vital that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the greatest destructive result on individuals’s wellness and lots of other factors if individuals aren’t paid uh I have actually always been impressed entering this Market type of the last five to 10 years is how little thanks the
The payroll team may not have actually been thanked for properly processing payroll during a webinar. If anyone has been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and people just notice when things go wrong. However, when things go right, it’s viewed as just a regular job. This is how it’s perceived externally also. For that reason, it is necessary to make sure that tasks like Wi-Fi Global and other important matters are done properly. Utilizing the very first International Payments first payroll payment option is a great preliminary step towards offering a detailed payroll option for staff members worldwide. Standardization, worldwide processes, and decreasing the number of tools, platforms, and bank accounts needed for worldwide payroll are crucial factors in achieving organization success. While we don’t anticipate 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 do not do it for the thankfulness.
anyway we understand how how essential 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 simple as possible for everybody that’s associated with those processes and likewise so picture sorry I’m just I was just gon na say think of 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 talking about numerous thousands potentially Millions envision getting that many thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting job attempting to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and actually see what was going on and kind of try to return to everybody so proceeding appearance why do business pick to main different checking account there are Papaya Global New Tax Year Software Version businesses out there doing precisely this for particular countries and I have actually worked in a business or lots of companies doing exactly that I can say it does not always feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not developing additional work for any person where we don’t have to and anyone 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 amount that we are I believe numerous reasons one is it’s the requirement I think people have actually got so used to we require a brand-new savings account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals have actually embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and many other ways um to to type of do it so I believe there’s a range I think this is a procedure that needs looking at it needs changing however eventually individuals are really stuck to what they’re familiar
with best um modification is a tough thing all of us do not like modification um so I think it’s simply kind of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand undoubtedly the benefits of having maintaining multiple bank accounts however there’s a substantial amount of complexity chooses establishing a savings account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the ideal user accesses for specific people so the complexity is huge however I think the truthful answer is modification um individuals have not had the ability to change or have not had always the understanding to actually make that change into alternate Solutions other than opening a bank account I believe you have actually struck the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change but we’ve constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could nearly be determined to be the next Century or two there is a lot to monitor and this approach does present a number of obstacles um so Johnny could you inform us about those difficulties yeah obviously so there’s a variety right there is so
I recently made a modification to our Enterprise 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 acquired another CFO, and with this improved ability, I have actually effectively secured payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is better, considering your achievements. Papaya Global New Tax Year Software Version