Over the last 5 or six years …Papaya Global Rti Cis Deductions… functions on the provider side and also on the supplier side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply give everyone another couple of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll type 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 sort of like see where everyone comes from and I really 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 extremely extremely uninspiring and I wish I was elsewhere at this moment in time alright so let’s begin our program for today is as follows um we are going to be looking at the challenge years of handling International payroll why business keep different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical property uh we’ll likewise go over a recap which should leave his time at the really very end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become increasingly more common and handling them becomes increasingly more complex International companies are wanting to discover Solutions and new ways to simplify processes especially from a payroll and cross-border payment viewpoint many organizations keep different checking account just for payroll while some have numerous accounts in various countries does it make good sense for business to keep separate savings account in some cases in different countries it does however just for payroll exists a much better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping international companies streamline the episode complex processes of
Ensuring accurate, effective, and timely payroll payments is a complex difficulty for organizations operating globally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll savings account, learn how business anticipate payroll costs to optimize working capital, and find how simplifying worldwide payroll payments can change them from a challenging job into a tactical asset.
Managing payroll worldwide is a complicated task due to different regulations, compliance requirements, information security issues, and banking guidelines. The sheer variety of employees and businesses contributes to the intricacy, with an approximated 3.5 billion people in the worldwide workforce, 500 million of whom are in Africa, and 230 million companies worldwide.
Conventional payroll systems typically lead to manual processes, information silos, and a lack of combination, causing disparities and ineffectiveness. In spite of 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, typically using pen and paper. This webinar objectives to supply insights and solutions 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 services say they have Workforce data in real time that’s another number that provides me sleepless nights and rather frankly the more a company spends on worldwide payroll the less of a photo they see a lack of presence also extends to payroll payments and inability to properly track these payments can result in compliance accidents in the last mile of the deal almost half of worldwide companies have actually revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM data information entry mistakes inadequately communicated hires and terminations along with lack management and system configurations and after that when you round everything off and the data is delivered to the wrong location the average cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the globe payroll and payments don’t run efficiently if they count on the needed multiple processes 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 difficulties service face when they’re making payments to workers or otherwise that’s a good question I always throw this back and state what is it what does not require to be consisted of ideal and what does
it require to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames 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 customer’s own in-country account so there’s complexity wherever you look right ultimately constructing a knowledge base is definitely crucial but all over you look with payroll payment they are like incredibly payments no if but 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 think there’s now a bit more recognition that payroll payments are definitely fundamental and technology is allowing us to sort of move forward with that it likewise as well to add to that payroll and finance need to work closer together um with differing Checking account Details varying banking requirements and setup processes is definitely important that payroll and finance teams work more detailed together than ever um I’m always astonished when individuals state I have actually 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 calculation 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 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
world we reside in and wellness being a growing number of essential to contribute to kind of the level of complexity there’s increasingly more benefits being organ or being offered by companies across the world so once again you’re just wanting to add more and more payments to this already intricate landscape so if you type of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of real challenges or real challenging type of pay uses to play to pay people I think yeah I mean over the last well yeah a number of years I would absolutely state that the larger an organization gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding info into the next function as it were that’s actually managing the payment side of things but you understand 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 create extra handoffs at the same times that we operate in they simply make them more prompt they make them less efficient and they do not make them what they require to be in in an era of tech and a period that you understand that we are operating in today there is no reason that we are still making this as challenging as it needs to be concurred and appropriately as you said payroll is the single most significant liability that any company has from an expense viewpoint from an impact point of view on staff members it is absolutely crucial that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the biggest detrimental effect on individuals’s well-being and many other aspects if individuals aren’t paid uh I have actually constantly been surprised coming into this Market type of the last five to ten years is how little thanks the
The payroll group may not have actually been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and individuals just notice when things fail. Nevertheless, when things go right, it’s viewed as just a routine task. This is how it’s viewed externally as well. For that reason, it is necessary to make sure that jobs like Wi-Fi International and other crucial matters are done correctly. Utilizing the first Global Payments first payroll payment solution is a fantastic preliminary step towards supplying a detailed payroll solution for workers worldwide. Standardization, global processes, and reducing the variety of tools, platforms, and savings account essential for worldwide payroll are key consider accomplishing service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of grievances when things do not go as prepared. Eventually, we do not do it for the gratitude.
anyhow we know how how essential 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 procedures and likewise so envision sorry I’m simply I was simply gon na state envision 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 speaking about hundreds of thousands potentially Millions envision getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating 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 attempt to browse them and actually see what was going on and kind of try to get back to everyone so moving on look why do companies select to main separate bank accounts there are Papaya Global Rti Cis Deductions businesses out there doing precisely this for specific countries and I have actually operated in an organization or many companies doing precisely that I can state it doesn’t always feel effective and it does produce more work I understand we’re not intentionally doing that we’re not creating additional work for any person where we don’t have to and any person that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I believe numerous factors one is it’s the standard I think individuals have actually got so used to we need a brand-new checking account we open an entity and rightly 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 simply been the requirement and the norm the people have 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 methods um to to kind of do it so I think there’s a range I think this is a process that requires looking at it requires altering however ultimately individuals are extremely stuck to what they recognize
with right um change is a challenging thing we all don’t like modification um so I believe it’s just sort of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the benefits of having maintaining numerous checking account but there’s a substantial amount of complexity chooses setting up a savings account preserving it guaranteeing it can send International transfers guaranteeing it’s established with the right user accesses for private people so the complexity is substantial but I believe the sincere answer is change um people haven’t been able to alter or have not had always the understanding to truly make that change into alternate Solutions besides opening a bank account I think you’ve struck the nail on the head I think it is knowledge you understand and there is an element of resistance to alter however we’ve constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what could nearly be figured out to be the next Century or so there is a lot to keep an eye on and this technique does present numerous challenges um so Johnny might you tell us about those obstacles yeah obviously so there’s a variety right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has gained another CFO, and with this enhanced capability, I have effectively secured payments for our 10,000 staff members worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You should have a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Rti Cis Deductions