Over the last 5 or six years …Deductiong A Fine For An Employee Papaya Global… roles on the company side and also on the supplier side from a payroll point of view so really eagerly anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply give everybody another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on currently simply to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really very bleak and I wish I was somewhere else at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why business preserve separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic possession uh we’ll also go over a recap which should leave his time at the really really end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become increasingly more typical and handling them ends up being increasingly more complicated Worldwide companies are looking to discover Solutions and new methods to streamline processes particularly from a payroll and cross-border payment standpoint numerous organizations keep separate bank account just for payroll while some have numerous accounts in different countries does it make sense for business to preserve separate savings account in some cases in different countries it does however just for payroll is there a much better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting international companies simplify the episode complex procedures of
Ensuring precise, effective, and prompt payroll payments is a complex difficulty for businesses operating internationally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll bank accounts, discover how business anticipate payroll costs to optimize working capital, and discover how improving worldwide payroll payments can change them from a challenging job into a strategic property.
Managing payroll globally is a difficult task due to various policies, compliance requirements, information security concerns, and banking guidelines. The sheer number of staff members and companies adds to the intricacy, with an estimated 3.5 billion people in the global labor force, 500 million of whom are in Africa, and 230 million services worldwide.
Traditional payroll systems typically lead to manual procedures, information silos, and an absence of combination, leading to disparities and inadequacies. In spite of residing in an age of technological developments, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar aims to provide insights and options to simplify and enhance international payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force data in real time that’s another number that provides me sleepless nights and rather honestly the more a company spends on worldwide payroll the less of an image they see a lack of visibility likewise reaches payroll payments and inability to precisely track these payments can result in compliance mishaps in the last mile of the deal nearly half of international companies have actually expressed 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 poor HCM data information entry errors poorly interacted hires and terminations as well as lack management and system setups and then when you round it all off and the data is delivered to the wrong place the typical 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 all over the world payroll and payments do not run smoothly if they count on the required numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles business face when they’re paying to employees or otherwise that’s a good concern I always throw this back and state what is it what doesn’t require to be included right and what does
it require 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 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 ideal ultimately developing a knowledge base is definitely critical but everywhere you look with payroll payment they are like extremely payments no if but some infants 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 acknowledgment that payroll payments are absolutely basic and technology is allowing us to type of move forward with that it also also to add to that payroll and finance need to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is absolutely crucial that payroll and finance teams work closer together than ever um I’m constantly amazed when people say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession would they divide the payroll payment from estimation I would say no so why do we as an industry 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 3rd parties so with the
The contemporary world puts a high value on well-being and the payment landscape is becoming significantly elaborate. Companies are continuously introducing new benefits and payment choices, which contributes to the general complexity. Big corporations often divide their payroll and payment processing into different groups, which can lead to inefficiencies and traffic jams. In my viewpoint, this doesn’t have to be the case. In today’s technically innovative era, there’s no justification for preserving cumbersome procedures. Payroll, the company’s biggest expense, must be processed properly and on time. Even minor delays can negatively affect workers’ well-being and have far-reaching effects. Therefore, it’s crucial to focus on accurate and prompt payments.
payroll team get um so I’m uncertain anybody on this kind of webinar has been told thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an essential cycle we all find out about it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely important that all of this things is done properly so leveraging the first Global Payments first payroll payment service is a great primary step um offering an end-to-end payroll option for your workers worldwide once again I think is another big um process again lining up and ensuring you have standardization Global procedures all of those things are absolutely key to success success of services and decreasing the variety of tools platforms and bank accounts they require for their International payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the complaints 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 understand 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 easy as possible for everybody that’s associated with those procedures and likewise so envision sorry I’m just I was just gon na say envision the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions picture 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 but it would certainly be an interesting task attempting to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to browse them and in fact see what was going on and sort of try to get back to everybody so carrying on appearance why do companies pick to primary separate checking account there are Deductiong A Fine For An Employee Papaya Global businesses out there doing exactly this for specific countries and I’ve operated in a service or numerous companies doing precisely that I can state it doesn’t constantly feel efficient and it does create more work I understand we’re not intentionally doing that we’re not developing additional work for anyone where we don’t have 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 amount that we are I think many reasons one is it’s the standard I believe people have got so used to we need a brand-new bank 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 believe it’s simply been the requirement and the standard individuals have actually embraced and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and lots of other ways um to to kind of do it so I believe there’s a range I think this is a process that requires taking a look at it needs changing however ultimately people are really stuck to what they’re familiar
with ideal um modification is a challenging thing we all do not like change um so I believe it’s simply kind of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend obviously the advantages of having keeping numerous savings account however there’s a big amount of intricacy chooses establishing a checking account preserving it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for private individuals so the intricacy is big but I believe the honest response is change um people have not been able to change or haven’t had necessarily the knowledge to actually make that change into alternate Solutions other than opening a bank account I believe you’ve hit the nail on the head I believe it is knowledge you know and there is a component of resistance to alter however we have actually constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what could nearly be figured out to be the next Century or so there is a lot to track and this approach does pose numerous obstacles um so Johnny might you inform us about those difficulties yeah obviously so there’s a variety right there is so
I simply 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 employees you deserve a corner workplace with a better parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Deductiong A Fine For An Employee Papaya Global