Over the last 5 or six years …How To Run Year End On Papaya Global… roles on the company side and also on the supplier side from a payroll viewpoint so actually eagerly anticipating this discussion 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 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 kind of like see where everyone originates from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really extremely uninspiring and I wish I was elsewhere at this moment in time all right 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 Global payroll why companies keep separate
Virtual payroll accounts are an alternative to traditional bank accounts for managing payroll payments. This is particularly beneficial for worldwide companies with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of preserving different bank accounts for payroll in various countries, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are ending up being a strategic possession for payroll executives. We will also offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
Making sure accurate, efficient, and prompt payroll payments is a complex challenge for businesses operating worldwide. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll savings account, discover how companies forecast payroll expenses to enhance working capital, and discover how enhancing global payroll payments can transform them from a burdensome task into a strategic property.
Handling payroll globally is a challenging task due to numerous policies, compliance requirements, information security issues, and banking rules. The sheer variety of employees and businesses adds to the complexity, with an estimated 3.5 billion individuals in the international workforce, 500 countless whom remain in Africa, and 230 million services worldwide.
Traditional payroll systems often lead to manual processes, information silos, and an absence of integration, resulting in disparities and inadequacies. Regardless of living in an era of technological developments, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar aims to provide insights and solutions to simplify and optimize global payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force data in real time that’s another number that provides me sleepless nights and quite frankly the more an organization invests in worldwide payroll the less of a picture they see an absence of exposure also extends to payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the transaction nearly half of worldwide services have revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM data data entry mistakes improperly communicated hires and terminations along with lack management and system setups and after that when you round everything off and the information is shipped to the incorrect location the average cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments do not run smoothly if they depend on the essential multiple processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties organization face when they’re paying to staff members or otherwise that’s an excellent question I always throw this back and state what is it what doesn’t require to be consisted of ideal and what does
it need to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment abilities so can you pay it from International or do you have 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 critical but everywhere you look with payroll payment they resemble extremely payments no if however some children about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely fundamental and technology is enabling us to sort of move on with that it also as well to contribute to that payroll and finance require to work closer together um with differing Savings account Details differing banking requirements and setup procedures is definitely crucial that payroll and financing groups work more detailed together than ever um I’m constantly astonished when individuals say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so typically 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 individuals wherever they are but likewise paying statutory authorities and on statutory third parties so with the
The modern-day world positions a high worth on well-being and the settlement landscape is ending up being progressively intricate. Companies are continually introducing brand-new advantages and payment options, which adds to the overall intricacy. Large corporations often divide their payroll and payment processing into separate teams, which can result in inefficiencies and bottlenecks. In my viewpoint, this does not have to hold true. In today’s technically advanced era, there’s no reason for maintaining troublesome treatments. Payroll, the business’s most significant cost, need to be processed correctly and on time. Even minor hold-ups can adversely affect staff members’ well-being and have significant effects. For that reason, it’s important to prioritize accurate and timely payments.
The payroll team might not have been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and people only notice when things fail. However, when things go right, it’s viewed as just a regular task. This is how it’s viewed externally also. For that reason, it is necessary to make sure that jobs like Wi-Fi International and other crucial matters are done properly. Using the first Global Payments first payroll payment solution is a great initial step towards offering a comprehensive payroll option for employees worldwide. Standardization, worldwide procedures, and minimizing the variety of tools, platforms, and bank accounts essential for worldwide payroll are crucial consider achieving company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of grievances when things do not go as planned. Ultimately, we don’t do it for the thankfulness.
anyway we understand how how important a function 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 easy as possible for everyone that’s involved in those processes and also so imagine sorry I’m just I was just gon na state picture the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions picture getting that numerous thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting job trying to clean up all those up for sure oh absolutely 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 attempt to check out them and really see what was going on and kind of try to get back to everybody so proceeding look why do companies choose to primary different bank accounts there are How To Run Year End On Papaya Global organizations out there doing exactly this for particular countries and I have actually worked in a company or lots of businesses doing exactly that I can say it doesn’t always feel efficient and it does produce more work I know we’re not deliberately doing that we’re not producing additional work for any person where we do not have to and anyone that’s managing 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 believe numerous reasons one is it’s the requirement I think individuals have actually got so used to we require a brand-new bank account we open an entity and rightly so you require it for payroll functions 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 individuals have embraced and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and many other ways um to to type of do it so I think there’s a range I believe this is a procedure that requires looking at it requires altering but ultimately people are very stuck to what they’re familiar
with best um change is a tough thing we all don’t like change um so I think it’s simply type of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend obviously the advantages of having maintaining several checking account but there’s a substantial amount of intricacy chooses establishing a checking account keeping it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for individual people so the intricacy is big but I believe the honest response is modification um people have not been able to change or haven’t had necessarily the knowledge to actually make that change into alternate Solutions besides opening a savings account I believe you have actually hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter but we have actually always done it that way is no real reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what could nearly be determined to be the next Century or so there is a lot to keep track of and this method does pose a number of challenges um so Johnny might you inform us about those obstacles yeah of course so there’s a range right there is so
I just did you changed our Business 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 Worldwide staff members you deserve a corner office with a better parking space since I mastered International payroll and payments with Papaya payroll OS did you How To Run Year End On Papaya Global