Over the last 5 or six years …Papaya Global Year End Process 2020… functions on the provider side and likewise on the vendor side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply provide everybody another number of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll type 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 kind 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 sunshine is it it’s not no it’s it’s raining here it’s really very dreary and I wish I was elsewhere at this moment in time alright so let’s get started our program for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why companies keep different
Virtual payroll accounts are an option to conventional savings account for managing payroll payments. This is especially useful for global organizations with dispersed and remote workforces, as it streamlines the complex process of cross-border payments. Instead of keeping different checking account for payroll in different countries, virtual accounts and digital wallets use a more structured solution. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are becoming a tactical 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.
Guaranteeing precise, efficient, and timely payroll payments is a complex obstacle for businesses running internationally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll bank accounts, find out how companies anticipate payroll expenses to optimize working capital, and find how streamlining global payroll payments can change them from a burdensome task into a tactical asset.
Managing payroll internationally is a complicated job due to different guidelines, compliance requirements, data security concerns, and banking rules. The sheer variety of employees and companies adds to the intricacy, with an approximated 3.5 billion individuals in the worldwide labor force, 500 million of whom remain in Africa, and 230 million services worldwide.
Standard payroll systems often result in manual procedures, data silos, and a lack of integration, causing disparities and inadequacies. In spite of living in an era of technological improvements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar objectives to offer insights and options to simplify and optimize worldwide payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce data in real time that’s another number that gives me sleepless nights and quite frankly the more an organization invests in worldwide payroll the less of a photo they see a lack of visibility likewise encompasses payroll payments and inability to accurately track these payments can lead to compliance accidents in the last mile of the deal almost half of global companies have actually revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM information data entry errors improperly interacted hires and terminations along with lack management and system setups and after that when you round it all off and the data is delivered to the incorrect location the average expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the globe payroll and payments don’t run smoothly if they depend on the needed numerous procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges organization face when they’re paying to staff members or otherwise that’s a great concern I always throw this back and say what is it what doesn’t require to be included ideal and what does
it need to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s intricacy anywhere you look ideal ultimately building a knowledge base is absolutely crucial but everywhere you look with payroll payment they are like super payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the sort 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 essential and technology is enabling us to type of progress with that it likewise as well to add to that payroll and financing require to work closer together um with varying Checking account Details differing banking requirements and setup processes is absolutely important that payroll and finance groups work better together than ever um I’m always surprised when individuals 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 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 often 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 individuals wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being a growing number of essential to contribute to sort of the level of intricacy there’s increasingly more advantages being organ or being used by services throughout the world so again you’re simply wanting to add a growing number of payments to this currently intricate landscape so if you type of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of genuine obstacles or genuine difficult type of pay uses to play to pay individuals I believe yeah I imply over the last well yeah a number of years I would absolutely state that the bigger a company gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are groups feeding information into the next function as it were that’s in fact handling the payment side of things but you know in in my viewpoint and my experience that does not always need to be the case you understand long gone are the times where we require to create extra handoffs in the processes that we operate in they just make them more prompt they make them less effective and they don’t make them what they require to be in in an era of tech and an era that you know that we are operating in today there is no reason why we are still making this as tough as it needs to be agreed and rightly as you stated payroll is the single most significant liability that any business has from an expense viewpoint from an effect point of view on staff members it is absolutely crucial that it’s done properly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the most significant destructive effect on people’s wellness and many other aspects if individuals aren’t paid uh I have actually constantly been amazed entering this Market kind of the last five to ten years is how little thanks the
The payroll team might not have been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and people just notice when things fail. However, when things go right, it’s viewed as simply a routine job. This is how it’s viewed externally too. Therefore, it is necessary to ensure that tasks like Wi-Fi Global and other important matters are done correctly. Using the very first Worldwide Payments first payroll payment option is a fantastic initial step towards providing a thorough payroll option for staff members worldwide. Standardization, international processes, and lowering the number of tools, platforms, and bank accounts needed for worldwide payroll are crucial consider achieving company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of complaints when things do not go as planned. Eventually, we do not do it for the appreciation.
anyhow 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 procedures and likewise so think of sorry I’m just I was simply gon na say think of the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions envision getting that many thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating job attempting to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and really see what was going on and sort of shot to get back to everyone so carrying on appearance why do business pick to main separate checking account there are Papaya Global Year End Process 2020 companies out there doing exactly this for specific nations and I’ve worked in a company or lots of companies doing precisely that I can say it doesn’t constantly feel effective and it does create more work I know we’re not deliberately doing that we’re not developing additional work for anyone where we do not need to and anybody that’s handling 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 lots of reasons one is it’s the requirement I think individuals have actually got so utilized to we require a brand-new bank account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the norm individuals have adopted and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a range I think this is a process that needs taking a look at it requires altering however eventually people are extremely stuck with what they recognize
with right um change is a difficult thing we all do not like modification um so I believe it’s simply type of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the benefits of having maintaining numerous checking account however there’s a big quantity of complexity opts for setting up a bank account preserving it ensuring it can send out International transfers guaranteeing it’s set up with the right user accesses for private individuals so the intricacy is substantial but I believe the sincere answer is modification um individuals have not had the ability to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a bank account I believe you’ve struck the nail on the head I believe it is understanding you know and there is an aspect of resistance to change but we have actually always done it that way is no real reason for not looking at the the advantages and the possibilities of proceeding and moving into you understand what could practically be identified to be the next Century approximately there is a lot to keep an eye on and this technique does posture several difficulties um so Johnny could you tell us about those challenges yeah of course so there’s a range right there is so
I recently made a modification to our Enterprise 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 gotten another CFO, and with this boosted capability, I have actually effectively secured payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Year End Process 2020