Over the last five or six years …How To Do Papaya Global Year End… roles on the supplier side and likewise on the supplier side from a payroll viewpoint so really anticipating this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just provide everyone another number of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather intriguing 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 everybody comes from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very really bleak and I want I was somewhere else at this moment in time alright so let’s start our program for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why business keep separate
Virtual payroll accounts are an option to conventional checking account for handling payroll payments. This is especially beneficial for worldwide companies with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of preserving different bank accounts for payroll in different nations, virtual accounts and digital wallets provide a more structured service. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are becoming a strategic property for payroll executives. We will likewise offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively firmly and on time during this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll bank account how companies accurately forecast their payroll expenses to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in adequate in one nation but when you’re doing it globally it’s next level and Beyond it becomes complex for a range of reasons most importantly guidelines compliance information security and banking guidelines then there are the sheer numbers they include further intricacy the worldwide Labor force is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing around the globe in the traditional payroll design there’s frequently a frustrating number of different systems causing time-consuming manual processes and silos the variety of Combinations could be non-existent in large quantities and or extremely very basic there’s no genuine consistency framework we’re residing in a period of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply blows my mind whenever I I believe
about it to give you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Workforce data in real time that’s another number that provides me sleepless nights and rather honestly the more a business invests in global payroll the less of a picture they see an absence of exposure likewise extends to payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the deal almost half of global companies have actually revealed that they don’t have the level of standardization they need 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 communicated hires and terminations in addition to lack management and system configurations and then when you round it all off and the information is delivered to the wrong location the typical cost of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money worldwide payroll and payments do not run efficiently if they depend on the essential several procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties company face when they’re making payments to workers or otherwise that’s a good concern I constantly toss this back and state what is it what does not require to be included ideal and what does
it need 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 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 client’s own in-country account so there’s complexity any place you look right eventually constructing a knowledge base is absolutely crucial however all over you look with payroll payment they resemble super payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the type 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 innovation is permitting us to kind of progress 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 absolutely essential that payroll and finance groups work better together than ever um I’m constantly amazed when people state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession 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 individuals any place they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high value on well-being and the payment landscape is ending up being significantly complex. Businesses are continuously introducing brand-new advantages and payment options, which adds to the overall complexity. Big corporations typically divide their payroll and payment processing into different groups, which can cause ineffectiveness and traffic jams. In my viewpoint, this does not need to hold true. In today’s technically innovative age, there’s no justification for preserving cumbersome procedures. Payroll, the company’s most significant cost, need to be processed correctly and on time. Even small delays can negatively impact workers’ well-being and have far-reaching consequences. Therefore, it’s crucial to focus on accurate and timely payments.
payroll team get um so I’m uncertain anybody on this sort of webinar has been informed 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 employees or not um however ultimately payroll is such an important cycle we all find out about it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely essential that all of this stuff is done correctly so leveraging the very first Global Payments very first payroll payment service is a great primary step um providing an end-to-end payroll solution for your workers internationally again I think is another substantial um procedure again lining up and ensuring you have standardization Global procedures all of those things are definitely essential to success success of services and lowering the variety of tools platforms and checking account they require for their Global payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle do not expect 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 quite where they’re indicated to be um I do not think any of us are in fact doing that for for the thanks
anyhow we know how how important a function 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 involved in those processes and likewise so think of sorry I’m just I was simply gon na state envision 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 speaking about hundreds of thousands potentially Millions imagine getting that numerous thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing job attempting to clean 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 attempt to check out them and actually see what was going on and type of try to get back to everybody so moving on look why do companies choose to main different bank accounts there are How To Do Papaya Global Year End companies out there doing precisely this for particular countries and I have actually worked in an organization or many businesses doing precisely that I can state it doesn’t always feel efficient and it does develop more work I know we’re not deliberately doing that we’re not producing extra work for any person where we do not have to and anybody that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I think numerous reasons one is it’s the standard I believe people have actually got so used to we need a new checking account we open an entity and rightly so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the norm the people have actually adopted and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and lots of other ways um to to sort of do it so I believe there’s a variety I think this is a process that requires looking at it requires altering but eventually individuals are very stuck to what they’re familiar
with ideal um change is a challenging thing all of us don’t like modification um so I think it’s just sort of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand clearly the advantages of having preserving multiple checking account however there’s a substantial quantity of intricacy chooses setting up a savings account keeping it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for individual individuals so the intricacy is huge but I think the sincere answer is change um individuals haven’t been able to alter or haven’t had necessarily the understanding to truly make that change into alternate Solutions aside from opening a checking account I believe you’ve struck the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to change however we’ve constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what might almost be determined to be the next Century approximately there is a lot to keep an eye on and this approach does position several obstacles um so Johnny might you tell us about those difficulties yeah naturally 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 manage our payroll and payment jobs on one platform. It seems like our CFO has gotten another CFO, and with this boosted ability, I have successfully protected payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is good. You should have a corner office with a parking space that is closer, considering your achievements. How To Do Papaya Global Year End