Over the last 5 or 6 years …Papaya Global 50 Can I Start During Tax Year 2017… functions on the service provider side and likewise on the supplier side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just offer everyone another couple of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I really 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 very very uninspiring and I want I was somewhere else at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why companies maintain separate
Virtual payroll accounts are an alternative to standard savings account for handling payroll payments. This is particularly helpful for global 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 various nations, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are becoming a tactical property for payroll executives. We will likewise provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
Making sure precise, efficient, and prompt payroll payments is a complex obstacle for organizations operating globally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll checking account, learn how companies anticipate payroll costs to optimize working capital, and find how improving global payroll payments can transform them from a difficult job into a strategic property.
Managing payroll internationally is a challenging task due to various regulations, compliance requirements, data security issues, and banking rules. The sheer variety of staff members and companies adds to the complexity, with an estimated 3.5 billion people in the international labor force, 500 countless whom are in Africa, and 230 million organizations worldwide.
Traditional payroll systems typically lead to manual processes, information silos, and a lack of combination, resulting in inconsistencies and inadequacies. Regardless of residing in an age of technological improvements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar goals to provide insights and services to streamline and optimize worldwide payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force information in real time that’s another number that offers me sleep deprived nights and rather honestly the more a service spends on international payroll the less of an image they see a lack of exposure also encompasses payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the transaction nearly half of international 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 because of time reporting poor HCM data data entry errors inadequately interacted hires and terminations in addition to absence management and system setups and after that when you round it all off and the information is delivered to the wrong place the typical cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments don’t run smoothly if they rely on the required multiple processes 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 challenges business face when they’re making payments to workers or otherwise that’s a good concern I constantly toss this back and say what is it what does not require to be included right and what does
it require to be thought of there’s differing Bank information 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 have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy any place you look best eventually building a knowledge base is absolutely vital but all over you look with payroll payment they are like extremely payments no if however some infants 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 absolutely fundamental and technology is enabling us to sort of move forward with that it also too to contribute to that payroll and financing require to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is definitely necessary that payroll and financing teams work closer together than ever um I’m constantly amazed when people say I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being a growing number of essential to contribute to type of the level of complexity there’s more and more advantages being organ or being used by services across the world so again you’re simply aiming to include a growing number of payments to this currently complex landscape so if you kind of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of real difficulties or real challenging kind of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a couple of decades I would definitely state that the larger a company gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are teams feeding details into the next function as it were that’s really handling the payment side of things however you understand in in my opinion and my experience that does not always require to be the case you understand long gone are the times where we require to create extra handoffs while doing sos that we run 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 a period of tech and an age that you know that we are operating in today there is no reason we are still making this as difficult as it requires to be concurred and rightly as you said payroll is the single most significant liability that any business has from an expense point of view from an impact perspective on workers it is absolutely critical 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 need to be done right it has the greatest damaging result on individuals’s well-being and lots of other aspects if individuals aren’t paid uh I have actually always been astonished entering into this Market type of the last 5 to 10 years is how little thanks the
The payroll group might not have been thanked for properly processing payroll throughout a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and individuals just notice when things fail. However, when things go right, it’s seen as simply a routine job. This is how it’s viewed externally as well. For that reason, it is essential to make sure that jobs like Wi-Fi International and other crucial matters are done properly. Utilizing the very first International Payments first payroll payment service is an excellent initial step towards supplying a comprehensive payroll option for employees worldwide. Standardization, worldwide procedures, and decreasing the number of tools, platforms, and bank accounts needed for global payroll are essential consider accomplishing organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a few complaints when things don’t go as prepared. Ultimately, we don’t do it for the thankfulness.
anyhow we understand how how essential 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 everyone that’s associated with those processes and likewise so think of sorry I’m just I was just gon na say envision the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions picture getting that lots of thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would definitely be a fascinating job attempting to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and really see what was going on and sort of shot to get back to everyone so carrying on look why do companies pick to primary separate checking account there are Papaya Global 50 Can I Start During Tax Year 2017 services out there doing precisely this for particular nations and I’ve operated in a company or numerous companies doing exactly that I can say it does not constantly feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not producing additional work for anybody where we don’t have to and anyone that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I think numerous reasons 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 need it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard the people have actually embraced and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and many other ways um to to type of do it so I think there’s a variety I believe this is a process that requires looking at it requires changing but eventually individuals are very stuck with what they recognize
with ideal um modification is a difficult thing all of us do not like change um so I think it’s just type of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend obviously the advantages of having preserving multiple bank accounts but there’s a huge quantity of complexity chooses establishing a bank account preserving it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for individual people so the intricacy is big however I believe the honest response is modification um people have not been able to change or haven’t had always the knowledge to really make that change into alternate Solutions aside from opening a checking account I think you’ve hit the nail on the head I believe it is knowledge you know and there is an element of resistance to change but we’ve constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what could almost be determined to be the next Century or two there is a lot to keep track of and this technique does posture numerous challenges um so Johnny might you tell us about those challenges yeah obviously so there’s a variety right there is so
I just recently made a change 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 actually gained another CFO, and with this improved ability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is closer, considering your achievements. Papaya Global 50 Can I Start During Tax Year 2017