Over the last 5 or 6 years …Papaya Global Year End Procedure 2020… functions on the provider side and likewise on the vendor side from a payroll point of view so actually anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just give everyone another couple of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everyone comes from and I really do hope it’s much sunnier than it remains 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 very extremely bleak and I wish I was elsewhere at this moment in time alright so let’s start our program for today is as follows um we are going to be looking at the challenge years of handling Global payroll why business maintain different
Virtual payroll accounts are an alternative to traditional bank accounts for handling payroll payments. This is especially beneficial for global organizations with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of preserving separate checking account for payroll in various nations, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are becoming a strategic property for payroll executives. We will also supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
Making sure accurate, efficient, and timely payroll payments is a complex difficulty for services running internationally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll checking account, find out how companies forecast payroll costs to optimize working capital, and discover how streamlining worldwide payroll payments can transform them from a troublesome job into a tactical asset.
Managing payroll globally is an overwhelming job due to numerous policies, compliance requirements, information security concerns, and banking guidelines. The sheer number of staff members and companies adds to the intricacy, with an approximated 3.5 billion people in the worldwide workforce, 500 countless whom are in Africa, and 230 million companies worldwide.
Traditional payroll systems frequently lead to manual procedures, information silos, and a lack of combination, resulting in inconsistencies and ineffectiveness. In spite of residing in an age of technological advancements, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar objectives to offer insights and options to simplify and optimize worldwide payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of services say they have Workforce data in real time that’s another number that provides me sleep deprived nights and rather honestly the more a business invests in international payroll the less of a photo they see a lack of visibility likewise encompasses payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the deal nearly half of worldwide businesses have actually expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry errors badly communicated hires and terminations in addition to lack management and system setups and after that when you round all of it off and the information is shipped to the wrong place the average expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world payroll and payments don’t run efficiently if they count on the necessary multiple processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles business face when they’re paying to staff members or otherwise that’s an excellent concern I always toss this back and state what is it what does not require to be consisted of right and what does
it need to be considered 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 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 customer’s own in-country account so there’s complexity wherever you look best ultimately constructing a knowledge base is definitely crucial but everywhere you look with payroll payment they are like super payments no if but some infants 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 think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is permitting us to kind of move on with that it also also to contribute to that payroll and financing require to work closer together um with differing Checking account Details differing banking requirements and setup processes is definitely important that payroll and financing groups work more detailed together than ever um I’m always impressed when people state I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation would they divide the payroll payment from calculation 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 data collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being increasingly more essential to add to type of the level of complexity there’s a growing number of advantages being organ or being provided by services throughout the world so once 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 large experience here and I make sure but have you got any experience in kind of genuine challenges or genuine difficult type of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a couple of decades I would absolutely say that the larger a business gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are groups feeding details into the next function as it were that’s in fact managing the payment side of things but you understand in in my opinion and my experience that does not necessarily need to be the case you know long gone are the times where we need to create additional handoffs at the same times that we run in they simply make them more timely they make them less efficient and they do not make them what they require to be in in an age of tech and an era that you know that we are working in today there is no reason why we are still making this as hard as it needs to be concurred and rightly as you said payroll is the single greatest liability that any company has from a cost viewpoint from an impact perspective on employees it is definitely 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 need to be done right it has the most significant destructive effect on people’s well-being and many other elements if people aren’t paid uh I’ve constantly been astonished entering into this Market kind of the last 5 to 10 years is how little thanks the
The payroll team may not have been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and people just observe when things go wrong. However, when things go right, it’s seen as simply a regular job. This is how it’s viewed externally as well. For that reason, it is necessary to guarantee that jobs like Wi-Fi International and other important matters are done correctly. Utilizing the very first Global Payments first payroll payment solution is a great initial action towards providing an extensive payroll service for workers worldwide. Standardization, worldwide procedures, and decreasing the variety of tools, platforms, and bank accounts necessary for global payroll are essential factors in accomplishing company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of problems when things do not go as prepared. Ultimately, we don’t do it for the thankfulness.
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 simple as possible for everyone that’s involved in those procedures and likewise so imagine sorry I’m just I was simply gon na say picture 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 talking about numerous thousands possibly Millions picture getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing job attempting to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and in fact see what was going on and type of try to return to everyone so proceeding look why do companies select to main separate bank accounts there are Papaya Global Year End Procedure 2020 businesses out there doing exactly this for specific nations and I have actually worked in a company or lots of businesses doing exactly that I can state it does not always feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not developing extra work for anyone where we do not need to and anyone that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you think 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 believe people have actually got so used to we need a brand-new savings account we open an entity and appropriately so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have adopted and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and many other ways um to to sort of do it so I think there’s a range I believe this is a process that requires looking at it requires changing but eventually individuals are very stuck to what they’re familiar
with best um change is a tough thing we all do not like change um so I think it’s simply sort of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand certainly the advantages of having keeping numerous checking account however there’s a huge quantity of complexity chooses setting up a bank account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the right user accesses for private people so the complexity is huge but I think the honest answer is change um individuals have not been able to change or haven’t had necessarily the understanding to actually make that change into alternate Solutions besides opening a savings account I think you’ve hit the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change but we have actually 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 understand what could nearly be figured out to be the next Century or so there is a lot to keep an eye on and this technique does posture a number of obstacles um so Johnny might you inform us about those difficulties yeah of course so there’s a range right there is so
I simply did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide staff members you are worthy of a corner workplace with a closer parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Year End Procedure 2020