Over the last 5 or six years …Year To Date Tax Papaya Global Submitted As A Refund… functions on the provider side and also on the vendor side from a payroll point of view so really anticipating this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I truly 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 gloomy and I wish I was somewhere else at this moment in time fine so let’s get started our program for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why companies maintain different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts enhancing papaya International payroll payments as a strategic asset uh we’ll likewise discuss a wrap-up which should leave his time at the really really end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become a growing number of typical and handling them becomes more and more intricate International companies are wanting to find Solutions and brand-new ways to improve procedures especially from a payroll and cross-border payment perspective many organizations maintain different checking account just for payroll while some have multiple accounts in various countries does it make good sense for companies to maintain separate savings account sometimes in various nations it does however just for payroll is there a better method what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational companies streamline the episode complex processes of
Guaranteeing accurate, effective, and prompt payroll payments is a complex challenge for companies operating globally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll checking account, learn how companies forecast payroll expenses to optimize working capital, and find how enhancing international payroll payments can transform them from a burdensome task into a tactical asset.
Handling payroll worldwide is an overwhelming task due to various regulations, compliance requirements, data security concerns, and banking rules. The sheer variety of workers and companies adds to the intricacy, with an approximated 3.5 billion individuals in the global workforce, 500 countless whom remain in Africa, and 230 million services worldwide.
Conventional payroll systems typically result in manual processes, data silos, and a lack of combination, resulting in disparities and inadequacies. Despite living in an age of technological developments, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar objectives to provide insights and solutions to streamline and enhance global payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services state they have Workforce data in real time that’s another number that provides me sleep deprived nights and rather frankly the more a service spends on worldwide payroll the less of a photo they see an absence of visibility also reaches payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the transaction nearly half of global businesses have expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry mistakes inadequately interacted hires and terminations in addition to lack management and system setups and then when you round all of it off and the data is delivered to the wrong place the average cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the world payroll and payments do not run smoothly if they rely on the needed numerous processes systems and partners it is just 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 question I constantly throw this back and say what is it what doesn’t need to be consisted of ideal and what does
it need to be thought of 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 need to pay from the client’s own in-country account so there’s intricacy wherever you look right ultimately developing a knowledge base is absolutely critical but everywhere you look with payroll payment they resemble very payments no if however some children about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is enabling us to kind of move on with that it likewise too to contribute to that payroll and finance need to work closer together um with differing Checking account Details varying banking requirements and setup processes is definitely crucial that payroll and financing groups work better together than ever um I’m always surprised when individuals state 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 split the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so frequently 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 people any place they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more essential to add to type of the level of complexity there’s more and more benefits being organ or being provided by organizations across the world so again you’re just looking to add increasingly more payments to this already intricate landscape so if you kind of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of real challenges or genuine difficult type of pay uses to play to pay individuals I think yeah I indicate over the last well yeah a number of years I would definitely state that the bigger a company 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 teams feeding details into the next function as it were that’s actually handling the payment side of things however you know in in my viewpoint and my experience that doesn’t always require to be the case you know long gone are the times where we need to develop additional handoffs at the same times that we run in they simply make them more timely they make them less effective and they don’t make them what they need to be in in an age of tech and a period that you understand that we are working in today there is no reason why we are still making this as tough as it needs to be concurred and appropriately as you said payroll is the single greatest liability that any company has from an expense perspective from an impact point of view on employees it is absolutely critical that it’s done correctly and on time so what we suggest 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 lots of other elements if people aren’t paid uh I have actually always been amazed entering this Market sort of the last 5 to ten years is how little thanks the
The payroll group might not have been thanked for correctly processing payroll throughout a webinar. If anybody has been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals just observe when things go wrong. Nevertheless, when things go right, it’s seen as just a regular task. This is how it’s perceived externally also. Therefore, it is necessary to guarantee that tasks like Wi-Fi Worldwide and other vital matters are done correctly. Using the very first International Payments very first payroll payment service is an excellent preliminary step towards supplying a detailed payroll option for employees worldwide. Standardization, global procedures, and minimizing the number of tools, platforms, and bank accounts needed for international payroll are crucial consider achieving company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a few grievances when things do not go as planned. Eventually, we do not do it for the gratitude.
anyhow we understand how how crucial 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 everyone that’s involved in those processes and also so imagine sorry I’m just I was simply gon na say imagine the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions envision 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 but it would definitely be an intriguing job attempting to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to look through them and actually see what was going on and type of shot to get back to everybody so moving on appearance why do business select to primary different savings account there are Year To Date Tax Papaya Global Submitted As A Refund organizations out there doing precisely this for particular nations and I’ve worked in a service or lots of services doing exactly that I can say it does not constantly feel effective and it does produce more work I know we’re not deliberately doing that we’re not producing extra work for anybody where we do not need to and any person that’s dealing with 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 believe many factors one is it’s the requirement I think people have got so utilized to we require a new checking account we open an entity and appropriately so you require 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 adopted and continue to do over years and years passed by to contribute to that people 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 range I think this is a procedure that requires looking at it requires altering however eventually people are really stuck to what they’re familiar
with right um change is a tough thing all of us don’t like modification um so I believe it’s just type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand undoubtedly the benefits of having maintaining several savings account but there’s a huge quantity of complexity opts for establishing a bank account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the ideal user accesses for specific individuals so the complexity is big however I believe the sincere response is change um individuals haven’t had the ability to change or have not had necessarily the understanding to really make that change into alternate Solutions aside from opening a savings account I believe you’ve struck the nail on the head I think it is understanding you know and there is an aspect of resistance to change but we’ve always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could practically be identified to be the next Century or so there is a lot to keep track of and this method does position a number of obstacles um so Johnny might you inform us about those obstacles yeah naturally so there’s a range right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has actually gotten another CFO, and with this improved capability, I have successfully secured payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner office with a parking space that is better, considering your achievements. Year To Date Tax Papaya Global Submitted As A Refund