Over the last 5 or six years …Papaya Global Add Previous Pay Tax Notice… functions on the service provider side and also on the vendor side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply provide everybody another couple of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everybody 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 sunlight is it it’s not no it’s it’s raining here it’s really really dreary and I wish I was somewhere else at this moment in time all right so let’s start our agenda for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why business keep different
Virtual payroll accounts are an option to standard savings account for managing payroll payments. This is especially beneficial for worldwide organizations with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of keeping separate checking account for payroll in various countries, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are ending up being a tactical possession for payroll executives. We will also offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
Guaranteeing accurate, efficient, and timely payroll payments is a complex difficulty for businesses operating globally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll savings account, learn how business forecast payroll costs to optimize working capital, and discover how simplifying international payroll payments can transform them from a challenging job into a tactical asset.
Managing payroll internationally is a complicated task due to numerous policies, compliance requirements, information security issues, and banking rules. The large variety of workers and businesses contributes to the intricacy, with an approximated 3.5 billion individuals in the worldwide labor force, 500 countless whom remain in Africa, and 230 million companies worldwide.
Conventional payroll systems often result in manual procedures, data silos, and a lack of combination, leading to inconsistencies and ineffectiveness. Despite living in an age of technological improvements, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar goals to provide insights and services to streamline 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 companies say they have Labor force information in real time that’s another number that offers me sleep deprived nights and rather frankly the more an organization spends on global payroll the less of a picture they see an absence of visibility also extends to payroll payments and failure to accurately track these payments can lead to compliance accidents in the last mile of the transaction almost half of global businesses 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 bad HCM information information entry mistakes badly communicated hires and terminations in addition to absence management and system setups and then when you round everything off and the information is shipped to the wrong location the average cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the world payroll and payments do not run efficiently if they count on the necessary several processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles business face when they’re making payments to employees or otherwise that’s an excellent question I constantly throw this back and say what is it what does not require to be consisted of right and what does
it require to be considered there’s differing Bank details 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 have to pay from the consumer’s own in-country account so there’s intricacy wherever you look best eventually developing a knowledge base is definitely important but all over you look with payroll payment they resemble incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you take a 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 definitely essential and technology is enabling us to sort of move on with that it likewise too to add to that payroll and finance require to work closer together um with differing Bank Account Details differing banking requirements and setup processes is absolutely vital that payroll and finance groups work better together than ever um I’m always surprised when people state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they divide 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 ultimately 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 however also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being increasingly more essential to add to sort of the level of complexity there’s more and more benefits being organ or being offered by services across the world so once again you’re just seeking 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 vast experience here and I’m sure however have you got any experience in kind of real obstacles or real challenging sort of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a number of years I would absolutely say that the larger a business gets the more it tends to segregate the payroll and the payments works 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 managing the payment side of things however you understand in in my opinion and my experience that doesn’t always need to be the case you understand long gone are the times where we need to create extra handoffs at the same times that we run in they just make them more timely they make them less effective and they do not make them what they need to be in in an age of tech and a period that you know that we are operating in today there is no reason we are still making this as tough as it requires to be concurred and appropriately as you said payroll is the single greatest liability that any business has from a cost perspective from an effect point of view on employees it is absolutely crucial that it’s done correctly 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 greatest damaging result on individuals’s well-being and numerous other factors if individuals aren’t paid uh I’ve always been surprised entering this Market type of the last 5 to 10 years is how little thanks the
The payroll team might not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has 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 observe when things fail. Nevertheless, when things go right, it’s viewed as just a regular task. This is how it’s viewed externally as well. Therefore, it is necessary to ensure that tasks like Wi-Fi Worldwide and other vital matters are done properly. Using the first Global Payments very first payroll payment solution is an excellent preliminary action towards supplying a comprehensive payroll solution for employees worldwide. Standardization, worldwide procedures, and decreasing the number of tools, platforms, and savings account needed for global payroll are key factors in attaining company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few complaints when things do not go as prepared. Eventually, we don’t do it for the thankfulness.
anyway we understand how how essential a function 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 easy as possible for everyone that’s associated with those procedures and likewise so think of sorry I’m just I was just gon na state picture the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions envision getting that many thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an intriguing task trying to clean up all those up for sure oh definitely 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 really see what was going on and type of try to return to everyone so carrying on appearance why do companies select to main separate checking account there are Papaya Global Add Previous Pay Tax Notice services out there doing exactly this for particular countries and I’ve worked in a company or numerous organizations doing precisely that I can say it does not constantly feel efficient and it does produce more work I understand we’re not purposely doing that we’re not creating additional work for anybody where we don’t need to and any person that’s managing that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe lots of reasons one is it’s the standard I believe people have actually got so used to we need a new bank 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 think it’s simply been the standard and the standard the people have adopted and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a variety I believe this is a process that requires taking a look at it needs changing however eventually individuals are extremely stuck with what they recognize
with ideal um change is a hard thing we all don’t like modification um so I believe it’s simply kind of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand clearly the benefits of having preserving numerous bank accounts but there’s a huge quantity of intricacy opts for establishing a bank account preserving it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for individual individuals so the complexity is big however I think the honest response is modification um people have not been able to change or haven’t had always the understanding to truly make that change into alternate Solutions other than opening a bank account I think you have actually hit the nail on the head I think it is understanding you know and there is an element of resistance to alter but we have actually 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 nearly be identified to be the next Century approximately there is a lot to keep an eye on and this method does present numerous difficulties um so Johnny could you tell us about those difficulties yeah obviously so there’s a variety right there is so
I just did you changed our Enterprise 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 International employees you should have a corner workplace with a more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Add Previous Pay Tax Notice