Over the last 5 or six years …Papaya Global Should All Scottish Tax Codes Begin With S… roles on the company side and likewise on the supplier side from a payroll viewpoint so really eagerly anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just provide everyone another number of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I really do hope it’s much sunnier than it is 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 really extremely uninspiring and I wish I was elsewhere at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be looking at the obstacle years of managing International payroll why companies maintain different
Virtual payroll accounts are an option to traditional bank accounts for handling payroll payments. This is especially useful for global companies with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of maintaining separate savings account for payroll in different countries, virtual accounts and digital wallets offer a more structured option. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are becoming a tactical asset for payroll executives. We will likewise supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively safely and on time throughout this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll bank account how companies accurately forecast their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in sufficient in one country but when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a range of factors most notably guidelines compliance data security and banking guidelines then there are the sheer numbers they add more intricacy the worldwide Labor force is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing all over the world in the traditional payroll design there’s typically an overwhelming variety of various systems causing lengthy manual procedures and silos the number of Combinations could be non-existent in large amounts and or really really basic there’s no real consistency framework we’re residing in an age of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that simply blows my mind each time I I think
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce data in real time that’s another number that provides me sleep deprived nights and rather frankly the more a service invests in global payroll the less of a photo they see an absence of visibility likewise reaches payroll payments and failure to properly track these payments can cause compliance accidents in the last mile of the transaction nearly half of worldwide services have revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM information information entry mistakes badly interacted hires and terminations as well as lack management and system configurations and then when you round all of it off and the information is shipped to the wrong place the average expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the globe payroll and payments don’t run smoothly if they depend on the necessary numerous 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 obstacles organization face when they’re paying to staff members or otherwise that’s a great concern I always toss this back and say what is it what doesn’t require to be consisted of best and what does
it require to be considered 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 customer’s own in-country account so there’s complexity wherever you look ideal eventually developing a knowledge base is definitely vital however everywhere you look with payroll payment they are like incredibly payments no if but some children 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 think there’s now a bit more recognition that payroll payments are definitely fundamental and innovation is allowing us to type of progress with that it also also to add to that payroll and financing require to work closer together um with differing Checking account Details varying banking requirements and setup processes is definitely necessary that payroll and finance teams work better together than ever um I’m constantly impressed when people say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate 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 often 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 wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern world places a high value on wellness and the compensation landscape is ending up being increasingly complex. Services are continuously presenting new advantages and payment alternatives, which adds to the general intricacy. Large corporations often divide their payroll and payment processing into separate groups, which can lead to inefficiencies and traffic jams. In my opinion, this doesn’t need to hold true. In today’s highly advanced age, there’s no validation for maintaining troublesome treatments. Payroll, the business’s most significant cost, should be processed properly and on time. Even minor hold-ups can adversely affect employees’ wellness and have far-reaching effects. For that reason, it’s important to focus on precise and timely payments.
payroll team get um so I’m uncertain anyone on this sort of webinar has been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um however eventually payroll is such a crucial cycle we all find out about it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box workout 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 things is definitely essential that all of this things is done properly so leveraging the first Global Payments very first payroll payment solution is a fantastic first step um providing an end-to-end payroll solution for your employees internationally again I think is another substantial um procedure once again aligning and guaranteeing you have standardization Worldwide procedures all of those things are absolutely key to success success of businesses and minimizing the number of tools platforms and savings account they require for their Global payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever 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 problems where things haven’t gone quite where they’re meant to be um I don’t believe any of us are in fact doing that for for the thanks
anyhow we understand 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 everyone that’s associated with those procedures and likewise so think of sorry I’m just I was simply gon na say 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 discussing numerous thousands possibly Millions picture getting that many 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 an intriguing task attempting to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and actually see what was going on and sort of shot to return to everyone so moving on look why do business pick to main separate bank accounts there are Papaya Global Should All Scottish Tax Codes Begin With S services out there doing precisely this for particular countries and I’ve worked in a company or numerous companies doing exactly that I can state it does not constantly feel efficient and it does create more work I know we’re not purposely doing that we’re not producing additional work for anyone where we do not have to and anyone that’s handling 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 quantity that we are I believe lots of reasons one is it’s the requirement I believe people have actually got so utilized to we need a brand-new bank account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm the people have 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 lots of other methods um to to sort of do it so I believe there’s a range I believe this is a procedure that needs looking at it requires altering but eventually individuals are extremely stuck with what they recognize
with right um modification is a tough thing all of us don’t like modification um so I think it’s simply sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand certainly the advantages of having maintaining multiple bank accounts but there’s a substantial quantity of complexity goes with setting up a bank account preserving it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for private individuals so the intricacy is substantial however I think the truthful answer is change um individuals have not been able to alter or haven’t had always the understanding to actually make that change into alternate Solutions besides opening a savings account I think you’ve struck the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter but we’ve always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of proceeding and moving into you understand what might almost be identified to be the next Century approximately there is a lot to keep track of and this technique does present numerous challenges um so Johnny might you inform us about those challenges 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 gained 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 utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is better, considering your achievements. Papaya Global Should All Scottish Tax Codes Begin With S