Over the last five or 6 years …Papaya Global Tax Year 2019 20 Upgrade… roles on the service provider side and likewise on the supplier side from a payroll viewpoint so actually anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply give everyone another couple of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I actually do hope it’s much sunnier than it is 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 really really gloomy and I want I was somewhere else at this moment in time okay so let’s begin our program for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why companies keep different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts improving papaya International payroll payments as a tactical possession uh we’ll also go over a recap and that needs to leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become increasingly more typical and handling them becomes more and more complicated International organizations are wanting to discover Solutions and brand-new ways to enhance procedures specifically from a payroll and cross-border payment perspective numerous organizations keep separate checking account just for payroll while some have numerous accounts in different nations does it make good sense for business to maintain different savings account in some cases in different countries it does but just for payroll is there a better method what function do virtual accounts and digital wallets also called virtual wallets play in assisting multinational companies improve the episode complex processes of
Making sure accurate, efficient, and timely payroll payments is a complex difficulty for services running worldwide. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll checking account, discover how companies forecast payroll expenses to enhance working capital, and find how enhancing international payroll payments can change them from a burdensome job into a tactical possession.
Managing payroll globally is a difficult task due to numerous regulations, compliance requirements, data security issues, and banking rules. The sheer number of workers and businesses contributes to the complexity, with an approximated 3.5 billion people in the global labor force, 500 countless whom remain in Africa, and 230 million services worldwide.
Conventional payroll systems frequently lead to manual procedures, data silos, and an absence of combination, causing disparities and inadequacies. In spite of living in an era of technological improvements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar objectives to offer insights and solutions to simplify and optimize international payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce information in real time that’s another number that gives me sleep deprived nights and quite honestly the more an organization invests in global payroll the less of a photo they see a lack of presence also extends to payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the transaction nearly half of global services have 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 data information entry errors poorly interacted hires and terminations in addition to lack management and system configurations and then when you round it all off and the data is delivered to the incorrect place the typical cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe payroll and payments don’t run smoothly if they depend on the essential numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties organization face when they’re paying to workers or otherwise that’s a good concern I always toss this back and state what is it what doesn’t require to be consisted of ideal 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 time frames there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s intricacy wherever you look right eventually building a knowledge base is absolutely crucial but everywhere you look with payroll payment they resemble super payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the sort 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 definitely essential and innovation is allowing us to kind of move forward with that it also also to contribute to that payroll and financing need to work closer together um with differing Bank Account Details differing banking requirements and setup procedures is definitely vital that payroll and financing teams work closer together than ever um I’m always surprised when people state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate 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 eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory third parties so with the
The modern-day world positions a high worth on wellness and the payment landscape is becoming increasingly complex. Companies are constantly presenting brand-new benefits and payment alternatives, which contributes to the overall intricacy. Large corporations often divide their payroll and payment processing into different teams, which can cause inefficiencies and bottlenecks. In my viewpoint, this does not need to be the case. In today’s highly innovative era, there’s no justification for keeping troublesome treatments. Payroll, the company’s greatest cost, should be processed properly and on time. Even small delays can negatively impact staff members’ well-being and have far-reaching consequences. Therefore, it’s crucial to prioritize precise and timely payments.
payroll group get um so I’m uncertain anybody on this kind of webinar has been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an essential cycle all of us find out about it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely crucial that all of this stuff is done properly so leveraging the first Global Payments first payroll payment service is a terrific initial step um providing an end-to-end payroll solution for your employees globally again I think is another huge um procedure again aligning and ensuring you have standardization International procedures all of those things are definitely crucial to success success of businesses and decreasing the number of tools platforms and bank accounts they need for their Global payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things have not gone quite where they’re suggested to be um I don’t think any of us are actually doing that for for the thanks
anyway we understand how how crucial 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 involved in those procedures and likewise so think of sorry I’m just I was simply gon na say picture the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions imagine getting that lots of thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating task trying to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to check out them and in fact see what was going on and sort of try to return to everyone so proceeding appearance why do business select to primary different checking account there are Papaya Global Tax Year 2019 20 Upgrade companies out there doing exactly this for particular countries and I’ve worked in a company or numerous companies doing exactly that I can say it doesn’t constantly feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not creating extra work for any person where we don’t have to and anyone that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe lots of reasons one is it’s the requirement I believe people have got so used to we need a new savings account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the standard the people have adopted 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 sort of do it so I believe there’s a range I believe this is a process that requires looking at it needs changing however eventually people are really stuck to what they’re familiar
with ideal um change is a difficult thing all of us do not like change um so I think it’s simply sort of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand certainly the benefits of having keeping several bank accounts however there’s a big quantity of complexity opts for establishing a bank account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the best user accesses for specific people so the complexity is substantial but I think the sincere answer is change um individuals have not had the ability to alter or have not had always the understanding to truly make that change into alternate Solutions other than opening a bank account I think you have actually struck the nail on the head I believe it is understanding you know and there is a component 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 benefits and the possibilities of proceeding and moving into you understand what might practically be determined to be the next Century or two there is a lot to monitor and this method does posture a number of challenges um so Johnny might you tell us about those challenges yeah of course so there’s a variety right there is so
I just 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 acquired another CFO, and with this boosted ability, I have actually effectively protected payments for our 10,000 employees 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 closer, considering your achievements. Papaya Global Tax Year 2019 20 Upgrade