Over the last five or 6 years …Papaya Global Year End Procedure 2023… roles on the provider 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 everybody fine thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everyone originates from and I truly do hope it’s much sunnier than it is 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 extremely very 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 International payroll why business maintain separate
Virtual payroll accounts are an option to standard checking account for handling payroll payments. This is especially helpful for global organizations with dispersed and remote labor forces, as it simplifies the intricate process of cross-border payments. Instead of maintaining different savings account for payroll in various countries, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are becoming a strategic possession for payroll executives. We will also offer a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly effectively securely and on time throughout this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how business precisely forecast their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in enough in one country but when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a variety of reasons most importantly regulations compliance information security and banking rules then there are the sheer numbers they add more complexity the international Workforce is presently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing all over the world in the conventional payroll model there’s often an overwhelming number of different systems causing time-consuming manual procedures and silos the number of Combinations could be non-existent in big amounts and or really really basic there’s no genuine consistency structure we’re residing in an age of tech however payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply blows my mind every time I I believe
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce information in real time that’s another number that gives me sleepless nights and quite honestly the more an organization invests in international payroll the less of a photo they see a lack of exposure likewise encompasses payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the deal nearly half of worldwide businesses have revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry errors badly interacted hires and terminations as well as absence management and system setups and then when you round everything off and the information is shipped to the wrong place the typical cost of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash all over the world payroll and payments do not run efficiently if they count on the necessary multiple procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges company face when they’re paying to staff members or otherwise that’s a good concern I always throw this back and say what is it what does not require to be included right and what does
it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s complexity wherever you look ideal ultimately building a knowledge base is definitely vital but everywhere you look with payroll payment they are like super payments no if but some babies 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 believe there’s now a bit more recognition that payroll payments are absolutely basic and innovation is permitting us to sort of move on with that it also as well to contribute to that payroll and finance require to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is absolutely vital that payroll and finance groups work more detailed together than ever um I’m constantly impressed when people state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from calculation 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 procedure it’s the point of information collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory third parties so with the
The contemporary world puts a high worth on well-being and the settlement landscape is ending up being significantly elaborate. Organizations are continually introducing new advantages and payment choices, which adds to the total intricacy. Big corporations frequently divide their payroll and payment processing into separate groups, which can cause ineffectiveness and traffic jams. In my opinion, this doesn’t need to be the case. In today’s technologically innovative period, there’s no validation for keeping troublesome treatments. Payroll, the business’s biggest expense, must be processed correctly and on time. Even minor hold-ups can negatively impact staff members’ wellness and have far-reaching effects. Therefore, it’s vital to focus on accurate and prompt payments.
payroll group get um so I’m unsure anybody on this type of webinar has been told thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um however eventually payroll is such a crucial cycle all of us hear about it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely crucial that all of this stuff is done correctly so leveraging the first Global Payments very first payroll payment option is a terrific initial step um offering an end-to-end payroll solution for your staff members internationally again I believe is another substantial um procedure once again lining up and guaranteeing you have standardization International processes all of those things are absolutely key to success success of companies and minimizing the number of tools platforms and savings account they need for their Global payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never ever had a hundred countless 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 have not gone rather where they’re implied to be um I do not think any of us are actually doing that for for the thanks
anyway we know how how important 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 everybody that’s involved in those procedures and also so imagine sorry I’m simply I was just gon na state imagine the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of 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 but it would certainly be an interesting job attempting to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to check out them and really see what was going on and sort of shot to get back to everyone so carrying on appearance why do companies select to main different savings account there are Papaya Global Year End Procedure 2023 companies out there doing precisely this for particular countries and I have actually operated in a business or numerous organizations doing exactly that I can state it does not always feel effective and it does create more work I understand we’re not intentionally doing that we’re not developing extra work for anybody where we do not need to and anyone that’s dealing with 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 think numerous reasons one is it’s the requirement I think people have got so used to we need a new bank account we open an entity and appropriately 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 just been the requirement and the standard the people have adopted and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and lots of other ways um to to type of do it so I believe there’s a range I think this is a procedure that requires looking at it requires changing however ultimately people are very stuck to what they’re familiar
with best um change is a tough thing we all don’t like modification um so I think it’s just type of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand obviously the advantages of having preserving multiple bank accounts but there’s a big amount of intricacy opts for setting up a savings account preserving it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for private people so the intricacy is big but I think the sincere answer is change um people have not been able to alter or haven’t had always the knowledge to really make that change into alternate Solutions aside from opening a bank account I think you’ve hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter however we have actually always done it that way is no real reason for not looking at the the benefits and the possibilities of moving on and moving into you understand what might almost be figured out to be the next Century or so there is a lot to monitor and this method does pose several challenges um so Johnny might you inform us about those challenges yeah of course so there’s a range right there is so
I recently made a change to our Business 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 improved capability, I have effectively protected payments for our 10,000 workers worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is better, considering your accomplishments. Papaya Global Year End Procedure 2023