Over the last five or 6 years …Update Tax Codes In Papaya Global… roles on the service provider side and also on the supplier side from a payroll perspective so truly looking forward to this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply offer everybody another number of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I truly 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 raining here it’s very really uninspiring and I want I was elsewhere at this moment in time alright so let’s get going our program for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why companies preserve separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts streamlining papaya Global payroll payments as a tactical asset uh we’ll also discuss a recap and that should leave his time at the very very end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being a growing number of typical and handling them ends up being a growing number of complex International organizations are looking to discover Solutions and new ways to improve procedures specifically from a payroll and cross-border payment perspective numerous companies maintain separate checking account just for payroll while some have numerous accounts in various countries does it make sense for business to preserve separate bank accounts sometimes in various countries it does but just for payroll exists a better way what role do virtual accounts and digital wallets also known as virtual wallets play in assisting international business enhance the episode complex processes of
Making sure accurate, effective, and prompt payroll payments is a complex challenge for organizations operating worldwide. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll bank accounts, discover how business forecast payroll costs to optimize working capital, and find how enhancing international payroll payments can change them from a difficult task into a tactical possession.
Managing payroll globally is a daunting job due to various guidelines, compliance requirements, information security issues, and banking guidelines. The large number of employees and organizations adds to the intricacy, with an approximated 3.5 billion individuals in the international workforce, 500 countless whom remain in Africa, and 230 million services worldwide.
Conventional payroll systems typically lead to manual procedures, information silos, and a lack of integration, resulting in disparities and inefficiencies. Regardless of living in an age of technological advancements, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar aims to provide insights and options to simplify and optimize international payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce data in real time that’s another number that provides me sleepless nights and quite honestly the more an organization invests in worldwide payroll the less of an image they see an absence of visibility likewise reaches payroll payments and failure to precisely track these payments can cause compliance incidents in the last mile of the transaction nearly half of worldwide organizations have actually expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM information data entry errors badly interacted hires and terminations as well as absence management and system configurations and then when you round it all off and the data is delivered to the incorrect location the average 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 worldwide 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 viewpoint and in your experience what else needs to be factored into the difficulties business face when they’re making payments to staff members or otherwise that’s an excellent concern I always throw this back and state what is it what does not need to be consisted of right and what does
it require to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames 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 client’s own in-country account so there’s complexity anywhere you look right eventually building 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 take a 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 basic and technology is allowing us to type of progress with that it likewise as well to contribute to that payroll and financing need to work closer together um with varying Checking account Details differing banking requirements and setup processes is absolutely crucial that payroll and financing teams work better together than ever um I’m constantly astonished when people state I have actually divided 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 computation 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 data 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 increasingly more crucial to add to sort of the level of intricacy there’s increasingly more benefits being organ or being used by businesses throughout the world so again you’re simply looking to add more and more payments to this already complicated landscape so if you type of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of genuine challenges or genuine difficult type of pay uses to play to pay people I think yeah I mean over the last well yeah a couple of years I would definitely say that the larger a service gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are groups feeding information into the next function as it were that’s really managing the payment side of things but you know in in my viewpoint and my experience that doesn’t necessarily require to be the case you know long gone are the times where we require to produce additional handoffs at the same times that we operate in they just make them more prompt they make them less efficient and they do not make them what they require to be in in an age of tech and an age that you understand that we are operating in today there is no reason why we are still making this as tough as it requires to be concurred and rightly as you said payroll is the single greatest liability that any service has from a cost point of view from an effect viewpoint on workers it is definitely critical that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the biggest damaging effect on individuals’s well-being and many other aspects if people aren’t paid uh I have actually constantly been surprised entering this Market kind of the last 5 to 10 years is how little thanks the
The payroll team may not have actually been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and people only discover when things fail. However, when things go right, it’s seen as simply a routine job. This is how it’s perceived externally also. For that reason, it is essential to ensure that tasks like Wi-Fi Global and other crucial matters are done correctly. Using the very first Global Payments first payroll payment solution is a terrific preliminary action towards supplying a comprehensive payroll option for employees worldwide. Standardization, worldwide procedures, and reducing the variety of tools, platforms, and checking account necessary for global payroll are essential factors in attaining service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of complaints when things do not go as prepared. Eventually, we don’t do it for the thankfulness.
anyhow we understand how how important 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 easy as possible for everyone that’s involved in those processes and also so envision sorry I’m simply I was simply gon na state picture the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands potentially Millions imagine getting that many thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting task attempting to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true 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 get back to everybody so proceeding look why do business pick to main separate bank accounts there are Update Tax Codes In Papaya Global businesses out there doing exactly this for particular countries and I have actually operated in a service or many organizations doing precisely 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 developing additional work for any person where we do not have to and any person that’s dealing with that procedure 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 numerous factors one is it’s the requirement I believe people have got so utilized to we need a new savings account we open an entity and appropriately so you require 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 norm the people have adopted and continue to do over years and years gone past to add to that people have actually 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 range I believe this is a procedure that requires taking a look at it needs changing but eventually individuals are very stuck to what they recognize
with best um change is a challenging thing all of us don’t like modification um so I think it’s simply sort of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand obviously the benefits of having preserving several bank accounts however there’s a substantial amount of complexity opts for setting up a checking account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for private individuals so the complexity is big but I think the truthful response is modification um individuals haven’t been able to alter or have not had necessarily the understanding to truly make that change into alternate Solutions aside from opening a checking account I think you’ve struck the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change but we have actually always done it that way is no genuine reason for not looking at the the benefits and the possibilities of moving on and moving into you understand what could almost be figured out to be the next Century approximately there is a lot to track and this technique does present several challenges um so Johnny might you tell us about those difficulties yeah naturally so there’s a range right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually gotten another CFO, and with this enhanced ability, I have successfully secured payments for our 10,000 staff members worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is more detailed, considering your accomplishments. Update Tax Codes In Papaya Global