Over the last five or 6 years …Can I Pay For Papaya Global Payroll For The Year… functions on the company side and likewise on the supplier side from a payroll point of view so really anticipating this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll type 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 kind of like see where everyone comes from and I actually 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 drizzling here it’s really really bleak and I want I was elsewhere at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of handling International payroll why companies preserve separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts simplifying papaya Global payroll payments as a tactical property uh we’ll also discuss a wrap-up which should leave his time at the extremely extremely end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become a growing number of common and handling them becomes a growing number of intricate Worldwide companies are wanting to discover Solutions and new methods to improve processes especially from a payroll and cross-border payment viewpoint lots of organizations keep separate savings account just for payroll while some have several accounts in different countries does it make good sense for companies to maintain different bank accounts often in different countries it does however just for payroll is there a better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping international business improve the episode complex processes of
Guaranteeing accurate, effective, and prompt payroll payments is a complex difficulty for businesses operating internationally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll checking account, find out how companies forecast payroll expenses to optimize working capital, and find how enhancing global payroll payments can transform them from a troublesome job into a tactical property.
Handling payroll globally is a complicated job due to different guidelines, compliance requirements, information security issues, and banking guidelines. The large variety of workers and businesses contributes to the intricacy, with an estimated 3.5 billion people in the international labor force, 500 countless whom are in Africa, and 230 million services worldwide.
Conventional payroll systems frequently lead to manual processes, data silos, and a lack of integration, causing inconsistencies and inadequacies. In spite of residing in an age of technological improvements, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar objectives to provide insights and solutions 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 companies state they have Workforce information in real time that’s another number that provides me sleep deprived nights and rather honestly the more a company invests in worldwide payroll the less of an image they see a lack of exposure also extends to payroll payments and inability to accurately track these payments can result in compliance mishaps in the last mile of the deal nearly half of global services have expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM data information entry errors improperly communicated hires and terminations as well as lack management and system configurations and after that when you round it all off and the information is shipped to the wrong location the average cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the globe payroll and payments do not run efficiently if they count on the needed numerous processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties service face when they’re paying to workers or otherwise that’s a great question I constantly throw this back and state what is it what does not need to be consisted of right and what does
it need to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per nation 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 customer’s own in-country account so there’s complexity wherever you look ideal ultimately constructing a knowledge base is absolutely crucial however everywhere you look with payroll payment they resemble super payments no if however some children 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 recognition that payroll payments are definitely essential and innovation is permitting us to type of move forward with that it likewise too to contribute to that payroll and finance need to work closer together um with differing Checking account Details differing banking requirements and setup processes is absolutely crucial that payroll and finance teams work closer together than ever um I’m constantly surprised when individuals state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they divide 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 individuals wherever they are however likewise paying statutory authorities and on statutory third parties so with the
The modern world places a high worth on wellness and the compensation landscape is becoming progressively complex. Services are continuously presenting new benefits and payment options, which contributes to the overall intricacy. Large corporations often divide their payroll and payment processing into separate groups, which can lead to inadequacies and traffic jams. In my viewpoint, this does not need to hold true. In today’s technically sophisticated period, there’s no reason for keeping troublesome treatments. Payroll, the business’s greatest expenditure, should be processed properly and on time. Even slight hold-ups can adversely impact staff members’ wellness and have far-reaching repercussions. For that reason, it’s vital to prioritize accurate and prompt payments.
payroll team get um so I’m not exactly sure anybody on this sort of webinar has been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an essential cycle all of us become aware of it when it fails everybody jumps up and down when it fails however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely essential that all of this things is done correctly so leveraging the very first Global Payments very first payroll payment solution is a fantastic primary step um supplying an end-to-end payroll solution for your staff members globally again I think is another substantial um process again lining up and ensuring you have standardization Worldwide processes all of those things are absolutely key to success success of organizations and reducing the number of tools platforms and bank accounts 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 had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the complaints 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 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 easy as possible for everyone that’s associated with those processes and likewise so think of sorry I’m simply I was just gon na say imagine the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions picture getting that lots of thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating job attempting to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to browse them and actually see what was going on and sort of try to return to everyone so proceeding look why do business pick to main different bank accounts there are Can I Pay For Papaya Global Payroll For The Year services out there doing precisely this for specific nations and I have actually worked in a service or numerous organizations doing exactly that I can say it does not constantly feel efficient and it does create more work I know we’re not purposely doing that we’re not creating extra work for anyone where we do not have to and anybody that’s managing 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 quantity that we are I believe numerous factors one is it’s the standard I believe people have actually got so used to we need a brand-new bank account we open an entity and appropriately so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm the people have actually adopted and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and lots of other ways um to to kind of do it so I believe there’s a range I believe this is a procedure that requires taking a look at it requires changing however ultimately individuals are extremely stuck to what they recognize
with best um change is a difficult thing all of us do not like modification um so I believe it’s just kind of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the benefits of having keeping several bank accounts however there’s a huge quantity of intricacy opts for setting up a bank account preserving it ensuring it can send out International transfers guaranteeing it’s established with the best user accesses for private individuals so the intricacy is big however I believe the truthful answer is change um people haven’t had the ability to alter or have not had always the understanding to actually make that change into alternate Solutions other than opening a checking account I believe you’ve struck the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter but we have actually always done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you know what might nearly be determined to be the next Century or two there is a lot to monitor and this approach does pose several obstacles um so Johnny might you tell us about those difficulties yeah naturally so there’s a range right there is so
I simply did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global employees you deserve a corner workplace with a more detailed parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Can I Pay For Papaya Global Payroll For The Year