Over the last five or 6 years …Papaya Global Payroll Tax Filings… functions on the company side and likewise on the supplier side from a payroll perspective so really eagerly anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just provide everyone another couple of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everybody is um it’s nice to to type of like see where everyone originates from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really extremely gloomy and I wish I was elsewhere at this moment in time fine so let’s begin our program for today is as follows um we are going to be looking at the challenge years of managing Global payroll why business maintain different
Virtual payroll accounts are an alternative to standard checking account for managing payroll payments. This is particularly beneficial for international companies with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of preserving separate checking account for payroll in various countries, virtual accounts and digital wallets offer a more structured service. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are ending up being a strategic possession for payroll executives. We will also provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring accurate, effective, and timely payroll payments is a complex challenge for organizations running globally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll checking account, find out how business forecast payroll costs to optimize working capital, and discover how streamlining worldwide payroll payments can change them from a difficult job into a strategic possession.
Managing payroll worldwide is a daunting task due to various policies, compliance requirements, information security concerns, and banking guidelines. The large variety of workers and organizations adds to the intricacy, with an estimated 3.5 billion people in the global workforce, 500 million of whom are in Africa, and 230 million organizations worldwide.
Conventional payroll systems often lead to manual processes, information silos, and an absence of integration, causing inconsistencies and ineffectiveness. In spite of living in a period of technological advancements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar goals to provide insights and options to streamline and optimize global payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force data in real time that’s another number that offers me sleep deprived nights and rather frankly the more a company invests in international payroll the less of an image they see an absence of presence likewise reaches payroll payments and failure to properly track these payments can lead to compliance incidents in the last mile of the deal nearly half of global services have expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry errors badly communicated hires and terminations in addition to lack management and system setups and after that when you round everything off and the data is shipped to the incorrect place the average cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money worldwide payroll and payments don’t run efficiently if they count on the needed multiple procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges company face when they’re making payments to staff members or otherwise that’s a great question I constantly toss this back and say what is it what does not need to be included right and what does
it need to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment timespan 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 anywhere you look ideal ultimately developing a knowledge base is definitely vital however everywhere you look with payroll payment they are like extremely payments no if but some children 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 think there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is allowing us to sort of move on with that it likewise also to add to that payroll and finance require to work closer together um with varying Checking account Details varying banking requirements and setup procedures is absolutely necessary that payroll and finance groups work better together than ever um I’m always impressed when people say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll profession would they split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um eventually 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 but likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world puts a high value on well-being and the settlement landscape is becoming progressively complex. Services are constantly presenting new benefits and payment choices, which adds to the total complexity. Large corporations often divide their payroll and payment processing into different teams, which can lead to inefficiencies and bottlenecks. In my opinion, this does not have to be the case. In today’s technologically advanced period, there’s no validation for keeping cumbersome treatments. Payroll, the business’s greatest expense, need to be processed correctly and on time. Even slight delays can adversely affect workers’ well-being and have significant consequences. Therefore, it’s important to prioritize precise and prompt payments.
payroll team get um so I’m not exactly sure anybody on this type of webinar has actually 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 workers or not um however eventually 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 however when it goes right it’s just a tick box workout 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 stuff is absolutely vital that all of this things is done correctly so leveraging the very first Worldwide Payments first payroll payment service is a great initial step um offering an end-to-end payroll service for your workers globally again I believe is another huge um process again aligning and guaranteeing you have standardization International procedures all of those things are definitely essential to success success of companies and reducing the number of tools platforms and checking account they need for their Worldwide payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 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 do not believe any of us are really doing that for for the thanks
anyhow we understand how how essential 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 everybody that’s involved in those processes and likewise so imagine sorry I’m simply I was simply gon na say picture the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions think of getting that numerous thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing job attempting to clean all those up for sure oh absolutely 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 try to look through them and actually see what was going on and sort of try to get back to everybody so carrying on look why do companies pick to main separate savings account there are Papaya Global Payroll Tax Filings organizations out there doing precisely this for particular nations and I’ve worked in a company or lots of services doing exactly that I can say it does not constantly feel effective 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 anybody that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I think lots of reasons one is it’s the requirement I believe people have got so utilized to we require a new bank account we open an entity and rightly so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard the people have actually adopted and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and many other ways um to to sort of do it so I think there’s a variety I think this is a process that needs taking a look at it needs altering but ultimately people are very stuck with what they recognize
with right um change is a challenging thing all of us do not like change um so I think it’s just type of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand obviously the advantages of having keeping multiple savings account but there’s a huge quantity of complexity chooses setting up a bank account keeping it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for specific people so the intricacy is substantial however I think the truthful answer is change um people haven’t had the ability to change or have not had always the knowledge to actually make that change into alternate Solutions aside from opening a checking account I think you’ve hit the nail on the head I think 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 genuine excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what could practically be identified to be the next Century or so there is a lot to keep an eye on and this technique does present a number of obstacles um so Johnny could you tell us about those challenges yeah of course so there’s a range right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has actually gotten another CFO, and with this enhanced ability, I have successfully protected payments for our 10,000 workers worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global Payroll Tax Filings