Over the last five or six years …How To Do Year End On Papaya Global… functions on the provider side and also on the supplier side from a payroll viewpoint so really anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply offer everybody another couple of uh well one of the 30 seconds approximately to join we all work back to back these days 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 truly 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 raining here it’s extremely extremely gloomy and I want I was somewhere else at this moment in time all right so let’s start our program for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why business preserve different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts improving papaya International payroll payments as a tactical asset uh we’ll also go over a wrap-up and that must leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being more and more common and handling them ends up being more and more complicated Global organizations are seeking to find Solutions and brand-new methods to improve processes particularly from a payroll and cross-border payment perspective many companies keep separate savings account just for payroll while some have multiple accounts in different nations does it make sense for companies to keep different savings account sometimes in various countries it does however just for payroll is there a better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in assisting international business streamline the episode complex procedures of
Making sure accurate, efficient, and timely payroll payments is a complex obstacle for businesses operating globally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll checking account, learn how business forecast payroll expenses to optimize working capital, and find how simplifying international payroll payments can transform them from a burdensome job into a tactical asset.
Handling payroll worldwide is a challenging task due to various policies, compliance requirements, information security issues, and banking guidelines. The large number of workers and organizations contributes to the intricacy, with an approximated 3.5 billion individuals in the international labor force, 500 countless whom remain in Africa, and 230 million companies worldwide.
Conventional payroll systems often lead to manual processes, information silos, and a lack of integration, resulting in inconsistencies and inefficiencies. Regardless of residing in an age of technological advancements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar objectives to offer insights and solutions to streamline and enhance global payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of services state they have Workforce data in real time that’s another number that provides me sleepless nights and rather honestly the more a business spends on global payroll the less of a picture they see a lack of presence likewise extends to payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the deal nearly half of international organizations have expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM information data entry errors improperly communicated 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 wrong place the average expense of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money all over the world payroll and payments do not run smoothly if they rely on the essential multiple processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges company face when they’re paying to employees or otherwise that’s an excellent question I constantly throw this back and say what is it what doesn’t require to be included 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 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 need to pay from the customer’s own in-country account so there’s complexity anywhere you look ideal ultimately developing a knowledge base is definitely important however all over you look with payroll payment they are like extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link 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 technology is enabling us to sort of move forward with that it also also to contribute to that payroll and financing need to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is absolutely vital that payroll and financing teams work closer 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 anybody what is payroll who doesn’t work in the payroll profession would they divide 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 anywhere they are but also paying statutory authorities and on statutory third parties so with the
The modern world puts a high worth on wellness and the payment landscape is ending up being significantly detailed. Services are continuously introducing brand-new advantages and payment choices, which contributes to the overall complexity. Big corporations often divide their payroll and payment processing into separate teams, which can result in inefficiencies and bottlenecks. In my viewpoint, this does not have to be the case. In today’s technologically innovative era, there’s no justification for keeping troublesome procedures. Payroll, the company’s biggest expense, need to be processed properly and on time. Even slight hold-ups can adversely impact employees’ well-being and have significant effects. For that reason, it’s critical to focus on accurate and timely payments.
The payroll team may not have actually been thanked for properly processing payroll throughout a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and individuals just notice when things fail. However, when things go right, it’s viewed as just a regular job. This is how it’s viewed externally also. Therefore, it is vital to make sure that tasks like Wi-Fi International and other vital matters are done properly. Utilizing the very first International Payments very first payroll payment option is a terrific initial action towards providing a thorough payroll solution for employees worldwide. Standardization, global processes, and minimizing the variety of tools, platforms, and savings account required for global payroll are essential factors in attaining business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of complaints when things don’t go as planned. Ultimately, we don’t do it for the gratitude.
anyway we know 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 procedures and also so think of sorry I’m simply I was simply gon na state picture the amount of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions picture getting that many thank you keeps in mind um I indicate it ‘d be interesting to see how many 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 need days of the week to attempt to look through them and really see what was going on and sort of shot to get back to everybody so proceeding look why do companies select to main separate savings account there are How To Do Year End On Papaya Global companies out there doing exactly this for specific countries and I have actually worked in a service or numerous organizations doing exactly that I can state it doesn’t always feel efficient and it does create more work I understand we’re not purposely doing that we’re not creating extra work for anyone where we do not need to and any person that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I believe many factors one is it’s the requirement I think individuals have got so utilized to we need a new checking account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm the people have actually embraced and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and numerous other methods um to to type of do it so I think there’s a range I think this is a procedure that needs looking at it needs changing however eventually individuals are extremely stuck with what they recognize
with best um change is a challenging thing we all do not like change 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 comprehend certainly the benefits of having maintaining numerous bank accounts but there’s a big quantity of complexity chooses establishing a checking account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for private people so the intricacy is substantial however I believe the truthful answer is change um people have not been able to change or have not had always the knowledge to actually make that change into alternate Solutions besides opening a savings account I believe you’ve struck the nail on the head I believe it is understanding you understand and there is a component of resistance to change however we have actually constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of carrying on and moving into you understand what might almost be figured out to be the next Century approximately there is a lot to keep an eye on and this approach does posture a number of challenges um so Johnny could you tell us about those obstacles yeah obviously so there’s a range right there is so
I simply did you switched our Business 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 staff members you deserve a corner workplace with a more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you How To Do Year End On Papaya Global