Over the last 5 or six years …How To Enter A Fixed Dollar Amount In Papaya Global Payroll… roles on the supplier side and also on the vendor side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just provide everybody another number of uh well among 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 rather fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everybody comes from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely very uninspiring and I wish I was somewhere else at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why companies keep separate
Virtual payroll accounts are an alternative to traditional savings account for handling payroll payments. This is especially helpful for international companies with dispersed and remote workforces, as it streamlines the complicated procedure of cross-border payments. Instead of keeping separate checking account for payroll in different countries, virtual accounts and digital wallets provide a more structured option. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a tactical possession for payroll executives. We will also provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Making sure accurate, efficient, and timely payroll payments is a complex obstacle for services operating globally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll bank accounts, learn how companies anticipate payroll expenses to enhance working capital, and discover how streamlining global payroll payments can change them from a burdensome job into a tactical possession.
Managing payroll worldwide is an overwhelming job due to numerous policies, compliance requirements, data security issues, and banking rules. The sheer variety of employees and businesses adds to the complexity, with an estimated 3.5 billion individuals in the global labor force, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Conventional payroll systems often result in manual processes, information silos, and a lack of integration, causing inconsistencies and inefficiencies. Despite residing in a period of technological improvements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar objectives to offer insights and solutions to simplify and enhance global payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce data in real time that’s another number that offers me sleep deprived nights and rather honestly the more an organization invests in global payroll the less of a picture they see a lack of presence also reaches payroll payments and failure to properly track these payments can cause compliance accidents in the last mile of the transaction almost half of worldwide services have actually expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry errors improperly communicated hires and terminations in addition to absence management and system configurations and then when you round everything off and the information is shipped to the incorrect location the typical 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 around the world payroll and payments do not run smoothly if they depend on the required multiple processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges service face when they’re making payments to staff members or otherwise that’s a great question I always throw this back and say what is it what does not require to be consisted of ideal and what does
it require to be thought about there’s differing Bank details 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 have to pay from the client’s own in-country account so there’s complexity anywhere you look ideal ultimately developing a knowledge base is absolutely critical but all over you look with payroll payment they are like super payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely fundamental and technology is permitting us to kind of move forward with that it likewise as well to contribute to that payroll and finance require to work closer together um with varying Checking account Particulars differing banking requirements and setup processes is absolutely essential that payroll and finance groups work closer together than ever um I’m constantly impressed when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anybody 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 typically split and cut up um eventually 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 3rd parties so with the
world we live in and wellness being a growing number of crucial to contribute to type of the level of intricacy there’s a growing number of benefits being organ or being provided by companies across the world so again you’re just seeking to add a growing number of payments to this currently complicated landscape so if you type of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of genuine challenges or real difficult type of pay uses to play to pay individuals I think yeah I imply over the last well yeah a number of years I would absolutely say that the larger a business gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are teams feeding info into the next function as it were that’s actually managing the payment side of things however you know in in my opinion and my experience that does not always need to be the case you understand long gone are the times where we need to develop additional handoffs in the processes that we run in they just make them more timely they make them less efficient and they do not make them what they need to be in in a period of tech and an era that you know that we are operating in today there is no reason that we are still making this as tough as it requires to be concurred and appropriately as you stated payroll is the single biggest liability that any business has from a cost viewpoint from an effect viewpoint on workers it is definitely important that it’s done correctly and on time so what we imply 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 detrimental effect on individuals’s wellness and numerous other factors if individuals aren’t paid uh I have actually always been impressed entering this Market sort of the last 5 to ten years is how little thanks the
payroll team get um so I’m not sure anyone on this type of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be great 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 hear about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely vital that all of this stuff is done correctly so leveraging the first Global Payments first payroll payment option is a terrific primary step um offering an end-to-end payroll solution for your employees worldwide again I think is another huge um process again lining up and guaranteeing you have standardization International processes all of those things are definitely key to success success of companies and lowering the number of tools platforms and bank accounts 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 do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things have not gone quite where they’re indicated to be um I do not believe any of us are actually doing that for for the thanks
anyhow we know how how essential 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 everyone that’s associated with those processes and likewise so think of sorry I’m just I was simply gon na say envision the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re discussing hundreds of thousands potentially Millions imagine getting that many thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an intriguing task trying to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and in fact see what was going on and kind of shot to return to everyone so proceeding look why do companies pick to primary different savings account there are How To Enter A Fixed Dollar Amount In Papaya Global Payroll organizations out there doing precisely this for specific nations and I’ve operated in an organization or numerous organizations doing exactly that I can state it does not constantly feel effective and it does develop more work I know we’re not deliberately doing that we’re not producing additional work for any person where we do not need to and anybody 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 believe numerous factors one is it’s the requirement I believe individuals have actually got so utilized to we need a brand-new savings account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have actually embraced and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and many other methods um to to sort of do it so I think there’s a variety I think this is a procedure that requires taking a look at it needs changing however eventually individuals are very stuck to what they’re familiar
with best um change is a difficult thing all of us do not like modification um so I believe it’s simply kind 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 undoubtedly the advantages of having preserving numerous savings account however there’s a big amount of intricacy chooses setting up a savings account preserving it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for individual individuals so the intricacy is big however I believe the truthful response is modification um individuals haven’t been able to change 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 know 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 carrying on and moving into you know what could nearly be determined to be the next Century or so there is a lot to monitor and this method does present a number of difficulties um so Johnny could you tell us about those difficulties yeah of course so there’s a variety right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has gained another CFO, and with this improved capability, I have successfully protected payments for our 10,000 employees worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is more detailed, considering your achievements. How To Enter A Fixed Dollar Amount In Papaya Global Payroll