Over the last five or six years …How To Update Papaya Global Payroll 2019… roles on the service provider side and also on the vendor side from a payroll perspective so actually anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I actually 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 raining here it’s really very uninspiring and I wish I was somewhere else at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be looking at the challenge years of handling International payroll why business maintain separate
Virtual payroll accounts are an option to traditional checking account for handling payroll payments. This is especially helpful for international companies with dispersed and remote workforces, as it simplifies the complex process of cross-border payments. Instead of preserving different savings account for payroll in various countries, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are ending up being a tactical asset for payroll executives. We will also provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
Guaranteeing precise, efficient, and prompt payroll payments is a complex difficulty for organizations running globally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll savings account, discover how companies forecast payroll expenses to enhance working capital, and find how streamlining global payroll payments can transform them from a troublesome task into a tactical property.
Handling payroll globally is a challenging job due to numerous guidelines, compliance requirements, data security concerns, and banking guidelines. The sheer variety of staff members and services contributes to the intricacy, with an approximated 3.5 billion individuals in the international workforce, 500 countless whom remain in Africa, and 230 million companies worldwide.
Standard payroll systems often lead to manual processes, information silos, and a lack of integration, leading to inconsistencies and inefficiencies. In spite of living in a period of technological improvements, 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 objectives to offer insights and solutions to streamline and enhance international payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force information in real time that’s another number that provides me sleep deprived nights and rather honestly the more an organization spends on global payroll the less of an image they see an absence of visibility also extends to payroll payments and failure to properly track these payments can cause compliance accidents in the last mile of the deal nearly half of global companies have revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM data data entry errors poorly communicated hires and terminations along with lack management and system configurations and after that when you round everything off and the information is shipped to the incorrect place the typical expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the world payroll and payments do not run smoothly if they rely on the necessary numerous procedures 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 obstacles company face when they’re paying to employees or otherwise that’s an excellent concern I constantly throw this back and say what is it what doesn’t require to be included ideal and what does
it require to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the client’s own in-country account so there’s intricacy any place you look ideal eventually building a knowledge base is definitely critical however everywhere you look with payroll payment they are like incredibly payments no if but some babies 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 basic and technology is enabling us to sort of move on with that it likewise as well to add to that payroll and financing require to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is absolutely vital that payroll and finance groups work closer together than ever um I’m always astonished when individuals state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more crucial to contribute to kind of the level of intricacy there’s increasingly more benefits being organ or being used by organizations throughout the world so again you’re simply looking to include more and more payments to this already complicated landscape so if you kind of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of real challenges or real tough kind of pay uses to play to pay individuals I think yeah I suggest over the last well yeah a couple of decades I would definitely state that the bigger a company gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are teams feeding information into the next function as it were that’s really managing the payment side of things but you know in in my opinion and my experience that does not always need to be the case you know long gone are the times where we need to develop extra handoffs while doing sos that we operate in they simply make them more prompt they make them less effective and they do not make them what they require to be in in an age of tech and an age that you know that we are operating in today there is no reason why we are still making this as difficult as it requires to be concurred and appropriately as you stated payroll is the single greatest liability that any service has from an expense perspective from an effect point of view on employees it is absolutely vital 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 harmful effect on individuals’s well-being and many other elements if people aren’t paid uh I’ve constantly been amazed entering into this Market kind of the last 5 to ten years is how little thanks the
payroll team get um so I’m uncertain anyone on this kind of webinar has actually been informed 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 employees or not um however ultimately payroll is such an important cycle all of us become aware of it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely crucial that all of this things is done properly so leveraging the first Global Payments first payroll payment solution is an excellent initial step um providing an end-to-end payroll service for your employees globally again I think is another big um procedure again aligning and ensuring you have standardization Global processes all of those things are definitely crucial to success success of companies and reducing the number of tools platforms and checking account they require for their Global 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 countless them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things have not gone rather where they’re implied to be um I don’t believe any of us are actually 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 simple as possible for everyone that’s associated with those procedures and likewise so envision sorry I’m just I was simply gon na state picture the amount of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions envision getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing task attempting to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and in fact see what was going on and sort of shot to get back to everyone so proceeding look why do companies pick to primary separate bank accounts there are How To Update Papaya Global Payroll 2019 businesses out there doing precisely this for specific nations and I’ve worked in a business or numerous services doing exactly that I can state it does not always feel effective and it does create more work I know we’re not purposely doing that we’re not producing extra work for any person where we don’t have to and anyone that’s managing that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe numerous factors one is it’s the requirement I believe people have got so utilized to we require a brand-new bank account we open an entity and appropriately 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 simply been the standard and the norm individuals have actually adopted and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and numerous other ways um to to type of do it so I believe there’s a variety I think this is a procedure that requires looking at it needs changing however eventually individuals are very stuck with what they recognize
with best um change is a hard thing we all don’t like modification um so I think it’s simply kind of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend certainly the benefits of having preserving multiple bank accounts however there’s a big quantity of complexity opts for establishing a checking account preserving it guaranteeing it can send International transfers ensuring it’s set up with the ideal user accesses for individual people so the complexity is huge but I believe the honest response is change um individuals have not had the ability to alter or haven’t had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a checking account I believe you have actually struck the nail on the head I think it is understanding you know and there is a component of resistance to change but we have actually always done it that way is no real excuse for not looking at the the benefits and the possibilities of carrying on and moving into you understand what could practically be figured out to be the next Century or so there is a lot to keep track of and this technique does present a number of difficulties um so Johnny could you tell us about those challenges yeah naturally so there’s a variety 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 improved capability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is good. You should have a corner workplace with a parking space that is better, considering your achievements. How To Update Papaya Global Payroll 2019