Over the last 5 or six years …How To Update Papaya Global Payroll Enhanced… roles on the company side and also on the supplier side from a payroll point of view so really looking forward to this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I actually do hope it’s much sunnier than it is 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 extremely really bleak and I want I was elsewhere at this moment in time fine so let’s get started our program for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why business keep separate
Virtual payroll accounts are an option to conventional checking account for handling payroll payments. This is particularly beneficial for international companies with dispersed and remote workforces, as it simplifies the complex process of cross-border payments. Instead of preserving different checking account for payroll in different nations, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are ending up being a tactical possession for payroll executives. We will also supply a recap 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 challenge for companies operating internationally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll bank accounts, learn how business anticipate payroll expenses to enhance working capital, and discover how improving worldwide payroll payments can change them from a challenging job into a tactical possession.
Managing payroll worldwide is a challenging job due to various regulations, compliance requirements, data security issues, and banking rules. The large variety of workers and businesses adds to the complexity, with an approximated 3.5 billion individuals in the worldwide labor force, 500 million of whom remain in Africa, and 230 million companies worldwide.
Standard payroll systems often lead to manual processes, information silos, and a lack of combination, resulting in inconsistencies and ineffectiveness. Regardless of residing in an era of technological developments, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar goals to provide insights and solutions to streamline and optimize global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Workforce data in real time that’s another number that gives me sleepless nights and rather frankly the more a company spends on global payroll the less of a photo they see a lack of exposure also encompasses payroll payments and failure to properly track these payments can lead to compliance incidents in the last mile of the deal nearly half of international companies have revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM data data entry errors badly communicated hires and terminations along with absence management and system setups and after that when you round it all off and the information is shipped to the incorrect place the average cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the globe payroll and payments do not run smoothly if they depend on the needed multiple 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 difficulties organization face when they’re making payments to workers or otherwise that’s a good concern I constantly toss this back and say what is it what does not require to be consisted of ideal and what does
it need to be considered there’s varying Bank details 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 have to pay from the client’s own in-country account so there’s intricacy any place you look right ultimately building a knowledge base is definitely vital but all over you look with payroll payment they resemble super payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely basic and technology is enabling us to kind of progress with that it likewise also to contribute to that payroll and financing need to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is absolutely imperative that payroll and finance teams work better together than ever um I’m constantly impressed when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work 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 often 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 individuals wherever they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being increasingly more important to add to type of the level of complexity there’s increasingly more advantages being organ or being offered by companies throughout the world so once again you’re just aiming to add a growing number of payments to this currently complicated landscape so if you kind 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 obstacles or real challenging type of pay uses to play to pay people I think yeah I suggest over the last well yeah a couple of years I would definitely state that the larger a company gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are teams feeding details into the next function as it were that’s actually handling the payment side of things however you know in in my viewpoint and my experience that doesn’t always need to be the case you understand long gone are the times where we require to develop additional handoffs while doing sos that we run in they just make them more prompt they make them less effective and they do not make them what they require to be in in a period of tech and an age that you understand that we are operating in today there is no reason we are still making this as challenging as it requires to be agreed and appropriately as you stated payroll is the single biggest liability that any company has from a cost perspective from an effect perspective on workers it is definitely vital that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the most significant destructive result on individuals’s well-being and many other factors if people aren’t paid uh I have actually constantly been astonished coming into this Market sort of the last five to 10 years is how little thanks the
The payroll group might not have been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and individuals just see when things go wrong. However, when things go right, it’s seen as just a regular task. This is how it’s viewed externally too. For that reason, it is necessary to make sure that tasks like Wi-Fi International and other essential matters are done properly. Utilizing the very first Global Payments very first payroll payment option is an excellent preliminary action towards offering an extensive payroll option for workers worldwide. Standardization, global procedures, and decreasing the variety of tools, platforms, and savings account necessary for international payroll are essential consider achieving service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of complaints when things do not go as planned. Ultimately, we do not do it for the appreciation.
anyway we know how how essential 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 simple as possible for everybody that’s associated with those procedures and also so imagine sorry I’m just I was simply gon na say think of 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 speaking about hundreds of thousands potentially Millions picture 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 definitely be an interesting task trying to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and actually see what was going on and kind of shot to get back to everybody so moving on appearance why do business pick to main separate bank accounts there are How To Update Papaya Global Payroll Enhanced companies out there doing precisely this for particular countries and I have actually worked in a service or many services doing precisely that I can say it doesn’t always feel effective and it does create more work I understand we’re not deliberately doing that we’re not producing extra work for any person where we do not need to and anybody that’s handling 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 many factors one is it’s the standard I believe individuals have got so utilized to we need a brand-new checking 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 requirement and the norm individuals have actually embraced and continue to do over years and years passed by to add to that people have looked at things like trust accounts and lots of other ways um to to type of do it so I believe there’s a range I believe this is a procedure that needs looking at it requires changing however ultimately individuals are really stuck with what they’re familiar
with best um change is a difficult thing all of us do not like modification um so I think it’s simply sort of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand clearly the advantages of having preserving numerous checking account but there’s a substantial quantity of intricacy goes with setting up a savings account preserving it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for private individuals so the intricacy is big but I believe the truthful answer is change um individuals haven’t been able to change or have not had necessarily the knowledge to really make that change into alternate Solutions aside from opening a checking account I think you’ve hit the nail on the head I believe it is understanding you understand and there is an element of resistance to alter but we’ve always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of carrying on and moving into you know what could almost be determined to be the next Century approximately there is a lot to keep track of and this method does position several obstacles um so Johnny could you inform us about those difficulties yeah of course so there’s a range right there is so
I just 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 International staff members you are worthy of a corner workplace with a better parking space since I mastered International payroll and payments with Papaya payroll OS did you How To Update Papaya Global Payroll Enhanced