Over the last five or 6 years …What Is Included With Papaya Global Payroll For Accountants… roles on the provider side and also on the supplier side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just offer everybody another couple of uh well among the 30 seconds or so to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I really do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very extremely uninspiring and I wish I was elsewhere at this moment in time okay so let’s get started our program for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why business keep separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts improving papaya Worldwide payroll payments as a strategic possession uh we’ll likewise discuss a recap and that must leave his time at the very extremely end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being increasingly more typical and handling them becomes more and more complex International companies are looking to discover Solutions and new ways to enhance processes especially from a payroll and cross-border payment standpoint numerous organizations preserve different savings account just for payroll while some have multiple accounts in different countries does it make sense for business to maintain different savings account sometimes in different countries it does however just for payroll exists a better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in assisting international business improve the episode complex processes of
Making sure accurate, efficient, and timely payroll payments is a complex difficulty for companies running worldwide. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll checking account, find out how companies anticipate payroll expenses to enhance working capital, and discover how simplifying international payroll payments can transform them from a burdensome job into a tactical asset.
Managing payroll worldwide is an overwhelming task due to various regulations, compliance requirements, data security concerns, and banking guidelines. The sheer number of staff members and services adds to the complexity, with an estimated 3.5 billion individuals in the worldwide workforce, 500 countless whom remain in Africa, and 230 million companies worldwide.
Standard payroll systems typically lead to manual procedures, information silos, and a lack of integration, leading to inconsistencies and inadequacies. Despite residing in an age of technological improvements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar aims to supply insights and services to simplify and optimize international payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Workforce data in real time that’s another number that offers me sleepless nights and quite frankly the more a business spends on international payroll the less of an image they see an absence of visibility likewise reaches payroll payments and inability to precisely track these payments can lead to compliance incidents in the last mile of the transaction nearly half of global services have actually revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM information data entry errors poorly communicated hires and terminations in addition to absence management and system configurations and after that when you round it all off and the data is shipped to the wrong place the average cost of a global 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 efficiently if they count on the needed multiple processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties service face when they’re making payments to employees or otherwise that’s an excellent concern I always toss this back and say what is it what does not require to be consisted of best and what does
it require to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment capabilities 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 customer’s own in-country account so there’s complexity anywhere you look ideal ultimately constructing a knowledge base is definitely crucial however all over you look with payroll payment they resemble incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is enabling us to sort of move on with that it likewise too to contribute to that payroll and financing need to work closer together um with differing Checking account Particulars varying banking requirements and setup processes is definitely necessary that payroll and financing groups work better together than ever um I’m always impressed when individuals say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not 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 data collection all the way through to paying people any place they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of important to add to type of the level of complexity there’s more and more advantages being organ or being used by businesses throughout the world so again you’re just aiming to include increasingly more payments to this currently complicated landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of real difficulties or real challenging kind of pay uses to play to pay people I believe yeah I suggest over the last well yeah a couple of years I would absolutely state that the bigger a business gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are teams feeding info into the next function as it were that’s really handling the payment side of things but you understand in in my viewpoint and my experience that doesn’t always require to be the case you know long gone are the times where we require to produce additional handoffs while doing sos that we run in they simply make them more prompt they make them less effective and they do not make them what they need to be in in an era of tech and a period that you know that we are operating in today there is no reason why we are still making this as challenging as it needs to be agreed and rightly as you said payroll is the single biggest liability that any organization has from an expense viewpoint from an effect viewpoint on workers it is absolutely important that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the greatest detrimental effect on individuals’s wellness and numerous other aspects if individuals aren’t paid uh I’ve always been surprised entering into this Market sort of the last 5 to 10 years is how little thanks the
The payroll team might not have been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and individuals only notice when things fail. Nevertheless, when things go right, it’s seen as simply a routine task. This is how it’s perceived externally too. Therefore, it is important to ensure that jobs like Wi-Fi Global and other vital matters are done properly. Utilizing the very first International Payments very first payroll payment option is a fantastic preliminary step towards supplying a thorough payroll solution for staff members worldwide. Standardization, global processes, and lowering the variety of tools, platforms, and savings account required for global payroll are essential factors in accomplishing service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few complaints when things do not go as prepared. Eventually, we don’t do it for the thankfulness.
anyhow we know 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 also so think of sorry I’m just I was simply gon na state think of the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re talking about hundreds of thousands potentially Millions imagine getting that numerous thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an interesting job trying to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and in fact see what was going on and kind of try to return to everyone so proceeding appearance why do companies pick to primary separate checking account there are What Is Included With Papaya Global Payroll For Accountants organizations out there doing precisely this for particular nations and I’ve operated in a company or lots of businesses doing precisely that I can say it doesn’t constantly feel effective and it does develop more work I know we’re not purposely doing that we’re not creating extra work for any person where we do not need to and anyone that’s handling 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 think numerous reasons one is it’s the standard I think individuals have actually got so utilized to we require a new checking account we open an entity and appropriately so you need it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the standard and the norm the people have actually embraced and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and lots of other ways um to to type of do it so I believe there’s a variety I believe this is a procedure that requires looking at it requires altering but eventually people are really stuck with what they recognize
with best um modification is a difficult thing all of us do not like modification um so I think it’s just kind of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the advantages of having preserving several checking account but there’s a big amount of complexity chooses setting up a checking account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for individual people so the complexity is big however I think the truthful response is modification um people haven’t had the ability to change or have not had always the understanding to actually make that change into alternate Solutions besides opening a checking account I think you have actually struck the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter but we’ve always done it that way is no real reason for not taking a look at the the benefits and the possibilities of moving on and moving into you know what might practically be figured out to be the next Century approximately there is a lot to track and this method does pose numerous difficulties um so Johnny might you tell us about those difficulties yeah naturally so there’s a variety right there is so
I just recently made a modification 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 ability, I have actually effectively protected payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is closer, considering your accomplishments. What Is Included With Papaya Global Payroll For Accountants