Over the last 5 or six years …Does Papaya Global Handle Aca Reporting… roles on the company side and also on the vendor side from a payroll viewpoint so actually anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just give everyone another couple of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everyone originates from and I truly 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 extremely uninspiring and I wish I was elsewhere 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 taking a look at the challenge years of handling Global payroll why companies preserve different
Virtual payroll accounts are an alternative to standard checking account for managing payroll payments. This is especially useful for international companies with dispersed and remote labor forces, as it simplifies the intricate procedure of cross-border payments. Instead of keeping separate savings account for payroll in different nations, virtual accounts and digital wallets provide a more structured 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 strategic asset 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, effective, and timely payroll payments is a complex challenge for companies operating internationally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll savings account, find out how business forecast payroll costs to enhance working capital, and discover how streamlining international payroll payments can transform them from a difficult task into a tactical possession.
Managing payroll globally is a daunting job due to numerous regulations, compliance requirements, data security issues, and banking rules. The sheer number of employees and businesses adds to the intricacy, with an approximated 3.5 billion people in the global workforce, 500 million of whom remain in Africa, and 230 million companies worldwide.
Standard payroll systems typically result in manual procedures, information silos, and an absence of integration, causing inconsistencies and inefficiencies. In spite of residing in an age of technological advancements, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar objectives to supply insights and services to simplify and enhance global payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce data in real time that’s another number that gives me sleepless nights and rather frankly the more a service invests in global payroll the less of an image they see an absence of exposure likewise extends to payroll payments and inability to accurately track these payments can result in compliance accidents in the last mile of the deal almost half of global organizations have expressed 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 information data entry errors poorly communicated hires and terminations in addition to lack management and system setups and after that when you round it all off and the information is delivered to the wrong location the average cost of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the world payroll and payments don’t run efficiently if they depend on the required multiple procedures 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 business face when they’re paying to employees or otherwise that’s an excellent concern I always toss this back and say what is it what doesn’t require to be consisted of ideal 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 nation there’s payment time frames there’s payment abilities 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 customer’s own in-country account so there’s complexity wherever you look ideal eventually building a knowledge base is definitely crucial however everywhere you look with payroll payment they resemble super 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 definitely basic and technology is permitting us to type of progress with that it likewise as well to add to that payroll and financing require to work closer together um with varying Checking account Details varying banking requirements and setup procedures is definitely essential that payroll and financing teams work closer together than ever um I’m constantly impressed when individuals state I have actually split payroll and payment um if you stroll down the street and asked anyone 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 a market 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 data collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more important to add to kind of the level of intricacy there’s increasingly more advantages being organ or being offered by companies across the world so again you’re just wanting to include more and more payments to this already complex landscape so if you type of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of genuine difficulties or genuine challenging type of pay uses to play to pay people I believe yeah I imply over the last well yeah a number of years I would certainly state that the larger an organization 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 groups feeding details into the next function as it were that’s in fact handling the payment side of things however you understand in in my opinion and my experience that doesn’t always require to be the case you know long gone are the times where we need to develop extra 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 age of tech and an age that you know that we are operating in today there is no reason that we are still making this as hard as it needs to be concurred and rightly as you stated payroll is the single greatest liability that any organization 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 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 most significant damaging result on individuals’s well-being and many other factors if individuals aren’t paid uh I’ve constantly been impressed entering into this Market kind of the last five to 10 years is how little thanks the
payroll team get um so I’m not exactly sure anybody on this type 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 workers or not um however ultimately payroll is such an essential cycle we all hear about it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I think 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 important that all of this stuff is done correctly so leveraging the first International Payments very first payroll payment solution is an excellent primary step um supplying an end-to-end payroll solution for your staff members globally again I believe is another huge um procedure again aligning and guaranteeing you have standardization International processes all of those things are absolutely essential to success success of companies and reducing the variety of tools platforms and bank accounts they require for their International payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things have not gone rather where they’re implied to be um I do not believe any of us are actually doing that for for the thanks
anyway we understand how how crucial a function 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 everybody that’s associated with those procedures and also so envision sorry I’m just I was simply gon na say imagine the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions envision getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing job 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 attempt to check out them and really see what was going on and type of shot to get back to everybody so moving on look why do companies pick to main separate checking account there are Does Papaya Global Handle Aca Reporting businesses out there doing exactly this for particular nations and I’ve worked in a business or numerous businesses doing exactly that I can state it does not always feel efficient and it does create more work I understand we’re not intentionally doing that we’re not developing extra work for anybody where we do not need to and anybody that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe lots of reasons one is it’s the standard I think individuals have actually got so used to we require a brand-new checking account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have actually adopted 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 methods um to to type of do it so I think there’s a range I believe this is a procedure that needs taking a look at it requires altering but eventually individuals are really stuck with what they recognize
with best um change is a challenging thing we all do not like modification um so I think it’s simply kind of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the advantages of having maintaining numerous bank accounts but there’s a big quantity of intricacy opts for establishing a checking account maintaining it ensuring it can send International transfers ensuring it’s set up with the right user accesses for private people so the intricacy is substantial however I think the honest response is modification um individuals haven’t had the ability to change or have not had always the understanding to actually make that change into alternate Solutions aside from opening a bank account I believe you have actually struck the nail on the head I believe it is understanding you know and there is an element of resistance to alter however we’ve always done it that way is no real reason for not looking at the the benefits and the possibilities of moving on and moving into you know what might nearly be determined to be the next Century or so there is a lot to track and this technique does posture numerous obstacles um so Johnny might you tell us about those obstacles yeah of course so there’s a variety right there is so
I 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 seems like our CFO has actually acquired another CFO, and with this improved ability, I have actually successfully secured payments for our 10,000 employees worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is more detailed, considering your achievements. Does Papaya Global Handle Aca Reporting