Over the last five or 6 years …How Do I Hide Old Employees In Papaya Global Cloud… functions on the supplier side and also on the supplier side from a payroll perspective so really eagerly anticipating this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just provide 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 sort of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everyone originates from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very very bleak and I wish I was elsewhere at this moment in time all right so let’s get going our program for today is as follows um we are going to be taking a look at the difficulty years of handling Worldwide payroll why companies keep different
Virtual payroll accounts are an option to conventional checking account for managing payroll payments. This is especially beneficial for international companies with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of keeping different savings account for payroll in various countries, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are ending up being a strategic 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.
Ensuring precise, efficient, and prompt payroll payments is a complex challenge for businesses running internationally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll bank accounts, discover how companies forecast payroll expenses to enhance working capital, and find how enhancing global payroll payments can change them from a burdensome task into a tactical possession.
Handling payroll worldwide is an overwhelming job due to different policies, compliance requirements, information security issues, and banking guidelines. The large variety of employees and businesses contributes to the complexity, with an estimated 3.5 billion individuals in the global workforce, 500 countless whom remain in Africa, and 230 million services worldwide.
Conventional payroll systems typically result in manual processes, data silos, and an absence of integration, leading to disparities and inadequacies. Regardless of living in a period of technological developments, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar goals to provide insights and services to streamline and optimize international payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force data in real time that’s another number that provides me sleepless nights and quite frankly the more a business invests in global payroll the less of a photo they see a lack of presence likewise extends to payroll payments and inability to precisely track these payments can result in compliance mishaps in the last mile of the deal nearly half of global companies have revealed that they do not 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 poor HCM data information entry errors badly communicated hires and terminations along with absence management and system setups and then when you round it all off and the data is delivered to the incorrect place the average expense of an international 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 do not run smoothly if they depend on the essential numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties organization face when they’re making payments to employees or otherwise that’s a great question I always throw this back and say what is it what doesn’t require to be included right and what does
it need to be thought about 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 have to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s intricacy any place you look right eventually building 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 type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely basic and technology is enabling us to kind of move forward with that it also also to contribute to that payroll and financing require to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is definitely imperative that payroll and finance groups work closer together than ever um I’m always astonished when people state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they split the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being increasingly more essential to contribute to kind of the level of complexity there’s a growing number of advantages being organ or being offered by businesses throughout the world so once again you’re just seeking to add 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 make sure but have you got any experience in kind of genuine difficulties or real challenging kind of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a couple of years I would definitely say that the larger 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 info into the next function as it were that’s really handling the payment side of things but you know in in my viewpoint and my experience that doesn’t always need to be the case you know long gone are the times where we need to develop extra handoffs at the same times that we run 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 a period of tech and an era that you understand that we are operating in today there is no reason we are still making this as hard as it requires to be concurred and rightly as you said payroll is the single most significant liability that any service has from an expense point of view from an impact perspective on staff members it is definitely critical that it’s done properly and on time so what we mean 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 destructive result on people’s well-being and lots of other factors if people aren’t paid uh I’ve always been surprised coming into this Market type of the last 5 to ten years is how little thanks the
The payroll team 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 staff members or not. Payroll is an important cycle, and people just notice when things fail. Nevertheless, when things go right, it’s viewed as just a routine job. This is how it’s viewed externally also. Therefore, it is important to make sure that tasks like Wi-Fi International and other crucial matters are done correctly. Using the very first International Payments first payroll payment service is a terrific initial step towards offering an extensive payroll solution for employees worldwide. Standardization, global processes, and lowering the number of tools, platforms, and savings account needed for global payroll are key consider attaining company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few grievances when things do not go as planned. Ultimately, we don’t do it for the appreciation.
anyhow we understand how how important 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 easy as possible for everybody that’s involved in those processes and likewise so picture sorry I’m simply I was just gon na state think of the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions envision getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting job trying to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and actually see what was going on and type of shot to get back to everyone so moving on look why do business choose to main separate savings account there are How Do I Hide Old Employees In Papaya Global Cloud organizations out there doing precisely this for specific nations and I have actually operated in a company or many companies doing precisely that I can say it does not constantly feel efficient and it does develop more work I understand we’re not purposely doing that we’re not developing extra work for anyone where we don’t have to and anybody that’s dealing with that procedure 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 think many factors one is it’s the requirement I believe people have actually got so utilized to we need a brand-new savings account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the norm individuals have embraced and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and many other methods um to to type of do it so I believe there’s a range I think this is a procedure that needs taking a look at it requires altering but eventually people are really stuck to what they’re familiar
with best um modification is a difficult thing all of us don’t like modification um so I think it’s simply type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand obviously the benefits of having preserving multiple bank accounts however there’s a substantial quantity of intricacy goes with establishing a savings account maintaining it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for private people so the complexity is substantial however I believe the honest response is modification um people have not had the ability to change or have not had necessarily the knowledge to really make that change into alternate Solutions besides opening a checking account I believe you’ve struck the nail on the head I think it is understanding you understand and there is an element of resistance to change but we’ve always done it that way is no real excuse for not looking at the the advantages and the possibilities of carrying on and moving into you understand what might practically be identified to be the next Century or two there is a lot to monitor and this method does posture numerous obstacles um so Johnny could you tell us about those obstacles yeah obviously so there’s a range right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has gotten another CFO, and with this improved capability, I have actually effectively protected payments for our 10,000 employees worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is better, considering your achievements. How Do I Hide Old Employees In Papaya Global Cloud