Over the last five or 6 years …How To Submit An Eps On Papaya Global… roles on the service provider side and likewise on the vendor side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just give everybody another number of uh well one of the 30 seconds approximately to join we all 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 everybody is um it’s nice to to kind of like see where everybody comes from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really extremely gloomy and I wish I was elsewhere at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why business preserve separate
Virtual payroll accounts are an option to traditional checking account for managing payroll payments. This is particularly helpful for worldwide companies with dispersed and remote workforces, as it simplifies the complex 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 explore the benefits of using virtual payroll accounts and talk about why they are becoming a strategic possession for payroll executives. We will likewise offer a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively securely and on time throughout this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how companies properly anticipate their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in adequate in one country however when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a variety of reasons most notably guidelines compliance data security and banking guidelines then there are the sheer numbers they include more complexity the international Workforce is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the world in the traditional payroll design there’s frequently an overwhelming variety of various systems leading to lengthy manual procedures and silos the variety of Combinations could be non-existent in large amounts and or really very basic there’s no genuine consistency framework we’re living in an age of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply blows my mind every time I I believe
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of services state they have Labor force information in real time that’s another number that gives me sleep deprived nights and rather honestly the more an organization invests in global payroll the less of an image they see a lack of presence likewise encompasses payroll payments and failure to precisely track these payments can cause compliance accidents in the last mile of the transaction nearly half of global businesses have revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM data information entry errors improperly interacted hires and terminations in addition to lack management and system configurations and then when you round it all off and the data is delivered to the incorrect location the typical expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world payroll and payments do not run smoothly if they count on the needed several 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 organization face when they’re making payments to workers or otherwise that’s an excellent question I always toss this back and say what is it what doesn’t require to be consisted of ideal and what does
it need to be thought of there’s varying 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 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 client’s own in-country account so there’s intricacy anywhere you look right ultimately constructing a knowledge base is absolutely important but everywhere you look with payroll payment they are like super payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely fundamental and technology is enabling us to kind of move forward with that it also too to contribute to that payroll and finance require to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is definitely important that payroll and financing teams work better together than ever um I’m always impressed when people state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so typically 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 individuals wherever they are but also paying statutory authorities and on statutory third parties so with the
The contemporary world puts a high worth on well-being and the compensation landscape is becoming significantly detailed. Businesses are continuously presenting new benefits and payment choices, which contributes to the general intricacy. Large corporations frequently divide their payroll and payment processing into separate groups, which can result in inadequacies and traffic jams. In my opinion, this doesn’t need to hold true. In today’s highly advanced period, there’s no reason for keeping troublesome treatments. Payroll, the business’s most significant cost, must be processed properly and on time. Even slight delays can adversely affect staff members’ well-being and have significant repercussions. For that reason, it’s vital to focus on accurate and timely payments.
payroll team get um so I’m not sure anybody on this sort of webinar has been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such a crucial 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 view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely vital that all of this stuff is done properly so leveraging the very first International Payments very first payroll payment option is an excellent first step um offering an end-to-end payroll service for your workers internationally once again I believe is another big um procedure again aligning and guaranteeing you have standardization International processes all of those things are absolutely essential to success success of businesses and lowering the variety of tools platforms and bank accounts they need for their International payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the problems where things have not gone rather where they’re meant to be um I do not think any of us are actually doing that for for the thanks
anyhow we know 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 involved in those procedures and likewise so think of sorry I’m simply I was just gon na state imagine the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re speaking about hundreds of thousands possibly Millions picture getting that many thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting task attempting 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 browse them and actually see what was going on and kind of shot to return to everybody so proceeding appearance why do companies pick to main different checking account there are How To Submit An Eps On Papaya Global companies out there doing precisely this for particular countries and I’ve operated in a business or numerous organizations doing exactly that I can say it does not always feel effective and it does develop more work I understand we’re not deliberately doing that we’re not producing additional work for anybody where we don’t need to and any person that’s dealing with 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 amount that we are I think lots of factors one is it’s the standard I think people have actually got so used to we require a brand-new bank account we open an entity and rightly so you need 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 requirement and the standard 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 many other methods um to to kind of do it so I think there’s a variety I think this is a process that requires taking a look at it requires changing however ultimately people are extremely stuck to what they’re familiar
with ideal um modification is a tough thing all of us don’t like change um so I believe it’s simply sort of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the advantages of having preserving multiple savings account however there’s a big amount of intricacy goes with setting up a savings account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the right user accesses for individual people so the complexity is big but I think the truthful response is change um individuals haven’t been able to change or haven’t had necessarily the knowledge 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 think it is knowledge you know and there is an aspect of resistance to alter but we have actually always done it that way is no genuine reason for not looking at the the advantages and the possibilities of carrying on and moving into you know what might nearly be figured out to be the next Century approximately there is a lot to monitor and this approach does pose several obstacles um so Johnny might you tell us about those challenges yeah obviously so there’s a range right there is so
I just did you switched our Enterprise 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 Global staff members you should have a corner workplace with a closer parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you How To Submit An Eps On Papaya Global