Over the last five or six years …Does Papaya Global Payroll Pay Unemployment Taxes… roles on the supplier side and likewise on the vendor side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply give everybody another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everyone is um it’s nice to to type 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 sunshine is it it’s not no it’s it’s drizzling here it’s really very bleak and I wish I was elsewhere at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be looking at the difficulty years of managing International payroll why business keep different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts streamlining papaya International payroll payments as a tactical property uh we’ll likewise discuss a wrap-up and that needs to leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become a growing number of typical and managing them becomes increasingly more complex International companies are seeking to find Solutions and brand-new methods to improve processes particularly from a payroll and cross-border payment viewpoint numerous companies keep separate savings account just for payroll while some have several accounts in different countries does it make sense for companies to maintain different checking account often in various nations it does but just for payroll exists a better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping multinational business simplify the episode complex processes of
Ensuring accurate, efficient, and prompt payroll payments is a complex challenge for companies operating globally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll bank accounts, learn how companies forecast payroll costs to optimize working capital, and discover how enhancing worldwide payroll payments can change them from a troublesome task into a strategic possession.
Handling payroll internationally is an overwhelming job due to various policies, compliance requirements, information security issues, and banking rules. The large number of employees and services adds to the complexity, with an estimated 3.5 billion people in the global labor force, 500 countless whom remain in Africa, and 230 million services worldwide.
Conventional payroll systems often lead to manual processes, information silos, and an absence of integration, causing disparities and inadequacies. In spite of living in a period of technological advancements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar objectives to supply insights and services to simplify and optimize international payroll payments.
about it to give 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 honestly the more a service spends on global payroll the less of an image they see an absence of presence also extends to payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the deal almost half of global companies have actually revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM information data entry errors improperly communicated hires and terminations along with absence management and system configurations and after that when you round it all off and the information is delivered to the wrong place the typical expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments don’t run efficiently if they count on the essential numerous procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges organization face when they’re paying to staff members or otherwise that’s a great question I constantly throw this back and say what is it what does not need to be included best and what does
it require to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s intricacy any place you look best eventually developing a knowledge base is absolutely crucial but everywhere you look with payroll payment they are like incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is allowing us to kind of progress with that it also too to contribute to that payroll and finance need to work closer together um with differing Bank Account Details varying banking requirements and setup processes is absolutely crucial that payroll and financing teams work more detailed together than ever um I’m constantly amazed when people state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from calculation 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 process it’s the point of information collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world positions a high worth on well-being and the settlement landscape is becoming increasingly intricate. Businesses are continually presenting brand-new benefits and payment options, which contributes to the total complexity. Big corporations frequently divide their payroll and payment processing into separate groups, which can result in ineffectiveness and traffic jams. In my viewpoint, this doesn’t need to be the case. In today’s highly innovative era, there’s no justification for keeping troublesome procedures. Payroll, the company’s greatest expenditure, should be processed properly and on time. Even minor delays can adversely affect employees’ well-being and have significant consequences. Therefore, it’s vital to prioritize accurate and timely payments.
payroll team get um so I’m uncertain anyone on this type of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such a crucial cycle all of us become aware of it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I believe 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 essential that all of this stuff is done properly so leveraging the first Global Payments first payroll payment option is a fantastic first step um offering an end-to-end payroll solution for your workers globally again I think is another big um process once again aligning and ensuring you have standardization Worldwide procedures all of those things are absolutely crucial to success success of services and reducing the variety of tools platforms and bank accounts they require for their Global 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 do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the grievances where things have not gone quite where they’re meant to be um I don’t think any of us are in fact doing that for for the thanks
anyway we understand how how important 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 simple as possible for everyone that’s associated with those processes and also so picture sorry I’m simply I was simply gon na state picture the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions imagine getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting job trying to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to look through them and really see what was going on and kind of shot to get back to everybody so carrying on appearance why do business choose to main different savings account there are Does Papaya Global Payroll Pay Unemployment Taxes companies out there doing precisely this for specific nations and I’ve operated in an organization or many organizations doing exactly that I can state it does not constantly feel efficient and it does develop more work I know we’re not intentionally doing that we’re not creating extra work for anybody where we do not need to and any person that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you think 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 used to we need a new savings account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm the people have adopted and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and numerous other methods um to to type of do it so I believe there’s a variety I think this is a process that requires taking a look at it needs changing but eventually people are extremely stuck with what they recognize
with right um change is a hard thing we all do not like modification um so I think it’s simply type of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the benefits of having maintaining numerous bank accounts however there’s a substantial quantity of complexity opts for setting up a checking account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for private individuals so the complexity is big however I believe the honest response is modification um individuals have not been able to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions other than opening a savings account I think you have actually hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter however we’ve always done it that way is no genuine reason for not looking at the the benefits and the possibilities of moving on and moving into you know what could nearly be determined to be the next Century or so there is a lot to keep an eye on and this technique does posture numerous obstacles um so Johnny might you inform us about those difficulties yeah naturally so there’s a variety right there is so
I just did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global workers you deserve a corner office with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you Does Papaya Global Payroll Pay Unemployment Taxes