Over the last 5 or 6 years …How To Pay Sick Time In Papaya Global Payroll… functions on the supplier side and also on the supplier side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just provide everybody another number of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everyone 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 remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very very gloomy and I want I was elsewhere at this moment in time all right so let’s start 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 keep different
Virtual payroll accounts are an option to conventional checking account for handling payroll payments. This is particularly helpful for global organizations with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of keeping different savings account for payroll in different countries, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are ending up being a strategic property for payroll executives. We will likewise provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently safely and on time during this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll bank account how business precisely forecast their payroll expenses to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in sufficient in one nation but when you’re doing it globally it’s next level and Beyond it becomes intricate for a range of factors most notably guidelines compliance information security and banking rules then there are the large numbers they add further complexity the global Labor force 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 globe in the traditional payroll design there’s frequently an overwhelming number of various systems leading to time-consuming manual processes and silos the number of Combinations could be non-existent in big amounts and or really extremely fundamental there’s no genuine consistency framework we’re residing in an age of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that just blows my mind each time I I believe
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of services say they have Workforce data in real time that’s another number that offers me sleepless nights and rather honestly the more a company invests in global payroll the less of an image they see a lack of visibility likewise reaches payroll payments and failure to properly track these payments can result in compliance mishaps in the last mile of the transaction nearly half of worldwide services have actually expressed 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 information data entry errors poorly interacted hires and terminations as well as lack management and system setups and then when you round everything off and the data is delivered to the incorrect place the typical cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash all over the world payroll and payments don’t run efficiently if they depend on the essential several procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges service face when they’re paying to staff members or otherwise that’s an excellent concern I always throw this back and say what is it what does not require to be consisted of ideal and what does
it require to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment amount of time 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 anywhere you look ideal ultimately building a knowledge base is absolutely vital but all over you look with payroll payment they are like super payments no if but some children about it you are all superheroes processing payments for payroll if you look at the kind 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 fundamental and technology is permitting us to sort of progress with that it also as well to add to that payroll and financing need to work closer together um with varying Bank Account Particulars varying banking requirements and setup procedures is absolutely imperative that payroll and financing teams work better together than ever um I’m always astonished when individuals state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so often 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 wherever they are but likewise paying statutory authorities and on statutory third parties so with the
The modern world places a high value on wellness and the settlement landscape is becoming progressively intricate. Services are continually introducing new benefits and payment alternatives, which adds to the overall intricacy. Big corporations frequently divide their payroll and payment processing into different teams, which can result in inadequacies and bottlenecks. In my viewpoint, this doesn’t need to hold true. In today’s technologically sophisticated period, there’s no justification for keeping troublesome procedures. Payroll, the business’s biggest cost, must be processed correctly and on time. Even slight hold-ups can adversely impact staff members’ well-being and have far-reaching consequences. Therefore, it’s vital to focus on accurate and timely payments.
payroll group get um so I’m uncertain anyone on this type of webinar has been told 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 employees or not um however ultimately payroll is such an essential cycle all of us become aware of it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout 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 absolutely vital that all of this stuff is done properly so leveraging the very first Global Payments first payroll payment solution is a great primary step um offering an end-to-end payroll service for your employees globally again I believe is another substantial um procedure once again aligning and ensuring you have standardization International processes all of those things are absolutely crucial to success success of organizations and lowering the number of tools platforms and savings account 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’ve never ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things haven’t 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
anyhow we understand 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 simple as possible for everyone that’s involved in those processes and likewise so imagine sorry I’m just I was simply gon na state think of the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re discussing hundreds of thousands potentially Millions picture getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an intriguing job trying to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to look through them and really see what was going on and type of try to return to everybody so moving on look why do business pick to primary separate savings account there are How To Pay Sick Time In Papaya Global Payroll services out there doing precisely this for particular countries and I’ve worked in a company or lots of businesses doing precisely that I can say it doesn’t always feel efficient and it does create more work I know we’re not intentionally doing that we’re not creating additional work for anybody where we don’t need to and anybody that’s managing 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 believe many reasons one is it’s the standard I think people have got so utilized to we need a brand-new checking account we open an entity and rightly so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the norm the people have actually embraced and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and lots of other ways um to to kind of do it so I believe there’s a range I think this is a process that requires looking at it requires changing but ultimately people are very stuck with what they recognize
with right um modification is a tough thing all of us do not like modification um so I believe it’s just kind of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the benefits of having keeping multiple checking account but there’s a substantial amount of intricacy goes with setting up a savings account keeping it ensuring it can send International transfers ensuring it’s established with the best user accesses for individual people so the intricacy is huge however I think the sincere answer is modification um people haven’t been able to change or have not had always the knowledge to actually make that change into alternate Solutions besides opening a checking account I believe you’ve hit the nail on the head I think it is knowledge you know and there is a component of resistance to change however we have actually constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you understand what could nearly be determined to be the next Century or two there is a lot to monitor and this technique does posture several challenges um so Johnny could you tell us about those challenges yeah of course so there’s a variety right there is so
I just did you switched our Business 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 International workers you should have a corner office with a closer parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you How To Pay Sick Time In Papaya Global Payroll