Over the last 5 or 6 years …How Do You Make An Employee Inactive In Papaya Global Payroll… functions on the provider side and likewise on the vendor side from a payroll perspective so really looking forward to this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just offer everybody another couple of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everybody comes from and I truly do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really extremely uninspiring and I wish I was somewhere else at this moment in time fine so let’s start our program for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why companies maintain separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts streamlining papaya International payroll payments as a strategic property uh we’ll likewise discuss a wrap-up and that ought to leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces become a growing number of common and managing them becomes increasingly more complex Global organizations are aiming to find Solutions and brand-new ways to improve procedures particularly from a payroll and cross-border payment perspective numerous companies preserve separate bank account just for payroll while some have numerous accounts in different countries does it make sense for companies to preserve separate bank accounts in some cases in various nations it does however just for payroll exists a better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international companies streamline the episode complex procedures of
Guaranteeing accurate, efficient, and prompt payroll payments is a complex obstacle for companies operating worldwide. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll checking account, discover how business forecast payroll costs to enhance working capital, and find how streamlining international payroll payments can change them from a troublesome job into a strategic property.
Managing payroll globally is a challenging job due to different policies, compliance requirements, information security concerns, and banking guidelines. The sheer variety of workers and organizations adds to the intricacy, with an approximated 3.5 billion individuals in the international workforce, 500 million of whom remain in Africa, and 230 million companies worldwide.
Traditional payroll systems typically lead to manual procedures, information silos, and an absence of combination, resulting in disparities and inefficiencies. Despite residing in an age of technological advancements, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar goals to provide insights and solutions to simplify and enhance worldwide payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force data in real time that’s another number that gives me sleep deprived nights and rather honestly the more an organization invests in worldwide payroll the less of a photo they see an absence of visibility likewise reaches payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the transaction nearly half of worldwide businesses have expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM data data entry mistakes poorly communicated hires and terminations along with absence management and system setups and then when you round it all off and the data is shipped to the wrong location the typical expense of an international 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 depend on the essential multiple processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties organization face when they’re paying to workers or otherwise that’s an excellent question I always toss this back and say what is it what does not need to be consisted of right and what does
it require to be thought about 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 need to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s complexity anywhere you look right eventually building a knowledge base is definitely crucial however everywhere you look with payroll payment they resemble extremely payments no if however some children about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely essential and technology is allowing us to sort of move forward with that it likewise also to add to that payroll and finance require to work closer together um with differing Bank Account Details differing banking requirements and setup procedures is absolutely essential that payroll and financing groups work closer together than ever um I’m always amazed when individuals say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they split 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 procedure it’s the point of information collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of important to contribute to sort of the level of complexity there’s increasingly more advantages being organ or being used by organizations across the world so once again you’re just looking to add more and more payments to this already complicated landscape so if you kind of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of real challenges or real tough kind of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a number of years I would definitely state that the bigger a service gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are teams feeding information into the next function as it were that’s actually managing 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 understand long gone are the times where we need to produce additional handoffs in the processes that we operate in they simply make them more timely 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 working in today there is no reason we are still making this as challenging as it requires to be concurred and appropriately as you stated payroll is the single biggest liability that any service has from an expense perspective from an effect point of view on workers it is absolutely important that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the biggest harmful result on people’s well-being and many other factors if people aren’t paid uh I’ve always been astonished coming into this Market kind of the last 5 to ten years is how little thanks the
The payroll team may not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and individuals only see when things fail. However, when things go right, it’s seen as just a regular task. This is how it’s perceived externally also. Therefore, it is vital to make sure that tasks like Wi-Fi International and other important matters are done properly. Using the very first Global Payments first payroll payment option is a great preliminary step towards offering a comprehensive payroll solution for employees worldwide. Standardization, global processes, and lowering the variety of tools, platforms, and bank accounts essential for global payroll are key factors in accomplishing company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of problems when things don’t go as planned. Eventually, we do not do it for the thankfulness.
anyhow we know how how essential 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 simple as possible for everybody that’s associated with those processes and also so envision sorry I’m simply I was just gon na say picture the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands possibly Millions think of getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating job trying to clean all those up for sure oh definitely 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 browse them and really see what was going on and kind of try to return to everyone so carrying on appearance why do companies select to main separate checking account there are How Do You Make An Employee Inactive In Papaya Global Payroll companies out there doing precisely this for specific countries and I have actually worked in a business or many services doing precisely that I can say it does not always feel effective and it does create more work I understand we’re not deliberately doing that we’re not producing extra work for anyone 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 think many factors one is it’s the requirement I think people have actually got so utilized to we require a new bank account we open an entity and appropriately so you require 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 passed by to add to that people have looked at things like trust accounts and numerous other ways um to to type of do it so I believe there’s a range I believe this is a process that requires looking at it requires changing but eventually individuals are really stuck to what they’re familiar
with right um modification is a hard thing we all don’t like modification um so I think it’s just sort of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend obviously the benefits of having keeping multiple checking account but there’s a huge quantity of complexity chooses establishing a checking account preserving it ensuring it can send out International transfers guaranteeing it’s established with the best user accesses for individual individuals so the intricacy is big however I believe the honest response is modification um individuals have not had the ability to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions besides opening a bank account I believe you’ve struck the nail on the head I think it is understanding you know and there is an aspect of resistance to alter however 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 could practically be figured out to be the next Century or two there is a lot to keep track of and this method does pose a number of difficulties um so Johnny could you inform us about those difficulties yeah of course so there’s a variety right there is so
I simply did you changed 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 Global workers you are worthy of a corner office with a more detailed parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you How Do You Make An Employee Inactive In Papaya Global Payroll