Over the last 5 or six years …Log In To Papaya Global Services – Employee… roles on the provider side and likewise on the vendor side from a payroll viewpoint so actually anticipating this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply give everyone another couple of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I truly do hope it’s much sunnier than it is 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 wish I was elsewhere at this moment in time okay 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 managing Worldwide payroll why companies keep different
Virtual payroll accounts are an alternative to standard bank accounts for managing payroll payments. This is especially useful for worldwide companies with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of maintaining different savings account for payroll in various countries, virtual accounts and digital wallets use a more structured option. 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 recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively firmly and on time throughout this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how business properly forecast their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in sufficient in one country however when you’re doing it globally it’s next level and Beyond it becomes complicated for a range of factors most significantly policies compliance information security and banking rules then there are the sheer numbers they include further intricacy the worldwide Labor force is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing worldwide in the conventional payroll model there’s typically a frustrating number of various systems causing time-consuming manual processes and silos the variety of Integrations could be non-existent in large quantities and or extremely really fundamental there’s no real consistency framework we’re residing in a period of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that simply blows my mind each time I I believe
about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Workforce information in real time that’s another number that offers me sleep deprived nights and rather honestly the more a business spends on worldwide payroll the less of an image they see a lack of exposure also extends to payroll payments and inability to precisely track these payments can cause compliance accidents in the last mile of the deal almost half of worldwide organizations have actually revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry errors improperly communicated hires and terminations along with absence management and system configurations and then when you round all of it off and the data is shipped to the wrong place the average cost of a global 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 globe payroll and payments don’t run smoothly if they depend on the essential several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles organization face when they’re paying to staff members or otherwise that’s a good question I always throw this back and say what is it what doesn’t need to be included best and what does
it require 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 amount of time there’s payment capabilities 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 intricacy anywhere you look right eventually developing a knowledge base is definitely critical however everywhere you look with payroll payment they are like extremely payments no if however some babies 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 think there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is permitting us to type of progress with that it likewise also to add to that payroll and finance require to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is absolutely vital that payroll and financing teams work closer together than ever um I’m always amazed when individuals state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so frequently 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 likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world positions a high value on wellness and the compensation landscape is becoming significantly detailed. Services are continually presenting new benefits and payment options, which contributes to the general complexity. Big corporations frequently divide their payroll and payment processing into different teams, which can lead to ineffectiveness and traffic jams. In my opinion, this doesn’t need to be the case. In today’s technologically innovative period, there’s no validation for keeping cumbersome treatments. Payroll, the business’s greatest expense, should be processed properly and on time. Even small delays can adversely impact employees’ well-being and have far-reaching effects. For that reason, it’s crucial to focus on accurate and prompt payments.
payroll team get um so I’m not exactly sure anybody on this kind of webinar has 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 workers or not um but eventually payroll is such a crucial cycle we all find out about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely important that all of this stuff is done properly so leveraging the very first Global Payments first payroll payment option is a great initial step um providing an end-to-end payroll service for your workers worldwide once again I think is another big um procedure once again aligning and guaranteeing you have standardization Worldwide processes all of those things are definitely crucial to success success of companies and lowering the variety of tools platforms and bank accounts they require for their International payroll too couldn’t 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 do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things have not gone quite where they’re indicated to be um I don’t believe any of us are actually doing that for for the thanks
anyhow we know how how important 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 easy as possible for everyone that’s involved in those procedures and likewise so imagine sorry I’m simply I was simply gon na say envision 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 speaking about numerous thousands possibly Millions envision getting that many thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting task attempting to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and actually see what was going on and type of shot to return to everybody so proceeding look why do business select to primary separate checking account there are Log In To Papaya Global Services – Employee businesses out there doing exactly this for specific countries and I’ve worked in an organization or many services doing exactly that I can say it does not always feel efficient and it does create more work I know we’re not purposely doing that we’re not producing additional work for anyone where we don’t have 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 quantity that we are I believe numerous reasons one is it’s the requirement I think people have 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 believe it’s simply been the standard and the norm individuals have embraced and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a variety I think this is a procedure that requires looking at it requires altering however ultimately individuals are really stuck with what they’re familiar
with best um modification is a tough thing we all don’t like modification um so I think it’s just kind of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand undoubtedly the benefits of having maintaining several savings account however there’s a substantial quantity of intricacy goes with setting up a bank account keeping it ensuring it can send International transfers guaranteeing it’s established with the ideal user accesses for specific individuals so the intricacy is substantial however I think the sincere response is change um people have not had the ability to alter or haven’t had necessarily the understanding to actually make that change into alternate Solutions besides opening a checking account I think you have actually struck the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter but we’ve constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of moving on and moving into you know what could nearly be identified to be the next Century approximately there is a lot to keep an eye on and this approach does present numerous obstacles um so Johnny might you tell us about those challenges yeah of course so there’s a range right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has actually gotten another CFO, and with this enhanced capability, I have actually successfully secured payments for our 10,000 workers worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is better, considering your achievements. Log In To Papaya Global Services – Employee