Over the last five or six years …Georgia Power Of Attorney Papaya Global… functions on the provider side and also on the vendor side from a payroll viewpoint so truly looking forward to this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply provide everybody another number of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everybody originates from and I actually 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 extremely really gloomy and I want I was elsewhere at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why business maintain separate
Virtual payroll accounts are an option to standard savings account for handling payroll payments. This is especially beneficial for global companies with dispersed and remote workforces, as it streamlines the complicated process of cross-border payments. Instead of keeping separate checking account for payroll in different nations, virtual accounts and digital wallets provide a more structured option. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a strategic property for payroll executives. We will likewise provide a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly effectively securely and on time during this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll savings account how companies properly forecast their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in sufficient in one nation however when you’re doing it globally it’s next level and Beyond it becomes complicated for a range of factors most significantly regulations compliance data security and banking guidelines then there are the large numbers they include further complexity the worldwide Labor force is presently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing worldwide in the conventional payroll model there’s typically an overwhelming variety of various systems resulting in lengthy manual procedures and silos the variety of Combinations could be non-existent in large quantities and or very extremely fundamental there’s no real consistency framework we’re living in an era 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 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 companies say they have Workforce information in real time that’s another number that provides me sleepless nights and rather honestly the more a service spends on global payroll the less of a photo they see an absence of exposure also extends to payroll payments and inability to precisely track these payments can result in compliance incidents in the last mile of the transaction nearly half of global services have 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 bad HCM data information entry errors inadequately communicated hires and terminations in addition to lack management and system setups and after that when you round everything off and the information is shipped to the wrong location the average cost of a global 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 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 challenges company face when they’re making payments to employees or otherwise that’s a good question I always throw this back and state what is it what doesn’t require to be included ideal and what does
it require to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment abilities 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 client’s own in-country account so there’s intricacy anywhere you look ideal ultimately developing a knowledge base is absolutely vital however everywhere you look with payroll payment they resemble super payments no if however some babies about it you are all superheroes processing payments for payroll if you 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 enabling us to sort of move on with that it also as well to add to that payroll and financing require to work closer together um with varying Checking account Particulars varying banking requirements and setup procedures is definitely vital that payroll and finance teams work more detailed together than ever um I’m constantly surprised when people state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation 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 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 people wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high value on well-being and the payment landscape is ending up being progressively elaborate. Services are constantly presenting brand-new advantages and payment options, which adds to the overall complexity. Large corporations frequently divide their payroll and payment processing into separate teams, which can result in ineffectiveness and traffic jams. In my viewpoint, this does not need to hold true. In today’s highly innovative era, there’s no justification for keeping cumbersome procedures. Payroll, the company’s most significant cost, should be processed correctly and on time. Even small hold-ups can adversely impact workers’ wellness and have far-reaching effects. Therefore, it’s critical to prioritize accurate and timely payments.
The payroll group may not have been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and people only observe when things go wrong. However, when things go right, it’s viewed as simply a routine task. This is how it’s perceived externally too. Therefore, it is important to ensure that tasks like Wi-Fi Global and other crucial matters are done properly. Utilizing the first International Payments first payroll payment solution is a fantastic initial action towards supplying a comprehensive payroll service for staff members worldwide. Standardization, international processes, and reducing the number of tools, platforms, and checking account essential for worldwide payroll are essential consider accomplishing service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of problems when things don’t go as planned. Eventually, we don’t do it for the appreciation.
anyhow we understand 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 everybody that’s involved in those processes and also 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 amount of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions imagine getting that many thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an intriguing job attempting to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and really see what was going on and type of try to get back to everyone so carrying on look why do companies choose to main separate checking account there are Georgia Power Of Attorney Papaya Global organizations out there doing precisely this for specific nations and I have actually operated in a business or many companies doing exactly that I can say it doesn’t always feel effective and it does create more work I understand we’re not intentionally doing that we’re not producing additional work for anybody where we do not have to and anyone that’s handling 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 think lots of reasons one is it’s the requirement I believe individuals have actually got so used to we require a brand-new savings account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have actually adopted and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and many other methods um to to sort of do it so I believe there’s a range I believe this is a process that requires taking a look at it needs changing however ultimately people are extremely stuck with what they recognize
with best um modification is a hard thing all of us don’t like modification um so I believe it’s just sort of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the benefits of having preserving multiple bank accounts however there’s a big amount of intricacy goes with establishing a bank account preserving it guaranteeing it can send International transfers ensuring it’s set up with the right user accesses for specific individuals so the complexity is huge but I believe the honest response is change um people have not been able to alter or haven’t had always the knowledge to truly make that change into alternate Solutions other than opening a bank account I think you have actually hit the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to change however we’ve always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what could nearly be figured out to be the next Century or so there is a lot to track and this method does posture numerous obstacles um so Johnny could you inform us about those challenges yeah of course so there’s a range right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has actually gotten another CFO, and with this enhanced capability, I have effectively protected payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is closer, considering your achievements. Georgia Power Of Attorney Papaya Global