Over the last five or 6 years …How To Cancel Papaya Global Payroll Enhanced… roles on the company side and also on the vendor side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everyone originates 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 very very dreary and I wish I was somewhere else at this moment in time all right so let’s start our program for today is as follows um we are going to be looking at the difficulty years of handling International payroll why business keep separate
Virtual payroll accounts are an option to standard bank accounts for managing payroll payments. This is particularly useful for worldwide organizations with dispersed and remote workforces, as it simplifies the intricate procedure of cross-border payments. Instead of maintaining different checking account for payroll in different nations, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are becoming a strategic possession for payroll executives. We will also offer a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively safely and on time during this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll savings account how companies properly forecast their payroll expenses to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in sufficient in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a range of reasons most notably regulations compliance data security and banking guidelines then there are the sheer numbers they include additional complexity the international Labor force is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 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 worldwide in the standard payroll model there’s typically an overwhelming number of different systems leading to lengthy manual processes and silos the number of Integrations could be non-existent in large amounts and or really extremely basic there’s no genuine consistency framework we’re living in a period of tech however payroll has actually 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 whenever I I think
about it to give you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force information in real time that’s another number that provides me sleepless nights and rather frankly the more a business spends on worldwide payroll the less of a photo they see an absence of exposure likewise encompasses payroll payments and inability to precisely track these payments can cause compliance mishaps in the last mile of the deal almost half of worldwide services have revealed 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 because of time reporting bad HCM information data entry errors inadequately interacted hires and terminations as well as absence management and system setups and after that when you round everything off and the information is delivered to the incorrect place the typical cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money all over the world payroll and payments do not run smoothly if they count on the needed 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 obstacles business face when they’re paying to staff members or otherwise that’s an excellent concern I always throw this back and state what is it what does not require to be consisted of ideal and what does
it require to be thought of there’s differing Bank information 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 have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity any place you look best eventually developing a knowledge base is absolutely crucial however all over you look with payroll payment they resemble very payments no if however some babies 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 definitely fundamental and technology is allowing us to kind of move forward with that it likewise also to contribute to that payroll and finance need to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is definitely crucial that payroll and financing groups work closer together than ever um I’m always amazed when individuals say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation would they split 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 information collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more essential to add to sort of the level of intricacy there’s a growing number of advantages being organ or being offered by organizations across the world so again you’re just wanting to add a growing number of payments to this currently intricate landscape so if you kind of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of real challenges or real difficult type of pay utilizes to play to pay people I believe yeah I imply over the last well yeah a couple of decades I would absolutely state that the bigger an organization 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 info into the next function as it were that’s really managing the payment side of things however you understand in in my viewpoint and my experience that does not necessarily need to be the case you know long gone are the times where we need to create extra handoffs in the processes that we operate in they just make them more prompt they make them less effective and they do not make them what they need to be in in a period of tech and an era that you know that we are operating in today there is no reason we are still making this as hard as it requires to be agreed and rightly as you stated payroll is the single biggest liability that any service has from an expense point of view from an impact perspective on staff members it is definitely critical 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 most significant damaging effect on individuals’s wellness and numerous other factors if people aren’t paid uh I have actually always been surprised entering this Market type of the last five to 10 years is how little thanks the
payroll team get um so I’m uncertain anybody on this sort of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um but eventually payroll is such an important cycle all of us find out about it when it fails everybody jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely crucial that all of this things is done correctly so leveraging the first Worldwide Payments very first payroll payment option is a great primary step um offering an end-to-end payroll solution for your workers internationally once again I think is another big um procedure again lining up and guaranteeing you have standardization Global processes all of those things are definitely key to success success of organizations and minimizing the number of tools platforms and bank accounts they require for their International 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 don’t expect to you do get the odd five or 10 or whatever it might be with the with the the grievances where things haven’t gone quite where they’re implied to be um I don’t believe any of us are in fact doing that for for the thanks
anyhow we know how how essential 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 easy as possible for everyone that’s involved in those procedures and also so picture sorry I’m simply I was simply gon na state think of the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions envision getting that numerous thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting task trying to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and in fact see what was going on and sort of try to return to everybody so moving on look why do business pick to main different bank accounts there are How To Cancel Papaya Global Payroll Enhanced businesses out there doing precisely this for particular nations and I have actually worked in a service or lots of businesses doing exactly that I can state it does not always feel effective and it does produce more work I know we’re not intentionally doing that we’re not developing additional work for any person where we do not have to and anybody that’s dealing with 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 believe numerous factors one is it’s the standard I think individuals have got so used to we need a brand-new savings account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the norm the people have actually adopted and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and numerous other methods um to to type of do it so I think there’s a variety I believe this is a procedure that needs taking a look at it needs altering but eventually individuals are extremely stuck with what they’re familiar
with best um modification is a hard thing all of us don’t like change 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 lot of track of things um I understand clearly the benefits of having maintaining numerous bank accounts however there’s a huge quantity of intricacy goes with establishing a checking account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for private individuals so the complexity is big however I believe the truthful response is change um people have not had the ability to alter or haven’t had always the knowledge to actually make that change into alternate Solutions other than opening a savings account I think you’ve hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter but we have actually always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what could almost be figured out to be the next Century or two there is a lot to monitor and this technique does present several difficulties um so Johnny might you tell us about those difficulties yeah obviously 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 improved capability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is better, considering your achievements. How To Cancel Papaya Global Payroll Enhanced