Over the last 5 or six years …How To Fill In Papaya Global Payroll… functions on the service provider side and likewise on the vendor side from a payroll point of view so actually anticipating this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just provide everyone another couple of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everyone originates from and I truly do hope it’s much sunnier than it is 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 extremely really dreary and I want 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 taking a look at the obstacle years of managing Global payroll why business keep different
Virtual payroll accounts are an option to traditional checking account for handling payroll payments. This is especially beneficial for international companies with dispersed and remote workforces, as it simplifies the complex procedure of cross-border payments. Instead of preserving separate bank accounts for payroll in various countries, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a tactical asset for payroll executives. We will also offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently firmly and on time throughout this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll bank account how business accurately forecast their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in adequate in one country but when you’re doing it globally it’s next level and Beyond it becomes intricate for a range of reasons most importantly guidelines compliance data security and banking guidelines then there are the sheer numbers they include more complexity the global Labor force is presently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing around the world in the standard payroll model there’s typically a frustrating variety of various systems causing lengthy manual procedures and silos the number of Integrations could be non-existent in big amounts and or very really standard there’s no real consistency framework we’re residing in an era of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which simply blows my mind every 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 Labor force information in real time that’s another number that offers me sleep deprived nights and rather frankly the more an organization spends on global payroll the less of a photo they see a lack of presence also extends to payroll payments and failure to precisely track these payments can cause compliance incidents in the last mile of the deal almost half of global services have actually revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry errors inadequately interacted hires and terminations in addition to lack management and system configurations and then when you round everything off and the information is shipped to the wrong place the average cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the globe payroll and payments do not run smoothly if they rely on the necessary multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges business face when they’re paying to workers or otherwise that’s a great concern I always throw this back and say what is it what doesn’t require to be consisted of right 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 country 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 need to pay from the client’s own in-country account so there’s intricacy anywhere you look best ultimately building a knowledge base is absolutely important however all over you look with payroll payment they are like very payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the type of link 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 permitting us to kind of move forward with that it also as well to add to that payroll and financing require to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is absolutely crucial that payroll and finance teams work more detailed together than ever um I’m constantly surprised when individuals say 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 profession would they divide the payroll payment from estimation 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 but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more essential to add to type of the level of complexity there’s more and more advantages being organ or being used by businesses across the world so again you’re simply looking to include a growing number of payments to this already complicated landscape so if you kind of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of real challenges or real challenging sort of pay uses to play to pay people I think yeah I indicate over the last well yeah a number of decades I would absolutely state that the larger a service gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are teams feeding details into the next function as it were that’s really handling the payment side of things but you understand in in my opinion and my experience that doesn’t always require to be the case you know long gone are the times where we require to create extra handoffs in the processes that we run in they simply make them more timely they make them less efficient and they don’t make them what they require to be in in an age of tech and an age that you understand that we are operating in today there is no reason we are still making this as challenging as it needs to be agreed and rightly as you stated payroll is the single biggest liability that any company has from a cost point of view from an effect perspective on staff members it is definitely critical that it’s done properly and on time so what we indicate 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 damaging effect on individuals’s wellness and numerous other factors if individuals aren’t paid uh I have actually constantly been amazed entering this Market sort of the last five to 10 years is how little thanks the
payroll team get um so I’m not sure anybody on this kind of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an important cycle we all become aware of it when it fails everyone jumps up and down when it fails but when it goes right it’s simply a tick box exercise and I believe 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 essential that all of this things is done properly so leveraging the very first Worldwide Payments first payroll payment solution is a great first step um supplying an end-to-end payroll option for your staff members globally once again I think is another huge um procedure again lining up and guaranteeing you have standardization Worldwide procedures all of those things are absolutely crucial to success success of organizations and lowering the variety of tools platforms and savings account they need 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 have actually never ever had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or ten 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 believe any of us are in fact doing that for for the thanks
anyhow we know how how essential a role 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 associated with those procedures and also so think of sorry I’m just I was just gon na say think of the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions envision getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting task trying to clean up 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 need days of the week to attempt to check out them and really see what was going on and type of shot to return to everyone so proceeding appearance why do companies choose to primary different savings account there are How To Fill In Papaya Global Payroll companies out there doing precisely this for specific nations and I have actually worked in an organization or lots of companies doing precisely that I can say it does not always feel effective and it does produce more work I understand we’re not purposely doing that we’re not developing extra work for anybody where we don’t have to and any person that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I think lots of factors one is it’s the requirement I believe 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 number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard individuals have adopted and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and lots of other methods um to to kind of do it so I believe there’s a range I believe this is a process that requires taking a look at it requires changing however ultimately people are extremely stuck with what they’re familiar
with best um change is a difficult thing all of us don’t like change um so I believe it’s simply sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend obviously the benefits of having preserving several checking account however there’s a substantial quantity of complexity chooses setting up a bank account keeping it ensuring it can send out International transfers ensuring it’s set up with the ideal user accesses for individual individuals so the complexity is big however I think the truthful answer is modification um people have not had the ability to change or have not had always the understanding to truly make that change into alternate Solutions aside from opening a checking account I think you’ve struck the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter however we’ve constantly 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 might almost be determined to be the next Century or so there is a lot to keep an eye on and this method does pose several challenges um so Johnny might you inform us about those difficulties yeah obviously so there’s a range right there is so
I just recently made a modification 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 improved capability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is closer, considering your achievements. How To Fill In Papaya Global Payroll