Over the last 5 or six years …How To Update Papaya Global Payroll 2020… roles on the service provider side and also on the supplier side from a payroll viewpoint so really eagerly anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply provide everybody another number of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everyone comes from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very really gloomy and I wish I was elsewhere at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why business preserve separate
Virtual payroll accounts are an alternative to conventional savings account for handling payroll payments. This is particularly useful for international companies with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of keeping separate checking account for payroll in various nations, virtual accounts and digital wallets provide a more structured service. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are becoming a tactical possession for payroll executives. We will likewise supply a wrap-up of the bottom lines 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 stroll you through the global pros and cons of a payroll wallet versus a payroll savings account how companies precisely forecast their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in adequate in one country but when you’re doing it internationally it’s next level and Beyond it becomes complicated for a range of reasons most importantly guidelines compliance data security and banking guidelines then there are the sheer numbers they include more intricacy the worldwide Workforce is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing all over the world in the conventional payroll model there’s often an overwhelming variety of different systems leading to lengthy manual procedures and silos the number of Combinations could be non-existent in big quantities and or extremely very standard there’s no real consistency framework we’re residing in an era of tech but 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 which just 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 only 11 of companies state they have Labor force information in real time that’s another number that gives me sleep deprived nights and rather honestly the more a company spends on international payroll the less of a picture they see a lack of visibility also reaches payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the deal almost half of international businesses have revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry mistakes badly communicated hires and terminations in addition to lack management and system configurations and then when you round everything off and the information is delivered to the wrong location the average expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments do not run smoothly if they rely 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 difficulties organization face when they’re paying to workers or otherwise that’s a great question I constantly toss this back and say what is it what doesn’t need to be included best and what does
it need to be thought about there’s varying 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 customer’s own in-country account so there’s complexity wherever you look best eventually constructing a knowledge base is definitely critical however all over you look with payroll payment they resemble extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely basic and innovation is enabling us to kind of move forward with that it also also to contribute to that payroll and finance require to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is absolutely important that payroll and financing groups work better together than ever um I’m always impressed when people state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not 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 often split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more important to contribute to kind of the level of intricacy there’s more and more benefits being organ or being used by companies throughout the world so again you’re just aiming to add a growing number of payments to this already intricate landscape so if you type of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of genuine difficulties or genuine tough type of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a number of years I would absolutely state that the bigger a company gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are teams feeding details into the next function as it were that’s in fact managing the payment side of things but you understand in in my viewpoint and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we need to create additional handoffs in the processes that we run in they simply make them more prompt they make them less effective and they don’t make them what they require to be in in an age of tech and an era that you know that we are working in today there is no reason why we are still making this as difficult as it requires to be agreed and rightly as you stated payroll is the single most significant liability that any organization has from a cost point of view from an effect point of view on staff members it is absolutely crucial that it’s done correctly and on time so what we mean 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 detrimental effect on individuals’s wellness and lots of other elements if individuals aren’t paid uh I’ve constantly been astonished entering this Market kind of the last 5 to 10 years is how little thanks the
The payroll group may not have actually been thanked for properly processing payroll throughout a webinar. If anyone has actually 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 people just discover when things go wrong. Nevertheless, when things go right, it’s seen as just a regular job. This is how it’s viewed externally too. For that reason, it is important to guarantee that jobs like Wi-Fi International and other vital matters are done properly. Using the first Global Payments very first payroll payment service is a great preliminary step towards offering an extensive payroll solution for staff members worldwide. Standardization, worldwide procedures, and reducing the variety of tools, platforms, and bank accounts required for global payroll are key factors in achieving company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of complaints when things don’t go as prepared. Eventually, we do not do it for the appreciation.
anyhow we understand how how important 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 simple as possible for everybody that’s associated with those procedures and likewise so picture sorry I’m just I was just gon na say imagine the amount of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions envision getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting task trying to clean 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 try to look through them and in fact see what was going on and sort of shot to return to everyone so proceeding appearance why do business pick to primary separate checking account there are How To Update Papaya Global Payroll 2020 companies out there doing precisely this for specific countries and I’ve operated in a business or lots of services doing precisely that I can state it does not constantly feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not developing extra work for anyone where we do not have to and any person 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 think numerous reasons one is it’s the standard I believe people have actually got so utilized to we require a new bank account we open an entity and rightly 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 requirement and the standard the people have adopted and continue to do over years and years passed by to add to that individuals have taken a look at things like trust accounts and numerous other ways um to to type of do it so I think there’s a range I believe this is a procedure that needs looking at it requires altering but eventually individuals are really stuck to what they’re familiar
with right um modification is a tough thing we all don’t like change um so I believe it’s simply kind of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand certainly the benefits of having preserving multiple bank accounts however there’s a substantial quantity of intricacy chooses setting up a checking account keeping it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for specific people so the complexity is substantial however I believe the honest response is change um individuals haven’t had the ability to change or have not had necessarily the understanding to really make that change into alternate Solutions besides opening a bank account I believe you’ve hit the nail on the head I think it is knowledge you understand and there is a component of resistance to change 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 determined to be the next Century approximately there is a lot to keep an eye on and this method does present numerous challenges um so Johnny could you inform us about those difficulties yeah naturally 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 manage our payroll and payment tasks on one platform. It feels like our CFO has gained another CFO, and with this improved ability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is better, considering your achievements. How To Update Papaya Global Payroll 2020