Over the last five or six years …Papaya Global Payroll Plans… functions on the company side and also on the supplier side from a payroll viewpoint so truly anticipating 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 approximately to join we all 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 just to hear where everyone 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 remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely very dreary and I wish I was somewhere else at this moment in time fine so let’s start our agenda for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why business preserve different
Virtual payroll accounts are an option to conventional bank accounts for handling payroll payments. This is especially useful for international organizations with dispersed and remote workforces, as it streamlines the complicated procedure of cross-border payments. Instead of preserving different bank accounts for payroll in different nations, virtual accounts and digital wallets use a more structured service. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are becoming a strategic possession for payroll executives. We will also provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently securely 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 business accurately forecast their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in enough in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a variety of reasons most importantly policies compliance data security and banking rules then there are the large numbers they add additional complexity the international Workforce is presently three and a half billion individuals 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 consider that there are some 230 million businesses and growing all doing their own thing around the globe in the standard payroll design there’s frequently a frustrating number of various systems resulting in time-consuming manual procedures and silos the variety of Combinations could be non-existent in large quantities and or extremely extremely fundamental there’s no real consistency structure we’re residing in an age of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind whenever I I think
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force information in real time that’s another number that offers me sleep deprived nights and rather honestly the more a company spends on worldwide payroll the less of an image they see an absence of exposure also extends to payroll payments and inability to accurately track these payments can result in compliance incidents in the last mile of the transaction almost half of global services have actually revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM data data entry errors badly interacted hires and terminations in addition to lack management and system configurations and after that when you round it all off and the information is delivered to the wrong place the typical expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments do not run smoothly if they count on the required several processes 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 difficulties business face when they’re paying to staff members or otherwise that’s a good question I always throw this back and state what is it what does not need to be consisted of right and what does
it need to be thought about there’s differing 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 have to pay from an in-country account do you need to pay from the client’s own in-country account so there’s complexity any place you look right ultimately developing a knowledge base is definitely vital however everywhere you look with payroll payment they are like incredibly payments no if but some children 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 think there’s now a bit more recognition that payroll payments are absolutely essential and technology is allowing us to kind of progress with that it also also to add to that payroll and financing require to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is definitely essential that payroll and finance teams work closer together than ever um I’m constantly surprised when individuals 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 split 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 process it’s the point of information collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory third parties so with the
The modern-day world positions a high value on wellness and the compensation landscape is becoming progressively elaborate. Services are continuously presenting new advantages and payment choices, which contributes to the overall complexity. Large corporations typically divide their payroll and payment processing into different teams, which can cause inadequacies and bottlenecks. In my opinion, this does not need to hold true. In today’s technically sophisticated era, there’s no justification for maintaining cumbersome treatments. Payroll, the company’s greatest expenditure, must be processed correctly and on time. Even small delays can adversely affect workers’ well-being and have far-reaching repercussions. Therefore, it’s important to focus on precise and timely payments.
payroll team get um so I’m uncertain anyone on this kind of webinar has been informed 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 employees or not um but eventually payroll is such an important cycle we all become aware of it when it fails everybody jumps up and down when it fails however when it goes right it’s just a tick box exercise and I think 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 stuff is absolutely vital that all of this things is done properly so leveraging the first Global Payments first payroll payment option is a great primary step um supplying an end-to-end payroll option for your staff members internationally once again I think is another big um process again lining up and ensuring you have standardization International procedures all of those things are absolutely key to success success of services and minimizing the number of tools platforms and savings account they require 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 had a hundred countless them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things have not gone rather where they’re suggested to be um I don’t think any of us are in fact doing that for for the thanks
anyway we know how how crucial 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 simple as possible for everyone that’s associated with those procedures and likewise so picture sorry I’m simply I was simply gon na state picture 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 numerous thousands possibly Millions imagine getting that numerous thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting task trying to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to browse them and in fact see what was going on and sort of shot to get back to everybody so carrying on look why do companies pick to main different savings account there are Papaya Global Payroll Plans companies out there doing precisely this for particular nations and I have actually worked in a company or many services doing exactly that I can say it does not always feel effective and it does create more work I understand we’re not deliberately doing that we’re not producing additional work for any person where we don’t have to and anyone that’s handling 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 believe many factors one is it’s the standard I believe people have got so used to we require a brand-new checking account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have actually embraced and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a variety I think this is a procedure that needs taking a look at it needs altering but eventually people are extremely stuck with what they recognize
with ideal um modification is a challenging thing we all do not like change um so I think it’s simply kind of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the benefits of having preserving multiple bank accounts but there’s a big quantity of complexity opts for establishing a checking account maintaining it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for specific individuals so the complexity is big but I believe the sincere answer is modification um people haven’t had the ability to alter or have not had always the knowledge to actually make that change into alternate Solutions aside from opening a savings account I think you’ve struck the nail on the head I think it is understanding you know and there is a component of resistance to alter but we’ve constantly 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 might nearly be identified to be the next Century or two there is a lot to keep an eye on and this method does present a number of challenges um so Johnny might you inform us about those difficulties yeah of course so there’s a variety right there is so
I 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 feels like our CFO has actually acquired another CFO, and with this boosted capability, I have successfully protected payments for our 10,000 workers worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You should have a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Payroll Plans