Over the last five or six years …Time Attendance Payroll Software And Papaya Global… functions on the supplier side and also on the vendor side from a payroll viewpoint so really eagerly anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just provide everyone another couple of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to sort of like see where everybody comes from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very really uninspiring and I wish I was somewhere else at this moment in time alright so let’s start our program for today is as follows um we are going to be looking at the challenge years of handling International payroll why companies preserve separate
Virtual payroll accounts are an option to conventional bank accounts for handling payroll payments. This is particularly useful for worldwide companies with dispersed and remote labor forces, as it streamlines the intricate procedure of cross-border payments. Instead of maintaining different savings account for payroll in different countries, virtual accounts and digital wallets use a more structured service. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are becoming a strategic property for payroll executives. We will also offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively firmly and on time throughout this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how companies accurately anticipate their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in adequate in one country however when you’re doing it globally it’s next level and Beyond it ends up being complicated for a variety of factors most importantly regulations compliance data security and banking rules then there are the sheer numbers they add additional intricacy the international Labor force is presently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 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 conventional payroll design there’s frequently a frustrating number of various systems causing time-consuming manual processes and silos the variety of Combinations could be non-existent in big amounts and or very very standard there’s no real consistency structure we’re residing in a period of tech but 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 just blows my mind whenever I I believe
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of services state they have Workforce data in real time that’s another number that provides me sleepless nights and quite honestly the more an organization spends on global payroll the less of a photo they see a lack of visibility likewise extends to payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the transaction nearly half of global businesses have revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry errors improperly interacted hires and terminations as well as lack management and system setups and then when you round it all off and the data is shipped to the incorrect place the typical cost of an international 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 efficiently if they rely on the essential numerous procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties organization face when they’re making payments to workers or otherwise that’s a good question I always toss this back and say what is it what does not need to be included best and what does
it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you have 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 important however everywhere you look with payroll payment they resemble super payments no if however some children about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely basic and innovation is permitting us to type of move forward with that it also too to contribute to that payroll and finance require to work closer together um with varying Checking account Particulars varying banking requirements and setup procedures is absolutely essential that payroll and financing groups work closer together than ever um I’m constantly astonished when people say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation would they divide the payroll payment from computation 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 eventually it’s payroll is an end-to-end procedure 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 third parties so with the
world we live in and wellness being increasingly more crucial to contribute to type of the level of complexity there’s a growing number of benefits being organ or being used by organizations across the world so again you’re simply wanting to include more and more payments to this already complex landscape so if you kind of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of real obstacles or real difficult sort of pay utilizes to play to pay people I believe yeah I mean over the last well yeah a number of years I would definitely state that the larger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are teams feeding information into the next function as it were that’s actually managing the payment side of things however you understand in in my opinion and my experience that doesn’t necessarily require to be the case you know long gone are the times where we need to produce extra handoffs in the processes that we operate in they just make them more prompt they make them less efficient and they do not make them what they require to be in in an era of tech and an age that you know that we are working in today there is no reason why we are still making this as tough as it needs to be concurred and appropriately as you said payroll is the single most significant liability that any service has from a cost perspective from an impact viewpoint on employees it is definitely vital that it’s done properly and on time so what we suggest 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 result on people’s wellness and lots of other elements if individuals aren’t paid uh I’ve always been astonished entering into this Market kind of the last 5 to 10 years is how little thanks the
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 employees or not. Payroll is a crucial cycle, and people just see when things go wrong. Nevertheless, when things go right, it’s viewed as simply a regular job. This is how it’s perceived externally as well. Therefore, it is important to ensure that jobs like Wi-Fi Worldwide and other vital matters are done properly. Using the very first Worldwide Payments very first payroll payment service is a great preliminary step towards providing a comprehensive payroll option for employees worldwide. Standardization, worldwide processes, and reducing the variety of tools, platforms, and savings account needed for international payroll are essential consider attaining organization success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of grievances when things don’t go as prepared. Eventually, we don’t do it for the gratitude.
anyhow we understand 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 simple as possible for everybody that’s associated with those procedures and likewise so picture sorry I’m simply I was just gon na state envision the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re discussing numerous thousands potentially Millions think of getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing task attempting to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to check out them and in fact see what was going on and kind of shot to return to everybody so moving on look why do business pick to primary separate bank accounts there are Time Attendance Payroll Software And Papaya Global companies out there doing precisely this for specific countries and I’ve worked in an organization or lots of services doing precisely that I can state it doesn’t always feel effective and it does develop more work I know we’re not intentionally doing that we’re not creating additional work for anyone where we don’t need to and any person 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 believe numerous factors one is it’s the standard I think people have got so utilized to we require a brand-new savings account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the standard the people 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 numerous other ways um to to kind of do it so I think there’s a range I think this is a procedure that requires taking a look at it needs changing however eventually people are extremely stuck with what they’re familiar
with best um modification is a tough thing all of us do not like change um so I believe it’s simply type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the advantages of having preserving numerous checking account however there’s a big quantity of intricacy chooses setting up a savings account preserving it ensuring it can send International transfers guaranteeing it’s set up with the ideal user accesses for private people so the intricacy is substantial however I think the sincere answer 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 aside from opening a bank account I think you’ve hit the nail on the head I believe it is knowledge you know and there is a component of resistance to change but we have actually always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what could practically be figured out to be the next Century approximately there is a lot to keep track of and this method does posture a number of obstacles um so Johnny could you inform us about those obstacles yeah naturally so there’s a variety right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has actually gotten another CFO, and with this enhanced capability, I have actually effectively protected payments for our 10,000 employees worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is better, considering your accomplishments. Time Attendance Payroll Software And Papaya Global