Over the last 5 or 6 years …California Payroll Calculator Papaya Global… roles on the company side and likewise on the vendor side from a payroll point of view so really eagerly anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just provide everyone another number of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everybody comes from and I actually 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 raining here it’s very extremely dreary and I wish I was somewhere else at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why business preserve different
Virtual payroll accounts are an option to traditional bank accounts for managing payroll payments. This is especially beneficial for global organizations with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of preserving different savings account 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 talk about why they are becoming a tactical asset for payroll executives. We will likewise offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently 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 precisely forecast their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in sufficient in one country however when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a range of factors most importantly policies compliance data security and banking rules then there are the sheer numbers they add further complexity the worldwide Labor force is presently 3 and a half billion individuals by 2030 it’s approximated 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 businesses and growing all doing their own thing all over the world in the conventional payroll design there’s frequently a frustrating number of different systems resulting in lengthy manual processes and silos the number of Combinations could be non-existent in big quantities and or extremely extremely basic there’s no genuine consistency framework we’re residing in a period of tech but payroll has 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 provide you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force information in real time that’s another number that provides me sleepless nights and quite honestly the more an organization invests in worldwide payroll the less of a photo they see a lack of visibility also extends to payroll payments and inability to accurately track these payments can result in compliance accidents in the last mile of the transaction nearly half of global services have actually revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry mistakes improperly interacted hires and terminations as well as absence management and system setups and then when you round all of it off and the data is shipped to the wrong location the average expense 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 cash around the world payroll and payments don’t run efficiently if they rely on the necessary numerous processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties business face when they’re making payments to staff members or otherwise that’s a great concern I always throw this back and state what is it what doesn’t need to be consisted of ideal and what does
it require to be considered there’s varying 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 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 complexity anywhere you look best ultimately constructing a knowledge base is absolutely important but all over 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 sort 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 essential and innovation is allowing us to type of move forward with that it likewise also to add to that payroll and finance require to work closer together um with differing Bank Account Details differing banking requirements and setup procedures is absolutely imperative that payroll and financing teams work closer together than ever um I’m constantly amazed when people state I’ve 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 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 ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of important to add to sort of the level of complexity there’s more and more benefits being organ or being used by companies across the world so once again you’re simply wanting to include more and more payments to this currently complex landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of genuine challenges or real difficult kind of pay uses to play to pay individuals I believe yeah I imply over the last well yeah a number of years I would absolutely say that the larger a business 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 info into the next function as it were that’s really handling the payment side of things however you understand in in my opinion and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we need to produce additional handoffs while doing sos 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 a period of tech and an age that you understand that we are operating in today there is no reason that we are still making this as challenging as it requires to be concurred and appropriately as you stated payroll is the single greatest liability that any business has from an expense perspective from an impact perspective on workers it is absolutely crucial 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 need to be done right it has the biggest destructive effect on individuals’s wellness and numerous other elements if individuals aren’t paid uh I have actually always been impressed coming into this Market kind of the last 5 to ten years is how little thanks the
The payroll team might not have been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be terrific 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 fail. However, when things go right, it’s seen as simply a regular task. This is how it’s perceived externally too. For that reason, it is vital to guarantee that jobs like Wi-Fi Global and other essential matters are done correctly. Using the very first Global Payments first payroll payment solution is an excellent preliminary step towards providing an extensive payroll option for employees worldwide. Standardization, international processes, and decreasing the number of tools, platforms, and bank accounts necessary for international payroll are crucial factors in achieving company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few complaints when things do not go as planned. Ultimately, we don’t do it for the thankfulness.
anyhow we know how how important a role 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 processes and also so envision sorry I’m just I was just gon na say picture the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions think of getting that lots of thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting job attempting to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and in fact see what was going on and type of try to return to everyone so proceeding look why do business choose to main separate bank accounts there are California Payroll Calculator Papaya Global businesses out there doing precisely this for particular countries and I have actually worked in an organization or many companies doing precisely that I can state it doesn’t always feel efficient and it does create more work I understand we’re not deliberately doing that we’re not creating extra work for anyone where we do not have to and anyone that’s managing 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 amount that we are I think lots of reasons one is it’s the standard I think people have got so utilized to we require a brand-new checking account we open an entity and rightly so you need it for payroll purposes but 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 actually adopted and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and numerous other methods um to to type of do it so I believe there’s a range I think this is a procedure that needs taking a look at it needs altering however eventually individuals are very stuck with what they’re familiar
with ideal um modification is a hard thing all of us don’t like modification um so I think it’s simply kind of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend certainly the advantages of having preserving several checking account but there’s a big amount of intricacy goes with setting up a checking account maintaining it ensuring it can send International transfers guaranteeing it’s set up with the right user accesses for private people so the intricacy is big but I think the truthful answer is change um people haven’t had the ability to alter or have not had always the knowledge to actually make that change into alternate Solutions other than opening a bank account I believe you’ve hit the nail on the head I think it is understanding you know and there is an aspect of resistance to alter however we’ve always done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what might almost be determined to be the next Century or two there is a lot to track and this technique does pose numerous difficulties um so Johnny could you tell us about those challenges yeah obviously so there’s a range right there is so
I recently made a modification 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 gained another CFO, and with this improved capability, I have successfully protected payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is good. You should have a corner workplace with a parking space that is better, considering your accomplishments. California Payroll Calculator Papaya Global