Over the last five or 6 years …How To Change The Date In Papaya Global… roles on the company side and likewise on the supplier side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just provide everyone another number of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everybody is um it’s nice to to kind of like see where everybody comes from and I truly do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very extremely gloomy and I want I was somewhere else at this moment in time okay so let’s get started our program for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why business maintain different
Virtual payroll accounts are an option to traditional bank accounts for managing payroll payments. This is particularly beneficial for worldwide organizations with dispersed and remote workforces, as it simplifies the complicated process of cross-border payments. Instead of maintaining different bank accounts for payroll in various nations, virtual accounts and digital wallets use 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 also offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively safely 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 properly forecast their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in adequate in one nation but when you’re doing it internationally it’s next level and Beyond it becomes intricate for a range of factors most notably guidelines compliance data security and banking rules then there are the sheer numbers they include more complexity the global Labor force is presently three and a half billion individuals by 2030 it’s approximated 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 services and growing all doing their own thing worldwide in the traditional payroll model there’s often a frustrating number of different systems leading to lengthy manual processes and silos the variety of Integrations could be non-existent in large amounts and or really very basic there’s no real consistency framework we’re residing in an age 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 typically 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 just 11 of companies state they have Workforce data in real time that’s another number that provides me sleep deprived nights and rather honestly the more an organization spends on worldwide payroll the less of a picture they see a lack of exposure also extends to payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the transaction nearly half of international businesses have expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry errors poorly interacted hires and terminations as well as absence management and system setups and then when you round everything off and the information is shipped to the wrong place the typical expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments do not run smoothly if they rely on the necessary several procedures 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 challenges business face when they’re making payments to employees or otherwise that’s a good concern I always throw this back and state what is it what doesn’t need to be consisted of right and what does
it need 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 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 have to pay from the client’s own in-country account so there’s intricacy anywhere you look ideal ultimately building a knowledge base is absolutely important but everywhere you look with payroll payment they are like incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the kind 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 fundamental and innovation is enabling us to kind of progress with that it likewise as well to add to that payroll and financing require to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is definitely vital that payroll and finance groups work better together than ever um I’m constantly amazed when individuals state I’ve divided 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 computation 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 data collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world puts a high worth on well-being and the compensation landscape is becoming progressively elaborate. Services are continually presenting new advantages and payment choices, which contributes to the total intricacy. Large corporations typically divide their payroll and payment processing into different teams, which can result in ineffectiveness and bottlenecks. In my opinion, this doesn’t have to hold true. In today’s technologically sophisticated period, there’s no reason for preserving cumbersome procedures. Payroll, the company’s greatest cost, must be processed correctly and on time. Even slight delays can adversely affect workers’ well-being and have far-reaching effects. Therefore, it’s crucial to focus on precise and timely payments.
payroll team get um so I’m unsure anyone on this type of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such a crucial cycle all of us find out about it when it fails everybody jumps up and down when it fails however when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely crucial that all of this stuff is done properly so leveraging the very first International Payments first payroll payment option is a great initial step um supplying an end-to-end payroll solution for your staff members globally again I believe is another big um process again aligning and ensuring you have standardization Global processes all of those things are definitely essential to success success of companies and reducing the variety of tools platforms and bank accounts they require for their International payroll too couldn’t agree with you more and on the the front in regards to 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 five or ten or whatever it might be with the with the the problems where things have not gone rather where they’re implied to be um I do not believe any of us are in fact doing that for for the thanks
anyway we understand how how crucial 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 everyone that’s involved in those processes and also so picture sorry I’m just I was just gon na say picture the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re speaking about numerous thousands possibly Millions think of getting that many thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting task trying to clean all those up for sure oh absolutely 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 look through them and actually see what was going on and type of shot to return to everyone so moving on appearance why do companies pick to primary different bank accounts there are How To Change The Date In Papaya Global businesses out there doing exactly this for particular countries and I have actually operated in a service or many companies doing exactly that I can state it doesn’t constantly feel effective and it does produce more work I understand we’re not deliberately doing that we’re not creating extra work for anybody where we do not have to and any person that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you believe 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 used to we require a brand-new bank account we open an entity and appropriately 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 just been the standard and the standard individuals have adopted and continue to do over years and years passed by to add to that people have looked at things like trust accounts and lots of other ways um to to type of do it so I think there’s a variety I think this is a procedure that requires taking a look at it needs altering but eventually individuals are really stuck with what they recognize
with best um change is a hard thing we all do not like change um so I think it’s simply type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand certainly the advantages of having preserving several bank accounts however there’s a substantial amount of complexity goes with establishing a bank account keeping it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for private people so the intricacy is big but I believe the honest response is change um people haven’t been able to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a bank 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 change however we have actually always 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 understand what might practically be identified to be the next Century or so there is a lot to keep track of and this technique does pose a number of obstacles um so Johnny might you tell us about those challenges yeah obviously so there’s a variety right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has acquired another CFO, and with this improved capability, I have successfully protected payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is more detailed, considering your achievements. How To Change The Date In Papaya Global