Over the last five or six years …How To Manually Adjust Pension Contributions On Papaya Global… functions on the supplier side and likewise on the vendor side from a payroll perspective so truly anticipating this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just offer everybody another couple of uh well one of the 30 seconds approximately 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 currently just to hear where everyone is um it’s nice to to sort of like see where everybody originates 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 raining here it’s extremely very dreary and I wish I was elsewhere at this moment in time alright so let’s get going our program for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why business preserve different
Virtual payroll accounts are an alternative to standard bank accounts for handling payroll payments. This is especially useful for global organizations with dispersed and remote labor forces, as it streamlines the complex procedure of cross-border payments. Instead of maintaining different checking account for payroll in different countries, virtual accounts and digital wallets use a more structured solution. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are ending up being a tactical property for payroll executives. We will also 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 throughout this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll savings account how companies accurately forecast their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in sufficient in one country but when you’re doing it globally it’s next level and Beyond it becomes complex for a variety of reasons most significantly policies compliance information security and banking rules then there are the large numbers they include additional complexity the worldwide Labor force is currently three 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 currently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing worldwide in the standard payroll model there’s typically a frustrating number of various systems causing lengthy manual procedures and silos the variety of Integrations could be non-existent in large quantities and or extremely very standard there’s no real consistency framework we’re living in an era of tech however 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 simply blows my mind whenever I I believe
about it to give you a concept of how far there still is to come according to Deloitte only 11 of services say they have Workforce information in real time that’s another number that offers me sleep deprived nights and rather honestly the more an organization spends on worldwide payroll the less of an image they see an absence of visibility likewise encompasses payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the transaction nearly half of international services have revealed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM data information entry errors poorly interacted hires and terminations in addition to lack management and system setups and then when you round it all off and the information is shipped to the wrong location the average expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money worldwide payroll and payments don’t run smoothly if they rely on the needed several processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles business face when they’re making payments to employees or otherwise that’s an excellent question I constantly throw this back and say what is it what doesn’t require to be included right and what does
it need to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment abilities 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 intricacy any place you look right eventually developing a knowledge base is absolutely crucial however all over you look with payroll payment they resemble incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you take a 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 definitely fundamental and technology is allowing us to kind of move forward with that it likewise as well to contribute to that payroll and financing need to work closer together um with differing Checking account Particulars varying banking requirements and setup processes is absolutely crucial that payroll and finance teams work closer together than ever um I’m always impressed when people state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so typically 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 individuals anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more crucial to contribute to kind of the level of intricacy there’s more and more benefits being organ or being provided by services throughout the world so once again you’re simply seeking to include a growing number of payments to this currently complex landscape so if you type of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of real difficulties or real difficult type of pay utilizes 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 company gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are teams feeding information 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 does not necessarily need to be the case you understand long gone are the times where we require to create extra handoffs at the same times that we run in they just make them more timely they make them less effective and they don’t make them what they need to be in in a period of tech and a period that you know that we are operating in today there is no reason that we are still making this as difficult as it needs to be concurred and rightly as you stated payroll is the single biggest liability that any company has from a cost viewpoint from an effect point of view on employees it is definitely 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 most significant detrimental result on individuals’s wellness and many other elements if people aren’t paid uh I have actually always been astonished entering this Market kind of the last 5 to ten years is how little thanks the
payroll group get um so I’m unsure anybody on this sort of webinar has actually 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 an important cycle we all find out about it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box workout 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 things is definitely important that all of this things is done correctly so leveraging the first Global Payments very first payroll payment option is a great first step um supplying an end-to-end payroll service for your staff members globally again I think is another big um process again aligning and guaranteeing you have standardization Global processes all of those things are absolutely essential to success success of businesses and decreasing 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 anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints 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
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 simple as possible for everyone that’s involved in those processes and likewise so picture sorry I’m just I was simply gon na say imagine the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions imagine getting that lots of thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating job trying to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and really see what was going on and sort of shot to get back to everybody so proceeding look why do companies select to main different savings account there are How To Manually Adjust Pension Contributions On Papaya Global businesses out there doing precisely this for particular nations and I have actually operated in an organization or lots of companies doing exactly that I can say it does not constantly feel efficient and it does produce more work I understand we’re not purposely doing that we’re not creating additional work for anyone where we do not need to and anyone that’s dealing with 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 think numerous factors one is it’s the requirement I believe individuals have got so used to we require a brand-new bank account we open an entity and appropriately 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 just been the requirement and the standard individuals have adopted and continue to do over years and years gone past to add to that people 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 range I think this is a process that requires looking at it needs changing but ultimately people are extremely stuck with what they recognize
with ideal um modification is a hard thing all of us don’t like change um so I think it’s simply type of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend certainly the benefits of having maintaining several savings account but there’s a substantial quantity of complexity goes with establishing a savings account keeping it ensuring it can send International transfers ensuring it’s established with the right user accesses for specific people so the intricacy is big however I believe the truthful answer is modification um individuals have not been able to change or haven’t had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a bank account I think you have actually struck the nail on the head I think it is knowledge you know and there is an element of resistance to alter but we’ve always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of moving on and moving into you know what might nearly be figured out to be the next Century or so there is a lot to keep track of and this approach does posture numerous difficulties um so Johnny could you inform us about those challenges yeah naturally so there’s a range right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has actually gained another CFO, and with this enhanced capability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is better, considering your accomplishments. How To Manually Adjust Pension Contributions On Papaya Global