Over the last 5 or 6 years …Papaya Global Crash After Logon After Update… roles on the provider side and also on the supplier side from a payroll point of view so truly anticipating this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply provide everyone another number of uh well among the 30 seconds or two to join all of us 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 already just to hear where everybody is um it’s nice to to type 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 sunshine is it it’s not no it’s it’s raining here it’s really really dreary and I want I was somewhere else at this moment in time all right so let’s get going our program for today is as follows um we are going to be looking at the challenge years of managing Global payroll why companies keep separate
Virtual payroll accounts are an option to traditional bank accounts for managing payroll payments. This is especially beneficial for global companies with dispersed and remote workforces, as it simplifies the complex procedure of cross-border payments. Instead of keeping different checking account for payroll in different nations, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are ending up being a tactical possession 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 effectively firmly and on time during this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll checking account how companies precisely forecast their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in sufficient in one country but when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a variety of factors most notably policies compliance data security and banking rules then there are the large numbers they add more complexity the global Labor force is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing worldwide in the standard payroll model there’s typically an overwhelming number of various systems leading to time-consuming manual processes and silos the variety of Integrations could be non-existent in big amounts and or really really standard there’s no real consistency framework we’re residing in an age of tech but payroll has 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 simply blows my mind whenever I I think
about it to give you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force data in real time that’s another number that provides me sleepless nights and quite frankly the more an organization invests in international payroll the less of a photo they see an absence of visibility also encompasses payroll payments and failure to properly track these payments can lead to compliance incidents in the last mile of the deal almost half of worldwide services have actually revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM data data entry mistakes inadequately interacted hires and terminations in addition to absence management and system setups and then when you round everything 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 don’t run efficiently if they count on the required multiple procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges business face when they’re paying to staff members or otherwise that’s an excellent concern I constantly toss this back and say what is it what does not require to be consisted of ideal and what does
it require to be thought about 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 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 customer’s own in-country account so there’s complexity anywhere you look best ultimately building a knowledge base is definitely critical however 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 kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is permitting us to type of move forward with that it likewise as well to add to that payroll and finance require to work closer together um with varying Checking account Particulars differing banking requirements and setup processes is absolutely necessary that payroll and finance groups work closer together than ever um I’m always astonished when people say I’ve split 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 split the payroll payment from calculation 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 people wherever they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being increasingly more essential to contribute to type of the level of intricacy there’s increasingly more benefits being organ or being offered by services throughout the world so once again you’re simply aiming to include a growing number of payments to this already intricate landscape so if you sort of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of real obstacles or genuine challenging type of pay utilizes to play to pay people I think yeah I suggest over the last well yeah a number of decades I would definitely state that the bigger a business gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are groups feeding details into the next function as it were that’s actually handling the payment side of things however you know in in my opinion and my experience that doesn’t necessarily need to be the case you know long gone are the times where we require to create additional handoffs while doing sos that we run in they just make them more timely they make them less efficient and they do not make them what they need to be in in a period of tech and an age that you understand that we are working in today there is no reason we are still making this as difficult as it requires to be agreed and appropriately as you said payroll is the single greatest liability that any organization has from an expense perspective from an impact point of view on employees it is absolutely critical that it’s done correctly and on time so what we suggest 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 damaging effect on individuals’s well-being and many other factors if people aren’t paid uh I’ve constantly been impressed entering this Market type of the last five to ten years is how little thanks the
payroll team get um so I’m uncertain anybody on this sort of webinar has actually 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 however ultimately payroll is such an important cycle all of us hear about it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely important that all of this things is done properly so leveraging the very first Global Payments first payroll payment solution is an excellent first step um providing an end-to-end payroll service for your employees worldwide again I think is another substantial um process again lining up and guaranteeing you have standardization International processes all of those things are absolutely key to success success of businesses and lowering the variety of tools platforms and bank accounts they require for their International 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’ve never had a hundred thousand of 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 think any of us are in fact doing that for for the thanks
anyway we understand how how essential 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 processes and likewise so envision sorry I’m just I was just gon na state picture the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions think of getting that lots of thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing task trying to clean up 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 require days of the week to try to look through them and in fact see what was going on and sort of try to return to everyone so proceeding look why do business choose to main separate checking account there are Papaya Global Crash After Logon After Update businesses out there doing exactly this for specific nations and I have actually worked in a service or many services doing precisely that I can state it doesn’t always feel effective and it does create more work I know we’re not purposely doing that we’re not creating extra work for any person where we do not have to and any person that’s managing that process 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 reasons one is it’s the requirement I think people have got so utilized to we require a 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 simply been the standard and the norm individuals have actually embraced and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and lots of other ways um to to kind of do it so I think there’s a range I believe this is a process that requires looking at it needs changing but eventually people are very stuck with what they’re familiar
with ideal um change is a hard thing all of us do not like change um so I believe it’s just sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the benefits of having preserving multiple checking account however there’s a substantial quantity of intricacy chooses establishing a checking account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for individual people so the complexity is huge however I think the truthful response is change um individuals haven’t had the ability to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions other than opening a savings account I think you have actually struck the nail on the head I think it is knowledge you understand and there is an aspect of resistance to alter however we have actually constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of carrying on and moving into you know what might practically be determined to be the next Century approximately there is a lot to keep an eye on and this approach does present a number of obstacles um so Johnny could you tell us about those difficulties yeah obviously so there’s a variety right there is so
I just recently made a change 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 gotten another CFO, and with this enhanced capability, I have actually successfully secured payments for our 10,000 workers worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Crash After Logon After Update