Over the last 5 or 6 years …Papaya Global Not Working With Outlook 2016… functions on the company side and likewise on the supplier side from a payroll perspective so actually anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just provide everybody another couple 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 currently simply to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I really do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really extremely dreary and I want I was somewhere else at this moment in time all right so let’s begin our program for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why companies keep different
Virtual payroll accounts are an option to traditional checking account 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 maintaining different checking account for payroll in various countries, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are becoming a tactical property for payroll executives. We will also supply a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly effectively safely and on time throughout this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll savings account how companies precisely forecast their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in sufficient in one nation but when you’re doing it internationally 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 additional complexity the worldwide 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 companies and growing all doing their own thing around the world in the standard payroll model there’s frequently a frustrating number of different systems leading to lengthy manual processes and silos the number of Integrations could be non-existent in large amounts and or extremely extremely standard there’s no real consistency framework we’re living in an era of tech but 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 and that just blows my mind every time I I think
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force information in real time that’s another number that gives me sleep deprived nights and quite honestly the more an organization spends on worldwide payroll the less of an image they see an absence of presence likewise extends to payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the deal nearly half of worldwide services have actually expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM data data entry mistakes badly communicated hires and terminations as well as lack management and system configurations and then when you round it all off and the data is shipped to the wrong location the average expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments do not run efficiently if they rely on the essential multiple procedures 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 challenges business face when they’re making payments to staff members or otherwise that’s a good concern I constantly toss this back and state what is it what does not require to be consisted of ideal and what does
it require 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 timespan there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s complexity any place you look ideal ultimately constructing a knowledge base is absolutely critical however everywhere 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 take a 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 absolutely fundamental and innovation is allowing us to kind of move forward with that it likewise too to add to that payroll and financing need to work closer together um with differing Bank Account Particulars varying banking requirements and setup processes is absolutely essential that payroll and financing teams work more detailed together than ever um I’m always astonished when people state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so frequently 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 individuals any place they are however likewise paying statutory authorities and on statutory third parties so with the
The modern-day world puts a high worth on well-being and the compensation landscape is ending up being significantly complex. Businesses are constantly presenting brand-new benefits and payment options, which contributes to the overall complexity. Big corporations frequently divide their payroll and payment processing into different groups, which can cause inadequacies and traffic jams. In my opinion, this does not have to hold true. In today’s technically sophisticated age, there’s no validation for preserving cumbersome treatments. Payroll, the business’s biggest expenditure, should be processed properly and on time. Even slight delays can adversely affect workers’ wellness and have significant consequences. For that reason, it’s crucial to focus on precise and timely payments.
payroll group get um so I’m not exactly sure anybody on this type of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um however eventually payroll is such an important cycle we all hear about it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s simply a tick box exercise and I believe 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 things is absolutely crucial that all of this stuff is done correctly so leveraging the first International Payments very first payroll payment option is a terrific initial step um offering an end-to-end payroll option for your employees worldwide once again I think is another substantial um process again lining up and guaranteeing you have standardization Global procedures all of those things are absolutely essential to success success of businesses and lowering the number of tools platforms and bank accounts they need for their Global payroll too could not 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 do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the problems where things haven’t gone quite where they’re meant to be um I don’t think any of us are actually 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 easy as possible for everyone that’s involved in those procedures and also so envision sorry I’m just I was just gon na say imagine the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions think of getting that lots of thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating task trying to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true 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 try to get back to everyone so carrying on look why do companies pick to main different bank accounts there are Papaya Global Not Working With Outlook 2016 businesses out there doing precisely this for specific nations and I have actually worked in a company or lots of companies doing exactly that I can say it does not always feel efficient and it does produce more work I know we’re not deliberately doing that we’re not creating extra work for anyone where we do not have to and anybody that’s dealing with 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 think many reasons one is it’s the standard I think individuals have actually got so used to we need a brand-new savings account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm individuals have actually embraced and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a variety I think this is a process that needs taking a look at it needs altering however eventually individuals are extremely stuck to what they’re familiar
with best um modification is a challenging thing we all do not like modification um so I think it’s simply kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand clearly the advantages of having preserving numerous bank accounts but there’s a huge quantity of complexity opts for setting up a savings account maintaining it ensuring it can send International transfers ensuring it’s set up with the ideal user accesses for individual people so the complexity is huge but I think the truthful response is change um individuals haven’t been able to alter or haven’t had always the knowledge to really make that change into alternate Solutions other than opening a bank account I think you have actually hit the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter however we have actually always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could nearly be determined to be the next Century or so there is a lot to keep an eye on and this technique does pose numerous challenges um so Johnny might you inform us about those difficulties yeah of course so there’s a range right there is so
I simply did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you are worthy of a corner workplace with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Not Working With Outlook 2016