Over the last 5 or 6 years …Why Cant I Install My Updates For Papaya Global… functions on the provider side and likewise on the supplier side from a payroll point of view so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just give everybody another couple of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really extremely bleak and I wish I was elsewhere at this moment in time fine 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 International payroll why business preserve different
Virtual payroll accounts are an option to conventional checking account for handling payroll payments. This is particularly beneficial for international organizations with dispersed and remote workforces, as it streamlines the complicated process of cross-border payments. Instead of preserving separate bank accounts for payroll in different countries, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are ending up being a strategic property for payroll executives. We will also offer a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently securely and on time throughout this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll checking account how companies accurately anticipate their payroll expenses to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in enough in one country but when you’re doing it internationally it’s next level and Beyond it becomes intricate for a range of factors most importantly policies compliance data security and banking guidelines then there are the sheer numbers they include additional complexity the worldwide Labor force is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 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 worldwide in the standard payroll design there’s typically a frustrating number of different systems causing lengthy manual procedures and silos the number of Combinations could be non-existent in large amounts and or very extremely standard there’s no genuine consistency framework we’re residing in an era of tech however payroll has 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 each time I I believe
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of services state they have Workforce data in real time that’s another number that provides me sleepless nights and rather honestly the more a service invests in worldwide payroll the less of a photo they see a lack of visibility likewise encompasses payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the transaction almost half of international companies have expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry mistakes poorly interacted hires and terminations in addition to absence management and system setups and then when you round all of it off and the data is delivered to the wrong place 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 world payroll and payments don’t run smoothly if they count on the necessary numerous processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges company face when they’re paying to staff members or otherwise that’s a good question I always throw this back and state what is it what doesn’t need to be consisted of right and what does
it require to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s complexity wherever you look best eventually constructing a knowledge base is definitely crucial but everywhere you look with payroll payment they resemble super payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely basic and technology is permitting us to sort of move on with that it also too to add to that payroll and financing need to work closer together um with differing Checking account Particulars varying banking requirements and setup processes is absolutely vital that payroll and finance groups work closer together than ever um I’m always astonished when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um eventually 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 but also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more crucial to add to kind of the level of intricacy there’s more and more benefits being organ or being offered by services across the world so once again you’re simply looking to include more and more payments to this already intricate landscape so if you sort of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of real challenges or real challenging kind of pay utilizes to play to pay people I believe yeah I imply over the last well yeah a number of years I would certainly state that the bigger a service gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are groups feeding details into the next function as it were that’s actually managing the payment side of things however you know in in my opinion and my experience that doesn’t always require to be the case you understand long gone are the times where we need to produce additional handoffs at the same times that we run in they just make them more timely they make them less efficient and they do not make them what they require to be in in a period of tech and an age that you understand that we are working in today there is no reason that we are still making this as tough as it requires to be concurred and appropriately as you said payroll is the single biggest liability that any service has from a cost perspective from an effect viewpoint on employees it is absolutely important that it’s done properly and on time so what we mean 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 destructive result on individuals’s well-being and many other aspects if people aren’t paid uh I have actually constantly been astonished coming into this Market kind of the last five to 10 years is how little thanks the
payroll team get um so I’m not sure anyone on this kind of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um but eventually payroll is such a crucial cycle we all become aware of it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s just a tick box workout and I think 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 things is absolutely vital that all of this stuff is done correctly so leveraging the first International Payments first payroll payment solution is a terrific first step um supplying an end-to-end payroll service for your staff members globally again I think is another huge um process once again aligning and guaranteeing you have standardization Worldwide processes all of those things are definitely crucial to success success of companies and reducing the variety of tools platforms and checking account 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 5 or 10 or whatever it might be with the with the the complaints where things haven’t gone quite where they’re meant to be um I do not believe any of us are actually doing that for for the thanks
anyway we understand how how important a function 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 easy as possible for everyone that’s associated with those procedures and likewise so imagine sorry I’m simply I was simply gon na say think of the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions envision getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating task trying to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to check out them and actually see what was going on and kind of shot to get back to everybody so moving on appearance why do business select to primary different bank accounts there are Why Cant I Install My Updates For Papaya Global services out there doing exactly this for specific countries and I have actually operated in an organization or many services doing precisely that I can say it doesn’t always feel effective and it does produce more work I understand we’re not deliberately doing that we’re not developing extra work for anybody where we do not need to and anybody that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I believe lots of factors one is it’s the requirement I believe people have actually got so used to we require a new checking account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm the people have actually embraced and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and many other ways um to to kind of do it so I believe there’s a variety I think this is a procedure that needs looking at it requires changing but ultimately people are extremely stuck with what they’re familiar
with right um change is a tough thing all of us don’t like modification um so I think it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the benefits of having maintaining numerous savings account however there’s a huge quantity of complexity chooses setting up a bank account maintaining it ensuring it can send International transfers guaranteeing it’s set up with the ideal user accesses for private people so the intricacy is big however I believe the honest answer is change um individuals have not had the ability to alter or haven’t had necessarily the understanding to actually make that change into alternate Solutions besides opening a savings account I think you’ve struck the nail on the head I think it is knowledge you know and there is a component of resistance to alter but we’ve 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 might almost be figured out to be the next Century approximately there is a lot to keep an eye on and this technique does present a number of obstacles um so Johnny might you inform us about those difficulties yeah of course so there’s a variety right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually gotten another CFO, and with this boosted capability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is more detailed, considering your accomplishments. Why Cant I Install My Updates For Papaya Global