Over the last five or 6 years …How Much Is Papaya Global Payroll Desktop… roles on the company side and also on the vendor side from a payroll point of view so actually looking forward to this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just offer everyone another number of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite intriguing 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 actually 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 raining here it’s very very dreary and I want I was elsewhere at this moment in time fine so let’s get started our program for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why companies preserve different
Virtual payroll accounts are an option to standard savings account for managing payroll payments. This is particularly useful for worldwide organizations with dispersed and remote labor forces, as it streamlines the intricate procedure of cross-border payments. Instead of maintaining different savings account for payroll in different countries, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a strategic possession for payroll executives. We will likewise provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively safely and on time throughout this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how companies properly forecast their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in adequate in one nation but when you’re doing it globally it’s next level and Beyond it becomes intricate for a range of factors most significantly guidelines compliance data security and banking guidelines then there are the large numbers they include further complexity the international Workforce is presently 3 and a half billion people by 2030 it’s estimated 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 companies and growing all doing their own thing around the world in the conventional payroll design there’s often an overwhelming number of different systems causing time-consuming manual procedures and silos the number of Integrations could be non-existent in large quantities and or really really standard there’s no real consistency structure we’re residing in an age of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that just blows my mind every time I I believe
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force information in real time that’s another number that provides me sleep deprived nights and rather honestly the more a company spends on worldwide payroll the less of an image they see an absence of visibility also reaches payroll payments and failure to accurately track these payments can lead to compliance mishaps in the last mile of the deal almost half of international services have revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM data data entry mistakes improperly interacted hires and terminations as well as absence management and system configurations and after that when you round it all off and the data is shipped to the incorrect place the typical cost of a worldwide 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 efficiently if they depend on the necessary 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 company face when they’re making payments to employees or otherwise that’s a good question I constantly throw this back and state what is it what doesn’t require to be consisted of right and what does
it require to be considered 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 client’s own in-country account so there’s complexity anywhere you look right eventually building a knowledge base is absolutely important but everywhere you look with payroll payment they resemble very payments no if but some children about it you are all superheroes processing payments for payroll if you take a 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 fundamental and innovation is allowing us to type of move forward with that it also as well to contribute to that payroll and financing require to work closer together um with differing Bank Account Details varying banking requirements and setup processes is definitely essential that payroll and finance teams work more detailed together than ever um I’m constantly impressed when people say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they divide 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 procedure it’s the point of data collection all the way through to paying people any place they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being a growing number of crucial to contribute to kind of the level of complexity there’s a growing number of benefits being organ or being used by businesses across the world so again you’re just aiming to add a growing number of payments to this already complicated landscape so if you kind 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 difficulties or real difficult type of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a number of decades I would absolutely say that the larger a service 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 actually handling the payment side of things but you know 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 develop additional handoffs in the processes that we run in they just make them more prompt they make them less efficient and they do not make them what they require to be in in an era of tech and an age that you understand that we are working in today there is no reason we are still making this as tough as it needs to be agreed and rightly as you stated payroll is the single biggest liability that any business has from an expense perspective from an impact viewpoint on employees it is absolutely critical that it’s done properly and on time so what we imply 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 harmful effect on people’s well-being and many other aspects if people aren’t paid uh I’ve always been surprised entering this Market kind of the last 5 to ten years is how little thanks the
payroll group get um so I’m not sure anyone on this type of webinar has been told 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 workers or not um however eventually payroll is such an essential cycle all of us become aware of it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely vital that all of this things is done properly so leveraging the very first International Payments very first payroll payment option is a great primary step um providing an end-to-end payroll service for your employees internationally once again I believe is another big um process again lining up and ensuring you have standardization Worldwide procedures all of those things are definitely essential to success success of organizations and decreasing the variety of tools platforms and savings account they need 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’ve 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 complaints where things haven’t gone quite where they’re suggested to be um I don’t think any of us are in fact doing that for for the thanks
anyhow we understand how how essential 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 likewise so think of sorry I’m simply I was just gon na state envision the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions envision getting that many thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting task attempting to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and in fact see what was going on and kind of try to return to everybody so proceeding look why do companies select to primary separate bank accounts there are How Much Is Papaya Global Payroll Desktop services out there doing precisely this for particular countries and I have actually operated in a business or lots of organizations doing exactly that I can state it does not constantly feel efficient and it does create more work I understand we’re not intentionally doing that we’re not developing additional work for any person where we do not need to and anybody that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe numerous reasons one is it’s the standard I believe individuals have got so utilized to we require a brand-new checking account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the standard individuals have actually adopted 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 methods um to to kind of do it so I believe there’s a variety I think this is a process that requires taking a look at it needs altering however eventually individuals are really stuck to what they recognize
with best um modification is a difficult thing we all don’t like change um so I think it’s simply sort of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand clearly the benefits of having keeping numerous savings account but there’s a substantial amount of intricacy chooses setting up a savings account keeping it ensuring it can send International transfers ensuring it’s set up with the best user accesses for private individuals so the complexity is huge however I believe the sincere response is modification um people haven’t been able to alter or haven’t had always the knowledge to actually make that change into alternate Solutions aside from opening a bank account I think you’ve struck the nail on the head I think it is understanding you know and there is a component of resistance to change however we’ve always done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might nearly be identified to be the next Century approximately there is a lot to keep an eye on and this method does present several obstacles um so Johnny might you tell us about those challenges yeah of course so there’s a range right there is so
I just recently made a change to our Enterprise 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 gotten another CFO, and with this enhanced ability, I have actually effectively protected payments for our 10,000 workers worldwide. Your commitment 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. How Much Is Papaya Global Payroll Desktop