Over the last five or six years …How To Change Pay Rate In Papaya Global Payroll… roles on the service provider side and likewise on the vendor side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everybody originates from and I actually 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 okay so let’s get going our program for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why business maintain separate
Virtual payroll accounts are an alternative to traditional checking account for managing payroll payments. This is particularly beneficial for international organizations with dispersed and remote workforces, as it streamlines the complicated procedure of cross-border payments. Instead of maintaining different checking account for payroll in different countries, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are becoming a strategic possession for payroll executives. We will also supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively safely and on time during this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll checking account how companies precisely forecast their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in enough in one country however when you’re doing it globally it’s next level and Beyond it ends up being complicated for a range of factors most notably guidelines compliance information security and banking guidelines then there are the sheer numbers they add further complexity the international Workforce is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing worldwide in the traditional payroll model there’s frequently a frustrating variety of various systems resulting in time-consuming manual processes and silos the number of Integrations could be non-existent in big quantities and or really very fundamental there’s no real consistency framework we’re residing in a period of tech however payroll has been sluggish 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 every time I I believe
about it to give you an idea of how far there still is to come according to Deloitte only 11 of services state they have Labor force information in real time that’s another number that gives me sleepless nights and quite honestly the more a business spends on international payroll the less of a picture they see an absence of visibility also encompasses payroll payments and inability to properly track these payments can result in compliance incidents in the last mile of the transaction nearly half of worldwide businesses have actually revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry mistakes inadequately communicated hires and terminations along with lack management and system configurations and after that when you round all of it off and the data is delivered to the wrong location the typical cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the globe payroll and payments do not run efficiently if they depend 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 requires to be factored into the obstacles organization face when they’re making payments to staff members or otherwise that’s a great concern I constantly toss this back and say what is it what doesn’t need to be consisted of right and what does
it require to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment capabilities 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 consumer’s own in-country account so there’s complexity wherever you look best eventually constructing a knowledge base is definitely important however everywhere you look with payroll payment they resemble extremely payments no if however some infants 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 technology is permitting us to sort of progress with that it likewise too to add to that payroll and financing require to work closer together um with differing Bank Account Details differing banking requirements and setup procedures is definitely essential that payroll and finance teams work more detailed together than ever um I’m always impressed when people say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from estimation 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 ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern world positions a high worth on wellness and the payment landscape is becoming increasingly complex. Services are continually introducing brand-new benefits and payment options, which adds to the overall intricacy. Big corporations typically divide their payroll and payment processing into separate groups, which can result in inefficiencies and traffic jams. In my opinion, this doesn’t have to hold true. In today’s technically sophisticated era, there’s no justification for maintaining troublesome treatments. Payroll, the business’s greatest cost, must be processed properly and on time. Even small delays can adversely affect workers’ well-being and have far-reaching repercussions. For that reason, it’s critical to prioritize accurate and prompt payments.
payroll group get um so I’m unsure anyone on this type of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um however eventually payroll is such an important cycle we all become aware of it when it fails everybody jumps up and down when it fails however when it goes right it’s just a tick box exercise and I think 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 stuff is absolutely important that all of this stuff is done properly so leveraging the very first International Payments very first payroll payment service is a terrific initial step um supplying an end-to-end payroll option for your staff members worldwide again I think is another substantial um procedure once again lining up and ensuring you have standardization Worldwide processes all of those things are definitely crucial to success success of businesses and minimizing 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 regards to 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 ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re suggested to be um I do not believe any of us are actually doing that for for the thanks
anyhow we understand how how essential 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 simple as possible for everyone that’s associated with those procedures and likewise so think of sorry I’m just I was just gon na say imagine the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions think of getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting task attempting to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and really see what was going on and type of shot to return to everyone so moving on look why do business select to primary separate savings account there are How To Change Pay Rate In Papaya Global Payroll businesses out there doing precisely this for particular countries and I have actually worked in a company or lots of services doing exactly that I can state it does not constantly feel effective and it does develop more work I understand we’re not intentionally doing that we’re not creating additional work for anybody where we don’t have to and anybody that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe lots of reasons one is it’s the requirement I believe people have got so used to we require a brand-new checking account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm individuals have actually embraced and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a range I think this is a procedure that requires taking a look at it needs altering but eventually people are very stuck to what they’re familiar
with ideal um change is a tough thing all of us don’t like modification um so I think it’s simply type of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the advantages of having keeping multiple bank accounts however there’s a substantial amount of complexity chooses setting up a savings account preserving it guaranteeing it can send out International transfers ensuring it’s established with the right user accesses for individual people so the complexity is big but I believe the sincere answer is change um individuals haven’t been able to change or have not had necessarily the knowledge to truly make that change into alternate Solutions besides opening a bank account I think you have actually struck the nail on the head I believe it is knowledge you know and there is a component of resistance to alter 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 proceeding and moving into you understand what could nearly be figured out to be the next Century or two there is a lot to keep an eye on and this method does position a number of difficulties um so Johnny could you inform us about those difficulties yeah obviously so there’s a variety right there is so
I recently made a change to our Business 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 acquired another CFO, and with this enhanced capability, I have actually effectively protected payments for our 10,000 workers worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is closer, considering your achievements. How To Change Pay Rate In Papaya Global Payroll