Over the last 5 or 6 years …Papaya Global Bonus Vs Off Cycle Payroll… functions on the supplier side and also on the supplier side from a payroll viewpoint so actually looking forward to this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply provide everybody another number of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on already 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 extremely very 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 Worldwide payroll why business keep different
Virtual payroll accounts are an option to conventional bank accounts for managing payroll payments. This is particularly helpful for international companies with dispersed and remote workforces, as it streamlines the complicated process of cross-border payments. Instead of maintaining separate savings account for payroll in various nations, virtual accounts and digital wallets provide a more structured service. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are becoming a strategic property for payroll executives. We will likewise supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently firmly and on time during this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll bank account how business precisely forecast their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in sufficient in one country however when you’re doing it internationally it’s next level and Beyond it becomes complicated for a range of factors most notably 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 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 traditional payroll design there’s often a frustrating number of different systems causing time-consuming manual processes and silos the number of Combinations could be non-existent in big quantities and or very very standard there’s no real consistency framework we’re residing in an age 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 simply blows my mind every time I I believe
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce information in real time that’s another number that offers me sleepless nights and quite honestly the more an organization spends on worldwide payroll the less of an image they see an absence of exposure likewise reaches payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the deal nearly half of global organizations have revealed that they don’t 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 bad HCM information information entry mistakes inadequately interacted hires and terminations as well as absence management and system configurations and after that when you round all of it off and the information is shipped to the wrong place the typical cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the globe payroll and payments do not run smoothly if they count on the necessary numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties organization face when they’re paying to staff members or otherwise that’s an excellent question I constantly toss this back and say what is it what does not require to be included best and what does
it require to be considered 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 have to pay from the client’s own in-country account so there’s complexity wherever you look ideal eventually building a knowledge base is definitely crucial however all over 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 sort of link 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 technology is permitting us to type of move on with that it likewise too to contribute to that payroll and financing require to work closer together um with varying Checking account Particulars varying banking requirements and setup processes is definitely imperative that payroll and financing teams work closer together than ever um I’m always astonished when individuals say I’ve divided payroll and payment um if you walk down the street and asked anybody 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 information collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern world places a high worth on well-being and the compensation landscape is ending up being increasingly elaborate. Businesses are continuously introducing brand-new benefits and payment options, which adds to the overall complexity. Big corporations frequently divide their payroll and payment processing into separate groups, which can cause inefficiencies and bottlenecks. In my viewpoint, this doesn’t have to be the case. In today’s technologically innovative era, there’s no reason for preserving troublesome procedures. Payroll, the company’s biggest expenditure, must be processed properly and on time. Even slight delays can adversely affect workers’ wellness and have significant effects. For that reason, it’s crucial to focus on accurate and timely payments.
payroll team get um so I’m not exactly sure anyone on this sort of webinar has been told 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 ultimately payroll is such an essential cycle we all find out about it when it fails everybody jumps up and down when it fails but when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely important that all of this things is done properly so leveraging the first Global Payments very first payroll payment solution is a terrific initial step um supplying an end-to-end payroll option for your workers globally once again I believe is another substantial um process again aligning and guaranteeing you have standardization Global processes all of those things are absolutely key to success success of businesses and lowering the variety of tools platforms and checking account they need for their International payroll too couldn’t 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 expect 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 rather where they’re implied to be um I don’t believe any of us are actually doing that for for the thanks
anyway we know how how crucial 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 also so think of sorry I’m simply I was simply gon na state imagine the amount of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions picture getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would definitely be a fascinating job attempting 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 require days of the week to attempt to look through them and actually see what was going on and type of try to return to everybody so carrying on look why do companies pick to primary separate savings account there are Papaya Global Bonus Vs Off Cycle Payroll businesses out there doing precisely this for specific countries and I have actually operated in a company or many organizations doing precisely that I can state it does not constantly feel effective and it does produce more work I understand we’re not purposely doing that we’re not developing additional work for anyone where we do not need 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 amount that we are I think numerous factors one is it’s the standard I believe people have actually got so used to we need a brand-new bank account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the standard the people have actually embraced and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and many other ways um to to type of do it so I believe there’s a variety I believe this is a procedure that requires taking a look at it needs altering however ultimately individuals are very stuck with what they’re familiar
with right um change is a challenging thing all of us do not like change um so I think it’s simply type of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand clearly the advantages of having keeping several bank accounts but there’s a huge amount of complexity goes with establishing a bank account preserving it ensuring it can send International transfers ensuring it’s established with the best user accesses for specific people so the complexity is huge but I believe the sincere response is change um individuals have not been able to change or have not had necessarily the understanding to actually make that change into alternate Solutions aside from opening a savings account I believe you have actually struck the nail on the head I believe it is understanding you understand and there is a component of resistance to alter but we’ve constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what could nearly be determined to be the next Century approximately there is a lot to monitor and this approach does pose numerous obstacles um so Johnny could you tell us about those challenges yeah obviously so there’s a variety right there is so
I just did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global 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 Bonus Vs Off Cycle Payroll