Over the last five or 6 years …Papaya Global Hr Software For Efficient Payroll… roles on the supplier side and also on the supplier side from a payroll perspective so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply offer everybody another couple of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everybody is um it’s nice to to sort 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 sunshine is it it’s not no it’s it’s raining here it’s extremely very bleak and I wish I was somewhere else at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why business preserve separate
Virtual payroll accounts are an alternative to standard bank accounts for managing payroll payments. This is particularly beneficial for global organizations with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of preserving separate bank accounts for payroll in various countries, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are ending up being a tactical possession for payroll executives. We will also offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently securely and on time during this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how business properly forecast their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in sufficient in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a range of reasons most notably guidelines compliance data security and banking rules then there are the large numbers they include further intricacy the worldwide Workforce is currently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing all over the world in the standard payroll model there’s typically an overwhelming number of different systems leading to time-consuming manual procedures and silos the number of Integrations could be non-existent in large amounts and or extremely very basic there’s no real consistency structure we’re living in an era of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand often 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 organizations say they have Workforce data in real time that’s another number that provides me sleepless nights and quite honestly the more a business invests in worldwide payroll the less of an image they see an absence of visibility likewise extends to payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the transaction almost half of worldwide organizations have actually revealed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry errors improperly interacted hires and terminations in addition to absence management and system setups and then when you round it all off and the information is delivered to the incorrect place the typical cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money all over the world payroll and payments don’t run smoothly if they depend on the required several processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges organization face when they’re paying to employees or otherwise that’s a good question I constantly throw this back and say what is it what doesn’t need to be consisted of best and what does
it need to be thought of there’s varying 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 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 consumer’s own in-country account so there’s intricacy any place you look ideal ultimately developing a knowledge base is definitely vital however all over you look with payroll payment they resemble super payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the type 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 progress with that it likewise as well to add to that payroll and finance require to work closer together um with differing Savings account Details differing banking requirements and setup procedures is absolutely imperative that payroll and financing groups work closer together than ever um I’m constantly impressed when people say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation would they split the payroll payment from calculation 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 anywhere they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of crucial to contribute to type of the level of intricacy there’s more and more advantages being organ or being used by companies across the world so again you’re just wanting to include a growing number of payments to this already intricate landscape so if you type of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of real obstacles or real tough type of pay utilizes to play to pay people I think yeah I imply over the last well yeah a couple of years I would definitely say that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are groups feeding info into the next function as it were that’s actually handling the payment side of things but you understand in in my viewpoint and my experience that does not always require to be the case you understand long gone are the times where we need to develop extra handoffs in the processes that we run in they just make them more timely they make them less effective and they don’t make them what they require to be in in a period of tech and a period that you understand that we are operating in today there is no reason we are still making this as tough as it needs to be agreed and appropriately as you stated payroll is the single most significant liability that any business has from an expense perspective from an effect viewpoint on staff members it is absolutely vital that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the biggest destructive result on people’s well-being and numerous other elements if individuals aren’t paid uh I have actually always been astonished entering this Market type of the last 5 to 10 years is how little thanks the
payroll team get um so I’m not sure anyone on this sort of webinar has been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an essential cycle we all find out about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I think 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 stuff is definitely vital that all of this things is done properly so leveraging the first International Payments first payroll payment solution is a fantastic first step um offering an end-to-end payroll solution for your employees internationally again I believe is another huge um procedure again aligning and ensuring you have standardization Worldwide procedures all of those things are definitely essential to success success of businesses and reducing 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 terms of of the thank yous for getting payroll done I’ve never ever had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the problems where things have not gone rather where they’re suggested to be um I do not believe any of us are really doing that for for the thanks
anyhow 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 simple as possible for everybody that’s involved in those processes and also so envision sorry I’m simply I was simply gon na say envision the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions envision getting that lots of thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an intriguing job 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 need days of the week to attempt to look through them and actually see what was going on and kind of try to get back to everyone so proceeding appearance why do companies pick to primary separate checking account there are Papaya Global Hr Software For Efficient Payroll companies out there doing precisely this for particular countries and I have actually operated in an organization or many services doing exactly that I can say it doesn’t always feel efficient and it does develop more work I know we’re not purposely doing that we’re not producing additional work for any person where we don’t need to and anyone that’s dealing with 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 quantity that we are I believe numerous factors one is it’s the standard I believe individuals have actually got so utilized to we need a brand-new checking account we open an entity and rightly so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard the people have actually adopted and continue to do over years and years passed by to contribute to that individuals have actually looked at things like trust accounts and many other methods um to to type of do it so I think there’s a variety I think this is a process that requires looking at it needs altering however ultimately individuals are really stuck with what they recognize
with ideal um change is a tough thing we all don’t like modification um so I believe it’s just kind of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the benefits of having maintaining several savings account but there’s a huge amount of intricacy goes with establishing a checking account preserving it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for private people so the complexity is substantial however I believe the sincere response is change um individuals have not had the ability to alter or have not had necessarily the understanding to really make that change into alternate Solutions besides opening a checking account I think you have actually struck the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to change but we have actually constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what could nearly be determined to be the next Century or two there is a lot to monitor and this method does present a number of difficulties um so Johnny could you inform us about those obstacles yeah of course so there’s a variety right there is so
I recently made a modification 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 acquired another CFO, and with this enhanced ability, I have successfully secured payments for our 10,000 workers worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Hr Software For Efficient Payroll