Over the last 5 or six years …Papaya Global P60 Printing Problems… roles on the service provider side and likewise on the supplier side from a payroll point of view so truly anticipating this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just offer everyone another couple of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I truly do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really very bleak and I want I was somewhere else at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing International payroll why companies keep different
Virtual payroll accounts are an option to traditional savings account for managing payroll payments. This is especially useful for international organizations with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of maintaining different bank accounts for payroll in different countries, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a tactical possession for payroll executives. We will likewise offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively firmly and on time during this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll savings account how companies properly anticipate 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 challenging in adequate in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a range of factors most importantly regulations compliance data security and banking guidelines then there are the sheer numbers they include additional complexity the global Labor force is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing all over the world in the traditional payroll design there’s typically a frustrating number of different systems leading to lengthy manual processes and silos the variety of Integrations could be non-existent in large amounts and or extremely very standard there’s no real consistency structure we’re residing in an age 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 frequently with pen and paper which simply blows my mind every time I I think
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Labor force data in real time that’s another number that gives me sleepless nights and quite honestly the more a company invests in worldwide payroll the less of an image they see an absence of presence also reaches payroll payments and failure to precisely track these payments can cause compliance accidents in the last mile of the transaction almost half of worldwide companies have revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM data information entry errors inadequately interacted hires and terminations as well as absence management and system setups and after that when you round all of it off and the data is shipped to the incorrect place the typical cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money worldwide payroll and payments don’t run efficiently if they depend on the required several 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 difficulties business face when they’re paying to staff members or otherwise that’s an excellent question I constantly throw this back and say what is it what does not need to be consisted of right and what does
it require 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 amount of time there’s payment abilities 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 customer’s own in-country account so there’s complexity anywhere you look best eventually developing a knowledge base is absolutely critical however all over you look with payroll payment they are like super payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is allowing us to type of move on with that it likewise too to add to that payroll and financing need to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is definitely necessary that payroll and finance teams work better together than ever um I’m always amazed when people state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession would they split 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 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 likewise paying statutory authorities and on statutory third parties so with the
The contemporary world puts a high worth on well-being and the payment landscape is ending up being significantly elaborate. Companies are constantly presenting new advantages and payment options, which contributes to the general intricacy. Large corporations frequently divide their payroll and payment processing into separate teams, which can result in ineffectiveness and bottlenecks. In my opinion, this does not have to be the case. In today’s technologically advanced age, there’s no validation for maintaining cumbersome procedures. Payroll, the company’s greatest expense, need to be processed correctly and on time. Even minor hold-ups can adversely affect workers’ wellness and have significant effects. For that reason, it’s critical to focus on accurate and timely payments.
payroll group 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 great to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such a crucial cycle we all hear 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 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 definitely important that all of this things is done properly so leveraging the very first Global Payments first payroll payment solution is a great primary step um providing an end-to-end payroll solution for your staff members internationally once again I think is another big um process once again aligning and ensuring you have standardization Global processes all of those things are definitely essential to success success of companies and decreasing the variety of tools platforms and bank accounts they require for their Global 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 have actually never ever had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the grievances where things haven’t gone rather where they’re implied to be um I do not think any of us are in fact doing that for for the thanks
anyway we know 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 easy as possible for everyone that’s involved in those processes and likewise so envision sorry I’m simply I was simply gon na say picture the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions think of getting that lots of thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating task attempting to clean all those up for sure oh definitely 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 type of shot to return to everyone so carrying on look why do business choose to primary different bank accounts there are Papaya Global P60 Printing Problems businesses out there doing precisely this for specific countries and I’ve operated in a company or many businesses doing precisely that I can say it does not constantly feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not developing extra work for anyone where we don’t have to and anyone 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 numerous reasons one is it’s the requirement I think people have got so used to we need a new checking account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard the people 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 ways um to to type of do it so I think there’s a variety I think this is a procedure that needs looking at it requires altering however ultimately individuals are really stuck to what they’re familiar
with best um change is a difficult thing we all don’t like modification um so I think it’s just sort 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 understand undoubtedly the advantages of having preserving several checking account however there’s a substantial amount of complexity chooses establishing a bank account preserving it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for individual individuals so the intricacy is big but I believe the truthful response is modification um individuals have not been able to alter or have not had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a bank account I believe you’ve hit 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 genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what might nearly be figured out to be the next Century or two there is a lot to track and this technique does position a number of obstacles um so Johnny might you inform us about those challenges yeah obviously so there’s a variety right there is so
I simply did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide workers you are worthy of a corner workplace with a more detailed parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global P60 Printing Problems