Over the last 5 or six years …Papaya Global Payroll Calendar… roles on the provider side and likewise on the supplier side from a payroll point of view so really eagerly anticipating this conversation 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 one of the 30 seconds or two to join we all work back to back these days so we’ll type 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 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 raining here it’s very really uninspiring and I want I was elsewhere at this moment in time alright so let’s start our program for today is as follows um we are going to be taking a look at the obstacle years of managing Worldwide payroll why business keep different
Virtual payroll accounts are an alternative to traditional bank accounts for handling payroll payments. This is especially helpful for worldwide companies with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of keeping different checking account for payroll in different nations, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about 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 accurately effectively firmly and on time throughout this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll checking account how business precisely forecast their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in sufficient in one country however when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a variety of reasons most notably policies compliance information security and banking guidelines then there are the sheer numbers they include further complexity the global Labor force is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing worldwide in the conventional payroll model there’s typically an overwhelming number of various systems leading to lengthy manual processes and silos the variety of Combinations could be non-existent in large amounts and or extremely extremely standard there’s no real consistency framework we’re residing in a period 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 typically with pen and paper which just blows my mind every time I I think
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of services state they have Workforce information in real time that’s another number that offers me sleep deprived nights and rather frankly the more an organization invests in worldwide payroll the less of a picture they see an absence of exposure likewise extends to payroll payments and inability to precisely track these payments can result in compliance incidents in the last mile of the transaction almost half of worldwide businesses have actually 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 because of time reporting poor HCM data data 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 data is shipped to the incorrect place the average expense of a worldwide data 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 don’t run smoothly if they depend on the necessary numerous procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges organization face when they’re paying to staff members or otherwise that’s a great question I always toss this back and say what is it what doesn’t need to be included right and what does
it need to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan 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 intricacy any place you look ideal eventually developing a knowledge base is definitely critical however everywhere you look with payroll payment they are like incredibly payments no if however some infants 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 recognition that payroll payments are definitely basic and innovation is enabling us to type of move on with that it also as well to add to that payroll and financing require to work closer together um with varying Savings account Details differing banking requirements and setup procedures is definitely imperative that payroll and finance groups work more detailed together than ever um I’m always impressed when individuals 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 occupation would they divide the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory third parties so with the
The modern-day world positions a high worth on well-being and the compensation landscape is ending up being significantly elaborate. Businesses are constantly presenting new benefits and payment alternatives, which adds to the general intricacy. Big corporations frequently divide their payroll and payment processing into different teams, which can cause ineffectiveness and traffic jams. In my opinion, this does not need to hold true. In today’s technically sophisticated era, there’s no reason for preserving cumbersome treatments. Payroll, the company’s biggest cost, must be processed properly and on time. Even small delays can adversely affect staff members’ wellness and have significant effects. Therefore, it’s vital to focus on precise and timely payments.
payroll team get um so I’m unsure anybody on this kind of webinar has actually 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 employees or not um but eventually payroll is such a crucial cycle we all hear about it when it fails everybody jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely crucial that all of this things is done correctly so leveraging the very first Worldwide Payments first payroll payment option is an excellent first step um supplying an end-to-end payroll option for your workers globally once again I think is another substantial um process once again aligning and ensuring you have standardization Global procedures all of those things are definitely essential to success success of businesses and reducing the variety of tools platforms and savings account they require for their Worldwide 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 have actually never ever had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things have not gone quite where they’re implied to be um I don’t think any of us are actually doing that for for the thanks
anyway 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 also so envision sorry I’m simply I was simply gon na say imagine the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re speaking about numerous thousands possibly Millions envision getting that numerous thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting task trying to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to browse them and really see what was going on and kind of shot to get back to everybody so moving on appearance why do business select to primary different checking account there are Papaya Global Payroll Calendar organizations out there doing exactly this for specific countries and I’ve worked in a service or many services doing precisely that I can state it doesn’t constantly feel effective and it does produce more work I understand we’re not deliberately doing that we’re not developing additional work for anybody where we don’t need to and anyone that’s dealing with 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 think numerous reasons one is it’s the requirement I think individuals have actually got so used to we need a new bank account we open an entity and appropriately so you need it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have adopted and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a range I think this is a procedure that requires looking at it requires altering but eventually people are very stuck to what they recognize
with ideal um change is a challenging thing we all do not like change um so I think it’s simply kind of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend clearly the advantages of having keeping several bank accounts however there’s a substantial amount of complexity chooses setting up a checking account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the right user accesses for individual people so the complexity is substantial but I believe the truthful response is modification um people have not had the ability to alter or haven’t had always the knowledge to truly make that change into alternate Solutions other than opening a checking account I think you’ve struck the nail on the head I think it is knowledge you know and there is a component of resistance to change but we’ve always done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you understand what could nearly be identified to be the next Century approximately there is a lot to track and this method does pose a number of challenges um so Johnny could you tell us about those difficulties yeah naturally so there’s a range right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually gotten another CFO, and with this boosted capability, I have effectively secured payments for our 10,000 employees worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global Payroll Calendar