Over the last 5 or six years …Papaya Global Payroll Login… roles on the service provider side and also on the supplier side from a payroll perspective so really anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just offer everyone another couple of uh well among the 30 seconds or two to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to kind 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 sunlight is it it’s not no it’s it’s raining here it’s very very gloomy and I wish I was somewhere else at this moment in time alright so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of handling Global payroll why business maintain different
Virtual payroll accounts are an option to traditional savings account for managing payroll payments. This is particularly useful for global organizations with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of maintaining separate savings account for payroll in various nations, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are becoming a tactical asset for payroll executives. We will likewise provide 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 advantages and disadvantages of a payroll wallet versus a payroll savings account how companies properly forecast their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in sufficient in one country but when you’re doing it worldwide it’s next level and Beyond it becomes complex for a range of factors most importantly policies compliance data security and banking rules then there are the sheer numbers they add further intricacy the global Labor force is presently three and a half billion individuals by 2030 it’s approximated 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 consider that there are some 230 million organizations and growing all doing their own thing worldwide in the traditional payroll model there’s often an overwhelming variety of different systems resulting in lengthy manual processes and silos the number of Combinations could be non-existent in large amounts and or extremely very basic there’s no real consistency framework 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 often with pen and paper and that simply blows my mind every time I I think
about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Labor force information in real time that’s another number that offers me sleepless nights and quite honestly the more a business invests in global payroll the less of a photo they see a lack of presence also extends to payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the deal almost half of international services have expressed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM information data entry errors improperly communicated 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 location the average cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash all over the world payroll and payments do not run efficiently if they rely on the essential numerous processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties service face when they’re making payments to workers or otherwise that’s a great question I constantly throw this back and state what is it what does not need to be included ideal 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 nation 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 ideal ultimately constructing a knowledge base is definitely vital but everywhere you look with payroll payment they resemble very payments no if however 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 innovation is enabling us to type of progress with that it also also to contribute to that payroll and financing need to work closer together um with varying Savings account Particulars varying banking requirements and setup procedures is absolutely important that payroll and finance groups work more detailed together than ever um I’m constantly impressed when people say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work 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 typically split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high worth on well-being and the payment landscape is ending up being increasingly complex. Companies are constantly presenting brand-new advantages and payment options, which adds to the general complexity. Big corporations often divide their payroll and payment processing into separate teams, which can lead to inefficiencies and traffic jams. In my opinion, this doesn’t need to hold true. In today’s technically advanced era, there’s no validation for maintaining troublesome procedures. Payroll, the business’s greatest expense, should be processed properly and on time. Even slight hold-ups can adversely impact staff members’ well-being and have significant consequences. Therefore, it’s important to prioritize accurate and timely payments.
The payroll team might not have actually been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and people only discover when things fail. Nevertheless, when things go right, it’s viewed as just a regular job. This is how it’s viewed externally also. Therefore, it is important to ensure that jobs like Wi-Fi Worldwide and other vital matters are done properly. Utilizing the first Global Payments first payroll payment option is a terrific preliminary action towards supplying an extensive payroll solution for workers worldwide. Standardization, international processes, and minimizing the number of tools, platforms, and bank accounts necessary for global payroll are essential consider achieving organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few complaints when things do not go as prepared. Ultimately, we do not do it for the thankfulness.
anyhow we understand how how important 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 involved in those procedures and also so think of sorry I’m simply I was just gon na say picture the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions imagine getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting task attempting to clean all those up for sure oh definitely I can’t picture 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 in fact see what was going on and type of shot to get back to everyone so moving on look why do business pick to main different bank accounts there are Papaya Global Payroll Login services out there doing precisely this for specific countries and I’ve operated in a company or numerous businesses doing exactly that I can say it does not always feel effective and it does create more work I understand we’re not purposely doing that we’re not creating additional work for anyone where we don’t have to and anybody that’s managing that process 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 reasons one is it’s the standard I think people have got so utilized to we require 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 just been the requirement and the norm the people have embraced and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and many other ways um to to type of do it so I think there’s a range I believe this is a procedure that needs taking a look at it requires changing but eventually individuals are extremely stuck to what they’re familiar
with best um modification is a challenging thing all of us don’t like modification um so I believe it’s just 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 certainly the advantages of having preserving numerous bank accounts but there’s a huge amount of intricacy chooses establishing a checking account maintaining it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for specific people so the intricacy is big however I think the sincere response is modification um individuals haven’t been able to alter or haven’t had always 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 understand and there is a component of resistance to change but we have actually constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could nearly be figured out to be the next Century or so there is a lot to keep an eye on and this approach does position several challenges um so Johnny might you tell us about those obstacles yeah obviously so there’s a range right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has acquired another CFO, and with this boosted capability, I have effectively secured payments for our 10,000 staff members 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 Login