Over the last 5 or six years …Papaya Global Payroll Service Cost… roles on the supplier side and also on the supplier side from a payroll point of view so really looking forward to this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just offer everybody another number of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everyone comes from and I truly do hope it’s much sunnier than it is 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 elsewhere at this moment in time okay so let’s get started our program for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why business keep different
Virtual payroll accounts are an alternative to traditional checking account for managing payroll payments. This is especially beneficial for international organizations with dispersed and remote labor forces, as it simplifies the complicated process of cross-border payments. Instead of keeping separate bank accounts for payroll in various nations, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are ending up being a tactical property for payroll executives. We will likewise provide a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently firmly and on time throughout this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll bank account how companies precisely anticipate their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in enough in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a range of factors most importantly policies compliance information security and banking guidelines then there are the large numbers they include more intricacy the worldwide Labor force is currently three and a half billion individuals by 2030 it’s approximated 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 organizations and growing all doing their own thing around the world in the traditional payroll design there’s typically a frustrating number of different systems leading to time-consuming manual procedures and silos the number of Integrations could be non-existent in big amounts and or extremely extremely basic there’s no genuine consistency structure we’re living in a period of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that just 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 services state they have Workforce information in real time that’s another number that provides me sleep deprived nights and rather honestly the more a business invests in 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 incidents in the last mile of the transaction nearly half of global businesses have revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM data data entry errors badly communicated hires and terminations in addition to lack management and system setups and then when you round it all off and the data is delivered to the wrong place the average expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash all over the world payroll and payments do not run efficiently if they rely on the required numerous processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties service face when they’re paying to staff members or otherwise that’s an excellent question I always throw this back and say what is it what does not need to be included best 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 nation there’s payment timespan there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you need 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 vital but all over you look with payroll payment they resemble very payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the type 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 absolutely essential and technology is enabling us to kind of move forward with that it likewise also to add to that payroll and financing need to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is absolutely imperative that payroll and financing groups work more detailed together than ever um I’m always impressed when people state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from computation 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 any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more crucial to add to type of the level of intricacy there’s a growing number of benefits being organ or being offered by services throughout the world so once again you’re just wanting to include more and more payments to this currently complex landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of genuine difficulties or genuine challenging kind of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a number of decades I would definitely say that the larger an organization gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding information into the next function as it were that’s actually handling the payment side of things however you understand in in my viewpoint and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we require to create extra handoffs while doing sos that we run in they just make them more timely they make them less effective and they do not make them what they require to be in in an age of tech and a period that you understand that we are working in today there is no reason we are still making this as hard as it requires to be concurred and appropriately as you said payroll is the single biggest liability that any business has from an expense point of view from an effect point of view on employees 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 greatest damaging effect on people’s wellness and lots of other factors if people aren’t paid uh I have actually always been amazed coming into this Market type of the last 5 to ten years is how little thanks the
payroll team get um so I’m uncertain anybody on this sort of webinar has actually been informed 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 workers or not um but eventually payroll is such an important cycle we all find out about it when it fails everyone jumps up and down when it fails but when it goes right it’s just a tick box exercise and I think 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 absolutely essential that all of this stuff is done properly so leveraging the first International Payments very first payroll payment solution is a great primary step um providing an end-to-end payroll option for your employees globally again I believe is another big um process once again lining up and ensuring you have standardization Global procedures all of those things are absolutely essential to success success of services and minimizing the number of tools platforms and savings account they need 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 countless them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things have not gone rather where they’re meant to be um I do not think any of us are really doing that for for the thanks
anyhow we know how how essential 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 everybody that’s associated with those procedures and also so envision sorry I’m just I was simply gon na state picture the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions imagine getting that many thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating task trying to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and really see what was going on and type of try to return to everyone so proceeding appearance why do business choose to main separate checking account there are Papaya Global Payroll Service Cost organizations out there doing precisely this for particular nations and I have actually worked in a business or numerous companies doing precisely that I can say it doesn’t always feel efficient and it does develop more work I understand we’re not purposely doing that we’re not developing extra work for anyone where we do not need to and anyone that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I think many reasons one is it’s the requirement I believe individuals have got so used to we require a brand-new bank account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard the people have actually embraced and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and lots of other methods um to to kind of do it so I think there’s a variety I think this is a procedure that requires taking a look at it needs changing however eventually people are really stuck to what they recognize
with right um modification is a difficult thing we all do not like change um so I think it’s simply type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand undoubtedly the advantages of having maintaining multiple bank accounts but there’s a big quantity of complexity opts for establishing a checking account preserving it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for specific people so the intricacy is huge but I believe the honest response is change um people haven’t been able to change or haven’t had necessarily the knowledge to really make that change into alternate Solutions other than opening a checking account I think you have actually struck the nail on the head I think it is knowledge you know and there is an element of resistance to alter however we have actually constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of proceeding and moving into you understand what might almost be determined to be the next Century or so there is a lot to monitor and this technique does position a number of obstacles um so Johnny could you tell us about those challenges yeah of course so there’s a variety 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 gotten another CFO, and with this enhanced capability, I have effectively protected payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Payroll Service Cost