Over the last 5 or 6 years …Papaya Global Recaptcha Not Working… functions on the provider side and also on the supplier side from a payroll point of view so really eagerly anticipating this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply give everybody another couple of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather intriguing 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 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 drizzling here it’s really extremely gloomy and I wish I was elsewhere at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why business maintain separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts enhancing papaya Global payroll payments as a strategic asset uh we’ll likewise review a recap which ought to leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become increasingly more typical and managing them becomes increasingly more complex Worldwide companies are seeking to find Solutions and brand-new ways to improve procedures specifically from a payroll and cross-border payment standpoint numerous companies keep separate bank account just for payroll while some have multiple accounts in different nations does it make sense for companies to preserve different bank accounts often in different countries it does but just for payroll exists a much better method what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational business simplify the episode complex processes of
making payroll payments accurately efficiently firmly and on time during this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll bank account how companies accurately anticipate their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in sufficient in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a range of factors most importantly policies compliance data security and banking rules then there are the large numbers they add more intricacy 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 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 around the world in the standard payroll design there’s frequently an overwhelming number of different systems resulting in lengthy manual processes and silos the number of Integrations could be non-existent in big amounts and or very extremely basic there’s no genuine consistency framework we’re living in a period of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply blows my mind every time I I think
about it to give you a concept of how far there still is to come according to Deloitte just 11 of services state they have Workforce data in real time that’s another number that offers me sleepless nights and rather frankly the more a business invests in worldwide payroll the less of a picture they see a lack of visibility likewise encompasses payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the deal nearly half of global businesses have revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM data data entry mistakes improperly communicated hires and terminations in addition to lack management and system configurations and then when you round everything off and the data is delivered to the incorrect location the typical expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash worldwide payroll and payments do not run efficiently if they depend on the needed several procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges business face when they’re making payments to workers or otherwise that’s an excellent concern I constantly toss this back and say what is it what doesn’t need to be consisted of best and what does
it require to be thought about there’s differing Bank information 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 have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s complexity wherever you look ideal ultimately constructing a knowledge base is absolutely vital but all over you look with payroll payment they resemble very payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely essential and innovation is allowing us to kind of move forward with that it also too to add to that payroll and financing need to work closer together um with varying Savings account Details differing banking requirements and setup procedures is absolutely important that payroll and finance groups work more detailed together than ever um I’m constantly astonished when people say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation 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 frequently 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 people any place they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being more and more essential to contribute to kind of the level of complexity there’s a growing number of benefits being organ or being used by companies across the world so again you’re just seeking to include increasingly more payments to this currently complex landscape so if you sort of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of genuine challenges or genuine tough type of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a number of decades I would certainly state that the bigger a company gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are teams feeding details into the next function as it were that’s in fact managing the payment side of things however you understand in in my opinion and my experience that does not necessarily need to be the case you know long gone are the times where we require to develop additional handoffs in the processes that we run in they just make them more prompt they make them less effective and they do not make them what they need to be in in a period of tech and an era that you understand that we are operating in today there is no reason we are still making this as tough as it requires to be concurred and appropriately as you said payroll is the single biggest liability that any service has from an expense point of view from an effect viewpoint on workers it is definitely critical that it’s done properly 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 harmful effect on people’s wellness and numerous other elements if individuals aren’t paid uh I have actually constantly been impressed coming into this Market kind of the last five to ten years is how little thanks the
The payroll group may not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and people only observe when things go wrong. Nevertheless, when things go right, it’s seen as simply a routine task. This is how it’s viewed externally too. Therefore, it is important to ensure that tasks like Wi-Fi Worldwide and other essential matters are done correctly. Using the first Global Payments very first payroll payment option is a great initial step towards supplying a thorough payroll solution for employees worldwide. Standardization, global procedures, and decreasing the number of tools, platforms, and bank accounts needed for worldwide payroll are crucial consider accomplishing business success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few complaints when things don’t go as prepared. Eventually, we don’t do it for the thankfulness.
anyway we understand 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 processes and likewise so imagine sorry I’m simply I was simply gon na say imagine the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re talking about numerous thousands possibly Millions think of getting that many thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating job 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 need days of the week to try to check out them and in fact see what was going on and type of shot to return to everyone so proceeding look why do business pick to main different bank accounts there are Papaya Global Recaptcha Not Working businesses out there doing exactly this for particular nations and I’ve worked in a business or numerous organizations doing exactly that I can say it does not always feel effective and it does produce more work I understand we’re not deliberately doing that we’re not creating additional work for anybody where we don’t need to and any person that’s handling that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe numerous reasons one is it’s the standard I think individuals have actually got so utilized to we require a brand-new bank account we open an entity and rightly so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm individuals have actually adopted and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and many other methods um to to kind of do it so I believe there’s a range I think this is a procedure that requires looking at it requires altering but eventually individuals are really stuck to what they recognize
with best um change is a challenging thing we all do not like change um so I think it’s just type of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand obviously the advantages of having keeping several checking account however there’s a big amount of complexity opts for establishing a checking account maintaining it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for individual people so the complexity is substantial however I think the sincere response is change um individuals haven’t been able to alter or haven’t had always the understanding to really make that change into alternate Solutions aside from opening a savings account I believe you’ve struck the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter but we have actually always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could almost be identified to be the next Century approximately there is a lot to monitor and this technique does position a number of challenges um so Johnny could you inform us about those difficulties yeah of course so there’s a variety right there is so
I recently made a modification to our Business 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 actually acquired another CFO, and with this enhanced capability, I have successfully protected payments for our 10,000 employees worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global Recaptcha Not Working