Over the last 5 or 6 years …Download Papaya Global From The Internet… functions on the company side and likewise on the vendor side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just offer everyone another number of uh well among the 30 seconds or so to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everybody comes from and I really 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 really really uninspiring and I wish I was elsewhere at this moment in time okay 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 keep separate
Virtual payroll accounts are an option to standard checking account for handling payroll payments. This is particularly beneficial for international organizations with dispersed and remote labor forces, as it streamlines the complicated procedure of cross-border payments. Instead of preserving different checking account for payroll in various nations, virtual accounts and digital wallets provide a more structured option. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are ending up being a tactical possession for payroll executives. We will also provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly effectively safely and on time throughout this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll bank account how business properly forecast their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in sufficient in one nation but when you’re doing it internationally it’s next level and Beyond it becomes complicated for a range of factors most importantly regulations compliance information security and banking rules then there are the large numbers they include further complexity the worldwide Labor force is currently 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 organizations and growing all doing their own thing around the globe in the conventional payroll design there’s frequently an overwhelming number of various systems causing time-consuming manual procedures and silos the variety of Combinations could be non-existent in big amounts and or very really standard there’s no real consistency framework we’re residing in an age of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that just blows my mind whenever I I think
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force information in real time that’s another number that provides me sleep deprived nights and rather frankly the more a company spends on worldwide payroll the less of an image they see an absence of visibility also encompasses payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the transaction nearly half of worldwide companies have revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry mistakes poorly interacted hires and terminations along with lack management and system setups and then when you round it all off and the data is delivered to the wrong place the average cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world payroll and payments do not run efficiently if they count on the necessary multiple processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles company face when they’re making payments to employees or otherwise that’s a good question I always toss this back and state what is it what doesn’t require to be included ideal 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 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 need to pay from the customer’s own in-country account so there’s intricacy anywhere you look right eventually developing a knowledge base is absolutely critical however all over you look with payroll payment they resemble extremely payments no if but some infants 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 think there’s now a bit more acknowledgment that payroll payments are absolutely basic and innovation is permitting us to type of move forward with that it likewise as well to contribute to that payroll and finance require to work closer together um with varying Checking account Details differing banking requirements and setup procedures is absolutely imperative 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 stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from computation 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 process it’s the point of information collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
The modern-day world places a high worth on well-being and the compensation landscape is ending up being significantly detailed. Businesses are continuously presenting brand-new advantages and payment choices, which adds to the overall complexity. Big corporations often divide their payroll and payment processing into separate teams, which can result in ineffectiveness and traffic jams. In my opinion, this doesn’t need to hold true. In today’s highly advanced era, there’s no validation for maintaining troublesome treatments. Payroll, the company’s greatest expense, need to be processed correctly and on time. Even small delays can negatively affect workers’ wellness and have significant repercussions. Therefore, it’s critical to prioritize precise and prompt payments.
payroll group get um so I’m not exactly sure anybody on this kind of webinar has 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 workers or not um but ultimately payroll is such a crucial cycle we all become aware of it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely crucial that all of this stuff is done properly so leveraging the first Worldwide Payments very first payroll payment service is a great initial step um supplying an end-to-end payroll service for your workers globally again I think is another substantial um process once again lining up and guaranteeing you have standardization Global processes all of those things are definitely essential to success success of organizations and minimizing the number of tools platforms and savings account they require for their International payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred thousand of 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 quite where they’re implied to be um I don’t think any of us are really doing that for for the thanks
anyhow we know how how important a function it is which’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 associated with those procedures and also so picture sorry I’m simply I was just gon na state imagine the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions think of getting that lots of thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating job trying to clean up 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 require days of the week to attempt to browse them and in fact see what was going on and sort of shot to return to everyone so moving on appearance why do companies pick to main different checking account there are Download Papaya Global From The Internet organizations out there doing exactly this for specific countries and I’ve operated in a service or many services doing precisely that I can say it doesn’t always feel efficient and it does produce more work I know we’re not deliberately doing that we’re not creating additional work for any person where we do not have to and anybody 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 amount that we are I believe lots of reasons one is it’s the standard I think individuals have actually got so utilized to we require a new savings 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 think it’s just been the standard and the norm the people have actually embraced and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and many 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 needs changing however ultimately individuals are extremely stuck with what they recognize
with right um change is a tough thing we all do not like change um so I believe it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend certainly the benefits of having keeping numerous savings account however there’s a substantial quantity of complexity opts for establishing a checking account keeping it guaranteeing it can send International transfers guaranteeing it’s set up with the ideal user accesses for specific people so the intricacy is huge however I believe the truthful response is change um individuals have not been able to change or have not had necessarily the understanding to actually make that change into alternate Solutions other than opening a savings account I think you’ve struck the nail on the head I believe 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 real reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what could practically be figured out to be the next Century approximately there is a lot to monitor and this approach does posture several difficulties um so Johnny could you inform us about those challenges yeah naturally so there’s a variety right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has actually gotten another CFO, and with this boosted ability, I have actually successfully protected payments for our 10,000 workers worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is good. You should have a corner office with a parking space that is closer, considering your achievements. Download Papaya Global From The Internet