Over the last five or 6 years …Https Www.G2Crowd.Com Products Papaya Global Take_Survey… roles on the provider side and likewise on the vendor side from a payroll perspective so actually anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just provide everybody 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 kind of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to kind of like see where everyone comes from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely very uninspiring and I wish I was somewhere else at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why companies maintain separate
Virtual payroll accounts are an alternative to conventional checking account for handling payroll payments. This is particularly useful for worldwide companies with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of preserving different savings account for payroll in various nations, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are ending up being a strategic possession 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 accurately efficiently securely and on time throughout this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll bank account how companies accurately anticipate their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in adequate in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a range of reasons most significantly policies compliance information security and banking guidelines then there are the large numbers they add more intricacy the worldwide Workforce is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the world in the traditional payroll design there’s typically an overwhelming variety of different systems leading to time-consuming manual procedures and silos the variety of Combinations could be non-existent in big quantities and or really very standard there’s no genuine consistency structure we’re residing in an age of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just blows my mind whenever I I believe
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce data in real time that’s another number that offers me sleepless nights and quite frankly the more a business spends on international payroll the less of a picture they see an absence of presence likewise encompasses payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the transaction nearly half of global services have revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM information information entry errors badly interacted hires and terminations as well as lack management and system configurations and then when you round everything off and the data is shipped to the incorrect place the average cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash worldwide payroll and payments don’t run efficiently if they rely on the essential numerous procedures systems and partners it is simply 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 making payments to employees or otherwise that’s an excellent concern I constantly throw this back and state what is it what doesn’t require to be consisted of ideal and what does
it require to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment abilities 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 consumer’s own in-country account so there’s complexity anywhere you look ideal eventually constructing a knowledge base is definitely vital but everywhere you look with payroll payment they resemble extremely payments no if but some children 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 recognition that payroll payments are definitely basic and innovation is permitting us to sort of move on with that it likewise as well to add to that payroll and finance need to work closer together um with varying Checking account Details varying banking requirements and setup processes is definitely vital that payroll and finance groups work closer together than ever um I’m always astonished when people say I’ve divided payroll and payment um if you stroll down the street and asked anybody 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 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 information collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory third parties so with the
The modern-day world puts a high worth on well-being and the compensation landscape is ending up being progressively complex. Businesses are continuously introducing brand-new benefits and payment choices, which adds to the general complexity. Big corporations often divide their payroll and payment processing into different groups, which can lead to ineffectiveness and bottlenecks. In my viewpoint, this doesn’t have to hold true. In today’s highly innovative period, there’s no justification for keeping cumbersome procedures. Payroll, the business’s most significant expenditure, must be processed properly and on time. Even slight hold-ups can adversely affect workers’ wellness and have far-reaching effects. For that reason, it’s critical to focus on accurate and prompt payments.
payroll group get um so I’m uncertain anyone on this type of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um however eventually payroll is such an essential cycle we all become aware of 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 view as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely essential that all of this things is done correctly so leveraging the first Global Payments first payroll payment service is a fantastic first step um supplying an end-to-end payroll service for your employees internationally once again I think is another substantial um process once again lining up and guaranteeing you have standardization Global procedures all of those things are absolutely crucial to success success of organizations and reducing the number of tools platforms and checking account they need for their Global 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 five or ten or whatever it might be with the with the the problems where things have not gone rather where they’re indicated to be um I don’t think any of us are actually doing that for for the thanks
anyhow we know how how crucial 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 everybody that’s involved in those processes and also so picture sorry I’m just I was simply gon na state picture the quantity 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 many thank you notes um I indicate 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 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 in fact see what was going on and sort of try to get back to everybody so moving on appearance why do companies choose to main different bank accounts there are Https Www.G2Crowd.Com Products Papaya Global Take_Survey companies out there doing precisely this for specific countries and I’ve worked in a business or many services doing exactly that I can state it doesn’t always feel effective and it does develop more work I know we’re not purposely doing that we’re not developing extra work for anyone 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 think that we’re doing that in in the in the quantity that we are I think many factors one is it’s the requirement I think people have actually got so used to we require a brand-new bank account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have actually adopted and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and many other methods um to to kind of do it so I think there’s a range I think this is a process that needs looking at it requires changing but ultimately people are very stuck to what they recognize
with right um modification is a difficult thing we all do not like change um so I believe it’s simply type of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend certainly the advantages of having keeping several bank accounts however there’s a huge quantity of intricacy opts for establishing a bank account keeping it ensuring it can send International transfers ensuring it’s established with the best user accesses for private people so the intricacy is big but I think the truthful answer is change um people haven’t had the ability to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions aside from opening a savings account I think you have actually struck the nail on the head I believe it is knowledge you know and there is an aspect of resistance to change however we’ve constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what might practically be identified to be the next Century or so there is a lot to keep an eye on and this technique does present several difficulties um so Johnny might you inform us about those challenges yeah naturally so there’s a range right there is so
I just did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global employees you should have a corner office with a better parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Https Www.G2Crowd.Com Products Papaya Global Take_Survey