Over the last 5 or six years …Best Way To Backdate A Pay Rise Papaya Global… functions on the company side and likewise on the vendor side from a payroll viewpoint so really looking forward to this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply offer everyone another couple of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to type 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 sunshine is it it’s not no it’s it’s drizzling here it’s extremely really dreary and I want 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 obstacle 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 worldwide companies with dispersed and remote workforces, as it simplifies the complicated process of cross-border payments. Instead of keeping different checking account for payroll in various nations, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are becoming a tactical property for payroll executives. We will likewise supply a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively securely and on time during this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how companies accurately forecast their payroll expenses to increase working capital and how enhancing International 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 complex for a range of reasons most significantly guidelines compliance data security and banking guidelines then there are the sheer numbers they include further complexity the worldwide Workforce is presently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 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 conventional payroll design there’s often a frustrating number of various systems causing time-consuming manual procedures and silos the variety of Combinations could be non-existent in large quantities and or really extremely fundamental there’s no genuine consistency structure we’re living in a period of tech but payroll has actually 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 simply blows my mind each time I I believe
about it to give you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force data in real time that’s another number that offers me sleep deprived nights and quite frankly the more a business spends on global payroll the less of an image they see a lack of exposure likewise extends to payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the deal nearly half of worldwide services have revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM data information entry errors badly communicated hires and terminations in addition to absence management and system configurations and then when you round all of it off and the data is delivered to the incorrect location the average expense of a worldwide information 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 don’t run efficiently if they depend on the necessary 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 challenges organization face when they’re paying to employees or otherwise that’s a great concern I always toss this back and say what is it what does not need to be consisted of right and what does
it need 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 consumer’s own in-country account so there’s intricacy any place you look ideal ultimately constructing a knowledge base is definitely critical but everywhere you look with payroll payment they resemble incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is enabling us to type of move forward with that it also as well to contribute to that payroll and finance need to work closer together um with differing Checking account Details varying banking requirements and setup procedures is absolutely necessary that payroll and financing groups work more detailed together than ever um I’m always surprised when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they split the payroll payment from estimation 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 individuals wherever they are but also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being a growing number of crucial to add to kind of the level of intricacy there’s increasingly more benefits being organ or being provided by organizations across the world so again you’re just wanting to include more and more payments to this already intricate 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 real challenges or real challenging type of pay utilizes to play to pay people I believe yeah I mean over the last well yeah a couple of years I would absolutely state that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are teams feeding information into the next function as it were that’s really managing the payment side of things but you know in in my viewpoint and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we need to produce additional handoffs while doing sos that we operate in they just make them more prompt they make them less efficient and they do not make them what they require to be in in a period of tech and a period that you understand that we are working in today there is no reason that we are still making this as challenging as it requires to be concurred and appropriately as you stated payroll is the single greatest liability that any organization has from a cost point of view from an effect viewpoint on workers it is definitely important that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the most significant harmful impact on people’s wellness and numerous other aspects if people aren’t paid uh I’ve always been amazed entering into this Market kind of the last 5 to 10 years is how little thanks the
payroll team get um so I’m not sure anybody on this sort of webinar has been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um however eventually payroll is such a crucial cycle all of us find out about it when it fails everyone jumps up and down when it fails however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely vital that all of this things is done properly so leveraging the first International Payments very first payroll payment option is a great primary step um providing an end-to-end payroll service for your employees internationally again I think is another huge um procedure again lining up and guaranteeing you have standardization Worldwide procedures all of those things are absolutely crucial to success success of organizations and reducing the number of tools platforms and bank accounts they require 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 thousand of them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things haven’t gone quite where they’re indicated to be um I don’t think any of us are actually doing that for for the thanks
anyway we understand how how essential a role 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 simple as possible for everyone that’s associated with those procedures and also so picture sorry I’m simply I was just gon na say picture the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re speaking about hundreds of thousands potentially Millions imagine getting that numerous 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 absolutely be an intriguing job attempting to clean all those up for sure oh definitely I can’t think of 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 actually see what was going on and type of try to get back to everybody so carrying on look why do companies choose to main separate checking account there are Best Way To Backdate A Pay Rise Papaya Global organizations out there doing exactly this for particular nations and I have actually operated in a business or many companies doing exactly that I can say it doesn’t constantly feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not developing additional work for anyone where we do not need to and anybody that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you believe 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 actually got so used to we need a new checking account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have embraced and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and numerous other ways 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 eventually individuals are very stuck to what they recognize
with right um modification is a hard thing all of us do not like change um so I think it’s simply sort of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the benefits of having maintaining multiple savings account but there’s a substantial quantity of intricacy goes with setting up a savings account preserving it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for individual individuals so the intricacy is big however I believe the honest answer is modification um people haven’t been able to change or haven’t had necessarily the knowledge to really make that change into alternate Solutions aside from opening a bank account I think you have actually hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter but we’ve constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what could nearly be determined to be the next Century or two there is a lot to track and this approach does position a number of obstacles um so Johnny might you inform us about those difficulties yeah naturally so there’s a variety right there is so
I simply did you switched our Enterprise 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 Worldwide workers you deserve a corner office with a closer parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Best Way To Backdate A Pay Rise Papaya Global