Over the last five or 6 years …How To Get Papaya Global Payroll Summary By Month Report… roles on the provider side and likewise on the vendor side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds or so to join all of us 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 currently just to hear where everyone 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 remains 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 extremely really dreary and I wish I was somewhere else at this moment in time okay so let’s start our program for today is as follows um we are going to be looking at the challenge years of handling Global payroll why business preserve different
Virtual payroll accounts are an alternative to traditional checking account for managing payroll payments. This is particularly beneficial for global companies with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of keeping separate bank accounts for payroll in various countries, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a tactical asset for payroll executives. We will also provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively safely and on time throughout this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll bank account how companies accurately forecast their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in enough in one nation however when you’re doing it internationally it’s next level and Beyond it becomes complicated for a variety of reasons most notably policies compliance data security and banking guidelines then there are the large numbers they add further complexity the worldwide Workforce is presently 3 and a half billion individuals 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 companies and growing all doing their own thing all over the world in the traditional payroll model there’s frequently an overwhelming number of various systems causing time-consuming manual processes and silos the variety of Integrations could be non-existent in big quantities and or extremely extremely fundamental there’s no genuine consistency structure we’re residing in a period 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 which simply blows my mind every 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 organizations say they have Workforce data in real time that’s another number that provides me sleep deprived nights and rather frankly the more a business invests in global payroll the less of a photo they see an absence of visibility likewise encompasses payroll payments and inability to accurately track these payments can result in compliance mishaps in the last mile of the transaction almost half of worldwide organizations have expressed 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 information information entry mistakes badly interacted hires and terminations in addition to absence management and system configurations and after that when you round all of it off and the information is shipped to the wrong location the typical expense of a global information 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 smoothly if they rely on the required multiple processes 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 difficulties organization face when they’re paying to employees or otherwise that’s an excellent question I always toss this back and state what is it what doesn’t require to be included best and what does
it need to be thought of there’s varying 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 capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy any place you look ideal eventually building a knowledge base is absolutely crucial but everywhere you look with payroll payment they resemble super 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 believe there’s now a bit more recognition that payroll payments are absolutely essential and technology is enabling us to sort of move forward with that it also also to contribute to that payroll and financing require to work closer together um with varying Savings account Particulars differing banking requirements and setup processes is definitely important that payroll and financing teams work better together than ever um I’m constantly surprised when individuals state I’ve 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 typically split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of important to contribute to kind of the level of intricacy there’s increasingly more benefits being organ or being used by services across the world so once again you’re simply aiming to add a growing number of payments to this currently complex landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of real obstacles or genuine challenging sort of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a number of years I would definitely state that the larger a business gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are groups feeding info into the next function as it were that’s in fact handling 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 know long gone are the times where we require to produce extra handoffs while doing sos that we operate in they just make them more prompt they make them less effective and they don’t make them what they require to be in in an age of tech and an era that you know that we are operating in today there is no reason that we are still making this as difficult as it requires to be agreed and rightly as you stated payroll is the single biggest liability that any service has from an expense point of view from an impact perspective on workers it is definitely vital that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the most significant harmful impact on people’s wellness and many other aspects if people aren’t paid uh I’ve always been amazed entering this Market sort of the last 5 to 10 years is how little thanks the
The payroll group may not have been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and individuals just see when things go wrong. However, when things go right, it’s viewed as simply a regular task. This is how it’s perceived externally too. For that reason, it is important to ensure that jobs like Wi-Fi Global and other important matters are done correctly. Utilizing the very first Worldwide Payments first payroll payment option is an excellent initial step towards supplying a thorough payroll service for workers worldwide. Standardization, worldwide processes, and minimizing the variety of tools, platforms, and checking account necessary for worldwide payroll are key factors in attaining organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a few problems when things do not go as planned. Ultimately, we don’t do it for the gratitude.
anyway we understand 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 simple as possible for everyone that’s associated with those processes and likewise so think of sorry I’m simply I was simply gon na state imagine the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions imagine getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating 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 held true um you ‘d require days of the week to attempt to check out them and in fact see what was going on and type of shot to return to everyone so moving on look why do business pick to main separate checking account there are How To Get Papaya Global Payroll Summary By Month Report businesses out there doing precisely this for specific nations and I’ve worked in a business or lots of companies doing exactly that I can say it does not constantly feel efficient and it does develop more work I understand we’re not purposely doing that we’re not creating additional work for any person where we do not have to and any person 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 amount that we are I think numerous reasons one is it’s the requirement I believe people have got so used to we need a new checking account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm individuals have adopted and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and lots of other ways um to to sort of do it so I believe there’s a range I think this is a process that requires taking a look at it needs altering however ultimately individuals are extremely stuck with what they recognize
with right um change is a challenging thing we all do not like modification 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 great deal of track of stuff um I understand undoubtedly the benefits of having preserving multiple savings account however there’s a substantial amount of intricacy chooses setting up a savings account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for private individuals so the complexity is big however I think the truthful response is modification um people haven’t had the ability to change or haven’t had always the knowledge to truly make that change into alternate Solutions other than opening a checking account I believe you’ve struck the nail on the head I think it is knowledge you understand and there is a component of resistance to change but we’ve constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you know what could practically be figured out to be the next Century or so there is a lot to monitor and this method does position a number of obstacles um so Johnny could you inform us about those challenges yeah obviously so there’s a variety right there is so
I just 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 staff members you are worthy of a corner office with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you How To Get Papaya Global Payroll Summary By Month Report