Over the last 5 or six years …Papaya Global Odbc Error… roles on the company side and also on the supplier side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just provide everyone another number of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everybody originates from and I truly do hope it’s much sunnier than it remains 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 very really gloomy and I want I was somewhere else at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why business preserve separate
Virtual payroll accounts are an option to standard bank accounts for managing payroll payments. This is particularly beneficial for worldwide companies with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of preserving different bank accounts for payroll in various nations, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are ending up being a strategic possession for payroll executives. We will likewise supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently safely and on time throughout this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how companies precisely forecast their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in adequate in one country however when you’re doing it internationally it’s next level and Beyond it ends up being complex for a variety of factors most notably guidelines compliance information security and banking guidelines then there are the sheer numbers they add further intricacy the worldwide Workforce is currently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the world in the standard payroll model there’s often an overwhelming number of various systems causing time-consuming manual procedures and silos the number of Combinations could be non-existent in large amounts and or really very fundamental there’s no genuine consistency structure we’re living in an age of tech however payroll has been slow 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 believe
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of services state they have Workforce information in real time that’s another number that gives me sleep deprived nights and rather frankly the more a service spends on international payroll the less of a photo they see an absence of presence also reaches payroll payments and failure to accurately track these payments can lead to compliance accidents in the last mile of the deal nearly half of global companies have expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM data information entry mistakes inadequately interacted hires and terminations along with lack management and system configurations and after that when you round all of it off and the information is delivered to the incorrect location the average cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash all over the world payroll and payments do not run efficiently if they rely on the needed several processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties company face when they’re paying to workers or otherwise that’s a good concern I constantly toss this back and say what is it what doesn’t need to be included ideal and what does
it need to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan 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 client’s own in-country account so there’s complexity anywhere you look ideal ultimately building a knowledge base is definitely critical however everywhere you look with payroll payment they resemble very payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is allowing us to kind of progress with that it likewise too to contribute to that payroll and finance require to work closer together um with varying Checking account Particulars varying banking requirements and setup processes is definitely vital that payroll and financing groups work more detailed together than ever um I’m always surprised when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll profession would they split the payroll payment from calculation 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 process it’s the point of information collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world positions a high value on wellness and the compensation landscape is ending up being significantly detailed. Businesses are constantly introducing brand-new benefits and payment options, which adds to the general intricacy. Large corporations frequently divide their payroll and payment processing into different teams, which can lead to ineffectiveness and traffic jams. In my viewpoint, this does not have to be the case. In today’s highly sophisticated age, there’s no justification for keeping troublesome treatments. Payroll, the company’s most significant cost, must be processed properly and on time. Even small hold-ups can negatively affect workers’ wellness and have far-reaching consequences. Therefore, it’s crucial to focus on precise and prompt payments.
payroll group get um so I’m not exactly sure anybody on this sort of webinar has been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um but eventually payroll is such a crucial cycle all of us hear about it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely crucial that all of this stuff is done correctly so leveraging the very first Worldwide Payments first payroll payment solution is a fantastic primary step um providing an end-to-end payroll service for your employees worldwide again I think is another huge um procedure once again lining up and guaranteeing you have standardization Global processes all of those things are definitely crucial to success success of organizations and reducing the number of tools platforms and checking account they require for their Global 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’ve never had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the grievances where things haven’t gone rather where they’re indicated to be um I do not believe any of us are actually doing that for for the thanks
anyhow we know how how important a role 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 think of sorry I’m just I was just gon na say envision the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions picture getting that lots of thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an intriguing job attempting to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to look through them and actually see what was going on and kind of shot to get back to everyone so carrying on look why do companies pick to main separate savings account there are Papaya Global Odbc Error businesses out there doing precisely this for particular nations and I’ve worked in a company or many companies doing exactly that I can state it does not always feel efficient and it does create more work I know we’re not deliberately doing that we’re not creating additional work for anyone where we don’t have to and anybody that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I think lots of factors one is it’s the standard I believe individuals have actually got so used 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 believe it’s simply been the requirement and the norm the people have actually adopted and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and lots of 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 altering but ultimately individuals are very stuck with what they’re familiar
with best um change is a difficult thing all of us do not like change um so I think it’s just type 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 keeping numerous bank accounts but there’s a substantial quantity of complexity goes with establishing a savings account maintaining it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for private individuals so the intricacy is huge however I believe the honest response is modification um individuals haven’t had the ability to alter or haven’t had necessarily the understanding to really make that change into alternate Solutions aside from opening a checking account I believe you have actually hit the nail on the head I think it is knowledge you understand and there is an aspect of resistance to alter but we’ve constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might nearly be identified to be the next Century or two there is a lot to keep track of and this method does pose a number of obstacles um so Johnny might you inform us about those challenges yeah naturally so there’s a range right there is so
I simply did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you should have a corner office with a more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Odbc Error