Over the last five or six years …Papaya Global Payroll Company Reviews… functions on the supplier side and also on the vendor side from a payroll point of view so really anticipating this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just give everybody another number of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everybody comes from and I truly 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 raining here it’s extremely very gloomy and I want I was somewhere else at this moment in time alright so let’s begin our program for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why companies keep separate
Virtual payroll accounts are an alternative to standard savings account for managing payroll payments. This is particularly helpful for international organizations with dispersed and remote workforces, as it simplifies the complex procedure of cross-border payments. Instead of keeping different savings account for payroll in different nations, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are becoming a tactical possession 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 accurately efficiently securely and on time during this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll bank account how companies properly anticipate their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in enough in one nation however when you’re doing it globally it’s next level and Beyond it becomes complex for a range of factors most importantly guidelines compliance information security and banking rules then there are the sheer numbers they add more complexity the international Workforce is presently 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 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 procedures and silos the number of Integrations could be non-existent in big quantities and or really extremely fundamental there’s no genuine consistency structure we’re residing in an era 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 simply blows my mind whenever I I believe
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite frankly the more an organization invests in worldwide payroll the less of a picture they see a lack of exposure likewise reaches payroll payments and failure to precisely track these payments can lead to compliance incidents in the last mile of the transaction nearly half of worldwide companies have expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM data data entry errors poorly communicated hires and terminations along with absence management and system setups and after that when you round it all off and the information is delivered to the wrong place the typical cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments don’t run smoothly if they count on the necessary several procedures 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 obstacles service face when they’re paying to staff members or otherwise that’s a good question I constantly throw this back and say what is it what doesn’t require to be included 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 need to pay from the consumer’s own in-country account so there’s complexity any place you look best eventually developing a knowledge base is absolutely important but all over you look with payroll payment they are like extremely payments no if but some children about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely basic and technology is enabling us to type of move on with that it also also to contribute to that payroll and finance need to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is absolutely crucial that payroll and finance groups work closer together than ever um I’m constantly astonished when people say 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 occupation would they split the payroll payment from calculation I would say no so why do we as an industry 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 any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high value on well-being and the compensation landscape is ending up being increasingly complex. Businesses are constantly presenting brand-new advantages and payment choices, which adds to the general complexity. Large corporations often divide their payroll and payment processing into separate teams, which can lead to ineffectiveness and bottlenecks. In my opinion, this doesn’t need to hold true. In today’s technically innovative age, there’s no validation for preserving cumbersome treatments. Payroll, the company’s most significant expense, should be processed properly and on time. Even small delays can adversely impact employees’ wellness and have significant effects. Therefore, it’s vital to focus on precise and prompt payments.
payroll group get um so I’m not exactly sure anybody on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such an important cycle all of us find out about it when it goes wrong everybody 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 view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely crucial that all of this stuff is done correctly so leveraging the first Global Payments very first payroll payment service is an excellent primary step um supplying an end-to-end payroll service for your staff members internationally again I believe is another big um process once again aligning and guaranteeing you have standardization International procedures all of those things are definitely crucial to success success of companies and minimizing the variety of tools platforms and bank accounts they need 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 have actually never ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone rather where they’re implied to be um I do not think any of us are in fact doing that for for the thanks
anyway we know how how crucial 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 simple as possible for everyone that’s involved in those procedures and likewise so think of sorry I’m simply I was just gon na say envision the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions imagine getting that many thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would definitely be a fascinating task trying to clean up all those up for sure oh absolutely 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 try to check out them and in fact see what was going on and type of try to return to everybody so moving on appearance why do companies choose to main separate savings account there are Papaya Global Payroll Company Reviews companies out there doing precisely this for particular countries and I’ve worked in an organization or lots of companies doing exactly that I can state it doesn’t always feel effective and it does develop more work I understand we’re not purposely doing that we’re not producing additional work for anyone where we don’t need to and anyone that’s handling 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 believe lots of factors one is it’s the standard I think people have got so utilized to we require a new bank account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm the people have actually embraced and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and many other methods um to to kind of do it so I believe there’s a range I think this is a process that requires looking at it needs changing but eventually individuals are really stuck to what they’re familiar
with best um change is a hard thing all of us don’t like change um so I think it’s just type of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend obviously the advantages of having maintaining multiple bank accounts but there’s a big quantity of intricacy chooses establishing a checking account maintaining it ensuring it can send International transfers ensuring it’s set up with the ideal user accesses for individual people so the complexity is substantial but I think the truthful answer is modification um people have not been able to alter or have not had necessarily the understanding to truly make that change into alternate Solutions other than opening a bank account I think you have actually struck the nail on the head I think it is understanding you know and there is an aspect of resistance to alter but we have actually constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of carrying on and moving into you understand what might almost be determined to be the next Century approximately there is a lot to keep an eye on and this method does present several difficulties um so Johnny might you tell us about those obstacles 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 workers 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 Papaya Global Payroll Company Reviews