Over the last 5 or six years …Papaya Global Use Tables For Council Tax Attachment Of Earnings… roles on the provider side and also on the vendor side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just provide everybody another couple of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I really do hope it’s much sunnier than it remains 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 very extremely gloomy and I want I was somewhere else at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why business keep separate
Virtual payroll accounts are an alternative to traditional savings account for handling payroll payments. This is especially useful for international organizations with dispersed and remote labor forces, as it simplifies the complicated process of cross-border payments. Instead of keeping different savings account for payroll in different countries, virtual accounts and digital wallets use a more structured option. In this webinar, we will check out the benefits 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 bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively securely and on time throughout this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll bank account how business accurately anticipate their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in enough in one nation but when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a range of factors most significantly regulations compliance data security and banking rules then there are the sheer numbers they add more intricacy the worldwide Labor force is presently 3 and a half billion people 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 organizations and growing all doing their own thing around the globe in the traditional payroll design there’s often an overwhelming variety of different systems leading to time-consuming manual processes and silos the number of Combinations could be non-existent in large amounts and or extremely really fundamental there’s no genuine consistency framework we’re residing in a period of tech but payroll has been slow 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 every time I I believe
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force data in real time that’s another number that gives me sleepless nights and quite frankly the more a service spends on global payroll the less of a photo they see an absence of exposure also reaches payroll payments and inability to properly track these payments can cause compliance incidents in the last mile of the deal almost half of worldwide services have actually revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry errors inadequately interacted hires and terminations as well as 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 data breach at this moment is 3.9 billion dollars as soon as 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 required several procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges organization face when they’re paying to workers or otherwise that’s an excellent question I always throw this back and say what is it what doesn’t need to be included ideal and what does
it require to be thought about 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 abilities 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 client’s own in-country account so there’s intricacy any place you look ideal ultimately constructing a knowledge base is absolutely vital however all over you look with payroll payment they are like super payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and innovation is permitting us to type of move forward with that it also as well to contribute to that payroll and financing need to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is definitely important that payroll and finance groups work closer together than ever um I’m constantly impressed when people say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation would they divide the payroll payment from estimation 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people any place they are but also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world puts a high value on well-being and the payment landscape is ending up being increasingly complex. Services are continually introducing new benefits and payment choices, which contributes to the general complexity. Large corporations often divide their payroll and payment processing into separate groups, which can cause ineffectiveness and bottlenecks. In my opinion, this doesn’t have to hold true. In today’s highly advanced era, there’s no justification for preserving cumbersome procedures. Payroll, the business’s greatest cost, should be processed correctly and on time. Even minor delays can adversely impact staff members’ wellness and have far-reaching effects. Therefore, it’s important to focus on precise and timely payments.
payroll team get um so I’m uncertain anyone on this kind of webinar has actually been informed 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 staff members or not um however eventually payroll is such a crucial cycle all of us become aware of it when it goes wrong everybody jumps up and down when it goes wrong 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 also like why WI-Fi Global why all of this stuff is definitely important that all of this stuff is done properly so leveraging the very first Global Payments first payroll payment option is a terrific primary step um offering an end-to-end payroll service for your employees internationally again I think is another substantial um procedure again lining up and guaranteeing you have standardization International processes all of those things are definitely crucial to success success of businesses and lowering the variety of tools platforms and bank accounts they need 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 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 have not gone quite where they’re meant to be um I do not believe any of us are actually doing that for for the thanks
anyway we know how how important 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 everybody that’s associated with those processes and also so picture sorry I’m simply I was simply gon na state think of the amount of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions think of getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting job attempting to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and really see what was going on and type of shot to return to everybody so moving on look why do companies choose to primary different checking account there are Papaya Global Use Tables For Council Tax Attachment Of Earnings organizations out there doing exactly this for specific countries and I have actually worked in a company or lots of businesses doing exactly that I can state it doesn’t always feel effective and it does create more work I know we’re not purposely doing that we’re not developing extra work for any person where we don’t need to and any person that’s managing 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 quantity that we are I believe many factors one is it’s the standard I believe individuals have actually got so utilized to we need a brand-new savings account we open an entity and rightly so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have embraced and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and many other ways um to to kind of do it so I think there’s a variety I believe this is a process that needs looking at it requires changing but ultimately individuals are really stuck with what they’re familiar
with right um modification is a difficult thing all of us don’t like modification um so I believe it’s just kind of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend certainly the advantages of having preserving multiple checking account however there’s a big amount of complexity goes with establishing a checking account preserving it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for individual individuals so the intricacy is huge however I think the sincere response is change um individuals haven’t been able to alter or haven’t had necessarily the understanding to truly make that change into alternate Solutions aside from opening a bank account I think you’ve hit the nail on the head I think it is understanding you know and there is a component of resistance to alter however we have actually constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might practically be determined to be the next Century or two there is a lot to track and this method does pose several challenges um so Johnny could you inform us about those difficulties yeah of course so there’s a variety right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has actually acquired another CFO, and with this boosted ability, I have actually successfully protected payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is more detailed, considering your achievements. Papaya Global Use Tables For Council Tax Attachment Of Earnings