Over the last 5 or six years …Youtube Payroll With Papaya Global… functions on the service provider side and also on the supplier side from a payroll viewpoint so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everybody is um it’s nice to to sort 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 really really uninspiring and I wish I was somewhere else at this moment in time all right so let’s begin our program for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why companies maintain separate
Virtual payroll accounts are an alternative to standard savings account for managing payroll payments. This is especially helpful for worldwide companies with dispersed and remote labor forces, as it simplifies the complicated procedure of cross-border payments. Instead of preserving separate savings account for payroll in different nations, virtual accounts and digital wallets offer a more structured service. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are becoming a strategic property for payroll executives. We will also offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently securely and on time during this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll bank account how companies accurately forecast their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in adequate in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a range of factors most notably regulations compliance data security and banking rules then there are the sheer numbers they add more intricacy the international Workforce is presently three and a half billion individuals 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 consider that there are some 230 million services and growing all doing their own thing around the globe in the standard payroll design there’s often a frustrating number of different systems causing lengthy manual processes and silos the number of Integrations could be non-existent in big amounts and or really very fundamental there’s no genuine consistency framework we’re residing in an era 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 often with pen and paper and that just blows my mind every time I I think
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Workforce data in real time that’s another number that gives me sleep deprived nights and quite frankly the more a service spends on global payroll the less of a picture they see an absence of visibility likewise encompasses payroll payments and inability to accurately track these payments can result in compliance accidents in the last mile of the deal almost half of worldwide organizations have actually expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry errors inadequately interacted hires and terminations as well as absence management and system setups and after that when you round everything off and the information is shipped to the incorrect location the typical cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money worldwide payroll and payments do not run efficiently if they count on the essential several processes 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 difficulties company face when they’re making payments to staff members or otherwise that’s a good concern I always throw this back and say what is it what doesn’t require to be consisted of right and what does
it need to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames 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 consumer’s own in-country account so there’s intricacy wherever you look best eventually developing a knowledge base is definitely critical but everywhere you look with payroll payment they are like incredibly payments no if however 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 fundamental and innovation is enabling us to kind of progress with that it also too to add to that payroll and finance require to work closer together um with differing Checking account Details differing banking requirements and setup processes is definitely imperative that payroll and financing teams work closer together than ever um I’m always impressed when individuals say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll profession 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 typically 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 individuals any place they are but also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world positions a high value on well-being and the compensation landscape is becoming increasingly intricate. Organizations are continuously presenting brand-new advantages and payment options, which contributes to the overall complexity. Large corporations often divide their payroll and payment processing into different groups, which can cause inadequacies and bottlenecks. In my opinion, this does not have to be the case. In today’s technically innovative age, there’s no justification for keeping cumbersome treatments. Payroll, the business’s greatest expenditure, should be processed properly and on time. Even slight delays can negatively impact employees’ well-being and have significant consequences. For that reason, it’s important to prioritize accurate and timely payments.
The payroll team may not have been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and people only notice when things fail. Nevertheless, when things go right, it’s viewed as simply a regular task. This is how it’s viewed externally as well. Therefore, it is vital to ensure that tasks like Wi-Fi Worldwide and other crucial matters are done properly. Using the first Worldwide Payments first payroll payment option is a terrific initial action towards providing a comprehensive payroll option for workers worldwide. Standardization, worldwide procedures, and minimizing the variety of tools, platforms, and checking account required for global payroll are essential consider attaining service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few complaints when things don’t go as planned. Ultimately, we do not do it for the appreciation.
anyhow we know how how essential a function 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 associated with those processes and likewise so think of sorry I’m simply I was simply gon na state imagine the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions imagine getting that many thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would definitely be a fascinating job trying to clean all those up for sure oh definitely I can’t imagine 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 in fact see what was going on and kind of shot to get back to everybody so moving on look why do companies pick to main different savings account there are Youtube Payroll With Papaya Global businesses out there doing precisely this for specific countries and I have actually operated in a business or lots of organizations doing precisely that I can say it doesn’t constantly feel effective and it does develop more work I understand we’re not intentionally doing that we’re not developing extra work for anyone where we do not have to and anyone that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think numerous reasons one is it’s the standard I think people have got so used to we need a new bank account we open an entity and appropriately so you require 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 embraced and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and many other ways um to to type of do it so I think there’s a range I think this is a process that requires looking at it needs changing but ultimately people are really stuck to what they recognize
with ideal um change is a challenging thing we all don’t like modification um so I think it’s simply kind of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the advantages of having keeping multiple savings account but there’s a substantial quantity of complexity chooses establishing a savings account preserving it ensuring it can send International transfers guaranteeing it’s set up with the right user accesses for specific individuals so the intricacy is big but I think the truthful response is change um people haven’t had the ability to change or have not had necessarily the understanding to actually make that change into alternate Solutions besides opening a bank account I believe you have actually hit the nail on the head I believe it is knowledge you know and there is an element of resistance to alter but we’ve constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of proceeding and moving into you understand what might almost be determined to be the next Century or two there is a lot to keep an eye on and this approach does position a number of challenges um so Johnny might you tell us about those challenges yeah naturally so there’s a variety right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually acquired another CFO, and with this improved ability, I have actually effectively secured payments for our 10,000 workers worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You deserve a corner office with a parking space that is closer, considering your achievements. Youtube Payroll With Papaya Global