Over the last 5 or 6 years …How To Process End Of Year Papaya Global… functions on the service provider side and likewise on the supplier side from a payroll perspective so really eagerly anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just provide everyone another number of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather fascinating 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 everybody 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 very extremely gloomy and I want I was somewhere else at this moment in time fine so let’s begin our program for today is as follows um we are going to be taking a look at the obstacle years of managing International payroll why companies preserve different
Virtual payroll accounts are an alternative to conventional checking account for handling payroll payments. This is particularly beneficial for worldwide organizations with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of maintaining separate savings account for payroll in different countries, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a tactical property for payroll executives. We will likewise offer a recap of the main points 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 walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll checking account how companies properly anticipate their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in sufficient in one nation however when you’re doing it internationally it’s next level and Beyond it becomes complex for a variety of reasons most importantly guidelines compliance information security and banking guidelines then there are the sheer numbers they add more intricacy the worldwide Workforce is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing worldwide in the conventional payroll design there’s often an overwhelming number of various systems leading to lengthy manual processes and silos the variety of Combinations could be non-existent in large amounts and or very very fundamental there’s no real consistency framework we’re living in a period of tech but 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 and that simply blows my mind each 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 state they have Labor force information in real time that’s another number that offers me sleepless nights and quite honestly the more a company invests in international payroll the less of a picture they see an absence of exposure also extends to payroll payments and inability to accurately track these payments can result in compliance mishaps in the last mile of the deal nearly half of worldwide services have expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM information data entry errors badly communicated hires and terminations as well as lack management and system setups and then when you round all of it off and the data is shipped to the wrong place the typical expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments don’t run efficiently if they depend on the essential numerous 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 obstacles company face when they’re making payments to staff members or otherwise that’s a great concern I always toss this back and say what is it what does not require to be consisted of ideal and what does
it require to be considered there’s varying Bank information 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 need to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s intricacy any place you look right ultimately developing a knowledge base is absolutely crucial however all over you look with payroll payment they resemble incredibly payments no if however some infants 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 think there’s now a bit more recognition that payroll payments are absolutely essential and innovation is permitting us to sort of move on with that it likewise as well to contribute to that payroll and finance require to work closer together um with differing Savings account Details differing banking requirements and setup processes is definitely important that payroll and financing teams work better together than ever um I’m always surprised when people state I’ve 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 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more crucial to contribute to kind of the level of intricacy there’s a growing number of advantages being organ or being provided by services across the world so again you’re simply seeking to include more and more payments to this currently complicated landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of genuine difficulties or genuine difficult type of pay utilizes to play to pay individuals I believe yeah I mean over the last well yeah a couple of decades I would absolutely say that the larger an organization gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are teams feeding info into the next function as it were that’s really handling the payment side of things but you know in in my opinion and my experience that does not necessarily require to be the case you know long gone are the times where we require to create additional handoffs in the processes that we run in they just make them more timely 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 tough as it requires to be agreed and rightly as you said payroll is the single biggest liability that any organization has from an expense viewpoint from an impact perspective on staff members it is absolutely crucial that it’s done properly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the greatest detrimental effect on people’s well-being and numerous other elements if people aren’t paid uh I have actually constantly been astonished entering into this Market sort of the last five to ten years is how little thanks the
The payroll team may not have been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and individuals just see when things fail. Nevertheless, when things go right, it’s seen as just a routine job. This is how it’s viewed externally also. For that reason, it is necessary to ensure that jobs like Wi-Fi International and other essential matters are done correctly. Using the very first Global Payments first payroll payment solution is a terrific initial action towards providing a comprehensive payroll option for workers worldwide. Standardization, international processes, and lowering the variety of tools, platforms, and savings account required for global payroll are crucial consider achieving company 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. Eventually, we don’t do it for the thankfulness.
anyhow we know how how crucial 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 easy as possible for everyone that’s associated with those procedures and also so envision sorry I’m simply I was simply gon na say think of the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions picture getting that lots of thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting task attempting to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and in fact see what was going on and type of try to get back to everyone so moving on appearance why do business choose to main different savings account there are How To Process End Of Year Papaya Global services out there doing precisely this for specific countries and I’ve worked in a service or lots of organizations doing precisely that I can state it doesn’t constantly feel efficient and it does create more work I understand we’re not deliberately doing that we’re not developing additional work for anybody where we don’t need 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 believe many reasons one is it’s the requirement I think people have actually 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 standard and the norm the people have embraced and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a range I think this is a procedure that needs looking at it requires changing however ultimately individuals are extremely stuck with what they recognize
with right um change is a difficult thing we all don’t like change um so I think it’s just type of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand certainly the advantages of having maintaining multiple bank accounts but there’s a huge amount of intricacy opts for setting up a checking account keeping it guaranteeing it can send International transfers ensuring it’s set up with the right user accesses for specific people so the intricacy is huge however I believe the sincere answer is modification um individuals have not had the ability to alter or have not had always the understanding to really make that change into alternate Solutions besides opening a savings account I think you’ve hit the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter but we have actually constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might almost be identified to be the next Century or so there is a lot to keep an eye on and this approach does position a number of obstacles um so Johnny could you inform us about those challenges yeah obviously so there’s a range right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually acquired another CFO, and with this enhanced capability, I have actually successfully secured payments for our 10,000 employees worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is better, considering your accomplishments. How To Process End Of Year Papaya Global