Over the last five or six years …Papaya Global Time Sheet Entry… roles on the supplier side and likewise on the vendor side from a payroll viewpoint so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just give everybody another number of uh well one of the 30 seconds or so 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 currently simply to hear where everyone is um it’s nice to to sort 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 very uninspiring and I wish I was elsewhere at this moment in time fine so let’s get going our program for today is as follows um we are going to be looking at the challenge years of handling International payroll why business keep separate
Virtual payroll accounts are an option to standard savings account for handling payroll payments. This is especially useful for worldwide companies with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of maintaining separate bank accounts for payroll in different nations, virtual accounts and digital wallets offer a more structured service. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a strategic property for payroll executives. We will also supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively firmly and on time throughout this webinar we’ll walk you through the international 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 Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in sufficient in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a variety of factors most notably regulations compliance data security and banking rules then there are the large numbers they include further complexity the global Labor force is presently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals 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 world in the standard payroll model there’s often a frustrating variety of various systems resulting in time-consuming manual processes and silos the number of Integrations could be non-existent in big quantities and or very really fundamental there’s no genuine consistency framework we’re living 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 whenever I I believe
about it to give you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force information in real time that’s another number that provides me sleep deprived nights and quite honestly the more a service spends on worldwide payroll the less of a picture they see an absence of exposure also encompasses payroll payments and inability to precisely track these payments can result in compliance incidents in the last mile of the transaction almost half of worldwide services have expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry errors inadequately communicated hires and terminations as well as absence management and system configurations and then when you round it all off and the information is shipped to the wrong location the typical expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money worldwide payroll and payments don’t run smoothly if they depend on the needed numerous processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs 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 need to be included best and what does
it require to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment amount of time 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 customer’s own in-country account so there’s complexity wherever you look ideal eventually constructing a knowledge base is definitely crucial however everywhere you look with payroll payment they resemble super payments no if but some children 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 think there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is enabling us to type of move forward with that it likewise as well to contribute to that payroll and finance need to work closer together um with differing Bank Account Particulars varying banking requirements and setup procedures is definitely crucial that payroll and financing groups work more detailed together than ever um I’m always astonished when individuals say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work 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 often 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 wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being a growing number of essential to add to sort of the level of complexity there’s increasingly more advantages being organ or being provided by organizations across the world so once again you’re simply aiming to add a growing number of payments to this currently intricate landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of genuine difficulties or genuine tough sort of pay uses to play to pay individuals I think yeah I suggest over the last well yeah a couple of years I would absolutely say that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are teams feeding information into the next function as it were that’s in fact managing the payment side of things however you know in in my opinion and my experience that does not always require to be the case you understand long gone are the times where we need to produce additional handoffs while doing sos that we run in they simply make them more timely they make them less efficient and they don’t make them what they need to be in in an era of tech and an era that you understand that we are working in today there is no reason why we are still making this as difficult as it requires to be concurred and rightly as you said payroll is the single biggest liability that any business has from a cost point of view from an effect viewpoint on employees it is definitely vital that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the biggest damaging effect on individuals’s wellness and numerous other aspects if people aren’t paid uh I’ve constantly been amazed coming into this Market type of the last 5 to ten years is how little thanks the
The payroll team may not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and individuals just observe when things fail. However, when things go right, it’s viewed as simply a routine task. This is how it’s viewed externally too. For that reason, it is important to ensure that tasks like Wi-Fi Worldwide and other important matters are done properly. Using the very first Global Payments very first payroll payment solution is a terrific preliminary action towards offering an extensive payroll option for workers worldwide. Standardization, international procedures, and decreasing the number of tools, platforms, and bank accounts required for worldwide payroll are crucial consider accomplishing service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of grievances when things do not go as planned. Ultimately, we don’t do it for the gratitude.
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 involved in those processes and likewise so imagine sorry I’m simply I was simply gon na say envision the amount of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions envision getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting job attempting to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to check out them and actually see what was going on and sort of try to return to everyone so proceeding look why do business pick to main separate savings account there are Papaya Global Time Sheet Entry businesses out there doing precisely this for particular countries and I have actually operated in an organization or numerous businesses doing precisely that I can say it does not always feel efficient and it does create more work I know we’re not purposely doing that we’re not developing additional work for anyone where we don’t have to and anyone that’s dealing with 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 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 need a new bank account we open an entity and rightly so you need it for payroll purposes but 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 passed by to contribute to that individuals have taken a look at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a variety I think this is a procedure that needs taking a look at it needs changing however ultimately individuals are very stuck to what they’re familiar
with best um change is a tough thing we all don’t like modification um so I believe it’s simply kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand obviously the benefits of having keeping numerous savings account however there’s a big amount of intricacy goes with setting up a bank account preserving it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for private individuals so the complexity is huge however I believe the sincere answer is change um individuals have not been able to change or have not had always the understanding to really make that change into alternate Solutions besides opening a checking account I believe you have actually struck the nail on the head I think it is knowledge you know and there is a component of resistance to change but we’ve constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what might practically be figured out to be the next Century or so there is a lot to keep an eye on and this technique does present numerous difficulties um so Johnny could you tell us about those challenges yeah obviously so there’s a range right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has actually gotten another CFO, and with this improved ability, I have actually effectively secured payments for our 10,000 staff members worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is good. You deserve a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global Time Sheet Entry