Over the last five or six years …Papaya Global Version 25 Update Server Compatibility… roles on the service provider side and also 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 everybody alright thanks Johnny uh we’ll just give everyone another number of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everybody originates from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really really gloomy and I wish I was elsewhere at this moment in time fine so let’s start our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Worldwide payroll why companies keep different
Virtual payroll accounts are an option to conventional bank accounts for managing payroll payments. This is especially helpful for worldwide companies with dispersed and remote workforces, as it simplifies the complicated process of cross-border payments. Instead of preserving separate checking account for payroll in various countries, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are becoming a tactical asset for payroll executives. We will likewise provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively firmly and on time throughout this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll bank account how business precisely anticipate their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in sufficient in one country but when you’re doing it globally it’s next level and Beyond it becomes intricate for a range of factors most importantly guidelines compliance information security and banking guidelines then there are the large numbers they include further complexity the international Workforce is currently 3 and a half billion individuals 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 services and growing all doing their own thing worldwide in the standard payroll model there’s typically a frustrating variety of different systems causing lengthy manual procedures and silos the variety of Combinations could be non-existent in large amounts and or very extremely fundamental there’s no real consistency framework we’re living in an age of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply blows my mind whenever I I think
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of services state they have Workforce information in real time that’s another number that gives me sleep deprived nights and rather honestly the more a service invests in worldwide payroll the less of a photo they see an absence of exposure also extends to payroll payments and inability to accurately track these payments can lead to compliance accidents in the last mile of the deal nearly half of international 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 mistakes are because of time reporting poor HCM data information entry errors improperly communicated hires and terminations along with absence management and system setups and after that when you round everything off and the data is shipped to the wrong place the average expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments don’t run smoothly if they rely on the needed multiple procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties business face when they’re paying to employees or otherwise that’s a great question I constantly toss this back and say what is it what doesn’t require to be included best and what does
it require to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment abilities 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 client’s own in-country account so there’s intricacy any place you look ideal eventually constructing a knowledge base is definitely vital but everywhere you look with payroll payment they are like extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the kind 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 fundamental and innovation is permitting us to kind of move on with that it likewise also to add to that payroll and financing require to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is absolutely crucial that payroll and finance groups work better together than ever um I’m constantly impressed when individuals state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation would they divide 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 procedure it’s the point of data collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more crucial to add to sort of the level of complexity there’s increasingly more benefits being organ or being provided by businesses throughout the world so once again you’re simply looking to include increasingly more payments to this already intricate landscape so if you type of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of genuine obstacles or real difficult type of pay uses to play to pay people I think yeah I imply over the last well yeah a number of decades I would absolutely say that the larger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are teams feeding details into the next function as it were that’s in fact handling the payment side of things but you know in in my viewpoint and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we need to produce extra handoffs in the processes that we run in they simply make them more timely they make them less effective 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 operating in today there is no reason why we are still making this as hard as it requires to be concurred and rightly as you said payroll is the single most significant liability that any business has from an expense perspective from an impact perspective on employees it is absolutely important that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the biggest damaging result on people’s wellness and many other elements if people aren’t paid uh I have actually always been astonished coming into this Market type of the last 5 to 10 years is how little thanks the
The payroll team may not have been thanked for properly processing payroll throughout a webinar. If anybody has actually 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 see when things fail. However, when things go right, it’s seen as just a regular job. This is how it’s viewed externally too. For that reason, it is necessary to guarantee that jobs like Wi-Fi Global and other crucial matters are done correctly. Utilizing the first Global Payments very first payroll payment solution is a fantastic initial step towards supplying a comprehensive payroll option for workers worldwide. Standardization, international processes, and lowering the variety of tools, platforms, and checking account needed for global payroll are key consider accomplishing service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of complaints when things do not go as prepared. Ultimately, we do not do it for the appreciation.
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 everyone that’s involved in those procedures and likewise so envision sorry I’m simply I was simply gon na say imagine the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions envision getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing job trying to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and really see what was going on and kind of try to return to everyone so proceeding appearance why do companies pick to main different bank accounts there are Papaya Global Version 25 Update Server Compatibility companies out there doing precisely this for specific countries and I’ve operated in an organization or many companies doing precisely that I can state it does not always feel efficient and it does develop more work I know we’re not purposely doing that we’re not creating additional work for anybody where we don’t need to and anybody that’s handling that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe numerous factors one is it’s the standard I think people have got so used to we need a new checking account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have adopted and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a range I think this is a procedure that needs taking a look at it requires altering but ultimately people are extremely stuck to what they’re familiar
with best um change is a difficult thing all of us do not like change um so I think it’s simply type of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the benefits of having keeping several checking account but there’s a substantial quantity of intricacy chooses setting up a savings account keeping it ensuring it can send International transfers guaranteeing it’s established with the best user accesses for private people so the complexity is substantial however I think the truthful answer is modification um individuals haven’t been able to alter or have not had necessarily the understanding to actually make that change into alternate Solutions besides opening a bank account I think you’ve 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 always done it that way is no real reason for not taking a look at the the advantages and the possibilities of moving on and moving into you know what could nearly be determined to be the next Century or so there is a lot to track and this approach does position several challenges um so Johnny could you tell us about those difficulties yeah of course 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 handle our payroll and payment tasks on one platform. It feels like our CFO has actually gained another CFO, and with this improved ability, I have effectively secured payments for our 10,000 employees worldwide. Your devotion 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. Papaya Global Version 25 Update Server Compatibility