Over the last 5 or 6 years …Youtube Papaya Global Online Payslips Password Rules… functions on the service provider side and also on the vendor side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everyone originates from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely very uninspiring and I wish I was somewhere else at this moment in time okay so let’s start our agenda for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why companies keep different
Virtual payroll accounts are an option to conventional checking account for handling payroll payments. This is particularly helpful for worldwide companies with dispersed and remote workforces, as it streamlines the complicated procedure of cross-border payments. Instead of preserving different savings account for payroll in various nations, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are becoming a strategic property for payroll executives. We will likewise provide a recap 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 stroll you through the global pros and cons of a payroll wallet versus a payroll checking account how business accurately forecast their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in sufficient in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a variety of factors most importantly policies compliance information security and banking guidelines then there are the large numbers they include additional intricacy the global Labor force is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the globe in the conventional payroll model there’s typically an overwhelming number of various systems causing time-consuming manual procedures and silos the variety of Combinations could be non-existent in large quantities and or very extremely fundamental there’s no real consistency structure we’re residing in an age of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind whenever I I think
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of services say they have Workforce information in real time that’s another number that offers me sleepless nights and rather frankly the more an organization spends on global payroll the less of an image they see an absence of exposure also encompasses payroll payments and inability to properly track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of global organizations have expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry errors inadequately interacted hires and terminations along with lack management and system setups 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 cash all over the world payroll and payments do not run smoothly if they depend on the essential numerous procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties service face when they’re making payments to staff members or otherwise that’s an excellent concern I always toss this back and state what is it what does not 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 country there’s payment time frames there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy anywhere you look best eventually developing a knowledge base is absolutely vital however everywhere you look with payroll payment they resemble very payments no if but some children about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is allowing us to type of progress with that it likewise also to add to that payroll and finance require to work closer together um with varying Bank Account Details varying banking requirements and setup processes is definitely important that payroll and financing groups work more detailed together than ever um I’m always impressed when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from computation 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 eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being a growing number of important to add to sort of the level of complexity there’s more and more benefits being organ or being provided by services across the world so once again you’re just wanting to include more and more payments to this currently complex landscape so if you kind of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of real obstacles or real tough sort of pay uses to play to pay people I believe yeah I suggest over the last well yeah a number of years I would certainly state that the larger a company gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are groups feeding details into the next function as it were that’s really managing the payment side of things but you understand in in my viewpoint and my experience that does not always need to be the case you know long gone are the times where we require to create additional handoffs at the same times that we run in they simply make them more timely they make them less effective and they do not make them what they require to be in in a period of tech and an age that you know that we are working in today there is no reason why we are still making this as hard as it needs to be agreed and appropriately as you stated payroll is the single most significant liability that any business has from an expense perspective from an effect perspective on employees it is definitely vital 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 need to be done right it has the greatest harmful impact on individuals’s wellness and many other aspects if individuals aren’t paid uh I’ve always been impressed coming into this Market kind of the last 5 to 10 years is how little thanks the
payroll group get um so I’m not sure anybody on this sort of webinar has been informed thank you for processing my payroll properly if you have it ‘d be great 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 hear about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box workout 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 things is absolutely vital that all of this things is done properly so leveraging the first Global Payments first payroll payment solution is an excellent first step um supplying an end-to-end payroll service for your workers worldwide once again I think is another substantial um process once again aligning and ensuring you have standardization International procedures all of those things are definitely key to success success of organizations and decreasing the variety of tools platforms and savings account they require for their Worldwide payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t gone rather where they’re implied to be um I don’t think any of us are in fact doing that for for the thanks
anyway we understand how how essential a function 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 involved in those processes and likewise so think of sorry I’m just I was just gon na state think of the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands potentially Millions think of getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing task attempting to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to look through them and really see what was going on and sort of try to return to everybody so carrying on appearance why do companies pick to primary different bank accounts there are Youtube Papaya Global Online Payslips Password Rules services out there doing precisely this for specific nations and I have actually worked in a company or numerous companies doing precisely that I can say it does not constantly feel effective and it does create more work I understand we’re not intentionally doing that we’re not producing extra work for any person where we do not have to and any person that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I believe numerous factors one is it’s the standard I believe individuals have got so utilized to we need a new checking account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm individuals have actually adopted and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a variety I believe this is a process that requires taking a look at it needs changing however ultimately people are very stuck with what they’re familiar
with ideal um modification is a difficult thing all of us don’t like change um so I think it’s simply sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand certainly the advantages of having preserving multiple savings account however there’s a huge amount of complexity chooses establishing a savings account keeping it ensuring it can send out International transfers ensuring it’s set up with the best user accesses for individual individuals so the intricacy is big but I think the honest response is change um individuals haven’t had the ability to change or haven’t had necessarily the knowledge to truly make that change into alternate Solutions besides opening a bank account I think you’ve struck the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to change however we have actually constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could practically be determined to be the next Century or two there is a lot to keep an eye on and this method does pose several obstacles um so Johnny could you tell us about those challenges yeah of course 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 manage our payroll and payment tasks on one platform. It feels like our CFO has actually gained another CFO, and with this improved capability, I have successfully secured payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is closer, considering your achievements. Youtube Papaya Global Online Payslips Password Rules