Over the last five or six years …How To Correct A Incorrect Pay On Papaya Global… roles on the service provider side and also on the supplier side from a payroll perspective so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll simply offer everyone another couple of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everyone comes from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really very bleak and I wish I was elsewhere at this moment in time all right so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of managing Global payroll why business keep different
Virtual payroll accounts are an option to traditional bank accounts for handling payroll payments. This is particularly beneficial for worldwide organizations with dispersed and remote labor forces, as it streamlines the complex procedure of cross-border payments. Instead of keeping different bank accounts for payroll in different nations, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are ending up being a strategic possession for payroll executives. We will likewise offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively securely and on time during this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll savings account how companies properly anticipate their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be tough in enough in one nation however when you’re doing it internationally it’s next level and Beyond it becomes complicated for a variety of reasons most significantly policies compliance data security and banking rules then there are the large numbers they include more complexity the worldwide Workforce is presently three 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 globe in the conventional payroll model there’s frequently an overwhelming number of various systems causing time-consuming manual processes and silos the variety of Combinations could be non-existent in large amounts and or really very basic there’s no genuine consistency framework we’re residing in an era of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which simply blows my mind whenever I I believe
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force data in real time that’s another number that offers me sleepless nights and quite frankly the more an organization spends on international payroll the less of an image they see an absence of exposure likewise encompasses payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the transaction almost half of worldwide companies 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 errors are because of time reporting poor HCM data information entry errors inadequately interacted hires and terminations along with lack management and system configurations and after that when you round it all off and the data is shipped to the incorrect location the average cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash worldwide payroll and payments do not run smoothly if they count on the necessary several procedures 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 challenges company face when they’re paying to employees or otherwise that’s a great question I always throw this back and state what is it what doesn’t need to be included best and what does
it require to be thought of there’s differing Bank details 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 need to pay from the consumer’s own in-country account so there’s complexity wherever you look ideal eventually developing a knowledge base is absolutely important however everywhere you look with payroll payment they resemble very payments no if but some babies 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 recognition that payroll payments are definitely fundamental and innovation is allowing us to kind of move on with that it likewise too to add to that payroll and financing need to work closer together um with varying Checking account Details differing banking requirements and setup procedures is absolutely important that payroll and finance groups work more detailed together than ever um I’m always surprised when individuals state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession 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 typically split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people any place they are but also paying statutory authorities and on statutory third parties so with the
The contemporary world places a high worth on wellness and the settlement landscape is becoming significantly elaborate. Services are continually presenting new benefits and payment options, which contributes to the general complexity. Large corporations frequently divide their payroll and payment processing into separate groups, which can cause inefficiencies and bottlenecks. In my opinion, this doesn’t have to hold true. In today’s technically advanced age, there’s no validation for preserving cumbersome treatments. Payroll, the company’s greatest expense, need to be processed properly and on time. Even small delays can negatively affect employees’ wellness and have far-reaching repercussions. Therefore, it’s important to focus on precise and timely payments.
payroll group get um so I’m unsure anyone on this kind of webinar has been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such a crucial cycle all of us find out about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this things is definitely essential that all of this things is done correctly so leveraging the very first Worldwide Payments very first payroll payment solution is a great initial step um providing an end-to-end payroll solution for your workers internationally again I think is another big um process again aligning and ensuring you have standardization International processes all of those things are absolutely key to success success of organizations and lowering the number of tools platforms and savings account they require for their International payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re indicated to be um I do not believe any of us are actually doing that for for the thanks
anyhow we understand how how important 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 simple as possible for everyone that’s involved in those procedures and also so think of sorry I’m simply I was simply gon na say envision the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions picture getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing task attempting to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and in fact see what was going on and type of shot to return to everyone so carrying on look why do companies select to primary separate checking account there are How To Correct A Incorrect Pay On Papaya Global organizations out there doing precisely this for specific nations and I’ve worked in an organization or numerous companies doing exactly that I can state it doesn’t always feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not developing extra work for anyone where we don’t need to and anyone that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I believe many factors one is it’s the standard I think people have got so utilized to we need a new checking account we open an entity and rightly so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the standard the people have actually adopted and continue to do over years and years passed by to add to that individuals have taken a look at things like trust accounts and many other ways um to to sort of do it so I think there’s a variety I believe this is a procedure that needs looking at it requires changing however ultimately individuals are really stuck with what they recognize
with right um modification is a challenging thing all of us do not like change um so I think it’s simply type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the advantages of having maintaining several bank accounts however there’s a big quantity of intricacy opts for establishing a savings account keeping it ensuring it can send International transfers guaranteeing it’s set up with the right user accesses for private individuals so the complexity is substantial but I believe the sincere 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 believe you’ve hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to change however we’ve always done it that way is no real excuse 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 monitor and this approach does posture a number of difficulties um so Johnny might you inform us about those challenges yeah of course so there’s a variety right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has gained another CFO, and with this boosted ability, I have actually successfully protected payments for our 10,000 employees worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is closer, considering your achievements. How To Correct A Incorrect Pay On Papaya Global