Over the last five or 6 years …Papaya Global Online Login Uk… roles on the provider side and also on the vendor side from a payroll perspective so really looking forward to this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just give everyone another number of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I truly 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 very really uninspiring and I want I was somewhere else at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why business maintain different
Virtual payroll accounts are an option to traditional bank accounts for managing payroll payments. This is especially helpful for worldwide organizations with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of keeping different savings account for payroll in different countries, virtual accounts and digital wallets use a more structured solution. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are becoming a strategic possession for payroll executives. We will also offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively safely and on time throughout this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll bank account how companies properly anticipate their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in sufficient in one country however when you’re doing it globally it’s next level and Beyond it becomes complicated for a variety of reasons most importantly guidelines compliance information security and banking guidelines then there are the large numbers they include more intricacy the global Labor force is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 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 worldwide in the traditional payroll model there’s frequently an overwhelming number of different systems resulting in lengthy manual processes and silos the number of Integrations could be non-existent in big amounts and or really very fundamental there’s no real consistency framework we’re residing in a period of tech however payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply blows my mind every time I I think
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of services state they have Workforce information in real time that’s another number that offers me sleepless nights and quite honestly the more an organization spends on global payroll the less of a picture they see a lack of visibility also reaches payroll payments and inability to properly track these payments can result in compliance accidents in the last mile of the transaction almost half of international services have actually revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM data information entry errors badly interacted hires and terminations along with absence 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 a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the world payroll and payments don’t run smoothly if they count on the required multiple procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges service face when they’re paying to staff members or otherwise that’s a good concern I always throw this back and state what is it what doesn’t require to be consisted of 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 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 customer’s own in-country account so there’s intricacy any place you look right eventually constructing a knowledge base is definitely crucial but all over 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 in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is enabling us to kind of progress with that it also also to add to that payroll and finance require to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is absolutely vital that payroll and finance teams work better together than ever um I’m constantly impressed when people say I have actually divided payroll and payment um if you walk down the street and asked anybody 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 a market 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 individuals anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more important to add to sort of the level of intricacy there’s more and more advantages being organ or being provided by organizations across the world so once again you’re just wanting to include a growing number of payments to this currently intricate landscape so if you kind of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of genuine difficulties or real challenging sort of pay utilizes to play to pay individuals I believe yeah I imply 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 information into the next function as it were that’s in fact handling the payment side of things but you understand 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 extra handoffs in the processes that we operate 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 age 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 challenging as it needs to be concurred and appropriately as you said payroll is the single most significant liability that any organization has from a cost viewpoint from an effect perspective on workers it is absolutely crucial that it’s done properly 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 harmful effect on individuals’s wellness and numerous other factors if individuals aren’t paid uh I’ve always been amazed coming into this Market type of the last five to ten years is how little thanks the
The payroll group might not have actually been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and individuals only discover when things fail. However, when things go right, it’s viewed as just a regular job. This is how it’s viewed externally also. Therefore, it is essential to ensure that jobs like Wi-Fi Worldwide and other crucial matters are done correctly. Utilizing the first Global Payments first payroll payment service is a fantastic initial action towards offering a comprehensive payroll service for employees worldwide. Standardization, global procedures, and minimizing the number of tools, platforms, and checking account essential for worldwide payroll are essential consider attaining business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a few grievances when things do not go as prepared. Ultimately, we don’t do it for the gratitude.
anyhow we know how how crucial 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 simple as possible for everyone that’s involved in those procedures and also so think of sorry I’m just I was just gon na say envision the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions envision getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an interesting job attempting to clean up all those up for sure oh absolutely 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 check out them and in fact see what was going on and kind of try to get back to everyone so proceeding appearance why do companies pick to main separate savings account there are Papaya Global Online Login Uk organizations out there doing exactly this for particular nations and I’ve operated in a business or many services doing exactly that I can state it doesn’t constantly feel efficient and it does develop more work I understand we’re not purposely doing that we’re not creating extra work for anyone where we don’t have to and anyone 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 think many reasons one is it’s the standard I think individuals have got so utilized to we need a new checking account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the standard the people have adopted and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and lots of other ways um to to type of do it so I believe there’s a range I think this is a process that requires taking a look at it needs altering but ultimately individuals are very stuck with what they’re familiar
with right um modification is a hard thing all of us do not like change um so I think it’s just type of moving away from the norm as we have actually 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 goes with establishing a bank account preserving it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for individual people so the intricacy is huge however I think the honest answer is change um individuals haven’t been able to change or haven’t had necessarily the knowledge to actually make that change into alternate Solutions other than 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 alter but we’ve constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what could practically be figured out to be the next Century approximately there is a lot to monitor and this approach does present numerous challenges um so Johnny could you tell us about those difficulties yeah obviously so there’s a range right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has actually acquired another CFO, and with this enhanced ability, I have actually effectively secured payments for our 10,000 workers worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Online Login Uk