Over the last 5 or 6 years …Youtube Papaya Global Payroll… functions on the company side and also on the supplier side from a payroll viewpoint so actually anticipating this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply offer everybody another couple of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to kind of like see where everyone originates from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really extremely uninspiring and I want 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 obstacle years of handling Global payroll why business maintain separate
Virtual payroll accounts are an alternative to traditional savings account for managing payroll payments. This is particularly beneficial for global organizations with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of maintaining different bank accounts for payroll in different countries, virtual accounts and digital wallets provide a more structured service. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are ending up being a tactical possession for payroll executives. We will also supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively safely and on time throughout this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll checking 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 property so payroll can be hard in sufficient in one country however when you’re doing it globally it’s next level and Beyond it becomes complex for a range of factors most significantly guidelines compliance information security and banking guidelines then there are the large numbers they include more complexity the international Labor force is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the globe in the traditional payroll model there’s typically an overwhelming number of various systems leading to time-consuming manual procedures and silos the number of Combinations could be non-existent in big quantities and or extremely extremely fundamental there’s no real consistency structure we’re living in an age of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which simply blows my mind each time I I think
about it to give you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Labor force data in real time that’s another number that provides me sleep deprived nights and rather frankly the more a service invests in international payroll the less of a picture they see a lack of presence likewise extends to payroll payments and inability to properly track these payments can result in compliance incidents in the last mile of the transaction almost half of worldwide businesses 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 bad HCM information data entry mistakes inadequately interacted hires and terminations in addition to lack management and system configurations and after that when you round it all off and the data is shipped to the incorrect location the typical cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments do not run efficiently if they depend on the necessary numerous procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties company face when they’re paying to workers or otherwise that’s an excellent concern I always toss this back and say what is it what doesn’t require to be included ideal and what does
it need to be considered there’s differing Bank details 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 have to pay from an in-country account do you need to pay from the client’s own in-country account so there’s intricacy anywhere you look best eventually developing a knowledge base is definitely important but all over you look with payroll payment they are like incredibly payments no if however some infants 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 think there’s now a bit more recognition that payroll payments are definitely basic and technology is enabling us to kind of progress with that it likewise also to add to that payroll and financing need to work closer together um with differing Bank Account Details differing banking requirements and setup procedures is absolutely important that payroll and financing teams work closer together than ever um I’m always amazed when individuals say I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession would they divide the payroll payment from calculation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern world puts a high worth on wellness and the payment landscape is ending up being increasingly complex. Companies are constantly presenting new benefits and payment options, which adds to the total intricacy. Big corporations typically divide their payroll and payment processing into separate groups, which can result in ineffectiveness and traffic jams. In my opinion, this doesn’t need to hold true. In today’s technically advanced era, there’s no reason for preserving troublesome procedures. Payroll, the company’s most significant expense, need to be processed properly and on time. Even small hold-ups can adversely impact staff members’ well-being and have far-reaching effects. For that reason, it’s important to focus on accurate and timely payments.
The payroll group may not have been thanked for correctly processing payroll during 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 a crucial cycle, and people just see when things fail. However, when things go right, it’s viewed as simply a regular task. This is how it’s viewed externally as well. Therefore, it is essential to ensure that tasks like Wi-Fi International and other crucial matters are done correctly. Using the first International Payments very first payroll payment service is an excellent preliminary action towards providing a detailed payroll option for employees worldwide. Standardization, international procedures, and decreasing the variety of tools, platforms, and checking account necessary for global payroll are essential consider accomplishing organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few grievances when things do not go as planned. Eventually, we do not do it for the appreciation.
anyway we understand 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 simple as possible for everyone that’s associated with those procedures and likewise so think of sorry I’m simply I was simply gon na state imagine the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions picture getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating job attempting to clean up all those up for sure oh definitely 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 check out them and actually see what was going on and type of shot to get back to everybody so carrying on look why do business pick to main separate bank accounts there are Youtube Papaya Global Payroll services out there doing exactly this for particular nations and I’ve worked in an organization or lots of services doing exactly that I can state it does not always feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not developing extra work for anybody where we don’t have to and anybody that’s dealing with 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 quantity that we are I think lots of factors one is it’s the requirement I believe individuals have actually got so utilized to we need a new bank account we open an entity and appropriately so you require it for payroll functions but there are a number of markets where it’s not a requirement so I believe 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 contribute to that people have actually taken a look at things like trust accounts and many other methods um to to type of do it so I think there’s a variety I believe this is a procedure that requires taking a look at it requires altering however eventually individuals are extremely stuck to what they recognize
with best um change is a difficult thing all of us don’t like change um so I think it’s just sort of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend clearly the advantages of having maintaining multiple checking account but there’s a substantial quantity of complexity opts for setting up a bank account keeping it ensuring it can send International transfers ensuring it’s set up with the ideal user accesses for specific people so the complexity is big but I think the honest response is modification um people have not had the ability to alter or have not had always the knowledge to really make that change into alternate Solutions besides opening a savings account I think you’ve struck the nail on the head I believe it is understanding you understand and there is a component of resistance to change but we’ve constantly done it that way is no real reason for not looking at the the advantages 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 track and this method does posture numerous challenges um so Johnny could 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 handle 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 effectively secured payments for our 10,000 employees worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is good. You should have a corner office with a parking space that is closer, considering your accomplishments. Youtube Papaya Global Payroll