Over the last five or six years …How To Reactivate Papaya Global Payroll Subscription… functions on the company side and also on the supplier side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply offer everyone another couple 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 fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everyone comes from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely extremely dreary and I want I was elsewhere at this moment in time alright so let’s start our program for today is as follows um we are going to be taking a look at the difficulty years of handling Global payroll why business maintain different
Virtual payroll accounts are an alternative to standard bank accounts for handling payroll payments. This is especially beneficial for global companies with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of keeping different savings account for payroll in different nations, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are ending up being a strategic property for payroll executives. We will also supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly effectively safely and on time during this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll savings account how companies accurately anticipate their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic possession so payroll can be challenging in enough in one country but when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a range of reasons most notably regulations compliance data security and banking rules then there are the sheer numbers they add additional complexity the worldwide 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 organizations and growing all doing their own thing around the globe in the standard payroll model there’s frequently an overwhelming variety of various systems leading to lengthy manual processes and silos the number of Integrations could be non-existent in big quantities and or very really fundamental there’s no real consistency framework we’re residing in an era of tech but payroll has been sluggish 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 think
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce information in real time that’s another number that gives me sleepless nights and rather frankly the more an organization spends on global payroll the less of a picture they see an absence of visibility also extends to payroll payments and inability to precisely track these payments can lead to compliance mishaps in the last mile of the transaction almost half of international companies have actually expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry errors inadequately interacted hires and terminations along with lack management and system setups and then when you round everything off and the information is shipped to the incorrect location the average cost of a global data 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 do not run efficiently if they count on the needed several processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles organization face when they’re making payments to employees or otherwise that’s a good question I constantly toss this back and state what is it what does not need to be consisted of right and what does
it need to be thought of there’s varying 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 need to pay from the client’s own in-country account so there’s complexity any place you look ideal ultimately building a knowledge base is absolutely crucial but all over you look with payroll payment they resemble very payments no if however 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 recognition that payroll payments are definitely essential and technology is enabling us to type of progress with that it also as well to add to that payroll and finance need to work closer together um with varying Checking account Details varying banking requirements and setup processes is absolutely crucial that payroll and financing teams work closer together than ever um I’m always astonished when individuals say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being a growing number of essential to contribute to type of the level of intricacy there’s a growing number of benefits being organ or being provided by services across the world so once again you’re just looking to add a growing number of payments to this currently complicated landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of real difficulties or genuine tough type of pay uses to play to pay people I believe yeah I imply over the last well yeah a couple of decades I would definitely state that the bigger 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 managing the payment side of things but you know in in my viewpoint and my experience that does not always need to be the case you understand long gone are the times where we require to develop additional handoffs while doing sos that we run in they simply make them more timely they make them less efficient and they do not make them what they require to be in in an age of tech and an era that you know that we are operating in today there is no reason why we are still making this as difficult as it requires to be concurred and rightly as you said payroll is the single greatest liability that any business has from a cost point of view from an impact viewpoint on workers it is absolutely 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 damaging result on people’s wellness and numerous other elements if individuals aren’t paid uh I’ve constantly been amazed coming into this Market kind of the last five to ten years is how little thanks the
The payroll team might not have actually been thanked for properly processing payroll throughout a webinar. If anybody has been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and people just notice when things go wrong. However, when things go right, it’s seen as simply a regular job. This is how it’s viewed externally also. For that reason, it is important to ensure that jobs like Wi-Fi International and other important matters are done properly. Using the very first Worldwide Payments first payroll payment solution is an excellent preliminary action towards offering a comprehensive payroll option for staff members worldwide. Standardization, international procedures, and lowering the variety of tools, platforms, and savings account required for global payroll are key factors in accomplishing business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of complaints when things don’t go as planned. Eventually, we do not do it for the gratitude.
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 think of sorry I’m simply I was just gon na state picture the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions envision getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating job attempting 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 need days of the week to attempt to check out them and in fact see what was going on and kind of try to return to everybody so proceeding look why do business pick to primary separate bank accounts there are How To Reactivate Papaya Global Payroll Subscription businesses out there doing precisely this for specific countries and I’ve worked in a company or numerous companies doing exactly that I can say it does not constantly feel efficient and it does create more work I understand we’re not purposely doing that we’re not creating extra work for anybody where we don’t have to and any person that’s managing 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 quantity that we are I believe many reasons one is it’s the standard I believe individuals have got so utilized to we require a brand-new checking account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm the people have embraced 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 many other methods 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 needs altering however ultimately individuals are really stuck with what they recognize
with best um modification is a hard thing we all do not like change um so I think it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand clearly the benefits of having maintaining numerous bank accounts but there’s a substantial amount of complexity goes with setting up a bank account keeping it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for private people so the intricacy is huge however I think the sincere response is change um people haven’t been able to change or have not had necessarily the knowledge to truly make that change into alternate Solutions other than opening a checking account I think you have actually hit the nail on the head I believe it is understanding you understand and there is an element of resistance to change but we’ve always done it that way is no real reason for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what might practically be identified to be the next Century or so there is a lot to keep an eye on and this technique does posture a number of obstacles um so Johnny might you tell us about those difficulties yeah of course 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 tasks on one platform. It feels like our CFO has actually acquired another CFO, and with this enhanced capability, I have effectively protected payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is closer, considering your achievements. How To Reactivate Papaya Global Payroll Subscription