Over the last five or 6 years …Papaya Global Payroll Jobs… roles on the company side and also on the supplier side from a payroll perspective so really anticipating this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply give everybody another couple of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather intriguing 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 everybody comes from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very really gloomy and I want 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 looking at the obstacle years of managing International payroll why companies preserve separate
Virtual payroll accounts are an option to standard savings account for managing payroll payments. This is particularly useful for worldwide organizations with dispersed and remote labor forces, as it simplifies the complex procedure of cross-border payments. Instead of preserving separate bank accounts for payroll in different nations, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are ending up being a tactical possession for payroll executives. We will also provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently securely and on time during this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll savings account how business precisely forecast their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in enough in one country but when you’re doing it internationally it’s next level and Beyond it becomes complex for a variety of factors most notably regulations compliance data security and banking guidelines then there are the large numbers they include more intricacy the international Labor force is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing worldwide in the standard payroll model there’s often an overwhelming number of different systems causing lengthy manual procedures and silos the number of Integrations could be non-existent in big quantities and or extremely really fundamental there’s no real consistency framework we’re living in a period of tech however 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 just blows my mind every time I I believe
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of services state they have Workforce data in real time that’s another number that offers me sleepless nights and rather frankly the more an organization invests in international payroll the less of a photo they see an absence of presence also reaches payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the deal nearly half of international organizations have expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM information information entry mistakes improperly interacted hires and terminations along with lack management and system setups and after that when you round it all off and the data is delivered to the incorrect location the typical expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money worldwide payroll and payments don’t run efficiently if they rely on the needed multiple processes 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 challenges organization face when they’re making payments to employees or otherwise that’s a great question I constantly toss this back and state what is it what does not need to be included best and what does
it require to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan 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 customer’s own in-country account so there’s complexity anywhere you look best eventually building a knowledge base is absolutely important but all over you look with payroll payment they resemble incredibly payments no if however some babies 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 think there’s now a bit more acknowledgment that payroll payments are definitely basic and innovation is permitting us to sort of move forward with that it likewise too to add to that payroll and financing need to work closer together um with varying Checking account Details varying banking requirements and setup procedures is absolutely important that payroll and financing groups work more detailed 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 operate in the payroll occupation would they split the payroll payment from estimation 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 ultimately 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 third parties so with the
world we live in and wellness being more and more essential to add to sort of the level of intricacy there’s increasingly more advantages being organ or being offered by organizations throughout the world so again you’re just aiming to include increasingly more payments to this already complex landscape so if you kind of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of real difficulties or genuine difficult kind of pay uses to play to pay people I believe yeah I suggest over the last well yeah a number of decades I would certainly state that the bigger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding info into the next function as it were that’s actually handling the payment side of things however you understand in in my viewpoint and my experience that does not necessarily require to be the case you understand long gone are the times where we require to create additional handoffs in the processes that we operate in they simply make them more timely they make them less effective and they don’t make them what they require to be in in an era of tech and an age that you know that we are working in today there is no reason we are still making this as difficult as it needs to be concurred and appropriately as you stated payroll is the single greatest liability that any organization has from a cost viewpoint from an impact perspective on workers it is definitely vital that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the greatest destructive impact on individuals’s wellness and many other aspects if people aren’t paid uh I’ve constantly been astonished entering this Market sort 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 during a webinar. If anyone has been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and people just observe when things fail. Nevertheless, when things go right, it’s viewed as just a regular task. This is how it’s perceived externally as well. Therefore, it is essential to make sure that jobs like Wi-Fi Worldwide and other crucial matters are done properly. Using the first Global Payments first payroll payment option is a great preliminary action towards providing a detailed payroll solution for employees worldwide. Standardization, global processes, and minimizing the number of tools, platforms, and checking account essential for worldwide payroll are crucial consider accomplishing service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few complaints when things do not go as planned. Ultimately, we do not do it for the gratitude.
anyhow we know how how crucial 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 everybody that’s involved in those processes and likewise so think of sorry I’m just I was just gon na say think of the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re talking about numerous thousands possibly Millions imagine getting that many 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 absolutely be a fascinating job trying to clean up all those up for sure oh absolutely 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 actually see what was going on and kind of shot to get back to everyone so proceeding appearance why do companies select to main different savings account there are Papaya Global Payroll Jobs services out there doing exactly this for specific nations and I’ve worked in a service or many organizations doing precisely that I can say it does not always feel effective and it does produce more work I know we’re not intentionally doing that we’re not creating additional work for any person where we don’t need to and anyone that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe lots of reasons one is it’s the standard I believe individuals have actually got so used to we need a new checking account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the standard individuals have actually embraced and continue to do over years and years gone past to add 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 range I believe this is a procedure that requires taking a look at it requires altering however ultimately individuals are very stuck with what they’re familiar
with ideal um modification is a challenging thing all of us do not like modification um so I believe it’s simply type of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend certainly the benefits of having keeping several bank accounts however there’s a substantial quantity of intricacy chooses establishing a bank account preserving it ensuring it can send International transfers ensuring it’s set up with the right user accesses for specific people so the intricacy is big but I believe the truthful answer is change um individuals have not had the ability to change or haven’t had always the knowledge to truly make that change into alternate Solutions besides opening a savings account I think you have actually struck the nail on the head I think it is knowledge you know and there is a component of resistance to change however we have actually always done it that way is no genuine reason for not looking at the the benefits and the possibilities of moving on and moving into you understand what could nearly be determined to be the next Century approximately there is a lot to keep track of and this technique does pose a number of obstacles um so Johnny might you inform us about those difficulties yeah of course so there’s a range right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually gotten another CFO, and with this improved capability, I have actually successfully secured payments for our 10,000 employees worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is better, considering your accomplishments. Papaya Global Payroll Jobs