Over the last five or six years …Papaya Global Csv Templates Export… roles on the service provider side and also on the supplier side from a payroll viewpoint so actually looking forward to this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply provide everybody another couple of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everyone 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 sunshine is it it’s not no it’s it’s raining here it’s very extremely gloomy and I want I was somewhere else at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why companies preserve separate
Virtual payroll accounts are an alternative to traditional savings account for managing payroll payments. This is especially helpful for worldwide companies with dispersed and remote labor forces, as it streamlines the complex procedure of cross-border payments. Instead of keeping separate checking account for payroll in different countries, virtual accounts and digital wallets provide a more structured option. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are ending up being a strategic possession for payroll executives. We will also offer a recap of the main points 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 walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll savings account how companies precisely anticipate their payroll costs 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 challenging in sufficient in one country but when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a range of factors most importantly guidelines compliance data security and banking rules then there are the large numbers they include additional complexity the global Workforce is presently 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 presently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing worldwide in the traditional payroll model there’s often an overwhelming variety of various systems causing time-consuming manual procedures and silos the number of Integrations could be non-existent in large amounts and or very really fundamental there’s no real consistency structure we’re residing in a period of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that simply blows my mind each time I I believe
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force information in real time that’s another number that gives me sleep deprived nights and quite frankly the more an organization invests in worldwide payroll the less of an image they see a lack of exposure also encompasses payroll payments and inability to properly track these payments can result in compliance incidents in the last mile of the deal almost half of worldwide organizations have expressed 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 due to time reporting poor HCM information information entry mistakes poorly interacted hires and terminations as well as lack management and system configurations and then when you round it all off and the data is shipped to the wrong location the typical cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash worldwide payroll and payments don’t run efficiently if they depend on the essential multiple processes 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 difficulties organization face when they’re paying to staff members or otherwise that’s a great concern I always toss this back and state what is it what does not need to be included right and what does
it require to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy any place you look right ultimately building a knowledge base is definitely vital but all over you look with payroll payment they are like extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the kind 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 allowing us to kind of progress with that it also as well to contribute to that payroll and finance require to work closer together um with varying Savings account Details varying banking requirements and setup procedures is definitely imperative that payroll and finance teams work better together than ever um I’m constantly amazed when people say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work 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 information collection all the way through to paying people wherever they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more crucial to add to type of the level of complexity there’s increasingly more advantages being organ or being provided by organizations across the world so once again you’re simply looking to include a growing number of payments to this already complicated landscape so if you kind of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of genuine difficulties or real challenging kind of pay uses to play to pay individuals I think yeah I indicate over the last well yeah a number of decades I would absolutely say that the larger an organization gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are groups feeding details into the next function as it were that’s really handling the payment side of things but you understand in in my opinion and my experience that does not always need to be the case you know long gone are the times where we require to create additional handoffs at the same times that we operate in they simply make them more prompt they make them less efficient and they don’t make them what they need to be in in an era of tech and an age that you understand that we are operating in today there is no reason that we are still making this as difficult as it needs to be concurred and appropriately as you said payroll is the single greatest liability that any service has from a cost viewpoint from an effect point of view on workers it is definitely important 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 destructive result on individuals’s wellness and numerous other factors if people aren’t paid uh I have actually always been surprised entering this Market sort of the last 5 to ten years is how little thanks the
The payroll team may not have been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and individuals only observe when things go wrong. Nevertheless, when things go right, it’s seen as just a regular job. This is how it’s perceived externally also. Therefore, it is important to guarantee that tasks like Wi-Fi Worldwide and other important matters are done properly. Utilizing the very first Global Payments very first payroll payment service is a fantastic preliminary step towards providing a thorough payroll option for workers worldwide. Standardization, global procedures, and decreasing the variety of tools, platforms, and bank accounts necessary for worldwide payroll are crucial consider accomplishing service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of complaints when things don’t go as prepared. Ultimately, we don’t do it for the appreciation.
anyhow 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 easy as possible for everyone that’s involved in those processes and likewise so picture sorry I’m simply I was just gon na state envision the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions imagine getting that many thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting job attempting to clean up all those up for sure oh definitely 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 check out them and in fact see what was going on and type of shot to get back to everybody so carrying on look why do companies choose to primary different checking account there are Papaya Global Csv Templates Export services out there doing exactly this for specific nations and I’ve worked in an organization or many services doing exactly that I can state it does not always feel effective and it does produce more work I know we’re not intentionally doing that we’re not creating extra work for anybody where we do not have to and any person that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I think numerous factors one is it’s the standard I believe people have actually got so utilized to we require a new checking account we open an entity and appropriately so you require it for payroll functions however 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 embraced and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a variety I think this is a process that requires looking at it requires changing however eventually people are extremely stuck to what they recognize
with best um modification is a tough thing we all do not like change um so I think it’s simply sort of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand certainly the benefits of having maintaining several bank accounts however there’s a big quantity of complexity goes with establishing a checking account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the right user accesses for individual people so the complexity is big but I believe the honest response is change um individuals have not been able to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions besides opening a savings account I think you’ve hit the nail on the head I think it is understanding you understand and there is a component of resistance to alter but we’ve constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you understand what might almost be figured out to be the next Century approximately there is a lot to monitor and this approach does present numerous obstacles um so Johnny might you tell us about those difficulties yeah obviously so there’s a variety right there is so
I 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 seems like our CFO has gotten another CFO, and with this enhanced ability, I have successfully secured payments for our 10,000 employees worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is closer, considering your accomplishments. Papaya Global Csv Templates Export