Over the last 5 or 6 years …How To Install Papaya Global Payroll Subscription… functions on the provider side and likewise on the vendor side from a payroll perspective so really anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply offer everybody another couple of uh well among the 30 seconds or so to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everyone originates from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really really gloomy and I want I was elsewhere at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of handling Global payroll why companies keep separate
Virtual payroll accounts are an alternative to standard checking account for managing payroll payments. This is especially beneficial for global organizations with dispersed and remote workforces, as it streamlines the complicated procedure of cross-border payments. Instead of keeping different bank accounts for payroll in various countries, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are becoming a tactical possession for payroll executives. We will also provide a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently safely and on time during this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll checking account how companies accurately anticipate their payroll costs to increase working capital and how improving International payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in enough in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a range of reasons most notably guidelines compliance information security and banking rules then there are the sheer numbers they include additional complexity the worldwide Workforce is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals 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 all over the world in the conventional payroll design there’s typically an overwhelming number of various systems causing lengthy manual procedures and silos the number of Integrations could be non-existent in big quantities and or extremely extremely standard there’s no real consistency framework we’re living 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 typically with pen and paper which just blows my mind every time I I believe
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce information in real time that’s another number that gives me sleepless nights and rather honestly the more an organization spends on worldwide payroll the less of a picture they see an absence of visibility also reaches payroll payments and failure to accurately track these payments can result in compliance incidents in the last mile of the deal nearly half of worldwide services have actually revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry mistakes improperly communicated hires and terminations in addition to lack management and system configurations and then when you round all of it off and the information is shipped to the wrong place the average expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash worldwide payroll and payments do not run smoothly if they depend on the necessary multiple procedures 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 challenges business face when they’re paying to staff members or otherwise that’s a good concern I constantly throw this back and say what is it what does not require to be included best 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 timespan there’s payment capabilities 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 wherever you look best eventually constructing a knowledge base is absolutely important however everywhere 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 in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely basic and innovation is permitting us to type of move forward with that it likewise as well to contribute to that payroll and financing require to work closer together um with differing Savings account Details differing banking requirements and setup processes is absolutely necessary that payroll and finance groups work closer together than ever um I’m constantly impressed when people say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so typically 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 individuals anywhere they are however also paying statutory authorities and on statutory third parties so with the
The modern-day world places a high worth on wellness and the payment landscape is becoming progressively complex. Companies are continually presenting brand-new advantages and payment choices, which contributes to the total intricacy. Large corporations often divide their payroll and payment processing into different teams, which can result in ineffectiveness and bottlenecks. In my opinion, this doesn’t need to be the case. In today’s highly innovative era, there’s no reason for preserving cumbersome treatments. Payroll, the company’s greatest cost, should be processed properly and on time. Even small hold-ups can negatively affect workers’ well-being and have significant consequences. For that reason, it’s important to focus on precise and timely payments.
payroll team get um so I’m uncertain anybody on this sort of webinar has been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an essential cycle all of us become aware of it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this things is definitely essential that all of this stuff is done correctly so leveraging the very first International Payments very first payroll payment service is a great first step um offering an end-to-end payroll service for your workers globally once again I think is another huge um process again lining up and guaranteeing you have standardization Global processes all of those things are absolutely key to success success of businesses and decreasing the number of tools platforms and bank accounts they need for their Worldwide payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd five or 10 or whatever it might be with the with the the grievances where things have not gone rather where they’re suggested to be um I don’t think any of us are in fact doing that for for the thanks
anyway 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 easy as possible for everyone that’s associated with those processes and also so envision sorry I’m just I was just gon na state imagine the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands potentially Millions think of getting that numerous thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating job attempting to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require 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 everybody so proceeding appearance why do companies select to main separate checking account there are How To Install Papaya Global Payroll Subscription organizations out there doing precisely this for particular countries and I have actually worked in a business or many businesses doing exactly that I can state it doesn’t constantly feel effective and it does create more work I understand we’re not purposely doing that we’re not developing additional work for anybody where we don’t have to and anyone that’s managing 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 quantity that we are I believe lots of factors one is it’s the standard I believe individuals have got so used to we need a new savings account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s just 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 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 think this is a procedure that needs taking a look at it needs altering but eventually people are very stuck with what they recognize
with best um change is a hard thing all of us don’t like modification um so I think it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand undoubtedly the benefits of having maintaining several bank accounts however there’s a big amount of complexity chooses setting up a savings account keeping it ensuring it can send out International transfers ensuring it’s established with the best user accesses for individual people so the complexity is big however I believe the truthful answer is modification um people haven’t had the ability to change or have not had necessarily the knowledge to truly make that change into alternate Solutions other than opening a savings account I believe you’ve hit the nail on the head I believe it is knowledge you know and there is an aspect of resistance to change but we have actually always done it that way is no real excuse for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could almost be identified to be the next Century or so there is a lot to keep track of and this technique does pose several obstacles um so Johnny might you tell us about those obstacles yeah obviously so there’s a variety right there is so
I simply did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you are worthy of a corner workplace with a more detailed parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you How To Install Papaya Global Payroll Subscription