Over the last 5 or six years …Papaya Global Hr Software For Cost Reduction… functions on the service 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 everybody all right thanks Johnny uh we’ll simply provide everyone another number of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on currently simply 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 is 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 very very uninspiring and I wish I was elsewhere at this moment in time okay so let’s get going our program for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why companies preserve different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts streamlining papaya Global payroll payments as a strategic asset uh we’ll also discuss a wrap-up and that should leave his time at the really very end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become more and more common and handling them ends up being increasingly more intricate Worldwide companies are seeking to discover Solutions and new methods to improve procedures especially from a payroll and cross-border payment standpoint numerous companies keep different savings account just for payroll while some have several accounts in different nations does it make sense for business to preserve separate bank accounts often in different countries it does however just for payroll is there a better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational business streamline the episode complex processes of
making payroll payments properly effectively safely and on time during this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll bank account how companies accurately forecast their payroll expenses to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in sufficient in one nation but when you’re doing it globally it’s next level and Beyond it becomes intricate for a range of reasons most significantly regulations compliance information security and banking rules then there are the sheer numbers they add additional intricacy the global Workforce is currently three 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 presently 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 conventional payroll design there’s often an overwhelming number of different systems resulting in time-consuming manual procedures and silos the number of Combinations could be non-existent in big amounts and or very extremely standard there’s no genuine consistency structure we’re living in a period 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 each time I I believe
about it to give you an idea of how far there still is to come according to Deloitte just 11 of services say they have Workforce data in real time that’s another number that offers me sleepless nights and rather frankly the more a service spends on worldwide payroll the less of a photo they see a lack of exposure also reaches payroll payments and inability to precisely track these payments can cause compliance incidents in the last mile of the deal nearly half of worldwide services have revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM data information entry errors improperly interacted hires and terminations as well as absence management and system setups and after that when you round everything off and the data is shipped to the wrong location the typical expense 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 worldwide payroll and payments do not run smoothly if they rely on the essential several procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties business face when they’re making payments to staff members or otherwise that’s a great concern I constantly throw this back and say what is it what doesn’t need to be included right and what does
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it need to be thought about there’s differing 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 capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s complexity anywhere 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 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 believe there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is permitting us to sort of move on with that it also also to add to that payroll and finance require to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is absolutely vital that payroll and finance groups work more detailed together than ever um I’m constantly amazed when people say I’ve split 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 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 wherever they are however also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being increasingly more crucial to add to sort of the level of complexity there’s more and more advantages being organ or being used by businesses throughout the world so once again you’re just aiming to add more and more payments to this already complicated landscape so if you sort of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of genuine challenges or real challenging type of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a couple of decades I would absolutely say 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 job there are teams feeding info into the next function as it were that’s really managing the payment side of things but you understand in in my opinion and my experience that does not necessarily require to be the case you know long gone are the times where we need to produce additional handoffs while doing sos that we operate in they just make them more timely they make them less efficient and they do not make them what they need to be in in an age of tech and an age that you understand that we are operating in today there is no reason why we are still making this as challenging as it requires to be concurred and appropriately as you said payroll is the single most significant liability that any company has from an expense perspective from an effect viewpoint on workers it is absolutely critical 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 most significant destructive effect on individuals’s well-being and lots of other elements if individuals aren’t paid uh I’ve constantly been surprised entering this Market type of the last five to ten years is how little thanks the
The payroll group may not have actually been thanked for properly processing payroll during a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and people just see when things fail. Nevertheless, when things go right, it’s viewed as just a routine job. This is how it’s perceived externally as well. Therefore, it is essential to make sure that tasks like Wi-Fi Global and other essential matters are done properly. Using the first Worldwide Payments first payroll payment service is a terrific preliminary action towards supplying a comprehensive payroll option for workers worldwide. Standardization, worldwide processes, and decreasing the number of tools, platforms, and checking account essential for international payroll are key consider accomplishing service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few complaints when things don’t go as prepared. Eventually, we do not do it for the thankfulness.
anyway we know how how essential 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 easy as possible for everyone that’s associated with those procedures and also so think of sorry I’m simply I was just gon na state imagine the amount of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions think of getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting task 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 require days of the week to attempt to look through them and really see what was going on and type of shot to get back to everybody so moving on look why do business pick to primary separate savings account there are Papaya Global Hr Software For Cost Reduction businesses out there doing exactly this for particular countries and I’ve worked in a company or numerous companies doing exactly that I can say it doesn’t constantly feel effective and it does develop more work I know we’re not intentionally 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 thoughts Johnny why do you think that we’re doing that in in the in the amount 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 need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the norm individuals have adopted and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a variety I believe this is a procedure that needs taking a look at it needs changing but ultimately individuals are extremely stuck to what they recognize
with ideal um change is a tough thing we all don’t like modification um so I think it’s simply type 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 undoubtedly the advantages of having maintaining numerous bank accounts however there’s a substantial quantity of complexity goes with setting up a savings account preserving it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for specific individuals so the complexity is substantial but I believe the honest response is change um people have not had the ability to alter or have not had necessarily the understanding to really make that change into alternate Solutions aside from opening a bank account I believe you’ve hit the nail on the head I think it is understanding you know and there is an element of resistance to change however we’ve constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could almost be identified to be the next Century approximately there is a lot to track and this method does position numerous challenges um so Johnny might you tell us about those obstacles yeah naturally so there’s a range right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has acquired another CFO, and with this boosted ability, I have successfully secured payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Hr Software For Cost Reduction