Over the last five or six years …Papaya Global Payroll Calculator California… functions on the provider side and likewise on the vendor side from a payroll point of view so truly anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just offer everyone another couple of uh well among the 30 seconds or two to join all of us work back to back these days 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 sort of like see where everybody originates 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 drizzling here it’s really very dreary and I wish I was somewhere else at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why business preserve separate
Virtual payroll accounts are an alternative to conventional bank accounts for managing payroll payments. This is especially beneficial for worldwide organizations with dispersed and remote workforces, as it streamlines the complicated process of cross-border payments. Instead of maintaining separate checking account for payroll in different nations, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are ending up being a tactical property for payroll executives. We will likewise supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately 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 companies properly forecast their payroll expenses to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in sufficient in one country however when you’re doing it internationally it’s next level and Beyond it becomes complex for a range of reasons most importantly guidelines compliance information security and banking rules then there are the sheer numbers they add further intricacy the global Workforce is currently 3 and a half billion people by 2030 it’s estimated 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 companies and growing all doing their own thing around the world in the traditional payroll model there’s typically a frustrating variety of various systems leading to time-consuming manual processes and silos the variety of Integrations could be non-existent in large quantities and or extremely really fundamental there’s no genuine consistency structure we’re residing in an era of tech however 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 and that just blows my mind every time I I think
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force information in real time that’s another number that offers me sleep deprived nights and quite frankly the more an organization spends on international payroll the less of an image they see an absence of exposure likewise reaches payroll payments and failure to precisely track these payments can lead to compliance accidents in the last mile of the transaction nearly half of worldwide businesses have expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry errors badly interacted hires and terminations as well as absence management and system configurations and after that when you round all of it off and the data is shipped to the wrong location the typical cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the globe payroll and payments don’t run smoothly if they rely on the required multiple procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges service 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 doesn’t need to be included ideal and what does
it need to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment amount of time 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 consumer’s own in-country account so there’s intricacy any place you look right ultimately developing a knowledge base is absolutely crucial however everywhere you look with payroll payment they resemble extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is enabling us to type of progress with that it likewise also to contribute to that payroll and finance require to work closer together um with differing Checking account Particulars varying banking requirements and setup processes is definitely necessary that payroll and finance teams work more detailed together than ever um I’m constantly impressed when individuals state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they split the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um eventually 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
world we live in and well-being being more and more crucial to contribute to kind of the level of complexity there’s increasingly more advantages being organ or being used by services throughout the world so once again you’re just aiming to add increasingly more payments to this already intricate landscape so if you sort of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of genuine difficulties or genuine tough kind of pay utilizes to play to pay individuals I think yeah I indicate over the last well yeah a couple of decades I would absolutely state that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are teams feeding info into the next function as it were that’s actually 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 develop additional handoffs in the processes that we operate in they simply make them more prompt they make them less efficient and they do not make them what they require to be in in an era of tech and a period that you know that we are working in today there is no reason why we are still making this as hard as it requires to be concurred and rightly as you stated payroll is the single greatest liability that any business has from a cost viewpoint from an effect viewpoint on staff members it is absolutely crucial that it’s done properly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the most significant damaging impact on individuals’s wellness and many other aspects if people aren’t paid uh I have actually constantly been surprised coming into this Market sort of the last 5 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 employees or not. Payroll is an important cycle, and individuals just discover when things fail. Nevertheless, when things go right, it’s seen as just a regular task. This is how it’s viewed externally also. For that reason, it is necessary to ensure that jobs like Wi-Fi Global and other important matters are done properly. Utilizing the first Worldwide Payments first payroll payment option is an excellent initial step towards offering a detailed payroll option for staff members worldwide. Standardization, international procedures, and lowering the variety of tools, platforms, and checking account needed for international payroll are crucial consider accomplishing business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of grievances when things do not go as prepared. Ultimately, we do not do it for the thankfulness.
anyhow we understand how how important 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 likewise so imagine sorry I’m simply I was just gon na state imagine the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re talking about numerous thousands possibly Millions envision getting that many thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting task trying to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and in fact see what was going on and sort of try to return to everyone so moving on look why do business pick to main separate bank accounts there are Papaya Global Payroll Calculator California businesses out there doing exactly this for particular countries and I have actually operated in a business or numerous companies doing precisely that I can state it doesn’t constantly feel efficient and it does develop more work I know we’re not intentionally doing that we’re not producing extra work for anyone where we do not have to and any person 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 quantity that we are I think many factors one is it’s the standard I think people have actually got so used to we require a new bank account we open an entity and rightly so you need it for payroll functions but there are a number 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 passed by to contribute to that individuals have taken a look at things like trust accounts and lots of other ways um to to kind of do it so I believe there’s a range I believe this is a process that requires taking a look at it needs altering but eventually people are extremely stuck with what they’re familiar
with right um modification is a challenging thing we all don’t like modification um so I think it’s simply sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand clearly the advantages of having preserving several bank accounts however there’s a big quantity of intricacy goes with establishing a savings account preserving it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for specific people so the intricacy is big but I think the honest answer is change um people have not been able to change or haven’t had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a checking account I think you’ve struck the nail on the head I think it is knowledge you know and there is an aspect of resistance to alter however we’ve constantly done it that way is no real reason for not looking at the the benefits and the possibilities of carrying on and moving into you know what might practically be figured out to be the next Century or two there is a lot to keep an eye on and this approach does pose several challenges um so Johnny might you tell us about those obstacles yeah of course so there’s a range right there is so
I just did you switched our Enterprise 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 Worldwide staff members you deserve a corner office with a closer parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Payroll Calculator California