Over the last five or 6 years …How Can I Renew Papaya Global For Less… functions on the company side and also on the supplier side from a payroll point of view so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just give everyone another couple of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everybody originates from and I truly 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 extremely extremely dreary and I want I was somewhere else at this moment in time fine so let’s begin our program for today is as follows um we are going to be taking a look at the difficulty years of managing Worldwide payroll why business maintain different
Virtual payroll accounts are an alternative to standard bank accounts for managing payroll payments. This is particularly beneficial for international companies with dispersed and remote labor forces, as it simplifies the complicated procedure of cross-border payments. Instead of preserving separate savings account for payroll in different countries, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are ending up being a strategic asset for payroll executives. We will also provide a recap 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 worldwide advantages and disadvantages of a payroll wallet versus a payroll bank account how business precisely forecast their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in enough in one country but when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a variety of factors most importantly policies compliance information security and banking rules then there are the sheer numbers they add further complexity the international Workforce is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing around the world in the standard payroll design there’s typically a frustrating number of various systems leading to lengthy manual procedures and silos the number of Integrations could be non-existent in big amounts and or extremely very standard there’s no genuine consistency structure we’re living in an age 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 typically with pen and paper which simply blows my mind every time I I believe
about it to give you a concept of how far there still is to come according to Deloitte just 11 of services state they have Labor force data in real time that’s another number that offers me sleep deprived nights and rather frankly the more a company spends on international payroll the less of a picture they see a lack of exposure likewise reaches payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the transaction almost half of international businesses have expressed 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 poor HCM information data entry errors improperly interacted hires and terminations in addition to absence management and system setups and after that when you round everything off and the information is shipped to the wrong location the average cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money worldwide payroll and payments don’t run efficiently if they depend on the essential multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties service face when they’re making payments to workers or otherwise that’s a great concern I always throw this back and state what is it what doesn’t require to be consisted of right and what does
it need to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per nation 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 have to pay from the client’s own in-country account so there’s complexity anywhere you look ideal ultimately constructing a knowledge base is absolutely important however all over you look with payroll payment they resemble super payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely basic and technology is enabling us to kind of move on with that it likewise as well to contribute to that payroll and financing need to work closer together um with varying Checking account Details differing banking requirements and setup processes is absolutely essential that payroll and finance groups work better together than ever um I’m constantly amazed when people state I’ve divided payroll and payment um if you stroll down the street and asked anybody 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 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 data collection all the way through to paying people any place they are but also paying statutory authorities and on statutory third parties so with the
The modern world positions a high worth on well-being and the compensation landscape is becoming significantly complex. Services are continually presenting brand-new benefits and payment options, which adds to the overall complexity. Large corporations frequently divide their payroll and payment processing into different teams, which can cause inefficiencies and bottlenecks. In my viewpoint, this doesn’t have to be the case. In today’s technologically sophisticated era, there’s no reason for keeping cumbersome treatments. Payroll, the business’s biggest expense, should be processed correctly and on time. Even slight hold-ups can negatively affect staff members’ wellness and have significant effects. Therefore, it’s important to focus on precise and timely payments.
payroll team get um so I’m not exactly sure anybody on this sort of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an essential cycle all of us hear about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely vital that all of this things is done properly so leveraging the first Global Payments first payroll payment service is an excellent first step um offering an end-to-end payroll option for your employees worldwide again I believe is another big um process again aligning and guaranteeing you have standardization International processes all of those things are absolutely key to success success of businesses and reducing the number of tools platforms and checking account they need for their Global 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 do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the grievances where things haven’t gone rather where they’re implied to be um I do not think any of us are actually doing that for for the thanks
anyway we understand 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 everybody that’s associated with those processes and also so imagine sorry I’m just I was simply gon na say picture the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions imagine getting that many thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be a fascinating task trying to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and really see what was going on and sort of shot to return to everybody so moving on look why do business select to main different savings account there are How Can I Renew Papaya Global For Less businesses out there doing precisely this for specific countries and I have actually worked in a business or lots of services doing exactly that I can state it does not constantly feel efficient and it does produce more work I understand we’re not purposely doing that we’re not developing extra work for anybody where we do not have to and anybody 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 many reasons one is it’s the requirement I believe individuals have got so utilized to we require a brand-new checking account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the norm individuals have adopted and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and many other ways um to to sort of do it so I think there’s a range I believe this is a process that requires taking a look at it requires changing but ultimately people are extremely stuck to what they’re familiar
with right um modification is a challenging thing all of us 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 great deal of track of things um I understand clearly the benefits of having keeping numerous bank accounts but there’s a huge amount of intricacy goes with establishing a savings account keeping it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for private people so the intricacy is huge but I think the truthful answer is modification um people have not been able to change or have not had always the understanding to truly make that change into alternate Solutions aside from 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 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 proceeding and moving into you understand what might almost be determined to be the next Century or two there is a lot to keep track of and this approach does present several obstacles um so Johnny might you inform us about those difficulties 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 tasks on one platform. It feels like our CFO has acquired another CFO, and with this improved ability, I have actually successfully protected payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is closer, considering your accomplishments. How Can I Renew Papaya Global For Less