Over the last five or six years …Papaya Global Contact Info… roles on the company side and likewise on the vendor side from a payroll perspective so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply give everybody another couple of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to kind of like see where everyone 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 raining here it’s very extremely bleak and I wish 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 taking a look at the difficulty years of managing Global payroll why companies maintain separate
Virtual payroll accounts are an option to standard savings account for handling payroll payments. This is particularly helpful for worldwide companies with dispersed and remote workforces, as it simplifies the intricate procedure of cross-border payments. Instead of maintaining different savings account for payroll in different countries, virtual accounts and digital wallets provide a more structured 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 strategic property 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 accurately effectively safely and on time during this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how companies accurately forecast their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be difficult in sufficient in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes complex for a variety of factors most importantly policies compliance data security and banking rules then there are the large numbers they add additional complexity the global Labor force is presently 3 and a half billion individuals 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 consider that there are some 230 million companies and growing all doing their own thing all over the world in the standard payroll design there’s typically a frustrating number of various systems resulting in lengthy manual procedures and silos the variety of Combinations could be non-existent in large quantities and or very very fundamental there’s no genuine consistency structure we’re residing in a period of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind whenever I I think
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force information in real time that’s another number that provides me sleepless nights and quite honestly the more an organization invests in global payroll the less of a photo they see an absence of exposure also extends to payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the deal almost half of international companies have actually expressed that they don’t 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 bad HCM information information entry mistakes inadequately communicated hires and terminations along with absence management and system setups and then when you round everything off and the data is delivered to the incorrect place the average expense of a global data 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 do not run smoothly if they depend on the essential multiple procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties service face when they’re paying to employees or otherwise that’s a great question I always throw this back and say what is it what doesn’t require to be consisted of ideal and what does
it require to be thought about there’s varying Bank details 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 capabilities so can you pay it from International or do you need 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 ideal ultimately constructing a knowledge base is absolutely important however all over you look with payroll payment they resemble incredibly 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 think there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is enabling us to type of move forward with that it likewise also to add to that payroll and financing require to work closer together um with differing Checking account Details varying banking requirements and setup procedures is definitely crucial that payroll and finance teams work better together than ever um I’m always impressed when individuals state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll profession would they split the payroll payment from calculation 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world places a high value on well-being and the settlement landscape is ending up being progressively elaborate. Organizations are continually introducing new advantages and payment choices, which contributes to the overall intricacy. Big corporations frequently divide their payroll and payment processing into different groups, which can cause ineffectiveness and traffic jams. In my opinion, this doesn’t need to be the case. In today’s technologically advanced era, there’s no validation for preserving troublesome treatments. Payroll, the company’s most significant expense, must be processed properly and on time. Even small hold-ups can negatively impact employees’ wellness and have significant repercussions. Therefore, it’s important to focus on accurate and prompt payments.
payroll team get um so I’m not sure anyone on this type of webinar has been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um however eventually payroll is such an essential cycle we all become aware of it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely vital that all of this stuff is done correctly so leveraging the first Worldwide Payments very first payroll payment solution is a terrific first step um supplying an end-to-end payroll option for your workers worldwide once again I believe is another huge um procedure once again lining up and guaranteeing you have standardization International procedures all of those things are absolutely crucial to success success of services and minimizing the variety of tools platforms and savings account they require for their International payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the grievances where things have not gone quite where they’re meant to be um I do not think any of us are actually doing that for for the thanks
anyhow we understand how how essential 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 everybody that’s associated with those processes and also so imagine sorry I’m simply I was simply gon na state picture the quantity 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 envision getting that numerous 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 job 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 need days of the week to attempt to browse them and really see what was going on and type of shot to return to everybody so carrying on appearance why do companies pick to primary separate checking account there are Papaya Global Contact Info services out there doing precisely this for specific countries and I’ve operated in a service or lots of organizations 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 additional work for any person where we do not need to and anybody that’s managing that procedure 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 believe lots of reasons one is it’s the standard I believe individuals have actually got so utilized to we need a brand-new savings account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have embraced and continue to do over years and years passed by to add to that individuals have taken a look at things like trust accounts and many other methods 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 changing but eventually individuals are really stuck with what they’re familiar
with right um modification is a tough thing all of us don’t like modification um so I believe it’s simply type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the advantages of having maintaining multiple savings account but there’s a substantial quantity of intricacy chooses establishing a savings account preserving it guaranteeing it can send out International transfers ensuring it’s set up with the right user accesses for individual people so the complexity is substantial however I believe the truthful answer is change um people haven’t had the ability to change or haven’t had always the knowledge to truly make that change into alternate Solutions other than opening a savings account I think you’ve struck the nail on the head I think it is knowledge you know and there is an element of resistance to alter but we have actually always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you know what could practically be figured out to be the next Century or two there is a lot to keep track of and this approach does pose numerous 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 change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has actually acquired another CFO, and with this improved ability, I have successfully secured payments for our 10,000 staff members worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Contact Info