Over the last 5 or 6 years …Papaya Global Core Payroll… functions on the company side and likewise on the supplier side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just give everybody another number of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite fascinating 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 everyone comes from and I really do hope it’s much sunnier than it remains 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 dreary and I want I was somewhere else at this moment in time alright so let’s begin our program for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why business keep different
Virtual payroll accounts are an option to standard savings account for managing payroll payments. This is particularly helpful for international companies with dispersed and remote labor forces, as it simplifies the complicated procedure of cross-border payments. Instead of maintaining different checking account for payroll in different nations, virtual accounts and digital wallets provide a more structured option. In this webinar, we will explore 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 supply a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively securely and on time during this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how business precisely anticipate their payroll expenses 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 hard in adequate in one nation but when you’re doing it globally it’s next level and Beyond it becomes intricate for a range of factors most notably policies compliance information security and banking guidelines then there are the large numbers they include further intricacy the global Labor force is presently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the globe in the standard payroll model there’s frequently a frustrating variety of different systems causing time-consuming manual procedures and silos the number of Combinations could be non-existent in large amounts and or very really standard there’s no genuine consistency structure we’re residing in an age of tech but payroll has 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 every time I I believe
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Labor force data in real time that’s another number that gives me sleep deprived nights and quite frankly the more a business invests in global payroll the less of an image they see an absence of exposure likewise reaches payroll payments and inability to accurately track these payments can result in compliance accidents in the last mile of the deal nearly half of global organizations have actually expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM data data entry mistakes badly interacted 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 incorrect place the average cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the world payroll and payments don’t run smoothly if they count on the essential numerous processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles company face when they’re paying to employees or otherwise that’s a great question I always toss this back and state what is it what does not need to be consisted of best and what does
it require to be thought about 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 have to pay from the consumer’s own in-country account so there’s intricacy anywhere you look best eventually developing a knowledge base is absolutely crucial however everywhere you look with payroll payment they are like very payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the sort 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 permitting us to type of progress with that it also too 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 definitely vital that payroll and finance teams work more detailed together than ever um I’m constantly surprised when people state I have actually divided 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 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 often 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 people any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world positions a high value on wellness and the compensation landscape is becoming progressively elaborate. Organizations are continuously introducing new benefits and payment alternatives, which adds to the general complexity. Large corporations often divide their payroll and payment processing into separate teams, which can result in ineffectiveness and bottlenecks. In my opinion, this does not have to hold true. In today’s technologically innovative age, there’s no justification for maintaining cumbersome procedures. Payroll, the business’s biggest cost, need to be processed properly and on time. Even minor delays can negatively impact employees’ wellness and have far-reaching repercussions. Therefore, it’s crucial to prioritize precise and prompt payments.
payroll group get um so I’m not sure anybody on this sort of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an important cycle we all find out about it when it fails everybody 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 consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely essential that all of this stuff is done correctly so leveraging the very first Worldwide Payments first payroll payment option is a terrific first step um offering an end-to-end payroll service for your workers internationally again I think is another big um procedure once again lining up and guaranteeing you have standardization International procedures all of those things are absolutely essential to success success of organizations and decreasing the number of tools platforms and bank accounts they need for their Worldwide payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things have not gone rather where they’re indicated to be um I don’t believe any of us are actually doing that for for the thanks
anyway we understand how how crucial a function 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 think of sorry I’m just I was just gon na state imagine the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions envision getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing job attempting to clean all those up for sure oh definitely I can’t think of 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 really see what was going on and type of try to return to everyone so moving on appearance why do companies pick to main separate bank accounts there are Papaya Global Core Payroll companies out there doing exactly this for particular countries and I have actually worked in a business or many companies doing precisely 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 creating extra work for any person where we don’t need to and any person that’s handling that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe many reasons one is it’s the requirement I believe individuals have actually got so utilized to we need a brand-new checking account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard the people have embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and lots of other methods um to to kind of do it so I believe there’s a range I believe this is a procedure that needs looking at it requires altering however ultimately individuals are very stuck to what they recognize
with ideal um modification is a tough thing all of us don’t like change um so I believe it’s just kind of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the advantages of having preserving numerous bank accounts however there’s a big quantity of complexity goes with establishing a savings account maintaining it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for specific individuals so the intricacy is substantial but I believe the honest answer is change um people have not been able to alter or haven’t had always the understanding to truly make that change into alternate Solutions aside from opening a bank account I believe you’ve struck the nail on the head I believe it is knowledge you understand and there is a component of resistance to change however we’ve always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what might nearly be identified to be the next Century approximately there is a lot to keep track of and this approach does pose several obstacles um so Johnny might you tell us about those challenges yeah of course 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 manage our payroll and payment tasks on one platform. It seems like our CFO has actually acquired another CFO, and with this improved capability, I have actually effectively protected payments for our 10,000 employees worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is good. You deserve a corner office with a parking space that is better, considering your accomplishments. Papaya Global Core Payroll