Over the last 5 or six years …Papaya Global Cycle To Work Scheme… functions on the provider side and also on the vendor side from a payroll perspective so actually anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just provide everyone another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite interesting 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 actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very extremely uninspiring and I wish I was somewhere else at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why business keep different
Virtual payroll accounts are an alternative to conventional checking account for managing payroll payments. This is particularly useful for worldwide organizations with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of maintaining different savings account for payroll in different countries, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a strategic property for payroll executives. We will also offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently firmly and on time throughout this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how companies properly forecast their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in enough in one country but when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a range of factors most importantly policies compliance data security and banking rules then there are the large numbers they include additional intricacy the global Labor force is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing worldwide in the standard payroll design there’s often a frustrating number of different systems causing lengthy manual procedures and silos the number of Combinations could be non-existent in big quantities and or really very fundamental there’s no genuine consistency framework we’re living 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 typically with pen and paper and that simply blows my mind every time I I believe
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Labor force information in real time that’s another number that gives 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 also extends to payroll payments and failure to precisely track these payments can cause compliance accidents in the last mile of the transaction nearly half of global services have actually expressed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM data data entry errors poorly communicated hires and terminations in addition to absence management and system setups and after that when you round all of it off and the information is delivered to the wrong place the average cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the world payroll and payments don’t run smoothly if they count on the required multiple processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties service face when they’re making payments to employees or otherwise that’s a good concern I constantly throw this back and say what is it what doesn’t require to be included best and what does
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 nation there’s payment amount of time there’s payment capabilities 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 customer’s own in-country account so there’s intricacy anywhere you look ideal ultimately developing a knowledge base is absolutely crucial 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 kind 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 basic and technology is allowing us to sort of move forward with that it also too to add to that payroll and financing require to work closer together um with varying Checking account Details differing banking requirements and setup procedures is absolutely necessary that payroll and financing groups work closer together than ever um I’m always surprised when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from calculation 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 process it’s the point of data collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory third parties so with the
The modern world puts a high value on well-being and the compensation landscape is becoming significantly intricate. Companies are continuously presenting brand-new advantages and payment alternatives, which contributes to the total complexity. Large corporations typically divide their payroll and payment processing into different teams, which can lead to ineffectiveness and traffic jams. In my viewpoint, this does not have to be the case. In today’s technically advanced age, there’s no validation for maintaining cumbersome treatments. Payroll, the company’s most significant cost, need to be processed correctly and on time. Even small delays can negatively affect workers’ well-being and have significant effects. For that reason, it’s vital to focus on precise and timely payments.
The payroll team may not have been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and individuals just discover when things go wrong. However, when things go right, it’s seen as simply a regular task. This is how it’s viewed externally also. For that reason, it is vital to make sure that jobs like Wi-Fi Worldwide and other essential matters are done correctly. Utilizing the very first Global Payments very first payroll payment service is an excellent initial step towards supplying a detailed payroll solution for staff members worldwide. Standardization, international processes, and reducing the number of tools, platforms, and checking account required for international payroll are essential consider achieving business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of complaints when things don’t go as prepared. Ultimately, we don’t do it for the thankfulness.
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 everybody that’s involved in those processes and also so imagine sorry I’m simply I was simply gon na say picture the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re discussing hundreds of thousands potentially Millions picture getting that numerous 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 definitely be an interesting job attempting to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and actually see what was going on and type of try to get back to everybody so moving on appearance why do companies pick to primary different bank accounts there are Papaya Global Cycle To Work Scheme companies out there doing precisely this for specific nations and I’ve operated in a service or numerous services doing exactly that I can state it does not always feel effective and it does develop more work I know we’re not intentionally doing that we’re not creating extra work for anybody where we do not have to and anyone that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I believe numerous factors one is it’s the requirement I think people have actually got so used to we need a new savings account we open an entity and appropriately so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the norm the people have actually adopted and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and numerous other methods um to to type of do it so I think there’s a variety I think this is a procedure that needs looking at it requires altering but eventually people are really stuck to what they’re familiar
with right um change is a difficult thing we all don’t like change um so I think it’s simply type of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand obviously the benefits of having keeping several bank accounts however there’s a substantial amount of intricacy goes with establishing a savings account preserving it ensuring it can send out International transfers guaranteeing it’s set up with the right user accesses for private people so the complexity is substantial but I believe the sincere answer is modification um individuals haven’t been able to change or haven’t had always the understanding to actually make that change into alternate Solutions aside from opening a checking account I think you’ve struck the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter but we have actually constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you understand what could almost be figured out to be the next Century or so there is a lot to track and this technique does present several challenges um so Johnny could you inform us about those difficulties yeah obviously so there’s a range right there is so
I recently made a modification to our Enterprise 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 actually successfully secured payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Cycle To Work Scheme