Over the last five or 6 years …Papaya Global Israel Address… functions on the service provider side and also on the vendor side from a payroll viewpoint so actually anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply provide everybody another number 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 already just to hear where everyone 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 remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely very gloomy and I want I was somewhere else at this moment in time alright so let’s get going our program for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why business maintain separate
Virtual payroll accounts are an option to traditional checking account for managing payroll payments. This is especially beneficial for international companies with dispersed and remote labor forces, as it simplifies the complex procedure of cross-border payments. Instead of keeping separate savings account for payroll in various nations, virtual accounts and digital wallets use a more structured option. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are becoming a tactical property for payroll executives. We will likewise provide a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently safely and on time during this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll bank account how business accurately forecast their payroll expenses to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a tactical property so payroll can be difficult in enough in one nation but when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a range of reasons most importantly regulations compliance data security and banking rules then there are the sheer numbers they include more intricacy the international Labor force is currently three 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 all over the world in the traditional payroll design there’s often an overwhelming variety of various systems leading to time-consuming manual processes and silos the number of Combinations could be non-existent in large quantities and or very extremely basic there’s no genuine consistency framework we’re living in a period of tech but 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 which simply blows my mind every time I I think
about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Workforce information in real time that’s another number that offers me sleep deprived nights and quite frankly the more an organization invests in international payroll the less of a picture they see a lack of visibility also encompasses payroll payments and failure to precisely track these payments can cause compliance accidents in the last mile of the deal nearly half of global services have revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry mistakes badly interacted hires and terminations in addition to lack management and system setups and then when you round all of it off and the information is delivered to the incorrect place the average expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash all over the world payroll and payments don’t run efficiently if they rely on the required numerous procedures 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 business face when they’re paying to staff members or otherwise that’s a great question I always throw this back and say 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 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 have to pay from the consumer’s own in-country account so there’s intricacy anywhere you look best eventually building a knowledge base is absolutely vital however all over you look with payroll payment they are like super payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is allowing us to kind of move on with that it likewise too to contribute to that payroll and financing need to work closer together um with varying Savings account Details differing banking requirements and setup processes is definitely essential that payroll and finance teams work more detailed together than ever um I’m always surprised when people say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation 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 typically split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world places a high value on well-being and the payment landscape is becoming increasingly complex. Services are continually presenting brand-new advantages and payment options, which adds to the general complexity. Big corporations frequently divide their payroll and payment processing into separate teams, which can cause inefficiencies and bottlenecks. In my opinion, this doesn’t have to hold true. In today’s technologically sophisticated period, there’s no validation for preserving troublesome treatments. Payroll, the business’s greatest cost, need to be processed correctly and on time. Even small hold-ups can negatively affect workers’ well-being and have significant consequences. For that reason, it’s critical to focus on accurate and prompt payments.
payroll team get um so I’m unsure anybody on this kind of webinar has been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an important cycle all of us become aware of it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely important that all of this things is done correctly so leveraging the very first International Payments very first payroll payment solution is an excellent initial step um offering an end-to-end payroll solution for your workers internationally once again I believe is another huge um procedure again aligning and guaranteeing you have standardization Worldwide processes all of those things are definitely crucial to success success of companies and minimizing the number of tools platforms and savings account they need for their Global 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 have actually never ever had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re suggested to be um I do not think any of us are actually doing that for for the thanks
anyhow we know 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 simple as possible for everybody that’s associated with those procedures and likewise so envision sorry I’m simply I was simply gon na state think of the amount of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions picture getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting job trying to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to look through them and really see what was going on and kind of try to return to everybody so moving on appearance why do business pick to main different bank accounts there are Papaya Global Israel Address companies out there doing exactly this for specific countries and I have actually worked in a service or many companies doing exactly that I can state it does not always feel effective and it does produce more work I know we’re not purposely doing that we’re not creating additional work for any person where we do not need 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 think lots of reasons one is it’s the requirement I think people have got so used to we need a new checking account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard the people have actually embraced and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and lots of other methods um to to sort of do it so I think there’s a range I believe this is a process that needs looking at it requires altering but ultimately people are really stuck to what they recognize
with best um change is a difficult thing we all don’t like change um so I think it’s simply type of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the advantages of having maintaining several checking account however there’s a big quantity of complexity chooses setting up a checking account keeping it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for specific people so the intricacy is big but I think the honest response is change um individuals haven’t had the ability to change or haven’t had always the understanding to actually make that change into alternate Solutions besides 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 looking at the the advantages and the possibilities of moving on and moving into you understand what could almost be identified to be the next Century or so there is a lot to track and this method does pose several obstacles um so Johnny might you inform us about those obstacles yeah naturally so there’s a range right there is so
I simply did you changed our Business 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 Global workers you should have a corner office with a more detailed parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Israel Address