Over the last five or 6 years …Papaya Global Licence… roles on the company side and likewise on the supplier side from a payroll viewpoint so truly looking forward to this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply offer everybody another number of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to sort of like see where everybody originates 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 raining here it’s really extremely gloomy and I want I was somewhere else 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 obstacle years of managing Worldwide payroll why companies maintain different
Virtual payroll accounts are an option to standard checking account for managing payroll payments. This is particularly beneficial for worldwide companies with dispersed and remote workforces, as it simplifies the complex process of cross-border payments. Instead of keeping different bank accounts for payroll in different nations, virtual accounts and digital wallets use a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are ending up being a tactical possession for payroll executives. We will likewise provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently securely 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 expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in enough in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a range of factors most importantly policies compliance data security and banking rules then there are the sheer numbers they add more intricacy the international Labor force is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals 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 all over the world in the traditional payroll model there’s often an overwhelming variety of different systems causing 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 framework we’re residing in an era 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 provide you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce data in real time that’s another number that provides me sleepless nights and quite honestly the more a company spends on global payroll the less of a photo they see an absence of presence also reaches payroll payments and inability to properly track these payments can cause compliance incidents in the last mile of the deal nearly half of global services have revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry errors improperly communicated hires and terminations in addition to lack management and system configurations and after that when you round it all off and the information is delivered to the wrong location the typical cost of an international data 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 do not run smoothly if they depend on the required numerous processes systems and partners it is simply 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 question I constantly toss this back and say what is it what doesn’t need to be included ideal and what does
it require to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per country 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 need to pay from the client’s own in-country account so there’s complexity anywhere you look right ultimately developing a knowledge base is definitely critical however everywhere 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 take a 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 definitely basic and technology is allowing us to type of progress with that it likewise also to add to that payroll and financing require to work closer together um with varying Savings account Details differing banking requirements and setup procedures is definitely crucial that payroll and finance groups work better together than ever um I’m constantly astonished when people state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t 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 frequently 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 people any place they are but also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world positions a high value on well-being and the payment landscape is becoming significantly elaborate. Services are continuously introducing new advantages and payment options, which contributes to the overall intricacy. Large corporations often divide their payroll and payment processing into different groups, which can cause inadequacies and traffic jams. In my opinion, this does not need to be the case. In today’s technologically innovative age, there’s no reason for keeping cumbersome treatments. Payroll, the company’s biggest expense, need to be processed properly and on time. Even slight hold-ups can adversely impact workers’ well-being and have far-reaching consequences. For that reason, it’s critical to focus on accurate and timely payments.
payroll group get um so I’m not sure anyone on this type of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be terrific 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 become aware of it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s simply 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 stuff is absolutely important that all of this stuff is done properly so leveraging the very first Global Payments very first payroll payment option is an excellent initial step um offering an end-to-end payroll option for your workers globally again I think is another substantial um process again lining up and guaranteeing you have standardization Global processes all of those things are absolutely key to success success of businesses and reducing the variety of tools platforms and bank accounts they require for their International 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 have actually never ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t gone rather where they’re implied to be um I don’t think any of us are really doing that for for the thanks
anyhow we understand how how important 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 simple as possible for everybody that’s involved in those processes and likewise so envision sorry I’m just I was just gon na say picture the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re discussing numerous thousands potentially Millions think of getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting job attempting 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 actually see what was going on and sort of shot to get back to everyone so moving on look why do business choose to primary different bank accounts there are Papaya Global Licence organizations out there doing exactly this for particular countries and I’ve operated in a service or many services doing precisely that I can say it does not constantly feel efficient and it does develop more work I know we’re not intentionally doing that we’re not developing extra work for anybody where we don’t have to and anyone that’s handling that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe numerous reasons one is it’s the requirement I believe individuals have got so utilized to we require a new bank account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard the people have embraced and continue to do over years and years gone past to contribute to that individuals have actually taken a look at things like trust accounts and lots of other methods um to to kind of do it so I think there’s a variety I think this is a process that needs taking a look at it needs altering however eventually people are very stuck with what they’re familiar
with right um change is a difficult thing all of us do not like modification um so I believe it’s just kind of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand certainly the benefits of having maintaining numerous savings account however there’s a substantial quantity of complexity chooses setting up a bank account keeping it ensuring it can send out International transfers ensuring it’s established with the best user accesses for individual people so the complexity is substantial however I think the honest response is change um people haven’t had the ability to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions other than 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’ve constantly done it that way is no real reason for not looking at the the benefits and the possibilities of carrying on and moving into you understand what might practically be figured out to be the next Century or two there is a lot to monitor and this technique does position numerous difficulties um so Johnny could you inform us about those challenges yeah naturally so there’s a variety right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has gained another CFO, and with this improved ability, I have actually successfully secured payments for our 10,000 workers worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Licence