Over the last 5 or six years …Papaya Global Online Payroll Services… roles on the company 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 fine thanks Johnny uh we’ll just give everyone another couple of uh well among the 30 seconds approximately to join all of us work back to back these days 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 everybody comes from and I truly 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 extremely really gloomy and I want I was elsewhere at this moment in time okay so let’s start our program for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why companies preserve separate
Virtual payroll accounts are an option to conventional bank accounts for handling payroll payments. This is especially beneficial for worldwide companies with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of preserving separate savings account for payroll in different countries, virtual accounts and digital wallets provide a more structured option. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a strategic possession for payroll executives. We will likewise supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively securely and on time throughout this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll checking account how companies properly anticipate their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in enough in one country however when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a variety of reasons most importantly guidelines compliance data security and banking guidelines then there are the sheer numbers they add additional intricacy the worldwide Labor force is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing all over the world in the traditional payroll model there’s typically an overwhelming variety of different systems resulting in time-consuming manual processes and silos the number of Integrations could be non-existent in big quantities and or really extremely basic there’s no real consistency framework we’re living in an era of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that just blows my mind every time I I think
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of services state they have Workforce information in real time that’s another number that provides me sleepless nights and quite frankly the more a service invests in international payroll the less of a photo they see an absence of presence also encompasses payroll payments and failure to accurately track these payments can result in compliance incidents in the last mile of the transaction almost half of international companies have expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM data data entry errors inadequately interacted hires and terminations along with lack management and system configurations and after that when you round it all off and the data is shipped to the wrong place the average cost of an international information breach at this moment is 3.9 billion dollars once 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 essential multiple procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles service face when they’re paying to employees or otherwise that’s a great concern I constantly throw this back and say what is it what does not need to be consisted of best and what does
it need to be thought of there’s differing Bank information 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 have to pay from the client’s own in-country account so there’s intricacy anywhere you look right ultimately developing a knowledge base is absolutely critical but everywhere you look with payroll payment they resemble incredibly payments no if however 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 believe there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is enabling us to sort of move forward with that it also too to contribute to that payroll and finance need to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is absolutely essential that payroll and financing groups work closer together than ever um I’m constantly impressed when people state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they divide 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 eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
The modern-day world positions a high worth on wellness and the payment landscape is becoming progressively intricate. Businesses are continually presenting new advantages and payment choices, which contributes to the total complexity. Big corporations frequently divide their payroll and payment processing into separate groups, which can cause ineffectiveness and traffic jams. In my viewpoint, this doesn’t have to hold true. In today’s technically advanced period, there’s no reason for maintaining cumbersome procedures. Payroll, the business’s greatest cost, need to be processed properly and on time. Even minor hold-ups can adversely affect workers’ wellness and have far-reaching effects. For that reason, it’s vital to focus on precise and timely payments.
The payroll team might not have actually been thanked for properly processing payroll during a webinar. If anyone has been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and people just discover when things go wrong. Nevertheless, when things go right, it’s viewed as simply a regular task. This is how it’s perceived externally too. Therefore, it is vital to guarantee that jobs like Wi-Fi International and other important matters are done properly. Using the very first International Payments very first payroll payment solution is a terrific initial action towards offering a thorough payroll service for staff members worldwide. Standardization, global processes, and minimizing the number of tools, platforms, and checking account necessary for worldwide payroll are essential factors in accomplishing service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically get a few complaints when things do not go as planned. Ultimately, we don’t do it for the appreciation.
anyway we understand how how essential a role 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 processes and likewise so think of sorry I’m simply I was just gon na say envision the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions think of getting that numerous thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing task trying to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to browse them and in fact see what was going on and type of try to get back to everyone so moving on appearance why do companies choose to main separate savings account there are Papaya Global Online Payroll Services businesses out there doing precisely this for specific nations and I’ve worked in an organization or lots of companies doing precisely that I can say it does not always feel efficient and it does create more work I know we’re not purposely doing that we’re not producing extra work for any person where we don’t need to and anybody that’s managing that procedure 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 many reasons one is it’s the requirement I believe individuals have got so utilized to we require a new savings account we open an entity and appropriately so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the norm the people have actually 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 lots of other ways um to to kind of do it so I believe there’s a range I believe this is a procedure that requires looking at it requires altering but ultimately people are very stuck to what they recognize
with right um change is a hard thing all of us do not like change um so I think 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 things um I comprehend undoubtedly the benefits of having keeping several bank accounts however there’s a huge quantity of complexity goes with establishing a bank account preserving it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for individual people so the intricacy is big however I believe the truthful answer is modification um individuals have not had the ability to change or have not had necessarily the understanding to truly make that change into alternate Solutions besides opening a bank account I think you have actually hit the nail on the head I think it is understanding you understand and there is an element of resistance to alter 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 moving on and moving into you know what might almost be figured out to be the next Century or so there is a lot to keep an eye on and this approach does position a number of obstacles um so Johnny could you inform us about those obstacles yeah naturally so there’s a range right there is so
I just did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global employees 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 Online Payroll Services