Over the last five or six years …Papaya Global Payroll Employee Login… functions on the service provider side and likewise on the vendor side from a payroll perspective so really looking forward to this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just offer everyone another number of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everybody is um it’s nice to to sort of like see where everyone originates from and I truly 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 drizzling here it’s extremely very uninspiring and I want I was elsewhere at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why companies maintain separate
Virtual payroll accounts are an option to traditional checking account for handling payroll payments. This is especially useful for global organizations with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of maintaining separate bank accounts for payroll in different nations, virtual accounts and digital wallets use a more structured service. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are becoming a tactical property for payroll executives. We will likewise offer a recap of the bottom lines 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 savings account how business properly anticipate their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in sufficient in one nation however when you’re doing it internationally it’s next level and Beyond it becomes intricate for a variety of factors most importantly regulations compliance information security and banking rules then there are the sheer numbers they add further complexity the global Labor force is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people 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 standard payroll design there’s frequently an overwhelming variety of different systems resulting in time-consuming manual procedures and silos the variety of Combinations could be non-existent in large quantities and or extremely really basic there’s no genuine consistency structure we’re residing in a period of tech however payroll has been sluggish 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 whenever I I believe
about it to give you an idea 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 offers me sleep deprived nights and rather honestly the more a service invests in worldwide payroll the less of a photo they see an absence of visibility likewise reaches payroll payments and failure to properly track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of global companies have actually revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry errors inadequately interacted hires and terminations in addition to absence management and system setups and after that when you round everything 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 as soon as payrolls are done we still need to move the money worldwide payroll and payments don’t run efficiently if they depend on the needed numerous 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 challenges organization face when they’re making payments to employees or otherwise that’s a great question I constantly throw this back and state what is it what doesn’t require to be included ideal and what does
it need to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan 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 consumer’s own in-country account so there’s complexity any place you look ideal eventually constructing a knowledge base is definitely critical however everywhere you look with payroll payment they resemble super 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 absolutely fundamental and innovation is enabling us to type of progress with that it also as well to contribute to that payroll and finance require to work closer together um with varying Savings account Details varying banking requirements and setup processes is definitely essential that payroll and finance teams work more detailed together than ever um I’m always amazed when people say I have actually 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 estimation I would say no so why do we as a market accept that why our payroll and payments so frequently 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 but also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being more and more essential to add to type of the level of complexity there’s more and more advantages being organ or being used by organizations throughout the world so again you’re simply seeking to add a growing number of payments to this already complex landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of real challenges or real challenging sort of pay uses to play to pay individuals I think yeah I indicate over the last well yeah a number of years I would definitely state that the larger a business gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are groups feeding info into the next function as it were that’s in fact managing the payment side of things but you understand in in my opinion and my experience that does not necessarily need to be the case you understand long gone are the times where we require to produce extra handoffs in the processes that we operate in they just make them more timely they make them less efficient and they do not make them what they need to be in in an age of tech and an era that you know that we are operating in today there is no reason that we are still making this as challenging as it needs to be agreed and appropriately as you stated payroll is the single most significant liability that any company has from a cost viewpoint from an effect viewpoint on employees it is absolutely vital that it’s done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the most significant destructive impact on individuals’s wellness and lots of other elements if individuals aren’t paid uh I’ve always been amazed entering into this Market type of the last five to 10 years is how little thanks the
The payroll team might not have actually been thanked for properly processing payroll during a webinar. If anybody has been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and people only discover when things fail. Nevertheless, when things go right, it’s viewed as simply a regular job. This is how it’s viewed externally also. Therefore, it is vital to ensure that jobs like Wi-Fi International and other crucial matters are done properly. Using the very first International Payments first payroll payment solution is a terrific initial action towards offering a thorough payroll service for workers worldwide. Standardization, global procedures, and minimizing the variety of tools, platforms, and savings account essential for worldwide payroll are crucial factors in achieving organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few grievances when things do not go as planned. Eventually, we do not do it for the thankfulness.
anyway 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 easy as possible for everybody that’s involved in those procedures and likewise so picture sorry I’m simply I was simply gon na state imagine the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions think of getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting task attempting to clean 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 need days of the week to try to check out them and in fact see what was going on and sort of shot to get back to everyone so proceeding appearance why do companies pick to main different bank accounts there are Papaya Global Payroll Employee Login businesses out there doing precisely this for specific nations and I’ve operated in a business or lots of organizations doing exactly that I can say it does not constantly feel effective and it does develop more work I know we’re not intentionally doing that we’re not developing additional work for anybody where we do not need to and anybody that’s dealing with 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 amount that we are I think numerous reasons one is it’s the requirement I think people have actually got so utilized to we need a brand-new savings account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the norm individuals have actually adopted and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and many other ways um to to kind of do it so I believe there’s a variety I believe this is a procedure that requires taking a look at it requires changing however eventually people are very stuck to what they recognize
with ideal um modification is a challenging thing all of us don’t like change um so I think it’s just type of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand certainly the benefits of having preserving several checking account but there’s a huge quantity of complexity goes with setting up a checking account maintaining it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for specific individuals so the intricacy is substantial but I believe the truthful response is modification um individuals have not been able to alter or haven’t had always the understanding to really make that change into alternate Solutions besides opening a checking account I believe you have actually 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 constantly 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 practically be figured out to be the next Century or so there is a lot to track and this technique does posture several obstacles um so Johnny could you tell us about those obstacles yeah of course so there’s a range right there is so
I just did you switched 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 International employees you should have a corner workplace with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Payroll Employee Login