Over the last five or 6 years …Papaya Global Reports Missing… functions on the supplier side and also 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 everybody all right thanks Johnny uh we’ll just give everybody another couple of uh well among the 30 seconds approximately to join all of us work back to back these days 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 everyone is um it’s nice to to kind of like see where everyone comes from and I really do hope it’s much sunnier than it is 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 very really bleak and I wish I was somewhere else at this moment in time fine so let’s start our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing International payroll why business maintain different
Virtual payroll accounts are an option to traditional checking account for handling payroll payments. This is especially beneficial for global companies with dispersed and remote labor forces, as it streamlines the complex procedure of cross-border payments. Instead of preserving separate bank accounts for payroll in different countries, virtual accounts and digital wallets use a more structured service. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are becoming a tactical possession 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 accurately effectively securely and on time throughout this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll bank account how companies accurately forecast their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in enough in one country but when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a range of reasons most notably regulations compliance data security and banking rules then there are the sheer numbers they include further intricacy the international Labor force is currently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the world in the conventional payroll design there’s often a frustrating variety of different systems leading to time-consuming manual procedures and silos the number of Combinations could be non-existent in big amounts and or extremely extremely basic there’s no genuine consistency framework we’re living in a period of tech but payroll has been slow 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 every time I I believe
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce information in real time that’s another number that gives me sleepless nights and rather honestly the more a company spends on global payroll the less of an image they see an absence of visibility also reaches payroll payments and failure to precisely track these payments can cause compliance accidents in the last mile of the deal almost half of worldwide companies have expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM information information entry mistakes badly interacted hires and terminations as well as absence management and system setups and after that when you round everything off and the information is delivered to the incorrect location the average cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money all over the world payroll and payments do not run efficiently if they count on the necessary several processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges company face when they’re paying to employees or otherwise that’s a great concern I constantly throw this back and state what is it what does not require to be included ideal and what does
it need to be considered there’s varying 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 need to pay from an in-country account do you need to pay from the client’s own in-country account so there’s complexity wherever you look best eventually building a knowledge base is definitely vital however everywhere 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 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 fundamental and technology is enabling us to sort of progress with that it also too to add to that payroll and financing need to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is definitely vital that payroll and financing teams work more detailed together than ever um I’m constantly astonished 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 work in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so often 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 wherever they are but likewise paying statutory authorities and on statutory third parties so with the
The contemporary world puts a high worth on well-being and the payment landscape is becoming increasingly elaborate. Companies are continually presenting new advantages and payment choices, which adds to the total complexity. Big corporations often divide their payroll and payment processing into different teams, which can cause ineffectiveness and traffic jams. In my opinion, this doesn’t need to be the case. In today’s highly innovative period, there’s no validation for maintaining cumbersome treatments. Payroll, the business’s most significant cost, should be processed correctly and on time. Even small delays can adversely impact staff members’ wellness and have significant repercussions. For that reason, it’s critical to prioritize 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 fantastic to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such an essential cycle we all become aware of it when it fails everyone jumps up and down when it fails but when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely essential that all of this things is done correctly so leveraging the first International Payments very first payroll payment option is a great initial step um providing an end-to-end payroll option for your employees internationally once again I believe is another substantial um procedure again aligning and guaranteeing you have standardization International procedures all of those things are absolutely essential to success success of companies and minimizing the number of tools platforms and bank accounts they need for their Worldwide payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re meant to be um I don’t think any of us are really doing that for for the thanks
anyhow we know how how essential a function 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 everyone that’s involved in those procedures and likewise so envision sorry I’m just I was just gon na say picture the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re talking about numerous thousands possibly Millions envision getting that many thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing job attempting to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and really see what was going on and sort of shot to get back to everybody so moving on appearance why do companies pick to main different bank accounts there are Papaya Global Reports Missing companies out there doing precisely this for specific countries and I have actually worked in a service or many businesses doing exactly that I can say it doesn’t always feel effective and it does develop more work I know we’re not deliberately doing that we’re not producing extra work for anyone where we do not have to and any person that’s dealing with that procedure 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 believe many factors one is it’s the standard I think people have got so utilized to we require a brand-new checking account we open an entity and appropriately so you need it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm the people have adopted and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a range I believe this is a procedure that needs looking at it requires changing however eventually individuals are really stuck to what they recognize
with ideal um change is a challenging thing all of us do not like change um so I believe it’s simply type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand certainly the benefits of having preserving multiple checking account however there’s a huge amount of intricacy chooses setting up a savings account maintaining it guaranteeing it can send International transfers guaranteeing it’s established with the right user accesses for individual people so the complexity is big but I think the truthful answer is change um individuals have not been able to alter or haven’t had always the understanding to truly make that change into alternate Solutions besides opening a bank account I think you’ve struck the nail on the head I think it is knowledge you understand 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 benefits and the possibilities of carrying on and moving into you understand what could nearly be figured out to be the next Century approximately there is a lot to monitor and this method does pose several challenges um so Johnny could you tell us about those challenges yeah naturally so there’s a variety right there is so
I simply did you changed our Enterprise 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 Worldwide staff members you should have a corner workplace with a more detailed parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Reports Missing