Over the last five or six years …Papaya Global Submit Payroll… functions on the service provider side and also on the vendor side from a payroll viewpoint so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just offer everybody another couple of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everyone 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 definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely really gloomy and I wish I was somewhere else at this moment in time okay so let’s start our program for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why companies maintain different
Virtual payroll accounts are an alternative to traditional checking account for handling payroll payments. This is particularly helpful for worldwide companies with dispersed and remote workforces, as it streamlines the complicated process of cross-border payments. Instead of keeping different bank accounts for payroll in various nations, virtual accounts and digital wallets use a more structured option. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are becoming a tactical possession for payroll executives. We will also supply a recap 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 walk you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how companies accurately forecast their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in adequate in one nation but when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a variety of factors most importantly policies compliance data security and banking rules then there are the sheer numbers they add further intricacy the international Workforce is presently three and a half billion people by 2030 it’s approximated 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 consider that there are some 230 million services and growing all doing their own thing around the globe in the standard payroll model there’s frequently a frustrating number of different systems leading to time-consuming manual procedures and silos the variety of Combinations could be non-existent in big quantities and or really extremely basic there’s no real consistency structure we’re residing in an age of tech but payroll has actually 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 just blows my mind whenever I I believe
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Workforce information in real time that’s another number that provides me sleepless nights and rather honestly the more a company invests in international payroll the less of an image they see a lack of visibility likewise extends to payroll payments and failure to precisely track these payments can cause compliance incidents in the last mile of the transaction almost half of global services have expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM information data entry errors inadequately interacted hires and terminations in addition to lack management and system setups and then when you round everything off and the data 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 all over the world payroll and payments don’t run smoothly if they count on the needed several procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles business face when they’re making payments to employees or otherwise that’s an excellent question I constantly toss this back and state what is it what doesn’t need to be included best 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 nation there’s payment amount of time there’s payment abilities 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 ideal ultimately developing a knowledge base is absolutely important however all over you look with payroll payment they resemble extremely payments no if however some infants 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 believe there’s now a bit more recognition that payroll payments are definitely basic and technology is allowing us to kind of progress with that it likewise as well to contribute to that payroll and financing require to work closer together um with varying Bank Account Details differing banking requirements and setup processes is definitely imperative that payroll and financing groups work better together than ever um I’m constantly impressed when individuals say I’ve split payroll and payment um if you stroll down the street and asked anybody 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 often split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world positions a high value on wellness and the compensation landscape is becoming significantly complex. Businesses are constantly introducing new benefits and payment options, which adds to the general intricacy. Large corporations typically divide their payroll and payment processing into separate groups, which can lead to inadequacies and bottlenecks. In my opinion, this doesn’t have to hold true. In today’s highly advanced era, there’s no justification for preserving troublesome treatments. Payroll, the company’s biggest expenditure, need to be processed properly and on time. Even slight hold-ups can adversely affect employees’ well-being and have significant effects. For that reason, it’s important to prioritize precise and timely payments.
payroll team get um so I’m uncertain anybody on this sort of webinar has 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 but ultimately payroll is such an important cycle all of us become aware of it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely vital that all of this things is done properly so leveraging the very first International Payments very first payroll payment solution is a fantastic first step um providing an end-to-end payroll service for your workers globally once again I think is another huge um procedure again lining up and ensuring you have standardization International processes all of those things are definitely key to success success of businesses and lowering the number of tools platforms and checking account they require for their Global 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’ve never ever had a hundred countless 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 indicated to be um I don’t believe any of us are in fact doing that for for the thanks
anyhow we know 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 associated with those processes and also so envision sorry I’m simply I was just gon na say envision the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re discussing numerous thousands potentially Millions imagine getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but 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 held true um you ‘d require days of the week to attempt to browse them and really see what was going on and sort of shot to return to everybody so carrying on look why do companies choose to primary different savings account there are Papaya Global Submit Payroll organizations out there doing exactly this for particular countries and I’ve operated in an organization or numerous companies doing exactly that I can state it does not always feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not developing extra work for anyone where we do not need to and anyone 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 quantity that we are I think lots of factors one is it’s the requirement I believe people have actually got so used to we require a brand-new bank account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm the people have embraced and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and many other methods um to to type of do it so I think there’s a variety I believe this is a procedure that requires looking at it requires changing but ultimately individuals are really stuck to what they’re familiar
with best um change is a tough thing we all don’t like change um so I think it’s just type of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend obviously the advantages of having keeping numerous bank accounts however there’s a big quantity of intricacy goes with establishing a checking account keeping it guaranteeing it can send International transfers ensuring it’s set up with the ideal user accesses for specific individuals so the complexity is substantial however I believe the sincere answer is change um people haven’t had the ability to change or haven’t had necessarily the understanding to really make that change into alternate Solutions aside from opening a bank account I believe you’ve struck the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change but we’ve always 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 could nearly be figured out to be the next Century or so there is a lot to keep track of and this technique does present a number of difficulties um so Johnny could you tell us about those challenges yeah of course so there’s a variety right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has actually acquired another CFO, and with this boosted capability, I have actually successfully secured payments for our 10,000 employees worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Submit Payroll