Over the last 5 or 6 years …Written Instructions For Papaya Global… functions on the company side and also on the supplier side from a payroll viewpoint so really eagerly anticipating this conversation today um and yeah thank you quite for your time everybody okay 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 nowadays so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely extremely dreary and I want I was elsewhere at this moment in time all right so let’s get started our program for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why companies keep different
Virtual payroll accounts are an option to traditional savings account for handling payroll payments. This is particularly helpful for worldwide companies with dispersed and remote labor forces, as it simplifies the intricate process of cross-border payments. Instead of preserving different bank accounts for payroll in various nations, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are ending up being a tactical possession for payroll executives. We will also offer a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently securely and on time during this webinar we’ll stroll you through the international 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 enhancing Global payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in sufficient in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes complex for a range of reasons most importantly policies compliance data security and banking rules then there are the large numbers they include more complexity the worldwide 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 people that number is currently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the world in the conventional payroll design there’s frequently a frustrating number of various systems leading to lengthy manual processes and silos the variety of Integrations could be non-existent in big quantities and or extremely very basic there’s no real consistency structure we’re living in an era 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 frequently with pen and paper which simply blows my mind each time I I think
about it to give you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force information in real time that’s another number that gives me sleep deprived nights and rather frankly the more an organization spends on global payroll the less of an image they see a lack of visibility also encompasses payroll payments and failure to precisely track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of global companies have revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry errors inadequately communicated hires and terminations along with lack management and system configurations and then when you round it all off and the information is delivered to the wrong location the typical cost of a worldwide information 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 don’t run smoothly if they depend on the necessary 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 organization face when they’re paying to employees or otherwise that’s a great concern I always toss this back and say what is it what does not need to be consisted of best and what does
it require to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment capabilities 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 customer’s own in-country account so there’s complexity anywhere you look right ultimately constructing a knowledge base is absolutely vital but everywhere you look with payroll payment they are like very payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is permitting us to type of progress with that it likewise also to contribute to that payroll and finance require to work closer together um with differing Bank Account Details varying banking requirements and setup processes is absolutely important that payroll and financing groups work better together than ever um I’m constantly surprised when people say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so typically 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 individuals wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high value on wellness and the settlement landscape is becoming significantly complex. Companies are continually presenting brand-new benefits and payment options, which contributes to the total complexity. Big corporations frequently divide their payroll and payment processing into separate groups, which can result in inadequacies and traffic jams. In my opinion, this doesn’t need to hold true. In today’s technologically advanced period, there’s no validation for preserving cumbersome treatments. Payroll, the company’s greatest expense, should be processed correctly and on time. Even slight hold-ups can adversely affect staff members’ well-being and have far-reaching effects. Therefore, it’s critical to focus on accurate and timely payments.
payroll group get um so I’m not exactly sure anybody on this type of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such a crucial cycle we all become aware of it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s just 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 things is absolutely important that all of this stuff is done correctly so leveraging the very first Global Payments very first payroll payment service is an excellent first step um offering an end-to-end payroll option for your workers worldwide once again I think is another huge um process again aligning and ensuring you have standardization International processes all of those things are absolutely crucial to success success of companies and decreasing the variety of tools platforms and savings account they need for their International 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 have actually never ever had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 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 believe any of us are in fact doing that for for the thanks
anyway we understand how how essential 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 everyone that’s associated with those procedures and also so think of sorry I’m just I was simply gon na state envision the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions think of getting that lots of thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting job trying to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and really see what was going on and sort of try to return to everyone so proceeding appearance why do companies choose to main separate bank accounts there are Written Instructions For Papaya Global businesses out there doing precisely this for specific nations and I have actually worked in a service or many businesses doing exactly that I can state it does not always feel effective and it does produce more work I understand we’re not deliberately doing that we’re not producing extra work for anyone where we don’t need to and anyone that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I believe many factors one is it’s the standard I think individuals have got so used to we need a brand-new bank account we open an entity and appropriately 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 requirement and the standard the people have embraced and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and numerous other methods um to to sort 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 people are very stuck with what they’re familiar
with best um modification is a difficult 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 comprehend undoubtedly the benefits of having preserving multiple checking account however there’s a huge amount of intricacy opts for establishing a bank 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 huge however I believe the honest answer is modification um people have not had the ability to change or haven’t had necessarily the understanding to actually make that change into alternate Solutions other than opening a checking account I think you have actually hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to change however we’ve constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what might almost be identified to be the next Century or two there is a lot to keep track of and this method does pose numerous obstacles um so Johnny might you inform us about those difficulties yeah of course so there’s a variety right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has gotten another CFO, and with this enhanced capability, I have successfully protected payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is better, considering your accomplishments. Written Instructions For Papaya Global