Over the last 5 or six years …Installing Papaya Global On Network… functions on the service provider side and likewise on the vendor side from a payroll point of view so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply provide everybody another number of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very very uninspiring and I wish I was elsewhere at this moment in time fine so let’s start our agenda for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why companies keep separate
Virtual payroll accounts are an alternative to standard savings account for handling payroll payments. This is especially beneficial for global companies with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of keeping separate bank accounts 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 talk about why they are becoming a tactical possession for payroll executives. We will also provide a wrap-up 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 international benefits and drawbacks of a payroll wallet versus a payroll checking account how companies properly forecast their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in sufficient in one nation however when you’re doing it globally it’s next level and Beyond it becomes complicated for a range of factors most significantly guidelines compliance data security and banking guidelines then there are the large numbers they include more intricacy the global Workforce is presently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing around the world in the standard payroll design there’s often an overwhelming number of various systems resulting in lengthy manual procedures and silos the number of Combinations could be non-existent in big quantities and or extremely really fundamental there’s no genuine consistency structure we’re living in an era 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 and that simply blows my mind whenever I I believe
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Workforce information in real time that’s another number that provides me sleepless nights and quite honestly the more an organization spends on global payroll the less of a picture they see an absence of presence also encompasses payroll payments and failure to properly track these payments can cause compliance accidents in the last mile of the transaction nearly half of global services have actually revealed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry mistakes improperly communicated hires and terminations along with absence management and system setups and then when you round all of it off and the information is shipped to the incorrect place the average cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash all over the world payroll and payments do not run smoothly if they count on the needed numerous processes 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 company face when they’re paying to employees or otherwise that’s an excellent concern I constantly toss this back and say what is it what does not need to be consisted of right and what does
it require 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 have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy wherever you look right ultimately developing a knowledge base is absolutely crucial however all over you look with payroll payment they are like extremely payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely basic and technology is allowing us to sort of move forward with that it also too to add to that payroll and finance require to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is definitely essential that payroll and finance groups work more detailed together than ever um I’m always amazed when people state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll occupation would they split the payroll payment from computation 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 eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high worth on well-being and the compensation landscape is becoming increasingly complex. Services are continuously presenting new benefits and payment alternatives, which contributes to the total complexity. Large corporations frequently divide their payroll and payment processing into separate groups, which can result in inadequacies and bottlenecks. In my opinion, this does not need to be the case. In today’s highly sophisticated era, there’s no validation for keeping cumbersome treatments. Payroll, the company’s greatest cost, need to be processed correctly and on time. Even small delays can adversely impact employees’ well-being and have far-reaching repercussions. Therefore, it’s critical to prioritize precise and prompt payments.
payroll team get um so I’m uncertain anyone on this sort of webinar has actually been informed 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 however ultimately payroll is such a crucial cycle all of us become aware of it when it goes wrong everyone jumps up and down when it fails however 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 also like why WI-Fi Global why all of this stuff is definitely essential that all of this stuff is done correctly so leveraging the very first International Payments first payroll payment service is a fantastic initial step um providing an end-to-end payroll solution for your staff members internationally once again I believe is another huge um process again lining up and guaranteeing you have standardization Global processes all of those things are definitely essential to success success of companies and lowering the variety of tools platforms and bank accounts they need for their Global payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone rather where they’re implied to be um I do not think any of us are really doing that for for the thanks
anyway we know how how important 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 everybody that’s associated with those processes and also so imagine sorry I’m just I was simply gon na say imagine the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions think of getting that lots of thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing task trying to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to check out them and really see what was going on and sort of shot to return to everybody so moving on appearance why do companies choose to main separate bank accounts there are Installing Papaya Global On Network services out there doing precisely this for specific countries and I have actually operated in a business or numerous businesses doing precisely that I can state it doesn’t always feel effective and it does develop more work I understand we’re not purposely doing that we’re not producing extra work for anybody where we don’t need to and anybody that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe lots of reasons one is it’s the requirement I think individuals have actually got so utilized to we require a new savings account we open an entity and rightly so you require it for payroll functions but 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 passed by to add to that people have looked at things like trust accounts and numerous other ways um to to type of do it so I think there’s a range I believe this is a process that needs taking a look at it needs altering however eventually people are very stuck to what they’re familiar
with ideal um change is a difficult thing we all don’t like change um so I think it’s simply kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the benefits of having preserving numerous savings account but there’s a huge quantity of complexity chooses establishing a checking account maintaining it ensuring it can send International transfers ensuring it’s established with the best user accesses for individual people so the complexity is big however I believe the truthful response is change um individuals haven’t had the ability to change or have not had always the understanding to actually make that change into alternate Solutions besides opening a checking account I think you have actually hit the nail on the head I think it is understanding you know and there is a component of resistance to change but we have actually always done it that way is no genuine reason for not looking at the the benefits and the possibilities of moving on and moving into you understand what might practically be figured out to be the next Century or so there is a lot to keep an eye on and this technique does pose a number of challenges um so Johnny might you inform us about those obstacles yeah obviously so there’s a range right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has acquired another CFO, and with this improved ability, I have successfully protected payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is closer, considering your accomplishments. Installing Papaya Global On Network