Over the last 5 or six years …Papaya Global Keeps Printing 2 Sided… functions on the provider side and also on the supplier side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just give everybody another number of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everyone originates from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely really bleak and I want I was somewhere else at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why companies maintain separate
Virtual payroll accounts are an alternative to conventional savings account for managing payroll payments. This is especially beneficial for international organizations with dispersed and remote labor forces, as it streamlines the complex procedure of cross-border payments. Instead of preserving separate checking account for payroll in different countries, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are becoming a strategic property for payroll executives. We will also provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently firmly and on time throughout this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll checking account how companies precisely forecast their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in sufficient in one country but when you’re doing it internationally it’s next level and Beyond it becomes intricate for a variety of factors most notably regulations compliance information security and banking guidelines then there are the sheer numbers they add additional intricacy the international Workforce is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing worldwide in the standard payroll model there’s typically a frustrating number of various systems leading to time-consuming manual procedures and silos the variety of Combinations could be non-existent in big amounts and or extremely very standard there’s no genuine consistency framework we’re residing in a period 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 often with pen and paper which just blows my mind whenever I I believe
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force information in real time that’s another number that provides me sleepless nights and quite honestly the more a service spends on worldwide payroll the less of a picture they see an absence of visibility likewise reaches payroll payments and inability to accurately track these payments can result in compliance mishaps in the last mile of the transaction almost half of global companies have actually revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry mistakes inadequately communicated hires and terminations in addition to lack management and system configurations and then when you round everything off and the information is shipped to the wrong place the typical cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash 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 point of view and in your experience what else needs to be factored into the difficulties business face when they’re making payments to employees or otherwise that’s an excellent concern I constantly toss this back and state what is it what does not require to be included ideal and what does
it need to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per nation 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 have to pay from the consumer’s own in-country account so there’s intricacy anywhere you look best eventually building a knowledge base is absolutely crucial but all over you look with payroll payment they are like super payments no if but some babies 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 recognition that payroll payments are absolutely essential and innovation is enabling us to sort of move forward with that it likewise also to add to that payroll and finance need to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is absolutely vital that payroll and financing teams work more detailed together than ever um I’m constantly astonished when people state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession 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 frequently split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory third parties so with the
The modern world places a high worth on wellness and the payment landscape is ending up being significantly elaborate. Organizations are continuously presenting brand-new advantages and payment options, which contributes to the general intricacy. Big corporations often divide their payroll and payment processing into different groups, which can lead to inefficiencies and bottlenecks. In my opinion, this does not need to hold true. In today’s technically advanced age, there’s no reason for maintaining troublesome treatments. Payroll, the business’s most significant expense, should be processed correctly and on time. Even minor hold-ups can negatively impact staff members’ well-being and have far-reaching consequences. For that reason, it’s important to prioritize precise and timely payments.
payroll group get um so I’m not exactly sure anyone on this kind of webinar has been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um however eventually payroll is such an important cycle we all hear about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this things is definitely important that all of this stuff is done properly so leveraging the first International Payments first payroll payment option is a terrific primary step um providing an end-to-end payroll option for your workers internationally again I believe is another substantial um procedure once again aligning and ensuring you have standardization Global procedures all of those things are absolutely essential to success success of services and decreasing the variety of tools platforms and bank accounts they need 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 had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re implied to be um I don’t think any of us are actually doing that for for the thanks
anyhow we know 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 everybody that’s involved in those procedures and also so think of sorry I’m just I was just gon na say envision the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands potentially Millions imagine getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would definitely be a fascinating job attempting 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 need days of the week to try to browse them and really see what was going on and kind of try to return to everyone so proceeding appearance why do companies pick to main separate bank accounts there are Papaya Global Keeps Printing 2 Sided businesses out there doing precisely this for particular countries and I have actually operated in a business or numerous services doing precisely that I can say it does not always feel effective and it does produce more work I understand we’re not purposely doing that we’re not developing extra work for anyone where we don’t have to and anybody that’s handling that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe lots of factors one is it’s the standard I believe individuals have actually got so used to we need a new bank account we open an entity and rightly so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm individuals have embraced and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a variety I think this is a process that needs looking at it needs altering but ultimately people are extremely stuck to what they recognize
with best um modification is a tough thing we all do not like modification um so I believe it’s simply type of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the advantages of having preserving several savings account however there’s a substantial amount of intricacy goes with establishing a bank account preserving it guaranteeing it can send International transfers ensuring it’s set up with the ideal user accesses for private individuals so the intricacy is big but I think the truthful response is change um people have not been able to change or have not had always the understanding to truly 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 understand and there is an element of resistance to change however we have actually always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you know what might nearly be identified to be the next Century approximately there is a lot to monitor and this technique does position a number of obstacles um so Johnny could you tell us about those difficulties yeah of course so there’s a variety right there is so
I simply did you switched our Business 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 Global workers you deserve a corner workplace with a closer parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Keeps Printing 2 Sided