Over the last 5 or six years …Backing Up Papaya Global… functions on the provider side and likewise on the vendor side from a payroll perspective so really looking forward to this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply provide everyone another couple of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather 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 everyone originates from and I actually 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 raining here it’s extremely really bleak and I want I was elsewhere at this moment in time fine so let’s start our program for today is as follows um we are going to be looking at the obstacle years of handling International payroll why companies preserve different
Virtual payroll accounts are an alternative to conventional bank accounts for managing payroll payments. This is particularly helpful for international companies with dispersed and remote labor forces, as it streamlines the intricate procedure of cross-border payments. Instead of preserving separate bank accounts for payroll in various nations, virtual accounts and digital wallets use a more structured service. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are becoming a strategic possession for payroll executives. We will also provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively safely and on time throughout this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll checking account how business precisely forecast their payroll costs to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in sufficient in one country however when you’re doing it internationally it’s next level and Beyond it becomes intricate for a range of factors most notably guidelines compliance data security and banking guidelines then there are the sheer numbers they include further intricacy the global Workforce is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the world in the standard payroll design there’s frequently a frustrating number of different systems leading to lengthy manual processes and silos the number of Combinations could be non-existent in large quantities and or really really basic there’s no genuine consistency structure we’re residing in a period of tech however payroll has been slow 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 every time I I believe
about it to give you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force data in real time that’s another number that offers me sleep deprived nights and quite frankly the more a company invests in international payroll the less of an image they see an absence of presence likewise extends to payroll payments and inability to properly track these payments can result in compliance incidents in the last mile of the transaction almost half of global organizations have actually expressed that they don’t 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 poor HCM data data entry errors inadequately interacted hires and terminations along with lack management and system setups and then when you round everything off and the information is shipped to the incorrect place the typical cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the globe payroll and payments do not run efficiently if they depend on the needed numerous procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges company face when they’re making payments to workers or otherwise that’s a good concern I constantly toss this back and say what is it what does not require to be consisted of best and what does
it need to be considered there’s differing 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 need to pay from the client’s own in-country account so there’s intricacy any place you look right ultimately constructing a knowledge base is definitely crucial however all over you look with payroll payment they resemble very payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and technology is permitting us to type of move on with that it also also to contribute to that payroll and financing require to work closer together um with varying Checking account Details varying banking requirements and setup processes is absolutely important that payroll and financing teams work more detailed together than ever um I’m constantly impressed when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll profession would they split the payroll payment from calculation 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 eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory third parties so with the
The modern-day world puts a high value on wellness and the payment landscape is ending up being increasingly elaborate. Organizations are continually presenting brand-new advantages and payment choices, which contributes to the total complexity. Big corporations typically divide their payroll and payment processing into different teams, which can result in inefficiencies and bottlenecks. In my opinion, this does not need to hold true. In today’s technologically sophisticated era, there’s no reason for preserving cumbersome procedures. Payroll, the company’s greatest cost, need to be processed properly and on time. Even minor delays can adversely affect workers’ wellness and have far-reaching effects. For that reason, it’s crucial to prioritize precise and timely payments.
payroll team get um so I’m not exactly sure anybody on this kind of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such a crucial cycle all of us find out about it when it fails everybody jumps up and down when it fails however when it goes right it’s just a tick box workout and I think 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 stuff is absolutely crucial that all of this things is done properly so leveraging the first International Payments very first payroll payment solution is a great first step um offering an end-to-end payroll solution for your employees internationally again I think is another huge um process again aligning and ensuring you have standardization Global processes all of those things are absolutely essential to success success of organizations and decreasing the number of tools platforms and checking account they require for their International 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’ve never had a hundred countless them within a payroll cycle do not anticipate 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 quite where they’re indicated to be um I don’t think any of us are in fact 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 associated with those procedures and also so think of sorry I’m just I was simply gon na say imagine the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions picture getting that many thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing task trying to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to check out them and actually see what was going on and type of shot to get back to everybody so carrying on look why do business choose to primary different bank accounts there are Backing Up Papaya Global businesses out there doing precisely this for specific nations and I have actually worked in a service or lots of organizations doing exactly that I can say it does not always feel effective and it does produce more work I understand we’re not intentionally doing that we’re not developing extra work for anyone where we do not have to and anybody that’s handling 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 amount that we are I believe numerous factors one is it’s the standard I think people have actually got so used to we require a brand-new checking account we open an entity and rightly so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have actually embraced and continue to do over years and years gone past to contribute to that individuals have actually taken a look at things like trust accounts and many other methods um to to sort of do it so I believe there’s a range I believe this is a procedure that needs taking a look at it requires changing however ultimately people are really stuck to what they’re familiar
with right um change is a difficult thing all of us don’t like change um so I think it’s simply sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the advantages of having preserving several bank accounts but there’s a big amount of intricacy opts for establishing a savings account keeping it guaranteeing it can send out International transfers ensuring it’s set up with the ideal user accesses for individual individuals so the complexity is substantial but I believe the sincere response is change um people haven’t been able to change or have not had always the knowledge to actually make that change into alternate Solutions other than opening a savings account I think you have actually hit the nail on the head I believe it is understanding you know and there is an element of resistance to change however we have actually always done it that way is no real excuse for not looking at the the advantages and the possibilities of carrying on and moving into you know what might almost be determined to be the next Century or so there is a lot to monitor and this approach does position a number of difficulties um so Johnny could you inform us about those challenges yeah naturally so there’s a range right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has actually acquired another CFO, and with this improved ability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is more detailed, considering your achievements. Backing Up Papaya Global