Over the last five or 6 years …Can Papaya Global Ca Make Payments Automatically… roles on the company side and likewise on the supplier side from a payroll point of view so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just provide everybody another number of uh well among the 30 seconds approximately 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 fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everybody 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 drizzling here it’s very really gloomy and I want I was somewhere else at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of managing International payroll why companies preserve different
Virtual payroll accounts are an option to conventional savings account for handling payroll payments. This is especially useful for global companies with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of keeping separate bank accounts for payroll in different nations, virtual accounts and digital wallets offer a more structured option. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are becoming a strategic asset for payroll executives. We will also supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively firmly and on time during this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll checking account how companies precisely anticipate their payroll costs to increase working capital and how improving International payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in adequate in one country but when you’re doing it worldwide it’s next level and Beyond it becomes complex for a range of factors most importantly regulations compliance data security and banking guidelines then there are the large numbers they add more complexity the global Labor force is presently three and a half billion people by 2030 it’s approximated 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 consider that there are some 230 million organizations and growing all doing their own thing worldwide in the traditional payroll model there’s often a frustrating number of various systems causing time-consuming manual processes and silos the variety of Combinations could be non-existent in large quantities and or extremely really fundamental there’s no real consistency structure we’re residing in an era of tech but 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 simply blows my mind whenever I I think
about it to give you a concept of how far there still is to come according to Deloitte only 11 of services state they have Labor force data in real time that’s another number that offers me sleepless nights and quite frankly the more a service invests in worldwide payroll the less of a photo they see a lack of exposure also reaches payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the deal almost half of worldwide companies have actually 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 information entry errors poorly communicated hires and terminations in addition to lack management and system configurations and after that when you round it all off and the information is delivered to the incorrect place the typical expense of an international 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 do not run smoothly if they depend on the required several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties company face when they’re paying to staff members or otherwise that’s a great question I always throw this back and say what is it what does not require to be included right and what does
it require to be thought of 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 abilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the client’s own in-country account so there’s complexity anywhere you look best ultimately constructing a knowledge base is absolutely important however all over you look with payroll payment they are like very payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the type of link 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 enabling us to type of move on with that it also also to add to that payroll and finance require to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is absolutely important that payroll and finance teams 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 anyone what is payroll who does not work in the payroll profession would they split the payroll payment from estimation 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 process it’s the point of data collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world positions a high value on well-being and the payment landscape is becoming increasingly intricate. Companies are constantly introducing new advantages and payment choices, which adds to the overall intricacy. Large corporations typically divide their payroll and payment processing into different teams, which can result in inefficiencies and bottlenecks. In my viewpoint, this does not have to be the case. In today’s technically innovative age, there’s no validation for keeping cumbersome procedures. Payroll, the company’s greatest expenditure, must be processed correctly and on time. Even slight delays can adversely impact employees’ wellness and have significant consequences. For that reason, it’s important to prioritize accurate and prompt payments.
payroll group get um so I’m uncertain anyone on this type of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um however eventually 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 exercise and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely vital that all of this stuff is done properly so leveraging the first Global Payments very first payroll payment service is a great primary step um providing an end-to-end payroll solution for your staff members globally again I think is another huge um process once again lining up and guaranteeing you have standardization Worldwide procedures all of those things are absolutely key to success success of services and reducing the number of tools platforms and checking account they need for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred thousand of 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 rather where they’re implied to be um I do not believe any of us are actually doing that for for the thanks
anyhow we understand how how important a role it is and that’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 processes and likewise so envision sorry I’m just I was simply gon na state envision the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions think of getting that lots of thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing task trying to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to look through them and really see what was going on and type of shot to return to everyone so proceeding look why do companies select to primary different savings account there are Can Papaya Global Ca Make Payments Automatically businesses out there doing precisely this for particular countries and I have actually operated in a company or lots of businesses doing exactly that I can say it doesn’t always feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not producing extra work for any person where we don’t have to and anyone 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 think lots of factors one is it’s the standard I believe people have actually got so utilized to we require a brand-new checking account we open an entity and appropriately so you need 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 standard the people have actually embraced and continue to do over years and years gone past to add to that people have actually 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 range I believe this is a process that requires taking a look at it needs altering but ultimately individuals are really stuck to what they’re familiar
with right um change is a difficult thing all of us do not like change um so I believe it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the advantages of having keeping numerous checking account but there’s a big amount of complexity opts for setting up a checking account preserving it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for specific individuals so the intricacy is big however I believe the honest response is modification um people have not had the ability to change or have not had necessarily the knowledge to actually make that change into alternate Solutions other than opening a savings account I think you have actually struck the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change but we’ve always done it that way is no genuine reason for not looking at the the benefits and the possibilities of proceeding and moving into you know what might practically be figured out to be the next Century or so there is a lot to keep an eye on and this approach does position several difficulties um so Johnny could you inform us about those obstacles yeah of course so there’s a range 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 tasks on one platform. It seems like our CFO has actually gained another CFO, and with this enhanced capability, I have actually successfully secured payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is better, considering your accomplishments. Can Papaya Global Ca Make Payments Automatically