Over the last five or six years …Papaya Global 50 Extra… roles on the company side and also on the vendor side from a payroll point of view so truly anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just provide everyone another number of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everybody originates from and I truly 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 drizzling here it’s really really bleak and I wish I was elsewhere at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Global payroll why business keep separate
Virtual payroll accounts are an option to conventional bank accounts for managing payroll payments. This is especially useful for international companies with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of preserving different savings account for payroll in various countries, virtual accounts and digital wallets use a more structured option. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are ending up being a tactical 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 precisely effectively firmly and on time during this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll bank account how companies precisely forecast their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in sufficient in one country however when you’re doing it globally it’s next level and Beyond it ends up being complex for a variety of reasons most significantly regulations compliance information security and banking rules then there are the large numbers they add additional intricacy the global Workforce is currently 3 and a half billion individuals 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 consider that there are some 230 million organizations and growing all doing their own thing around the world in the standard payroll model there’s often an overwhelming number of various systems leading to lengthy manual processes and silos the number of Combinations could be non-existent in big quantities and or extremely extremely basic there’s no genuine consistency framework we’re residing in an age of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which simply blows my mind whenever I I think
about it to give you an idea 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 sleep deprived nights and rather frankly the more a business spends on worldwide payroll the less of a picture they see a lack of exposure also extends to payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the deal nearly half of international services have actually expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry mistakes improperly communicated hires and terminations in addition to lack management and system setups and then when you round all of it off and the data is delivered to the incorrect place the average expense 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 around the world payroll and payments don’t run smoothly if they count on the required numerous processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties organization face when they’re paying to workers or otherwise that’s a good concern I constantly toss this back and state what is it what does not require to be consisted of best and what does
it require to be thought about 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 need to pay from the client’s own in-country account so there’s complexity anywhere you look right eventually building a knowledge base is definitely important however everywhere you look with payroll payment they are like very payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the kind 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 technology is allowing us to sort of move forward with that it also too to contribute to that payroll and financing require to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is definitely essential that payroll and financing groups work closer together than ever um I’m always astonished when individuals say I’ve 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 calculation I would say no so why do we as an industry accept that why our payroll and payments so typically 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 people wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world places a high worth on wellness and the settlement landscape is becoming significantly detailed. Companies are constantly introducing brand-new advantages and payment choices, which adds to the general intricacy. Large corporations typically divide their payroll and payment processing into separate teams, which can cause ineffectiveness and traffic jams. In my viewpoint, this does not have to hold true. In today’s technically advanced age, there’s no reason for preserving cumbersome procedures. Payroll, the business’s most significant expense, must be processed properly and on time. Even minor delays can negatively affect workers’ well-being and have far-reaching effects. For that reason, it’s critical to prioritize accurate and prompt payments.
payroll group get um so I’m not exactly sure anybody on this type of webinar has been told 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 staff members or not um but ultimately payroll is such a crucial cycle we all find out about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely crucial that all of this stuff is done properly so leveraging the first Global Payments very first payroll payment service is an excellent initial step um providing an end-to-end payroll service for your staff members globally again I think is another huge um procedure once again lining up and ensuring you have standardization International processes all of those things are definitely key to success success of organizations and decreasing the variety of tools platforms and bank accounts they require for their Global 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 had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or 10 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 don’t believe any of us are actually doing that for for the thanks
anyway we understand 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 everyone that’s involved in those procedures and likewise so imagine sorry I’m just I was just gon na say think of the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re discussing numerous thousands potentially Millions picture getting that numerous thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting task attempting to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse them and in fact see what was going on and type of try to get back to everybody so carrying on appearance why do business pick to main different checking account there are Papaya Global 50 Extra companies out there doing precisely this for particular nations and I’ve worked in a company or lots of organizations doing precisely that I can state it does not always feel efficient and it does create more work I understand we’re not purposely doing that we’re not creating additional work for anybody where we do not have to and anyone that’s dealing with 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 many factors one is it’s the standard I think individuals have got so utilized to we need a new savings account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have adopted and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and lots of other methods um to to kind of do it so I believe there’s a variety I believe this is a process that needs taking a look at it needs changing but ultimately individuals are extremely stuck to what they recognize
with best um change is a hard thing all of us don’t like modification 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 things um I understand obviously the advantages of having maintaining numerous savings account but there’s a huge quantity of complexity chooses establishing a bank account preserving it guaranteeing it can send out International transfers ensuring it’s established with the right user accesses for private individuals so the complexity is substantial however I think the truthful answer is change um individuals haven’t been able to alter or haven’t had necessarily the understanding to actually make that change into alternate Solutions other than opening a checking account I think you’ve struck the nail on the head I think it is knowledge you know and there is an element of resistance to alter however we’ve always done it that way is no real reason for not looking at the the advantages and the possibilities of moving on and moving into you understand what could practically be determined to be the next Century or so there is a lot to track and this approach does pose several difficulties um so Johnny could you inform us about those difficulties yeah obviously 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 gained another CFO, and with this boosted capability, I have effectively secured payments for our 10,000 workers worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is good. You should have a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global 50 Extra