Over the last 5 or six years …Papaya Global Calendar 2022/23… functions on the service provider side and likewise on the vendor side from a payroll point of view so really eagerly anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just provide everybody another number of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite 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 everyone originates from and I really 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 really extremely dreary and I wish I was somewhere else at this moment in time okay so let’s get started our program for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why companies maintain separate
Virtual payroll accounts are an option to standard bank accounts for managing payroll payments. This is particularly beneficial for global companies with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of keeping separate bank accounts for payroll in different countries, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are ending up being a strategic asset for payroll executives. We will likewise supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly effectively safely and on time throughout this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll savings account how companies accurately forecast their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in enough in one country however when you’re doing it globally it’s next level and Beyond it becomes complex for a variety of reasons most notably policies compliance information security and banking guidelines then there are the large numbers they include additional intricacy the global Workforce is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the globe in the standard payroll model there’s typically an overwhelming number of different systems resulting in time-consuming manual procedures and silos the number of Combinations could be non-existent in large quantities and or extremely very basic there’s no real consistency structure we’re living in an era of tech however 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 and that simply blows my mind each time I I think
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force data in real time that’s another number that offers me sleep deprived nights and quite honestly the more a service spends on international payroll the less of an image they see a lack of visibility also extends to payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the transaction almost half of worldwide businesses have expressed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM data data entry errors badly communicated hires and terminations along with lack management and system setups and after that when you round it all off and the information is delivered to the wrong place the average expense of an international information breach at this moment is 3.9 billion dollars once 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 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 challenges service face when they’re paying to staff members or otherwise that’s a great concern I constantly toss this back and state what is it what doesn’t need to be consisted of best and what does
it require 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 have to pay from an in-country account do you have to pay from the client’s own in-country account so there’s complexity wherever you look best ultimately developing a knowledge base is absolutely critical however all over you look with payroll payment they resemble incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you take a 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 technology is permitting us to sort of progress with that it likewise also to contribute to that payroll and finance need to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is definitely crucial that payroll and finance teams work better together than ever um I’m always impressed when individuals state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so often 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 wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high value on well-being and the payment landscape is ending up being increasingly intricate. Organizations are constantly presenting brand-new advantages and payment choices, which adds to the general intricacy. Big corporations often divide their payroll and payment processing into different teams, which can cause ineffectiveness and traffic jams. In my opinion, this does not have to hold true. In today’s technically advanced age, there’s no validation for keeping troublesome treatments. Payroll, the business’s biggest expenditure, must be processed correctly and on time. Even minor delays can adversely affect employees’ well-being and have significant consequences. For that reason, it’s critical to focus on precise and timely payments.
payroll team get um so I’m unsure anybody on this type of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um but eventually payroll is such a crucial cycle we all hear about it when it fails everybody jumps up and down when it fails 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 things is definitely vital that all of this stuff is done correctly so leveraging the very first Worldwide Payments first payroll payment service is a great primary step um providing an end-to-end payroll service for your employees worldwide once again I believe is another huge um process again aligning and guaranteeing you have standardization Worldwide procedures all of those things are definitely essential to success success of companies and reducing the variety of tools platforms and checking account they need 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’ve never ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 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 do not think any of us are in fact doing that for for the thanks
anyhow we understand how how crucial 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 simple as possible for everybody that’s associated with those processes and likewise so imagine sorry I’m just I was just gon na state imagine the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re talking about hundreds of thousands potentially Millions think of getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would definitely be a fascinating task trying to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to check out them and in fact see what was going on and kind of try to get back to everyone so moving on appearance why do companies select to main separate savings account there are Papaya Global Calendar 2022/23 services out there doing exactly this for particular nations and I have actually operated in a service or lots of businesses doing precisely that I can say it does not always feel effective and it does develop more work I know we’re not purposely doing that we’re not developing extra work for anyone where we don’t need to and anyone that’s managing that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe numerous factors one is it’s the requirement I think individuals have got so utilized to we need a new bank account we open an entity and appropriately so you need it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the standard individuals have actually embraced and continue to do over years and years gone past to contribute to that people have 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 variety I think this is a procedure that requires taking a look at it requires altering but ultimately individuals are extremely stuck to what they recognize
with right um change is a challenging thing all of us don’t like modification um so I think it’s just kind of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the advantages of having preserving multiple savings account but there’s a substantial quantity of intricacy goes with establishing a bank account preserving it ensuring it can send International transfers ensuring it’s set up with the best user accesses for individual people so the intricacy is substantial but I believe the sincere answer is modification um individuals haven’t had the ability to alter or have not had always the knowledge to truly make that change into alternate Solutions aside from opening a savings account I believe you have actually struck the nail on the head I think it is knowledge you know and there is an aspect of resistance to change but we have actually always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of carrying on and moving into you understand what might practically be determined to be the next Century or so there is a lot to keep an eye on and this method does pose several difficulties um so Johnny could you inform us about those difficulties yeah naturally 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International employees you should have a corner workplace with a closer parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Calendar 2022/23