Over the last 5 or six years …Papaya Global Covid Ssp… roles on the supplier side and also on the vendor side from a payroll viewpoint so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply give everybody another number of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to kind of like see where everyone comes from and I truly 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 wish I was elsewhere at this moment in time all right so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of managing Global payroll why business keep different
Virtual payroll accounts are an option to traditional checking account for handling payroll payments. This is especially beneficial for international organizations with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of keeping different checking account for payroll in different nations, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are ending up being a tactical possession for payroll executives. We will also supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently firmly and on time during this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll bank account how business accurately forecast their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in sufficient in one nation but when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a range of reasons most significantly regulations compliance data security and banking guidelines then there are the sheer numbers they include further intricacy the global Workforce is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people 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 around the world in the standard payroll design there’s often an overwhelming number of different systems causing time-consuming manual procedures and silos the variety of Combinations could be non-existent in big amounts and or extremely really fundamental there’s no genuine consistency framework we’re living in an age of tech however 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 and that simply blows my mind every time I I think
about it to provide you an idea 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 gives me sleepless nights and quite frankly the more a company spends on global payroll the less of a picture they see a lack of visibility likewise encompasses payroll payments and inability to precisely track these payments can lead to compliance mishaps in the last mile of the deal almost half of worldwide services have revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM information information entry errors inadequately interacted hires and terminations along with lack management and system setups and then when you round all of it off and the information is shipped to the incorrect place the typical cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the world payroll and payments do not run efficiently if they depend on the essential multiple processes systems and partners it is simply 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 great concern I constantly toss this back and state what is it what does not need to be included best 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 need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s complexity wherever you look ideal eventually building a knowledge base is absolutely crucial however all over you look with payroll payment they resemble extremely payments no if however some children 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 recognition that payroll payments are definitely fundamental and innovation is enabling us to type of progress with that it also too to add to that payroll and financing need to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is absolutely important that payroll and financing groups work better together than ever um I’m always impressed when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession would they divide the payroll payment from calculation 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory third parties so with the
The modern world places a high value on wellness and the settlement landscape is ending up being significantly elaborate. Companies are continuously introducing brand-new benefits and payment choices, which adds to the total complexity. Large corporations often divide their payroll and payment processing into separate teams, which can cause inadequacies and bottlenecks. In my opinion, this doesn’t have to be the case. In today’s highly advanced period, there’s no validation for keeping troublesome treatments. Payroll, the business’s greatest expenditure, must be processed properly and on time. Even slight hold-ups can negatively affect employees’ wellness and have significant consequences. Therefore, it’s crucial to prioritize accurate and prompt payments.
payroll team get um so I’m not sure anyone on this kind of webinar has been informed 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 staff members or not um however eventually payroll is such a crucial cycle we all hear about it when it fails everybody jumps up and down when it fails but when it goes right it’s simply a tick box workout 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 stuff is absolutely crucial that all of this things is done properly so leveraging the first Global Payments first payroll payment option is an excellent initial step um supplying an end-to-end payroll solution for your workers worldwide again I think is another substantial um process again lining up and ensuring you have standardization International processes all of those things are definitely essential to success success of services and decreasing the variety 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 regards to of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle don’t expect 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 suggested to be um I don’t believe any of us are in fact doing that for for the thanks
anyway we understand how how important a function 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 involved in those procedures and also so imagine sorry I’m just I was simply gon na say think of the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re discussing hundreds of thousands potentially Millions picture getting that many thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would definitely be an intriguing job trying to clean up all those up for sure oh definitely 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 attempt to browse them and really see what was going on and kind of shot to return to everyone so proceeding appearance why do business select to main separate bank accounts there are Papaya Global Covid Ssp services out there doing precisely this for particular countries and I have actually worked in a service or numerous companies doing exactly that I can state it doesn’t always feel efficient and it does develop more work I understand we’re not purposely doing that we’re not creating extra work for any person where we do not have to and anyone 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 reasons one is it’s the standard I believe individuals have got so utilized to we require a new checking account we open an entity and rightly so you need it for payroll functions but 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 adopted and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a variety I believe this is a procedure that needs looking at it needs altering however ultimately individuals are very stuck with what they recognize
with ideal um modification is a difficult thing all of us do not like change um so I believe it’s simply type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand obviously the advantages of having keeping multiple bank accounts however there’s a big quantity of intricacy goes with establishing a bank account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for individual individuals so the intricacy is substantial however I think the sincere answer is change um people have not had the ability to change or haven’t had necessarily the understanding to really make that change into alternate Solutions aside from opening a bank account I believe you have actually hit the nail on the head I believe it is understanding you understand and there is a component of resistance to alter however we have actually constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what might nearly be determined to be the next Century or two there is a lot to monitor and this technique does pose several obstacles um so Johnny could you tell us about those challenges yeah obviously so there’s a range right there is so
I just did you changed 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 Global workers you should have a corner office with a more detailed parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Covid Ssp