Over the last five or six years …Papaya Global E-sumissions Log… functions on the provider side and likewise on the vendor side from a payroll perspective so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply give everyone another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very extremely 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 taking a look at the challenge years of handling Worldwide payroll why companies keep different
Virtual payroll accounts are an alternative to traditional bank accounts for managing payroll payments. This is particularly helpful for global companies with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of keeping different savings account for payroll in different nations, virtual accounts and digital wallets use a more structured service. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are becoming a tactical property for payroll executives. We will also supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently safely and on time throughout this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll bank account how business accurately forecast their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in enough in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a variety of reasons most significantly guidelines compliance data security and banking rules then there are the large numbers they add additional complexity the international Workforce is presently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing worldwide in the conventional payroll model there’s frequently an overwhelming variety of various systems causing lengthy manual procedures and silos the variety of Integrations could be non-existent in big amounts and or really extremely fundamental there’s no genuine consistency structure we’re residing in an age of tech but payroll has 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 just blows my mind every time I I believe
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of services say they have Labor force data in real time that’s another number that offers me sleepless nights and rather frankly the more a service spends on worldwide payroll the less of a photo they see a lack of exposure also reaches payroll payments and failure to precisely track these payments can lead to compliance accidents in the last mile of the transaction almost half of international organizations have actually revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM data information entry mistakes poorly interacted hires and terminations as well as absence management and system configurations and then when you round all of it off and the information is shipped to the incorrect place the average expense 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 money all over the world payroll and payments don’t run efficiently if they count on the essential several 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 business face when they’re paying to employees or otherwise that’s a great concern I always toss this back and state what is it what does not require to be included right and what does
it need 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 time frames 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 customer’s own in-country account so there’s intricacy wherever you look best ultimately developing a knowledge base is definitely crucial but all over you look with payroll payment they are like 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 in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is enabling us to sort of move on with that it likewise also to contribute to that payroll and finance need to work closer together um with differing Checking account Details differing banking requirements and setup procedures is definitely imperative that payroll and financing groups work better together than ever um I’m always surprised when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from computation 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 procedure it’s the point of data collection all the way through to paying people any place they are but also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world positions a high worth on well-being and the compensation landscape is ending up being increasingly detailed. Companies are continually introducing brand-new advantages and payment alternatives, which adds to the overall intricacy. Big corporations typically divide their payroll and payment processing into separate groups, which can lead to inadequacies and bottlenecks. In my viewpoint, this doesn’t need to be the case. In today’s technologically sophisticated period, there’s no justification for preserving cumbersome treatments. Payroll, the business’s most significant expense, should be processed correctly and on time. Even small hold-ups can adversely affect employees’ well-being and have significant effects. Therefore, it’s crucial to prioritize accurate and prompt payments.
payroll team get um so I’m not sure anybody on this kind of webinar has 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 ultimately payroll is such a crucial cycle we all become aware of 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 believe 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 things is definitely vital that all of this things is done correctly so leveraging the very first International Payments very first payroll payment solution is an excellent initial step um supplying an end-to-end payroll option for your workers worldwide again I think is another huge um process once again aligning and ensuring you have standardization Global processes all of those things are absolutely key to success success of organizations and decreasing 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 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 haven’t gone quite where they’re implied to be um I do not think any of us are in fact doing that for for the thanks
anyway we know how how crucial 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 associated with those procedures and likewise so envision sorry I’m simply I was just gon na say envision the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re talking about hundreds of thousands potentially Millions picture getting that many thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be a fascinating job attempting to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and in fact see what was going on and kind of shot to get back to everyone so proceeding look why do business pick to main separate bank accounts there are Papaya Global E-sumissions Log companies out there doing precisely this for specific countries and I have actually operated in a service or lots of services doing precisely that I can state it doesn’t always feel efficient and it does create more work I understand we’re not deliberately doing that we’re not producing extra work for any person where we don’t need to and anybody that’s handling 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 believe many factors one is it’s the standard I believe people have actually got so used to we need a new savings account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the norm the people have actually adopted and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and many other methods um to to type of do it so I believe there’s a range I think this is a procedure that needs looking at it requires altering however ultimately people are really stuck with what they recognize
with best um modification is a challenging thing all of us do not like change um so I think it’s simply type of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the benefits of having maintaining several savings account but there’s a big amount of intricacy chooses setting up a savings account keeping it ensuring it can send out International transfers ensuring it’s set up with the right user accesses for individual people so the complexity is big but I think the truthful response is change um people haven’t been able to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions besides opening a checking account I think you’ve struck the nail on the head I think it is knowledge you know and there is a component of resistance to change however we have actually constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could almost be identified to be the next Century or two there is a lot to keep track of and this approach does position numerous difficulties um so Johnny might you tell us about those difficulties yeah naturally so there’s a range right there is so
I just 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 gotten another CFO, and with this improved capability, I have effectively secured payments for our 10,000 staff members worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is better, considering your accomplishments. Papaya Global E-sumissions Log