Over the last 5 or six years …Papaya Global Is Currently In Use In Another Application… functions on the provider side and also on the supplier side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply provide everyone another number of uh well one of the 30 seconds or so 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 intriguing 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 everybody 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 very gloomy and I wish I was somewhere else at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why companies maintain separate
Virtual payroll accounts are an alternative to conventional savings account 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 preserving separate bank accounts for payroll in different nations, virtual accounts and digital wallets offer a more structured option. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are ending up being a strategic asset for payroll executives. We will likewise offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively safely and on time during this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how companies properly anticipate their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in sufficient in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a range of reasons most importantly guidelines compliance information security and banking guidelines then there are the sheer numbers they include additional complexity the global Workforce is currently three 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 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 design there’s often an overwhelming number of various systems leading to lengthy manual processes and silos the variety of Integrations could be non-existent in large amounts and or extremely very standard there’s no genuine consistency structure we’re residing in a period 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 frequently with pen and paper which simply blows my mind every 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 state they have Labor force data in real time that’s another number that gives me sleepless nights and quite honestly the more an organization invests in global payroll the less of a picture they see an absence of exposure likewise encompasses payroll payments and failure to properly track these payments can lead to compliance mishaps in the last mile of the deal nearly half of worldwide businesses have actually expressed that they do not 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 information data entry errors poorly interacted hires and terminations along with absence management and system setups and then when you round everything off and the information is delivered to the incorrect location the average cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the world payroll and payments do not run efficiently if they depend on the needed multiple procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties organization face when they’re making payments to staff members or otherwise that’s a good question I always toss this back and say what is it what does not require to be included ideal and what does
it need to be considered there’s varying Bank details 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 capabilities 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 consumer’s own in-country account so there’s intricacy anywhere you look best ultimately building a knowledge base is absolutely important but everywhere you look with payroll payment they are like extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is allowing us to sort of progress with that it likewise too to add to that payroll and finance require to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is absolutely necessary that payroll and financing groups work closer together than ever um I’m always impressed when people 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 divide the payroll payment from calculation I would say no so why do we as an industry 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 anywhere they are but also paying statutory authorities and on statutory third parties so with the
The modern-day world places a high worth on wellness and the settlement landscape is becoming increasingly detailed. Services are continuously presenting new advantages and payment options, which adds to the overall intricacy. Large corporations typically divide their payroll and payment processing into different groups, which can result in inefficiencies and bottlenecks. In my viewpoint, this doesn’t have to be the case. In today’s technically advanced age, there’s no justification for maintaining cumbersome procedures. Payroll, the company’s greatest expenditure, need to be processed correctly and on time. Even minor hold-ups can negatively impact staff members’ well-being and have significant effects. For that reason, it’s crucial to prioritize accurate and prompt payments.
payroll team get um so I’m unsure anyone on this sort of webinar has been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um however eventually payroll is such an important cycle all of us become aware of it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box workout and I believe 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 things is definitely vital that all of this stuff is done properly so leveraging the very first Global Payments very first payroll payment option is a terrific primary step um offering an end-to-end payroll option for your staff members globally again I believe is another huge um procedure again aligning and guaranteeing you have standardization Global processes all of those things are definitely essential to success success of services and minimizing the variety of tools platforms and savings account they require for their Worldwide 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 ever had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the problems where things haven’t gone quite where they’re indicated to be um I do not believe any of us are really 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 easy as possible for everybody that’s associated with those procedures and likewise so envision sorry I’m just I was just gon na say envision the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions imagine getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing job attempting to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and actually see what was going on and type of shot to return to everyone so moving on appearance why do business select to main separate savings account there are Papaya Global Is Currently In Use In Another Application services out there doing precisely this for particular nations and I have actually operated in a company or lots of organizations doing precisely that I can state it doesn’t constantly feel effective and it does develop more work I know we’re not intentionally doing that we’re not producing additional work for any person where we do not have to and any person that’s handling that process 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 numerous reasons one is it’s the requirement I believe people have got so used to we need a brand-new bank account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have actually embraced and continue to do over years and years gone past to contribute to that individuals have actually taken a look at things like trust accounts and many other ways um to to kind of do it so I believe there’s a variety I think this is a process that requires looking at it needs altering but eventually individuals are really stuck to what they recognize
with right um change is a challenging thing all of us don’t like change um so I believe it’s simply kind of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand certainly the advantages of having keeping numerous checking account however there’s a substantial quantity of complexity opts for establishing a bank account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the right user accesses for private individuals so the intricacy is big but I think the sincere answer is modification um individuals haven’t had the ability to change or have not had always the knowledge to actually make that change into alternate Solutions besides opening a checking account I believe you’ve hit the nail on the head I think it is knowledge you understand and there is an aspect of resistance to alter but we’ve always done it that way is no genuine reason for not looking at the the benefits and the possibilities of moving on and moving into you know what could nearly be determined to be the next Century or so there is a lot to track and this technique does posture several challenges um so Johnny might you inform us about those challenges yeah obviously so there’s a range 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’s like 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 office with a closer parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Is Currently In Use In Another Application