Over the last 5 or 6 years …Papaya Global Payroll New York… roles on the provider side and also on the supplier side from a payroll point of view so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just offer everybody another couple of uh well among the 30 seconds or two to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everyone comes from and I really do hope it’s much sunnier than it remains 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 extremely very gloomy and I wish I was somewhere else at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why business preserve different
Virtual payroll accounts are an option to conventional bank accounts for handling payroll payments. This is especially helpful for international companies with dispersed and remote labor forces, as it simplifies the complicated process of cross-border payments. Instead of keeping separate bank accounts for payroll in different countries, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are becoming a tactical asset for payroll executives. We will likewise provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently safely and on time during this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll checking account how business precisely forecast their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be challenging in enough in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a range of reasons most importantly regulations compliance information security and banking rules then there are the sheer numbers they include additional complexity the worldwide Workforce is presently 3 and a half billion people by 2030 it’s approximated 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 companies and growing all doing their own thing around the world in the standard payroll design there’s often an overwhelming variety of different systems leading to time-consuming manual procedures and silos the number of Integrations could be non-existent in big quantities and or very extremely fundamental there’s no real consistency framework we’re living in an era of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that just blows my mind each time I I think
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force data in real time that’s another number that provides me sleepless nights and rather frankly the more a business invests in global payroll the less of an image they see an absence of visibility likewise extends to payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the transaction nearly half of global services have actually revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry errors inadequately interacted hires and terminations in addition to lack management and system setups and after that when you round all of it off and the data is delivered to the wrong place the average cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the world payroll and payments do not run efficiently if they count on the needed numerous 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 service face when they’re paying to employees or otherwise that’s a good concern I constantly toss this back and state what is it what does not need to be consisted of right 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 country there’s payment time frames there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s complexity anywhere you look best eventually building a knowledge base is definitely vital but all over you look with payroll payment they resemble very payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and technology is permitting us to type of move forward with that it also also to contribute to that payroll and finance require to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is definitely vital that payroll and finance groups work better together than ever um I’m constantly surprised when people state I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they split the payroll payment from computation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
The contemporary world positions a high value on wellness and the payment landscape is becoming significantly elaborate. Organizations are continuously introducing brand-new benefits and payment choices, which contributes to the general intricacy. Large corporations typically divide their payroll and payment processing into different teams, which can result in inefficiencies and traffic jams. In my opinion, this doesn’t have to hold true. In today’s highly innovative period, there’s no validation for maintaining cumbersome treatments. Payroll, the company’s biggest expense, need to be processed properly and on time. Even minor hold-ups can negatively impact employees’ wellness and have significant repercussions. For that reason, it’s vital to prioritize accurate and timely payments.
payroll group get um so I’m not exactly sure anyone on this sort of webinar has been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um however eventually payroll is such a crucial cycle we all find out about it when it goes wrong everybody 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 consider as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely vital that all of this things is done properly so leveraging the first Worldwide Payments very first payroll payment solution is a great first step um offering an end-to-end payroll solution for your employees internationally once again I believe is another huge um process again aligning and guaranteeing you have standardization Worldwide processes all of those things are definitely key to success success of organizations and minimizing 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 terms of 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 grievances where things haven’t gone quite where they’re suggested to be um I don’t think any of us are really doing that for for the thanks
anyway we know how how essential 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 involved in those procedures and likewise so envision sorry I’m just I was just gon na state think of the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions think of getting that lots of thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating job trying 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 attempt to check out them and actually see what was going on and type of shot to return to everyone so moving on appearance why do companies select to main separate bank accounts there are Papaya Global Payroll New York businesses out there doing exactly this for specific nations and I have actually worked in a service or many services doing exactly that I can state it doesn’t constantly feel efficient and it does develop more work I know we’re not deliberately doing that we’re not creating additional work for anyone where we do not need to and anyone that’s dealing with 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 amount that we are I think many reasons one is it’s the requirement I think people have actually got so utilized to we need a new bank account we open an entity and rightly 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 standard the people have 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 numerous other ways um to to kind of do it so I think there’s a range I think this is a process that requires taking a look at it requires changing however ultimately individuals are extremely stuck with what they’re familiar
with best um change is a challenging thing all of us don’t like modification um so I believe it’s simply type of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand obviously the benefits of having maintaining multiple savings account however there’s a big quantity of complexity goes with setting up a savings account preserving it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for specific individuals so the complexity is huge however I think the truthful response is modification um individuals haven’t had the ability to alter or haven’t had necessarily the understanding to actually make that change into alternate Solutions besides opening a checking account I think you have actually hit the nail on the head I believe it is understanding you know and there is an element of resistance to alter but we’ve constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what might nearly be determined to be the next Century or so there is a lot to monitor and this approach does present a number of difficulties um so Johnny could you tell us about those challenges yeah naturally so there’s a variety right there is so
I just recently made a change to our Business 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 acquired another CFO, and with this improved ability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is closer, considering your achievements. Papaya Global Payroll New York