Over the last five or six years …Papaya Global Payroll Phone Support… functions on the company side and also on the vendor side from a payroll perspective so really anticipating this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just give everyone another couple of uh well among the 30 seconds or so to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I really do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very really dreary and I wish I was somewhere else at this moment in time alright so let’s start our agenda for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why business keep different
Virtual payroll accounts are an alternative to standard bank accounts for managing payroll payments. This is particularly helpful for worldwide companies with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of keeping separate checking account for payroll in various countries, virtual accounts and digital wallets offer a more streamlined solution. 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 supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently securely and on time during this webinar we’ll walk you through the global 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 Global payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in sufficient in one nation however when you’re doing it internationally it’s next level and Beyond it becomes intricate for a variety of reasons most importantly regulations compliance information security and banking rules then there are the sheer numbers they add further complexity the worldwide Labor force is currently three and a half billion people by 2030 it’s estimated 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 consider that there are some 230 million services and growing all doing their own thing around the world in the conventional payroll design there’s often an overwhelming number of various systems leading to lengthy manual processes and silos the number of Integrations could be non-existent in large quantities and or extremely very basic there’s no real consistency structure we’re living in an age of tech however payroll has 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 just blows my mind whenever I I believe
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of services state they have Labor force information in real time that’s another number that gives me sleepless nights and quite frankly the more a business spends on global payroll the less of an image they see a lack of presence also extends to payroll payments and failure to precisely track these payments can result in compliance accidents in the last mile of the transaction nearly half of international organizations have revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry errors poorly interacted hires and terminations in addition to lack management and system setups and then when you round it all off and the data is shipped to the incorrect place the typical cost of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments do not run smoothly if they rely on the needed several processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles company face when they’re paying to workers or otherwise that’s a good question I always toss this back and state what is it what doesn’t need to be included ideal and what does
it require to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per country 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 consumer’s own in-country account so there’s intricacy anywhere you look right eventually building a knowledge base is absolutely vital but all over you look with payroll payment they are like extremely payments no if but 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 think there’s now a bit more recognition that payroll payments are absolutely essential and innovation is permitting us to sort of move on with that it likewise also to contribute to that payroll and finance require to work closer together um with differing Bank Account Details differing banking requirements and setup processes is absolutely necessary that payroll and finance groups work better together than ever um I’m always amazed when individuals say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll occupation 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 procedure it’s the point of data collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high value on wellness and the compensation landscape is becoming progressively intricate. Services are continuously introducing new benefits and payment choices, which adds to the general complexity. Large corporations often divide their payroll and payment processing into different groups, which can lead to inefficiencies and bottlenecks. In my viewpoint, this doesn’t need to be the case. In today’s technically sophisticated age, there’s no justification for maintaining troublesome procedures. Payroll, the company’s most significant cost, should be processed properly and on time. Even slight delays can adversely impact staff members’ wellness and have significant repercussions. For that reason, it’s crucial to prioritize precise and timely payments.
payroll team get um so I’m not sure anybody on this kind of webinar has actually 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 but eventually payroll is such a crucial cycle we all become aware of it when it fails everybody jumps up and down when it fails however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely important that all of this stuff is done properly so leveraging the first Worldwide Payments first payroll payment service is a terrific first step um supplying an end-to-end payroll option for your staff members globally once again I think is another substantial um procedure once again aligning and guaranteeing you have standardization International processes all of those things are definitely essential to success success of companies and minimizing the variety of tools platforms and checking account they need for their International 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 do not expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things have not gone rather where they’re indicated to be um I don’t believe any of us are actually doing that for for the thanks
anyhow we know how how important a function it is which’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 everyone that’s associated with those processes and also so envision sorry I’m just I was simply gon na say picture the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions envision getting that many thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an intriguing job attempting to clean all those up for sure oh definitely I can’t envision 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 kind of shot to get back to everyone so proceeding look why do companies choose to main separate checking account there are Papaya Global Payroll Phone Support businesses out there doing exactly this for particular countries and I’ve operated in a service or lots of businesses doing precisely that I can state it does not constantly feel efficient and it does develop more work I know we’re not deliberately doing that we’re not developing additional work for anyone where we do not have to and any person 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 think lots of reasons one is it’s the standard I believe people have got so used to we require a brand-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 simply been the requirement and the norm individuals have adopted and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and lots of other ways um to to sort of do it so I believe there’s a variety I think this is a process that needs looking at it needs changing however eventually individuals are very stuck to what they recognize
with ideal um change is a difficult thing we all do not like modification um so I believe it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having maintaining multiple savings account but there’s a huge quantity of complexity chooses establishing a savings account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for individual people so the intricacy is big but I think the honest answer is change um individuals have not had the ability to change or have not had necessarily the knowledge to really make that change into alternate Solutions besides opening a bank account I believe you’ve struck the nail on the head I think it is understanding you understand and there is a component of resistance to alter however we’ve always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might nearly be determined to be the next Century or two there is a lot to monitor and this approach does position several difficulties um so Johnny could you tell us about those difficulties yeah naturally so there’s a variety right there is so
I simply did you changed our Enterprise 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 Worldwide workers you deserve a corner office with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Payroll Phone Support