Over the last 5 or 6 years …Papaya Global Reddit… roles on the service provider side and also on the vendor side from a payroll perspective so truly anticipating this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just offer everybody another couple of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everybody is um it’s nice to to type 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 sunshine is it it’s not no it’s it’s raining here it’s extremely very gloomy and I wish I was elsewhere 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 obstacle years of managing Worldwide payroll why business preserve different
Virtual payroll accounts are an option to conventional bank accounts for managing payroll payments. This is especially useful for global organizations with dispersed and remote labor forces, as it simplifies the intricate procedure of cross-border payments. Instead of maintaining different bank accounts for payroll in different nations, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are ending up being a strategic asset for payroll executives. We will also supply a recap 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 throughout this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll bank account how business precisely forecast their payroll expenses to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in adequate in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being complex for a variety of reasons most importantly regulations compliance data security and banking rules then there are the large numbers they add further complexity the global Workforce is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people 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 around the world in the standard payroll model there’s frequently an overwhelming variety of different systems causing time-consuming manual procedures and silos the number of Combinations could be non-existent in large amounts and or extremely extremely fundamental there’s no real consistency structure we’re residing in a period of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply blows my mind whenever 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 say they have Labor force information in real time that’s another number that provides me sleep deprived nights and rather frankly the more a service invests in international payroll the less of an image they see an absence of presence also extends to payroll payments and failure to precisely track these payments can cause compliance accidents in the last mile of the deal almost half of worldwide organizations have revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM data data entry errors badly communicated hires and terminations along with lack management and system setups and after that when you round it all off and the data is delivered to the incorrect place the typical cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the globe payroll and payments don’t run smoothly if they depend on the needed numerous procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges company face when they’re making payments to staff members or otherwise that’s a good concern I always throw this back and state what is it what doesn’t require to be consisted of best 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 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 client’s own in-country account so there’s complexity anywhere you look ideal ultimately building a knowledge base is definitely important however everywhere you look with payroll payment they are like very payments no if but some infants 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 recognition that payroll payments are definitely essential and technology is permitting us to kind of move on with that it also also to contribute to that payroll and financing require to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is absolutely necessary that payroll and financing teams work better together than ever um I’m always impressed when people say I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so typically 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 people any place they are however likewise paying statutory authorities and on statutory third parties so with the
The modern world puts a high value on well-being and the settlement landscape is becoming significantly intricate. Businesses are constantly introducing brand-new benefits and payment options, which contributes to the general complexity. Large corporations typically divide their payroll and payment processing into separate teams, which can cause ineffectiveness and bottlenecks. In my opinion, this does not need to be the case. In today’s technically innovative period, there’s no reason for preserving troublesome procedures. Payroll, the company’s greatest cost, should be processed correctly and on time. Even slight delays can negatively affect staff members’ well-being and have significant repercussions. Therefore, it’s important to focus on accurate and timely payments.
The payroll team might not have actually been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and people just notice when things go wrong. Nevertheless, when things go right, it’s viewed as just a regular task. This is how it’s viewed externally too. Therefore, it is vital to ensure that tasks like Wi-Fi Global and other important matters are done properly. Utilizing the first Worldwide Payments very first payroll payment service is a fantastic initial step towards offering an extensive payroll option for staff members worldwide. Standardization, global procedures, and lowering the variety of tools, platforms, and savings account essential for international payroll are key factors in achieving organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a few problems when things do not go as prepared. Ultimately, we don’t do it for the gratitude.
anyway we understand how how essential 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 simple as possible for everybody that’s associated with those processes and also so envision sorry I’m just I was simply gon na state think of the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re speaking about numerous thousands possibly Millions think of getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting task trying to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to check out them and in fact see what was going on and sort of shot to get back to everybody so moving on appearance why do business select to primary different bank accounts there are Papaya Global Reddit companies out there doing exactly this for specific nations and I have actually operated in a business or lots of organizations doing precisely that I can say it does not constantly feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not developing extra work for anyone where we don’t need to and anyone that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I believe lots of reasons one is it’s the requirement I believe people have got so used to we require a new savings account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the norm the people have adopted 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 numerous other ways um to to kind of do it so I think there’s a variety I believe this is a procedure that requires taking a look at it requires changing but ultimately people are extremely stuck to what they recognize
with right um change is a hard thing we all don’t like modification um so I think it’s just type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand obviously the benefits of having maintaining several savings account however there’s a huge quantity of complexity chooses setting up a bank account maintaining it ensuring it can send International transfers guaranteeing it’s established with the ideal user accesses for private individuals so the intricacy is huge but I believe the truthful answer is change um people have not been able to alter or haven’t had necessarily the knowledge to actually make that change into alternate Solutions besides opening a bank account I believe you’ve struck the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter but we’ve constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what could nearly be identified to be the next Century or two there is a lot to keep track of and this approach does posture a number of challenges um so Johnny could you tell us about those obstacles yeah naturally so there’s a range right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has actually acquired another CFO, and with this boosted capability, I have successfully protected payments for our 10,000 staff members worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is closer, considering your achievements. Papaya Global Reddit