Over the last five or six years …Papaya Global Update… roles on the provider side and also on the supplier side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply provide everybody another couple of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on already simply 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 remains 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 really very gloomy and I want I was elsewhere at this moment in time alright 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 managing Worldwide payroll why companies preserve different
Virtual payroll accounts are an alternative to traditional checking account for managing payroll payments. This is particularly beneficial for worldwide companies with dispersed and remote workforces, as it simplifies the complex process of cross-border payments. Instead of maintaining different checking account for payroll in various countries, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are ending up being a tactical possession for payroll executives. We will likewise offer a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively firmly and on time throughout this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll checking account how companies accurately forecast their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in adequate in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a variety of factors most significantly guidelines compliance data security and banking rules then there are the sheer numbers they include more intricacy the worldwide Labor force 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 consider that there are some 230 million businesses and growing all doing their own thing around the world in the traditional payroll design there’s frequently a frustrating variety of different systems leading to lengthy manual processes and silos the variety of Integrations could be non-existent in large quantities and or extremely very standard there’s no real consistency framework we’re residing in an era of tech however payroll has been sluggish 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 each time I I believe
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce information in real time that’s another number that gives me sleepless nights and quite frankly the more an organization invests in global payroll the less of a picture they see an absence of visibility also extends to payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the transaction almost half of international services have revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry errors inadequately communicated hires and terminations as well as lack management and system configurations and after that when you round it all off and the information is delivered to the incorrect place the average expense of a worldwide information 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 necessary 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 obstacles company face when they’re paying to employees or otherwise that’s a good question I constantly toss this back and say what is it what doesn’t require to be consisted of best and what does
it require 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 timespan 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 customer’s own in-country account so there’s complexity anywhere you look right eventually developing a knowledge base is absolutely important but everywhere you look with payroll payment they resemble extremely payments no if however some children about it you are all superheroes processing payments for payroll if you 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 essential and technology is enabling us to sort of move on with that it also also to contribute to that payroll and financing require to work closer together um with differing Bank Account Details differing banking requirements and setup processes is absolutely crucial that payroll and finance groups work more detailed together than ever um I’m always amazed when people say I have actually divided payroll and payment um if you stroll down the street and asked anybody 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 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 wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high worth on well-being and the settlement landscape is becoming significantly intricate. Organizations are continuously presenting brand-new advantages and payment choices, which contributes to the total complexity. Large corporations frequently divide their payroll and payment processing into different teams, which can result in ineffectiveness and bottlenecks. In my viewpoint, this does not need to be the case. In today’s technically innovative period, there’s no justification for keeping cumbersome treatments. Payroll, the business’s biggest expense, should be processed correctly and on time. Even small delays can negatively affect staff members’ wellness and have significant repercussions. Therefore, it’s important to prioritize accurate and timely payments.
payroll team get um so I’m unsure anyone on this sort of webinar has been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an important cycle we all hear about it when it fails everyone jumps up and down when it fails but 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 likewise 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 Global Payments very first payroll payment solution is a terrific first step um offering an end-to-end payroll service for your staff members internationally once again I think is another big um process again lining up and guaranteeing you have standardization Global procedures all of those things are definitely crucial to success success of businesses and decreasing the variety of tools platforms and bank accounts they require for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things haven’t gone quite where they’re suggested to be um I do not believe any of us are in fact 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 involved in those procedures and also so picture sorry I’m simply I was simply gon na say imagine the quantity of thanks you got if you might 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 lots of thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating job attempting to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to look through them and in fact see what was going on and sort of try to return to everybody so proceeding look why do companies pick to primary different bank accounts there are Papaya Global Update organizations out there doing precisely this for particular nations and I have actually worked in a service or many services doing exactly that I can say it does not always feel effective and it does create more work I understand we’re not deliberately doing that we’re not creating additional work for anybody where we do not have to and anyone that’s dealing with 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 think numerous reasons one is it’s the standard I think people have actually got so utilized to we require a brand-new bank 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 standard individuals have embraced and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a variety I think this is a procedure that requires taking a look at it requires changing however eventually people are really stuck with what they’re familiar
with best um modification is a tough thing we all do not like modification um so I think it’s just sort of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the benefits of having preserving numerous savings account however there’s a big amount of complexity chooses setting up a checking account maintaining it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for individual individuals so the intricacy is huge but I think the honest response is modification um individuals haven’t had the ability to alter or haven’t had always the understanding to actually make that change into alternate Solutions aside from opening a savings account I believe you’ve struck the nail on the head I believe it is understanding you understand and there is a component of resistance to alter but we’ve always done it that way is no genuine reason for not taking a look 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 two there is a lot to keep an eye on and this technique does present a number of obstacles um so Johnny might you tell us about those obstacles yeah obviously so there’s a range right there is so
I just did you switched 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 Global staff members you deserve a corner workplace with a more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Update