Over the last 5 or 6 years …Papaya Global Year End 2022… functions on the provider side and also on the vendor side from a payroll point of view so actually anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply offer everyone another couple of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on currently simply to hear where everyone is um it’s nice to to kind of like see where everybody originates from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely extremely uninspiring and I wish I was somewhere else at this moment in time all right so let’s start our program for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why companies keep separate
Virtual payroll accounts are an alternative to traditional bank accounts for handling payroll payments. This is particularly beneficial for global organizations with dispersed and remote workforces, as it streamlines the complex process of cross-border payments. Instead of preserving different checking account for payroll in different countries, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are ending up being a tactical property for payroll executives. We will also offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly effectively securely and on time during this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how business accurately forecast their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in adequate in one nation but when you’re doing it internationally it’s next level and Beyond it becomes intricate for a variety of reasons most significantly guidelines compliance information security and banking guidelines then there are the sheer numbers they include more complexity the global Labor force is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 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 globe in the standard payroll model there’s typically an overwhelming variety of various systems resulting in lengthy manual procedures and silos the variety of Combinations could be non-existent in big amounts and or really very basic there’s no real consistency structure we’re living 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 and that simply blows my mind each time I I think
about it to give you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force information in real time that’s another number that gives me sleep deprived nights and quite honestly the more a company invests in international payroll the less of an image they see a lack of exposure likewise reaches payroll payments and failure to precisely track these payments can lead to compliance accidents in the last mile of the deal nearly half of worldwide organizations have revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM information information entry errors poorly communicated hires and terminations as well as lack management and system configurations and then when you round all of it off and the data is delivered to the incorrect location the typical cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments do not run efficiently if they rely on the needed multiple processes 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 challenges organization face when they’re paying to workers or otherwise that’s a great question I always toss this back and state what is it what does not require to be consisted of ideal and what does
it need to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s intricacy any place you look ideal eventually constructing a knowledge base is definitely critical however all over you look with payroll payment they resemble super payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the sort of link 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 innovation is enabling us to kind of move forward with that it also too to contribute to that payroll and financing require to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is absolutely crucial that payroll and financing teams work better together than ever um I’m always surprised when people state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession 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 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 individuals 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 payment landscape is becoming significantly detailed. Organizations are constantly introducing 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 inadequacies and bottlenecks. In my viewpoint, this does not need to be the case. In today’s highly innovative period, there’s no validation for keeping cumbersome procedures. Payroll, the company’s most significant expense, need to be processed correctly and on time. Even minor delays can adversely impact employees’ wellness and have significant repercussions. For that reason, it’s crucial to prioritize precise and prompt payments.
The payroll group might not have been thanked for properly processing payroll during a webinar. If anybody has been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and individuals just discover when things fail. Nevertheless, when things go right, it’s viewed as simply a routine job. This is how it’s viewed externally too. For that reason, it is vital to ensure that tasks like Wi-Fi International and other essential matters are done properly. Utilizing the first Worldwide Payments first payroll payment service is a great preliminary step towards providing a detailed payroll service for employees worldwide. Standardization, international procedures, and decreasing the number of tools, platforms, and checking account required for worldwide payroll are essential consider accomplishing business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of grievances when things do not go as planned. Ultimately, we do not do it for the thankfulness.
anyhow we understand how how crucial 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 everyone that’s involved in those processes and likewise so think of sorry I’m just I was simply gon na state imagine the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re talking about numerous thousands possibly Millions envision getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an intriguing task trying to clean up all those up for sure oh absolutely 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 try to look through them and really see what was going on and sort of shot to return to everybody so proceeding appearance why do business select to primary separate checking account there are Papaya Global Year End 2022 businesses out there doing precisely this for specific countries and I have actually worked in a company or numerous businesses doing precisely that I can say it doesn’t constantly feel efficient and it does develop more work I know we’re not deliberately doing that we’re not developing additional work for anybody where we don’t need to and any person that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I believe many factors one is it’s the requirement I think people have got so used to we need a new checking account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have actually adopted and continue to do over years and years gone past to add 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 believe there’s a variety I think this is a procedure that needs looking at it needs altering however ultimately individuals are very stuck with what they’re familiar
with ideal um change is a tough thing we all don’t like change um so I think it’s simply sort of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand obviously the benefits of having keeping numerous savings account but there’s a big quantity of complexity chooses setting up a bank account keeping it ensuring it can send International transfers guaranteeing it’s set up with the ideal user accesses for individual individuals so the complexity is huge but I believe the truthful answer is modification um individuals have not had the ability to change or have not had always the understanding to really make that change into alternate Solutions aside from opening a checking account I think you have actually struck the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change however we have actually always done it that way is no genuine reason for not looking at the the benefits and the possibilities of carrying on and moving into you know what could nearly be figured out to be the next Century or two there is a lot to keep an eye on and this method does posture several difficulties um so Johnny could you inform us about those challenges 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 manage our payroll and payment tasks on one platform. It feels like our CFO has acquired another CFO, and with this improved ability, I have effectively secured payments for our 10,000 staff members worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Year End 2022