Over the last five or 6 years …Affiliate Papaya Global… functions on the provider side and likewise on the vendor side from a payroll viewpoint so really eagerly anticipating this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply give everyone another number of uh well one of 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 rather fascinating and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everybody comes 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 drizzling here it’s very extremely uninspiring and I want I was elsewhere at this moment in time okay so let’s get started our program for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why companies preserve different
Virtual payroll accounts are an alternative to standard bank accounts for managing payroll payments. This is particularly beneficial for international organizations with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of preserving separate savings account for payroll in different nations, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a tactical possession 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 precisely efficiently safely and on time throughout this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll savings account how companies accurately anticipate their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in sufficient in one nation but when you’re doing it globally it’s next level and Beyond it ends up being complicated for a range of reasons most importantly guidelines compliance data security and banking guidelines then there are the sheer numbers they include more intricacy the global Labor force is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals 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 globe in the traditional payroll design there’s typically a frustrating number of different systems causing lengthy manual procedures and silos the number of Combinations could be non-existent in large quantities and or extremely really fundamental there’s no real consistency framework 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 frequently with pen and paper which just 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 state 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 spends on global payroll the less of an image they see an absence of visibility also encompasses payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the deal nearly half of worldwide services have expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry mistakes inadequately communicated hires and terminations along with absence management and system configurations and then when you round it all off and the information is delivered to the wrong place the typical expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the world payroll and payments do not run efficiently if they depend on the required multiple processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges service face when they’re paying to staff members or otherwise that’s a good concern I constantly toss this back and say what is it what doesn’t need to be consisted of best and what does
it require to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames 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 client’s own in-country account so there’s complexity wherever you look best ultimately building a knowledge base is absolutely vital but everywhere you look with payroll payment they resemble very payments no if but some babies 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 believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is enabling us to kind of progress with that it also also to add to that payroll and finance require to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is definitely essential that payroll and financing groups work better together than ever um I’m always astonished when people state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll profession would they divide the payroll payment from estimation 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 process it’s the point of information collection all the way through to paying people any place they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world positions a high value on wellness and the compensation landscape is ending up being progressively detailed. Organizations are continuously presenting brand-new advantages and payment options, which contributes to the overall intricacy. Large corporations typically divide their payroll and payment processing into different teams, which can result in inefficiencies and bottlenecks. In my opinion, this doesn’t need to hold true. In today’s technically sophisticated era, there’s no justification for preserving cumbersome procedures. Payroll, the company’s biggest expense, need to be processed properly and on time. Even minor hold-ups can adversely affect staff members’ wellness and have far-reaching effects. Therefore, it’s crucial to focus on precise and prompt payments.
payroll team get um so I’m not exactly sure anyone on this type of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an essential cycle all of us hear 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 likewise like why WI-Fi Global why all of this stuff is absolutely important that all of this stuff is done properly so leveraging the first International Payments first payroll payment solution is an excellent primary step um providing an end-to-end payroll solution for your employees globally again I believe is another big um procedure once again aligning and ensuring you have standardization International processes all of those things are absolutely essential to success success of businesses and decreasing the number of tools platforms and checking account they require for their Global 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 problems where things haven’t gone rather where they’re meant to be um I do not believe any of us are actually doing that for for the thanks
anyway we know how how important a role 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 easy as possible for everyone that’s involved in those processes and also so envision sorry I’m simply I was just 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’m sure we’re talking about hundreds of thousands possibly Millions think of getting that many thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting job trying to clean all those up for sure oh definitely 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 attempt to browse them and actually see what was going on and sort of shot to get back to everybody so carrying on appearance why do business select to main separate checking account there are Affiliate Papaya Global companies out there doing precisely this for particular countries and I have actually operated in a service or numerous services doing precisely that I can say it does not always feel effective and it does produce more work I understand we’re not deliberately doing that we’re not creating additional work for any person where we don’t need to and anyone that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe many reasons one is it’s the standard I believe people have actually got so used to we need a brand-new savings account we open an entity and appropriately so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have adopted and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and many other ways um to to kind of do it so I think there’s a variety I think this is a process that requires looking at it needs altering however eventually people are extremely stuck to what they’re familiar
with ideal um change is a hard thing we all do not like change um so I believe it’s simply sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend clearly the advantages of having maintaining numerous savings account however there’s a huge quantity of intricacy goes with setting up a savings account preserving it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for individual people so the complexity is huge but I believe the sincere answer is change um individuals haven’t been able to alter or haven’t had necessarily the knowledge to actually make that change into alternate Solutions besides opening a checking 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 change but we’ve always done it that way is no real reason for not looking at the the benefits and the possibilities of carrying on and moving into you know what might nearly be identified to be the next Century or two there is a lot to keep an eye on and this approach does position a number of obstacles um so Johnny might you tell us about those challenges yeah obviously 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 seems like our CFO has actually acquired another CFO, and with this boosted capability, I have actually effectively secured payments for our 10,000 staff members worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is better, considering your accomplishments. Affiliate Papaya Global