Over the last five or six years …How Do I Check My Version On Papaya Global… functions on the supplier side and likewise on the vendor side from a payroll point of view so actually anticipating this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll kind 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 type of like see where everyone comes from and I truly 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 really really uninspiring and I wish I was somewhere else at this moment in time alright so let’s begin our program for today is as follows um we are going to be taking a look at the obstacle years of managing International payroll why business maintain separate
Virtual payroll accounts are an alternative to conventional bank accounts for handling payroll payments. This is especially useful for global companies with dispersed and remote labor forces, as it simplifies the intricate procedure of cross-border payments. Instead of keeping separate bank accounts for payroll in various countries, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are ending up being a tactical possession for payroll executives. We will likewise supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently firmly and on time throughout this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how business properly anticipate their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in enough in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being complex for a variety of reasons most significantly policies compliance information security and banking rules then there are the large numbers they add more complexity the international Workforce is currently 3 and a half billion individuals by 2030 it’s approximated 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 companies and growing all doing their own thing worldwide in the standard payroll model there’s frequently a frustrating number of different systems leading to time-consuming manual procedures and silos the number of Combinations could be non-existent in big amounts and or really really fundamental there’s no genuine consistency structure we’re living in an era 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 each time I I believe
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Labor force information in real time that’s another number that offers me sleep deprived nights and rather honestly the more an organization spends on international payroll the less of a photo they see an absence of presence likewise reaches payroll payments and inability to precisely track these payments can lead to compliance mishaps in the last mile of the deal nearly half of global businesses have expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM information information entry mistakes poorly interacted hires and terminations along with absence management and system configurations and after that when you round it all off and the data is delivered to the wrong location the average expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments don’t run efficiently if they count on the necessary several procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties organization face when they’re making payments to staff members or otherwise that’s a great question I constantly toss 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 differing Bank details 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 abilities 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 anywhere you look ideal ultimately building a knowledge base is absolutely crucial however everywhere you look with payroll payment they resemble super payments no if however some children about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is permitting us to kind of progress with that it also as well to contribute to that payroll and financing need to work closer together um with varying Savings account Details differing banking requirements and setup procedures is definitely important that payroll and financing teams work more detailed together than ever um I’m constantly impressed when individuals state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being increasingly more crucial to add to type of the level of intricacy there’s more and more benefits being organ or being offered by services across the world so again you’re simply wanting to include more and more payments to this currently complex landscape so if you sort of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of genuine challenges or real tough sort of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a couple of years I would definitely state that the bigger a service gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are groups feeding information into the next function as it were that’s actually handling the payment side of things however you know in in my viewpoint and my experience that does not always need to be the case you understand long gone are the times where we need to create extra handoffs in the processes that we operate in they just make them more timely they make them less effective and they don’t make them what they need to be in in an era of tech and an era that you know that we are operating in today there is no reason we are still making this as hard as it needs to be concurred and appropriately as you said payroll is the single greatest liability that any business has from a cost viewpoint from an impact perspective on employees it is definitely crucial that it’s done properly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the biggest destructive result on individuals’s well-being and lots of other aspects if individuals aren’t paid uh I have actually always been surprised entering this Market type of the last five to ten years is how little thanks the
The payroll team might not have actually been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and people just discover when things fail. However, when things go right, it’s viewed as just a regular task. This is how it’s viewed externally as well. Therefore, it is vital to ensure that tasks like Wi-Fi Global and other vital matters are done properly. Using the first International Payments very first payroll payment solution is an excellent initial action towards offering a thorough payroll option for workers worldwide. Standardization, international procedures, and minimizing the number of tools, platforms, and checking account required for international payroll are key consider accomplishing business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of complaints when things do not go as prepared. Ultimately, we don’t do it for the appreciation.
anyway 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 everyone that’s associated with those processes and likewise so think of sorry I’m just I was simply gon na state envision the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions imagine getting that many thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing task trying to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to look through them and in fact see what was going on and kind of try to return to everybody so proceeding appearance why do companies pick to main separate savings account there are How Do I Check My Version On Papaya Global organizations out there doing exactly this for specific countries and I’ve worked in a business or many services doing precisely that I can state it does not always feel efficient and it does develop more work I understand we’re not purposely doing that we’re not creating additional work for anyone where we don’t have to and anyone 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 think lots of factors one is it’s the requirement I believe individuals have got so used to we require a new checking account we open an entity and rightly so you need it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm the people have embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and lots of other methods um to to kind of do it so I believe there’s a variety I believe this is a procedure that requires taking a look at it requires altering but ultimately individuals are very stuck with what they’re familiar
with best um modification is a difficult thing all of us do not like modification um so I believe it’s just type 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 certainly the advantages of having maintaining multiple bank accounts but there’s a substantial quantity of intricacy goes with setting up a bank account preserving it guaranteeing it can send out International transfers guaranteeing it’s set up with the ideal user accesses for private people so the complexity is substantial however I believe the truthful answer is change um people have not had the ability to change or haven’t had necessarily the knowledge to really make that change into alternate Solutions besides opening a savings account I believe you’ve hit the nail on the head I think it is understanding you understand and there is an element of resistance to change but we’ve always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might nearly be identified to be the next Century approximately there is a lot to keep an eye on and this method does pose numerous obstacles um so Johnny might you tell us about those obstacles yeah naturally so there’s a range right there is so
I 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 seems like our CFO has gained another CFO, and with this improved capability, I have effectively protected payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is better, considering your achievements. How Do I Check My Version On Papaya Global