Over the last 5 or six years …Papaya Global Manager Salary… roles on the company side and likewise on the supplier side from a payroll point of view so actually anticipating this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just give everyone another number 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 rather interesting and I can see it going on currently 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 is 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 very really uninspiring and I wish I was somewhere else at this moment in time alright 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 International payroll why companies maintain separate
Virtual payroll accounts are an alternative to conventional savings account for handling payroll payments. This is particularly beneficial for worldwide organizations with dispersed and remote workforces, as it streamlines the complicated process of cross-border payments. Instead of preserving different bank accounts for payroll in various nations, virtual accounts and digital wallets use a more structured service. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a strategic property for payroll executives. We will likewise offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively firmly and on time during this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll checking account how companies precisely anticipate their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in sufficient in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a variety of factors most significantly guidelines compliance information security and banking rules then there are the large numbers they include additional complexity the worldwide Workforce is currently three and a half billion individuals 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 businesses and growing all doing their own thing worldwide in the conventional payroll model there’s frequently a frustrating number of different systems resulting in time-consuming manual procedures and silos the number of Integrations could be non-existent in big amounts and or extremely very fundamental there’s no real consistency framework we’re living in an age of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that just blows my mind whenever I I believe
about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Labor force data in real time that’s another number that provides me sleepless nights and quite honestly the more a business spends on international payroll the less of a picture they see a lack of exposure also extends to 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 do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry mistakes poorly interacted hires and terminations as well as lack management and system setups and then when you round everything off and the information is delivered to the incorrect place the average expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the globe payroll and payments don’t run smoothly if they rely on the required several processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges service face when they’re making payments to workers or otherwise that’s an excellent question I constantly toss this back and say what is it what doesn’t require to be consisted of best and what does
it need to be considered there’s differing 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 abilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the client’s own in-country account so there’s intricacy any place you look right ultimately building a knowledge base is definitely crucial but all over you look with payroll payment they are like incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is allowing us to kind of progress with that it also too to add to that payroll and financing require to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is absolutely imperative that payroll and finance teams work more detailed together than ever um I’m constantly surprised when people state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll profession would they split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so typically 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 wherever they are however also paying statutory authorities and on statutory third parties so with the
The contemporary world places a high value on well-being and the settlement landscape is becoming progressively elaborate. Services are continuously introducing brand-new advantages and payment alternatives, which contributes to the total intricacy. Large corporations typically divide their payroll and payment processing into different groups, which can result in inefficiencies and traffic jams. In my opinion, this does not need to hold true. In today’s technologically sophisticated age, there’s no reason for preserving cumbersome procedures. Payroll, the company’s most significant expenditure, need to be processed properly and on time. Even slight hold-ups can negatively affect workers’ well-being and have significant effects. For that reason, it’s crucial to focus on precise and timely payments.
payroll group get um so I’m unsure anyone on this kind of webinar has actually 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 employees or not um however ultimately payroll is such a crucial cycle all of us hear about it when it goes wrong everyone 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 things is absolutely vital that all of this things is done correctly so leveraging the very first International Payments very first payroll payment option is an excellent primary step um supplying an end-to-end payroll solution for your staff members worldwide once again I think is another big um process again aligning and ensuring you have standardization Global processes all of those things are absolutely key to success success of businesses and decreasing the variety of tools platforms and checking account they require for their Worldwide payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t gone quite where they’re implied to be um I don’t believe any of us are in fact doing that for for the thanks
anyhow we know 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 think of sorry I’m just I was simply gon na say think of the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions envision getting that many thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting task attempting to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and actually see what was going on and sort of try to get back to everyone so moving on look why do business select to primary different bank accounts there are Papaya Global Manager Salary services out there doing precisely this for particular countries and I have actually operated in an organization or numerous services doing exactly 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 producing additional work for anyone where we don’t have to and anybody that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe lots of factors one is it’s the standard I believe people have actually got so used to we require a brand-new checking account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have actually adopted and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a variety I think this is a process that needs taking a look at it needs altering however eventually people are very stuck with what they’re familiar
with ideal um modification is a hard thing all of us do not like modification um so I think it’s simply kind of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the benefits of having preserving multiple savings account however there’s a huge quantity of intricacy goes with establishing a bank account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for individual individuals so the complexity is substantial but I believe the honest answer is change um individuals have not been able to change or haven’t had necessarily the knowledge to truly make that change into alternate Solutions besides opening a checking account I think you’ve struck the nail on the head I think it is knowledge you understand and there is a component of resistance to change but we’ve always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of carrying on and moving into you understand what might nearly be determined to be the next Century or so there is a lot to monitor and this method does posture numerous obstacles um so Johnny could you inform us about those challenges yeah of course so there’s a variety right there is so
I just recently made a modification 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 gained another CFO, and with this improved ability, I have actually successfully protected payments for our 10,000 workers worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is better, considering your achievements. Papaya Global Manager Salary