Over the last five or six years …Papaya Global Payroll Card… functions on the service provider side and likewise on the vendor side from a payroll perspective so really eagerly anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just offer everybody another couple of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everyone comes from and I actually do hope it’s much sunnier than it remains 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 extremely extremely gloomy and I want I was somewhere else at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of managing Global payroll why companies preserve separate
Virtual payroll accounts are an option to standard bank accounts for handling payroll payments. This is particularly beneficial for global companies with dispersed and remote labor forces, as it simplifies the complex procedure of cross-border payments. Instead of keeping separate bank accounts for payroll in different countries, virtual accounts and digital wallets use a more structured option. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are ending up being a strategic property for payroll executives. We will likewise provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently securely and on time throughout this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll checking account how business precisely forecast their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in adequate in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a range of factors most importantly regulations compliance information security and banking rules then there are the large numbers they include further intricacy the international Labor force is presently 3 and a half billion people 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 around the globe in the conventional payroll design there’s often a frustrating variety of different systems resulting in time-consuming manual procedures and silos the variety of Integrations could be non-existent in big quantities and or very very fundamental there’s no real consistency structure we’re residing in an era 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 which just blows my mind whenever I I think
about it to provide you an idea 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 offers me sleep deprived nights and rather honestly the more a business invests in global payroll the less of a picture they see a lack of exposure likewise extends to payroll payments and inability to properly track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of international services have revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM information information entry errors badly interacted hires and terminations in addition to absence management and system setups and after that when you round all of it off and the data is delivered to the incorrect location the typical 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 globe payroll and payments do not run efficiently if they depend on the essential numerous procedures 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 service face when they’re paying to workers or otherwise that’s an excellent question I always throw this back and state what is it what does not require to be consisted of ideal and what does
it require to be thought about there’s differing Bank details 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 need to pay from an in-country account do you need to pay from the client’s own in-country account so there’s complexity any place you look best eventually constructing a knowledge base is definitely important however everywhere you look with payroll payment they resemble incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is permitting us to sort of progress with that it likewise also to contribute to that payroll and finance require to work closer together um with varying Savings account Details varying banking requirements and setup processes is definitely important that payroll and finance teams work better together than ever um I’m constantly impressed when people say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work 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 data 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 puts a high value on wellness and the payment landscape is ending up being progressively detailed. Organizations are continuously introducing new benefits and payment options, which adds to the overall complexity. Big corporations often divide their payroll and payment processing into separate teams, which can lead to inadequacies and bottlenecks. In my opinion, this doesn’t have to hold true. In today’s highly advanced period, there’s no reason for preserving cumbersome procedures. Payroll, the business’s greatest expense, should be processed correctly and on time. Even minor hold-ups can adversely affect employees’ wellness and have far-reaching effects. Therefore, it’s important to focus on accurate and prompt payments.
The payroll group might not have been thanked for correctly processing payroll during a webinar. If anyone has actually been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and people just notice when things go wrong. However, when things go right, it’s viewed as just a routine job. This is how it’s viewed externally also. For that reason, it is necessary to guarantee that jobs like Wi-Fi Worldwide and other vital matters are done properly. Using the first Global Payments first payroll payment option is an excellent preliminary step towards providing a comprehensive payroll option for employees worldwide. Standardization, global processes, and decreasing the number of tools, platforms, and bank accounts necessary for international payroll are key factors in attaining organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically get a few problems when things don’t go as planned. Ultimately, we don’t do it for the gratitude.
anyway we understand how how important 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 simple as possible for everybody that’s associated with those procedures and also so envision sorry I’m just I was simply gon na state envision the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions think of getting that many thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating task attempting to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to check out them and actually see what was going on and kind of shot to get back to everyone so moving on look why do companies select to main different checking account there are Papaya Global Payroll Card services out there doing exactly this for specific countries and I have actually operated in an organization or many businesses doing precisely that I can state it does not constantly feel effective and it does produce more work I know we’re not intentionally doing that we’re not creating additional work for anyone where we do not need to and anybody that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe numerous reasons one is it’s the requirement I believe individuals 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 adopted and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a range I believe this is a process that requires taking a look at it requires changing however ultimately individuals are extremely stuck with what they recognize
with ideal um modification is a tough thing all of us do not like change um so I think it’s just type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having maintaining multiple checking account however there’s a substantial amount of complexity goes with setting up a savings account keeping it ensuring it can send International transfers guaranteeing it’s established with the ideal user accesses for private individuals so the intricacy is substantial but I believe the truthful answer is modification um individuals haven’t been able to alter or have not had always the understanding to really make that change into alternate Solutions other than 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 a component of resistance to alter but we’ve constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what might almost be figured out to be the next Century or two there is a lot to track and this approach does position a number of obstacles um so Johnny might you tell us about those obstacles yeah naturally so there’s a variety right there is so
I simply did you changed 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 Worldwide workers you deserve a corner workplace with a closer parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Payroll Card