Over the last 5 or 6 years …Papaya Global Payroll Contractors… roles on the company side and likewise on the vendor side from a payroll perspective so actually anticipating this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just give everybody another couple of uh well one of 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 already simply to hear where everybody is um it’s nice to to kind of like see where everybody comes from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely really bleak and I want I was somewhere else at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be looking at the obstacle years of handling International payroll why business keep separate
Virtual payroll accounts are an alternative to conventional checking account for managing payroll payments. This is particularly useful for global organizations with dispersed and remote labor forces, as it streamlines the complicated process of cross-border payments. Instead of preserving different checking account for payroll in different 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 go over why they are becoming a strategic asset for payroll executives. We will likewise supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently safely and on time throughout this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll savings account how companies accurately forecast their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in enough in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a range of reasons most importantly guidelines compliance information security and banking guidelines then there are the sheer numbers they include additional intricacy the international Workforce is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 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 all over the world in the traditional payroll design there’s often an overwhelming variety of various systems leading to lengthy manual procedures and silos the number of Combinations could be non-existent in big amounts and or very very fundamental there’s no real consistency structure we’re residing in a period 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 typically with pen and paper which just blows my mind each time I I think
about it to provide you a concept of how far there still is to come according to Deloitte just 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 company invests in worldwide payroll the less of an image they see a lack of visibility also encompasses payroll payments and inability to precisely track these payments can result in compliance incidents in the last mile of the transaction nearly half of global companies have revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM information data entry errors badly interacted hires and terminations as well as lack management and system setups and then when you round it all off and the data is shipped to the incorrect place the typical cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money all over the world payroll and payments don’t run smoothly if they count on the essential numerous processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges service face when they’re paying to staff members or otherwise that’s an excellent concern I always throw this back and say what is it what does not require to be consisted of right 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 country there’s payment timespan 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 customer’s own in-country account so there’s complexity wherever you look best eventually building a knowledge base is absolutely critical however everywhere you look with payroll payment they are like very payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely essential and innovation is allowing us to type of progress with that it also as well to contribute to that payroll and financing require to work closer together um with varying Savings account Details differing banking requirements and setup processes is definitely necessary that payroll and financing groups work more detailed together than ever um I’m constantly astonished when individuals say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as an industry 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 data collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world puts a high worth on well-being and the payment landscape is ending up being significantly detailed. Companies are continually presenting brand-new advantages and payment choices, which adds to the total complexity. Large corporations frequently divide their payroll and payment processing into separate groups, which can result in inadequacies and bottlenecks. In my opinion, this doesn’t need to hold true. In today’s technically sophisticated age, there’s no justification for maintaining troublesome treatments. Payroll, the business’s greatest cost, need to be processed properly and on time. Even minor hold-ups can adversely affect employees’ well-being and have far-reaching effects. Therefore, it’s critical to focus on precise and prompt payments.
payroll group get um so I’m uncertain anybody on this type of webinar has been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um however eventually payroll is such an essential cycle we all find out about it when it fails everyone jumps up and down when it fails however when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely essential that all of this stuff is done properly so leveraging the very first Global Payments very first payroll payment solution is a fantastic primary step um offering an end-to-end payroll service for your employees internationally again I think is another huge um procedure once again aligning and guaranteeing you have standardization Global procedures all of those things are definitely crucial to success success of organizations and lowering the variety of tools platforms and bank accounts they require for their Global payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things haven’t gone rather where they’re implied 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 simple as possible for everybody that’s involved in those procedures and also so picture sorry I’m just I was simply gon na say picture 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 speaking about numerous thousands possibly Millions picture getting that numerous thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an intriguing job trying to clean all those up for sure oh absolutely I can’t imagine 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 really see what was going on and sort of shot to return to everybody so carrying on look why do companies pick to primary separate checking account there are Papaya Global Payroll Contractors organizations out there doing exactly this for particular nations and I’ve operated in a business or lots of companies doing exactly that I can state it does not constantly feel effective and it does create more work I know we’re not deliberately doing that we’re not creating additional work for any person where we don’t have 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 amount that we are I believe numerous factors one is it’s the standard I think people have actually got so utilized to we require a new savings account we open an entity and rightly so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the norm the people have actually embraced and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and many other ways um to to sort of do it so I believe there’s a variety I think this is a procedure that needs taking a look at it requires changing but ultimately individuals are really stuck with what they’re familiar
with right um modification is a hard thing we all don’t like modification um so I think it’s simply type of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand obviously the advantages of having maintaining numerous checking account but there’s a big quantity of intricacy goes with setting up a savings account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for specific people so the complexity is substantial however I believe the sincere answer is change um individuals haven’t been able to alter or have not had necessarily the knowledge to really make that change into alternate Solutions other than opening a bank account I think you’ve struck the nail on the head I think it is understanding you understand and there is a component of resistance to change however we have actually 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 could almost be figured out to be the next Century or so there is a lot to track and this method does pose a number of obstacles um so Johnny could you tell us about those challenges 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 manage our payroll and payment tasks on one platform. It feels like our CFO has actually acquired another CFO, and with this enhanced ability, I have successfully secured payments for our 10,000 employees worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is better, considering your accomplishments. Papaya Global Payroll Contractors