Over the last 5 or six years …Papaya Global Series Scale Venture 45M… functions on the supplier side and likewise on the supplier side from a payroll point of view so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I truly 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 gloomy and I wish 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 taking a look at the challenge years of managing Global payroll why companies maintain separate
Virtual payroll accounts are an alternative to standard checking account for handling payroll payments. This is especially beneficial for worldwide companies with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of maintaining separate checking account for payroll in various countries, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are ending up being a strategic property for payroll executives. We will also supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently securely and on time during this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll savings account how companies properly anticipate their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in sufficient in one nation however when you’re doing it globally it’s next level and Beyond it ends up being intricate for a range of reasons most notably regulations compliance data security and banking rules then there are the large numbers they add more complexity the worldwide Workforce is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing all over the world in the traditional payroll design there’s often an overwhelming number of different systems causing lengthy manual processes and silos the variety of Integrations could be non-existent in large amounts and or very extremely fundamental there’s no genuine consistency structure we’re living 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 frequently with pen and paper which simply blows my mind each time I I think
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Labor force data in real time that’s another number that provides me sleepless nights and quite frankly the more an organization invests in global payroll the less of a photo they see an absence of presence likewise extends to payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the deal almost half of international companies have actually revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry mistakes inadequately communicated hires and terminations in addition to absence management and system setups and then when you round everything off and the information is shipped to the wrong location the typical expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash all over the world payroll and payments do not run efficiently if they count on the required several processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges organization face when they’re making payments to workers or otherwise that’s an excellent concern I constantly toss this back and state what is it what doesn’t need to be included right and what does
it require to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per country 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 consumer’s own in-country account so there’s complexity any place you look best eventually developing a knowledge base is absolutely important but everywhere you look with payroll payment they are like extremely 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 believe there’s now a bit more recognition that payroll payments are definitely fundamental and innovation is permitting us to sort of move forward with that it likewise also to add to that payroll and financing require to work closer together um with differing Bank Account Details differing banking requirements and setup processes is absolutely vital that payroll and finance teams work better together than ever um I’m always astonished when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory third parties so with the
The modern-day world positions a high value on well-being and the compensation landscape is becoming significantly complex. Services are constantly presenting new advantages and payment options, which adds to the general complexity. Big corporations frequently divide their payroll and payment processing into separate teams, which can lead to inefficiencies and bottlenecks. In my viewpoint, this doesn’t have to be the case. In today’s technologically sophisticated era, there’s no justification for maintaining troublesome procedures. Payroll, the company’s biggest cost, need to be processed correctly and on time. Even small hold-ups can negatively impact employees’ wellness and have significant consequences. For that reason, it’s crucial to focus on precise and prompt payments.
The payroll team might not have actually been thanked for properly processing payroll throughout a webinar. If anybody 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 only discover when things go wrong. However, when things go right, it’s viewed as just a routine task. This is how it’s viewed externally also. Therefore, it is essential to ensure that jobs like Wi-Fi Worldwide and other crucial matters are done correctly. Using the very first Global Payments very first payroll payment service is a great preliminary action towards supplying a detailed payroll solution for staff members worldwide. Standardization, global processes, and lowering the variety of tools, platforms, and checking account required for worldwide payroll are key factors in attaining company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few problems when things don’t go as planned. Ultimately, we do not do it for the appreciation.
anyway we know how how essential 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 involved in those processes and also so picture sorry I’m just I was simply gon na say envision the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re speaking about hundreds of thousands possibly Millions picture getting that lots of thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing task trying to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to browse them and really see what was going on and sort of try to get back to everybody so carrying on appearance why do companies pick to primary separate bank accounts there are Papaya Global Series Scale Venture 45M businesses out there doing precisely this for specific nations and I have actually worked in an organization or numerous services doing precisely that I can state it doesn’t constantly feel efficient and it does create more work I know we’re not purposely doing that we’re not creating extra work for anybody where we do not need to and anybody that’s managing that process I ‘d be interested to hear your ideas Johnny why do you think 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 people have got so utilized to we need a brand-new checking account we open an entity and appropriately so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the standard 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 many other ways um to to sort of do it so I believe there’s a variety I think this is a procedure that requires looking at it requires changing however eventually individuals are really stuck to what they’re familiar
with right um modification is a difficult thing we all do not like modification um so I think it’s just type of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand obviously the advantages of having preserving several bank accounts however there’s a huge quantity of complexity opts for setting up a savings account maintaining it ensuring it can send International transfers guaranteeing it’s established with the best user accesses for specific individuals so the intricacy is huge however I think the truthful response is modification um individuals haven’t had the ability to change or have not had necessarily the knowledge to really make that change into alternate Solutions besides opening a bank account I think you’ve struck the nail on the head I think it is knowledge you understand and there is an element of resistance to alter however we have actually always done it that way is no genuine reason for not looking at the the advantages and the possibilities of moving on and moving into you know what could practically be identified to be the next Century or two there is a lot to monitor and this method does posture numerous difficulties um so Johnny might you tell us about those challenges yeah of course so there’s a range 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you deserve a corner office with a better parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Series Scale Venture 45M