Over the last 5 or 6 years …Affordable And Efficient Hr Compliance With Papaya Global… roles on the supplier side and also on the vendor side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just give everybody 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 intriguing and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everyone originates 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 extremely extremely gloomy and I wish I was somewhere else at this moment in time fine so let’s get going our agenda 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 different
Virtual payroll accounts are an option to conventional savings account for handling payroll payments. This is especially useful for international organizations with dispersed and remote labor forces, as it simplifies the complicated procedure of cross-border payments. Instead of maintaining separate checking account for payroll in various nations, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are ending up being 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 accurately efficiently firmly and on time during this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll bank account how business accurately anticipate their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in adequate in one country however when you’re doing it worldwide it’s next level and Beyond it becomes complex for a variety of reasons most significantly policies compliance information security and banking rules then there are the sheer numbers they include more complexity the worldwide Workforce is presently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion individuals 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 around the globe in the conventional payroll model there’s frequently an overwhelming variety of various systems causing lengthy manual procedures and silos the number of Integrations could be non-existent in big amounts and or really very basic there’s no real consistency structure we’re residing in an age of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which simply blows my mind each time I I believe
about it to provide 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 offers me sleepless nights and rather honestly the more a business invests in worldwide payroll the less of an image they see an absence of exposure also reaches payroll payments and inability to precisely track these payments can cause compliance incidents in the last mile of the deal nearly half of worldwide businesses have expressed 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 bad HCM data information entry errors poorly interacted hires and terminations along with lack management and system configurations and then when you round everything off and the information is shipped to the wrong place the average cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money worldwide payroll and payments don’t run smoothly if they rely on the necessary several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles business face when they’re making payments to staff members or otherwise that’s a great concern I always throw this back and state what is it what does not require to be included best and what does
it require 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 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 anywhere you look best ultimately constructing a knowledge base is definitely crucial but everywhere you look with payroll payment they are like super payments no if however 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 acknowledgment that payroll payments are definitely fundamental and technology is allowing us to kind of move on with that it likewise as well to contribute to that payroll and finance need to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is definitely vital that payroll and finance groups work more detailed together than ever um I’m constantly astonished when individuals state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession 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 often split and cut up um ultimately 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 also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world puts a high value on well-being and the settlement landscape is ending up being increasingly detailed. Businesses are continuously presenting brand-new benefits and payment choices, which contributes to the general intricacy. Big corporations frequently divide their payroll and payment processing into different groups, which can result in inadequacies and traffic jams. In my opinion, this doesn’t need to hold true. In today’s technically sophisticated age, there’s no justification for preserving cumbersome procedures. Payroll, the business’s most significant expense, must be processed correctly and on time. Even minor delays can negatively affect employees’ well-being and have significant effects. Therefore, it’s crucial to prioritize precise and timely payments.
payroll group get um so I’m unsure anybody on this sort of webinar has been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um however eventually payroll is such an essential cycle all of us find out about it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise and I think 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 stuff is absolutely important that all of this things is done properly so leveraging the very first International Payments first payroll payment solution is a great initial step um providing an end-to-end payroll service for your staff members globally again I believe is another big um process once again aligning and guaranteeing you have standardization Global processes all of those things are absolutely essential to success success of organizations and reducing the number of tools platforms and bank accounts they require for their International 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 have actually never ever had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the complaints where things have not gone quite where they’re indicated 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 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 easy as possible for everybody that’s involved in those procedures and also so envision sorry I’m simply I was simply gon na state envision the quantity of thanks you got if you could cover the quantity 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 notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating task trying to clean all those up for sure oh definitely 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 try to check out them and in fact see what was going on and type of shot to return to everybody so proceeding look why do companies choose to main separate checking account there are Affordable And Efficient Hr Compliance With Papaya Global businesses out there doing precisely this for specific nations and I’ve operated in a business or numerous companies doing exactly that I can say it does not always feel efficient and it does create more work I know we’re not intentionally doing that we’re not developing additional work for anybody where we don’t have to and any person that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe numerous reasons one is it’s the standard I think people have actually got so utilized to we require a brand-new savings 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 believe it’s just been the standard and the standard individuals have actually adopted and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and many other ways um to to kind of do it so I think there’s a variety I believe this is a procedure that needs taking a look at it needs altering however ultimately individuals are really stuck to what they’re familiar
with right um modification is a hard thing all of us don’t like change um so I think it’s simply sort of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand obviously the advantages of having preserving several bank accounts but there’s a huge amount of complexity chooses setting up a savings account keeping it ensuring it can send International transfers ensuring it’s set up with the best user accesses for individual individuals so the complexity is big but I believe the truthful response is change um individuals have not had the ability to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions besides opening a checking account I think you’ve hit the nail on the head I believe it is understanding you understand and there is an aspect 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 might nearly be figured out to be the next Century or two there is a lot to keep an eye on and this method does pose a number of obstacles um so Johnny might you tell us about those obstacles yeah obviously so there’s a range right there is so
I just did you changed our Business 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 International staff members you should have a corner office with a better parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Affordable And Efficient Hr Compliance With Papaya Global