Over the last five or 6 years …How To Switch From Papaya Globalaccounts To Papaya Global… roles on the supplier side and also on the vendor side from a payroll perspective so really looking forward to this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply offer everybody another number of uh well among the 30 seconds or two to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everyone originates from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very extremely uninspiring and I want I was elsewhere at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why companies preserve different
Virtual payroll accounts are an alternative to standard bank accounts for managing payroll payments. This is particularly beneficial for international organizations with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of preserving separate bank accounts for payroll in different nations, virtual accounts and digital wallets provide 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 tactical possession for payroll executives. We will likewise supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively securely and on time throughout this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll bank account how companies properly forecast their payroll costs to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic possession so payroll can be tough in adequate in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a range of factors most notably regulations compliance information security and banking rules then there are the sheer numbers they add more complexity the worldwide Labor force is currently 3 and a half billion people by 2030 it’s estimated 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 consider that there are some 230 million businesses and growing all doing their own thing worldwide in the standard payroll design there’s frequently an overwhelming variety of different systems leading to lengthy manual processes and silos the variety of Integrations could be non-existent in big amounts and or extremely really standard there’s no real consistency structure we’re living in an age of tech however 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 and that simply blows my mind whenever I I believe
about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Labor force information in real time that’s another number that provides me sleepless nights and quite frankly the more a company invests in global payroll the less of an image they see an absence of presence also reaches payroll payments and inability to precisely track these payments can cause compliance incidents in the last mile of the transaction nearly half of international businesses have expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM information information entry mistakes poorly interacted hires and terminations in addition to absence management and system configurations and after that when you round all of it off and the information is delivered to the incorrect place 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 money worldwide payroll and payments don’t run efficiently if they rely on the required multiple procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties business face when they’re paying to workers or otherwise that’s an excellent question I constantly toss this back and state what is it what doesn’t need to be consisted of best and what does
it need to be thought about there’s varying 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 customer’s own in-country account so there’s intricacy any place you look ideal ultimately developing a knowledge base is definitely critical but all over you look with payroll payment they resemble 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 in 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 technology is enabling us to type of move on with that it also also to add to that payroll and finance require to work closer together um with differing Savings account Details differing banking requirements and setup processes is absolutely crucial that payroll and financing groups work closer together than ever um I’m always astonished when people say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate 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 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 any place they are but also paying statutory authorities and on statutory 3rd parties so with the
The modern world puts a high worth on wellness and the settlement landscape is ending up being progressively complex. Organizations are continuously presenting brand-new benefits and payment alternatives, which contributes to the total complexity. Large corporations often divide their payroll and payment processing into different teams, which can result in inefficiencies and bottlenecks. In my opinion, this does not have to be the case. In today’s technically advanced age, there’s no reason for preserving troublesome treatments. Payroll, the business’s greatest expenditure, need to be processed correctly and on time. Even small hold-ups can negatively impact employees’ well-being and have far-reaching consequences. Therefore, it’s vital to prioritize precise and timely payments.
payroll team get um so I’m uncertain anybody on this sort of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um however eventually payroll is such an important cycle all of us find out about it when it fails 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 view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely essential that all of this things is done correctly so leveraging the very first International Payments very first payroll payment option is an excellent first step um providing an end-to-end payroll solution for your workers globally again I think is another huge um process again aligning and guaranteeing you have standardization Worldwide processes all of those things are definitely essential to success success of services and lowering the variety of tools platforms and savings account they require for their Global 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 had a hundred countless them within a payroll cycle do not 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 implied to be um I do not think any of us are actually doing that for for the thanks
anyway we understand 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 associated with those procedures and likewise so envision sorry I’m just I was simply gon na state envision the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re talking about numerous thousands possibly Millions envision getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an intriguing job 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 require days of the week to try to check out them and in fact see what was going on and type of try to get back to everybody so moving on appearance why do companies choose to primary separate bank accounts there are How To Switch From Papaya Globalaccounts To Papaya Global services out there doing exactly this for specific countries and I’ve worked in a business or numerous organizations doing exactly that I can say it does not always feel efficient and it does develop more work I know we’re not intentionally doing that we’re not creating additional work for any person where we do not have to and any person that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I believe many factors one is it’s the standard I think individuals have actually got so used to we need a brand-new savings account we open an entity and rightly so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the standard the people have embraced and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and many other methods um to to type of do it so I think there’s a variety I believe this is a procedure that requires taking a look at it requires altering but eventually people are extremely stuck to what they recognize
with ideal um change is a difficult thing we all do not like modification um so I believe it’s just type of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand undoubtedly the advantages of having preserving several checking account however there’s a substantial amount of intricacy opts for setting up a bank account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for specific individuals so the intricacy is substantial however I think the truthful response is modification um people have not been able to change or haven’t had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a bank account I think you’ve struck the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter but we’ve always done it that way is no real reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what could almost be identified to be the next Century approximately there is a lot to keep track of and this method does pose a number of challenges um so Johnny might you tell us about those obstacles yeah naturally so there’s a variety right there is so
I just did you switched our Business 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 International workers you deserve a corner workplace with a better parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you How To Switch From Papaya Globalaccounts To Papaya Global