Over the last 5 or 6 years …Papaya Global Company Locationisrael… functions on the provider side and also on the supplier side from a payroll point of view so really looking forward to this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just offer everyone another number of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everybody is um it’s nice to to sort of like see where everyone originates from and I actually 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 extremely really dreary and I wish I was somewhere else at this moment in time all right so let’s get started our program for today is as follows um we are going to be looking at the challenge years of managing International payroll why companies maintain separate
Virtual payroll accounts are an alternative to traditional bank accounts for handling payroll payments. This is particularly beneficial for international organizations with dispersed and remote labor forces, as it streamlines the complex procedure of cross-border payments. Instead of keeping separate checking account for payroll in various countries, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a tactical possession for payroll executives. We will also provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently safely 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 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 but when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a range of factors most notably regulations compliance data security and banking guidelines then there are the sheer numbers they include more complexity the global Workforce is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 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 frequently a frustrating variety of various systems resulting in lengthy manual procedures and silos the variety of Combinations could be non-existent in large quantities and or extremely really fundamental there’s no real 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 often with pen and paper which simply blows my mind each time I I believe
about it to give you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force information in real time that’s another number that gives me sleep deprived nights and quite honestly the more a service spends on international payroll the less of an image they see an absence of visibility likewise reaches payroll payments and failure to properly track these payments can cause compliance accidents in the last mile of the deal nearly half of worldwide companies have actually revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information data entry mistakes poorly interacted hires and terminations in addition to absence management and system configurations and then when you round all of it off and the data is delivered to the wrong location the typical cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the world payroll and payments don’t run smoothly if they depend on the needed multiple 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 difficulties business face when they’re paying to staff members or otherwise that’s a good concern I constantly toss this back and state what is it what does not need to be included best and what does
it require to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s intricacy anywhere you look best eventually building a knowledge base is absolutely critical however all over 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 type 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 essential and innovation is allowing us to type of move on with that it likewise as well to add to that payroll and finance need to work closer together um with differing Bank Account Particulars varying banking requirements and setup procedures is absolutely crucial that payroll and finance groups work better together than ever um I’m constantly astonished when individuals say I’ve divided payroll and payment um if you walk down the street and asked anybody 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 often split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory third parties so with the
The modern world positions a high worth on wellness and the settlement landscape is ending up being significantly detailed. Organizations are constantly introducing new benefits and payment options, which contributes to the general intricacy. Big corporations typically divide their payroll and payment processing into different teams, which can cause inadequacies and bottlenecks. In my viewpoint, this does not have to hold true. In today’s highly advanced period, there’s no justification for maintaining troublesome treatments. Payroll, the company’s greatest expenditure, should be processed correctly and on time. Even minor hold-ups can negatively impact staff members’ wellness and have far-reaching repercussions. For that reason, it’s crucial to prioritize accurate and timely payments.
payroll group get um so I’m uncertain anyone on this type of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be great 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 hear about it when it goes wrong 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 consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely crucial that all of this things is done properly so leveraging the very first Worldwide Payments first payroll payment solution is an excellent first step um offering an end-to-end payroll solution for your employees internationally once again I think is another substantial um process again lining up and ensuring you have standardization International procedures all of those things are definitely key to success success of organizations and lowering the variety of tools platforms and checking account they require for their International payroll too could not 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 thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things haven’t gone rather where they’re meant to be um I do not think any of us are really doing that for for the thanks
anyhow we understand how how crucial 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 think of sorry I’m just I was just gon na state think of the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re talking about hundreds of thousands potentially Millions picture getting that numerous thank you keeps in mind um I imply 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 all those up for sure oh absolutely I can’t imagine 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 try to return to everybody so moving on look why do business choose to main separate savings account there are Papaya Global Company Locationisrael companies out there doing precisely this for specific countries and I have actually worked in a business or lots of companies doing precisely that I can say it does not constantly feel efficient and it does develop more work I understand we’re not purposely doing that we’re not producing additional work for anybody where we do not have to and any person 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 amount that we are I believe numerous reasons one is it’s the requirement I believe people have got so utilized to we require a new bank account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the norm individuals have actually 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 methods um to to type of do it so I think there’s a variety I believe this is a process that requires looking at it needs altering but eventually individuals are very stuck to what they’re familiar
with ideal um modification is a difficult thing all of us do not like modification um so I believe it’s simply type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend obviously the benefits of having preserving several bank accounts but there’s a huge quantity of complexity goes with setting up a savings account keeping it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for specific people so the intricacy is substantial however I believe the honest answer is modification um people have not been able to change or haven’t had always the understanding to actually make that change into alternate Solutions other than opening a savings account I think you’ve hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter however we have actually always done it that way is no real excuse for not looking at the the benefits and the possibilities of carrying on and moving into you understand what might nearly be determined to be the next Century or two there is a lot to keep track of and this technique does posture a number of challenges um so Johnny might you tell us about those challenges 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide staff members you deserve a corner workplace with a closer parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Company Locationisrael