Over the last five or six years …Papaya Global End Of Year… functions on the company side and also on the vendor side from a payroll viewpoint so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just give everyone another number of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everyone 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 very really uninspiring and I wish I was somewhere else at this moment in time okay so let’s start our program for today is as follows um we are going to be looking at the challenge years of managing International payroll why business preserve different
Virtual payroll accounts are an option to traditional savings account for managing payroll payments. This is particularly useful for global organizations with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of maintaining different bank accounts for payroll in different countries, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are ending up being a strategic property for payroll executives. We will also offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly effectively securely and on time throughout this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how business precisely anticipate their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in enough in one nation but when you’re doing it globally it’s next level and Beyond it ends up being complex for a variety of reasons most notably guidelines compliance data security and banking rules then there are the sheer numbers they add further intricacy the international Labor force is presently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million companies 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 resulting in lengthy manual processes and silos the number of Integrations could be non-existent in large amounts and or extremely very fundamental there’s no real consistency structure we’re residing in an age 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 just blows my mind every time I I think
about it to give you a concept of how far there still is to come according to Deloitte only 11 of services state they have Labor force data in real time that’s another number that offers me sleepless nights and quite frankly the more a business invests in worldwide payroll the less of an image they see an absence of presence also extends to payroll payments and inability to properly track these payments can lead to compliance accidents in the last mile of the deal almost half of international services have revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM data information entry errors inadequately communicated hires and terminations along with lack management and system setups and after that when you round everything off and the data is shipped to the wrong place the typical cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money worldwide payroll and payments do not run efficiently if they count on the necessary multiple 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 difficulties business face when they’re paying to workers or otherwise that’s an excellent concern I constantly throw this back and say what is it what doesn’t require to be included right and what does
it need to be considered 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 need to pay from the consumer’s own in-country account so there’s intricacy wherever you look ideal eventually building a knowledge base is definitely vital however everywhere you look with payroll payment they resemble very payments no if however some infants about it you are all superheroes processing payments for payroll if you 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 absolutely basic and technology is enabling us to type of move forward with that it likewise also to contribute to that payroll and financing require to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is definitely imperative that payroll and finance groups work better together than ever um I’m constantly amazed when people state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from calculation 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 eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world puts a high worth on well-being and the compensation landscape is ending up being progressively elaborate. Services are continually presenting brand-new benefits and payment alternatives, which adds to the total intricacy. Large corporations frequently divide their payroll and payment processing into different groups, which can lead to inadequacies and bottlenecks. In my opinion, this doesn’t have to be the case. In today’s technically advanced period, there’s no reason for keeping troublesome procedures. Payroll, the company’s biggest expense, should be processed properly and on time. Even small hold-ups can negatively affect staff members’ well-being and have significant effects. Therefore, it’s vital to prioritize precise and timely payments.
payroll group get um so I’m not exactly sure anyone on this sort of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such an important cycle we all become aware of 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 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 first payroll payment solution is a fantastic first step um providing an end-to-end payroll service for your employees worldwide once again I think is another big um procedure once again aligning and guaranteeing you have standardization Worldwide processes all of those things are absolutely key to success success of services and lowering the number of tools platforms and savings account they need for their Worldwide 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 5 or 10 or whatever it might be with the with the the complaints where things haven’t gone rather where they’re meant to be um I do not think any of us are actually doing that for for the thanks
anyhow we know 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 easy as possible for everybody that’s associated with those processes and also so picture sorry I’m just I was simply gon na state imagine the amount of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions imagine getting that numerous thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be a fascinating job trying to clean up 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 look through them and really see what was going on and kind of try to get back to everyone so moving on appearance why do business choose to main separate savings account there are Papaya Global End Of Year organizations out there doing exactly this for particular countries and I have actually operated in a company or numerous companies doing exactly that I can state it doesn’t constantly feel effective and it does produce more work I understand we’re not purposely doing that we’re not producing additional work for anybody where we don’t have 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 many reasons one is it’s the standard I think individuals have got so utilized to we require a brand-new savings account we open an entity and appropriately so you need it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm individuals have actually embraced and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and lots of other ways um to to type of do it so I think there’s a range I think this is a process that requires looking at it needs altering but eventually individuals are extremely stuck to what they’re familiar
with best um modification is a difficult thing all of us do not like change um so I think it’s simply kind of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the advantages of having preserving numerous checking account however there’s a huge amount of intricacy opts for establishing a checking account preserving it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for private people so the complexity is big but I think the honest response is change um people have not had the ability to change or have not had always the knowledge to actually make that change into alternate Solutions besides opening a checking account I believe you’ve struck the nail on the head I believe it is understanding you know and there is a component of resistance to alter but we have actually always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what could nearly be determined to be the next Century approximately there is a lot to keep track of and this approach does posture several challenges um so Johnny might you inform us about those difficulties yeah obviously so there’s a variety right there is so
I just 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 International staff members you should have a corner workplace with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global End Of Year