Over the last five or 6 years …Papaya Global Expedite Payroll… functions on the service provider side and likewise on the vendor side from a payroll viewpoint so truly looking forward to this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just provide 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 quite intriguing 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 everybody originates from and I really 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 drizzling here it’s really really uninspiring and I want 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 handling International payroll why companies maintain different
Virtual payroll accounts are an alternative to standard savings account for managing payroll payments. This is especially beneficial for global companies with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of maintaining different bank accounts for payroll in various countries, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are ending up being a strategic property 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 properly efficiently securely and on time during this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how companies precisely forecast their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in adequate in one country but when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a variety of factors most importantly regulations compliance data security and banking rules then there are the sheer numbers they add more intricacy the global Workforce is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the world in the standard payroll design there’s typically a frustrating variety of various systems leading to lengthy manual processes and silos the number of Integrations could be non-existent in large amounts and or extremely really standard there’s no real consistency framework we’re living in a period of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind every 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 state they have Workforce information in real time that’s another number that gives me sleepless nights and quite honestly the more a service invests in international payroll the less of an image they see an absence of exposure also encompasses payroll payments and failure to properly track these payments can lead to compliance incidents in the last mile of the transaction almost half of worldwide companies have revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM data data entry mistakes poorly interacted hires and terminations in addition to lack management and system configurations and after that when you round everything off and the information is shipped to the wrong location the average expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments do not run efficiently if they depend on the necessary 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 difficulties business face when they’re making payments to employees or otherwise that’s a good concern I constantly toss this back and state what is it what doesn’t need to be consisted of right and what does
it need to be considered there’s differing 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 have to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s complexity wherever you look right eventually constructing a knowledge base is definitely crucial but everywhere you look with payroll payment they are like very payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is enabling us to type of move forward with that it likewise also to contribute to that payroll and finance require to work closer together um with varying Bank Account Details differing banking requirements and setup processes is absolutely necessary that payroll and finance teams work better together than ever um I’m constantly surprised when people state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession would they split the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so typically 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 anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world puts a high value on well-being and the compensation landscape is ending up being increasingly intricate. Organizations are continuously presenting brand-new benefits and payment options, which adds to the overall intricacy. Large corporations frequently divide their payroll and payment processing into different teams, which can cause ineffectiveness and bottlenecks. In my opinion, this does not have to be the case. In today’s highly innovative age, there’s no reason for maintaining cumbersome procedures. Payroll, the company’s greatest expenditure, must be processed properly and on time. Even slight delays can negatively impact staff members’ wellness and have far-reaching repercussions. Therefore, it’s critical to focus on precise and prompt payments.
payroll team get um so I’m not sure anyone on this type of webinar has been told thank you for processing my payroll correctly if you have it ‘d be terrific 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 fails everybody jumps up and down when it fails however when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely essential that all of this stuff is done correctly so leveraging the very first International Payments very first payroll payment option is a fantastic initial step um supplying an end-to-end payroll option for your staff members internationally again I think is another big um process once again lining up and ensuring you have standardization Global processes all of those things are absolutely essential to success success of services and decreasing the variety of tools platforms and bank accounts they need for their Worldwide 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’ve never ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the problems where things have not gone quite where they’re indicated to be um I don’t believe any of us are in fact doing that for for the thanks
anyhow we know how how essential 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 simple as possible for everybody that’s associated with those processes and likewise so envision sorry I’m simply I was just gon na state think of the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions envision 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 absolutely be a fascinating task trying to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and in fact see what was going on and sort of shot to return to everyone so proceeding look why do companies choose to primary different savings account there are Papaya Global Expedite Payroll businesses out there doing exactly this for specific countries and I have actually operated in an organization or numerous organizations doing exactly that I can state it doesn’t always feel effective and it does develop more work I understand we’re not deliberately doing that we’re not producing additional work for anybody where we do not need to and anybody that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe many factors one is it’s the requirement I believe individuals have got so used to we require a new bank account we open an entity and appropriately 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 simply been the standard and the norm the people have actually embraced and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and lots of other methods um to to type of do it so I think there’s a range I think this is a procedure that needs taking a look at it requires changing however eventually people are extremely stuck with what they’re familiar
with ideal um modification is a difficult thing we all don’t like change um so I think it’s just sort of moving far from the norm 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 maintaining multiple checking account however there’s a huge amount of complexity goes with establishing a savings account maintaining it ensuring it can send out International transfers ensuring it’s set up with the best user accesses for individual individuals so the intricacy is huge but I believe the truthful answer is modification um people haven’t had the ability to change or haven’t had always the knowledge to really make that change into alternate Solutions besides opening a savings account I think you’ve struck the nail on the head I believe it is understanding you know and there is a component of resistance to change but we have actually constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what might nearly be determined to be the next Century or two there is a lot to keep an eye on and this method does present numerous obstacles um so Johnny might you inform us about those obstacles yeah naturally 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 International workers you deserve a corner office with a more detailed parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Expedite Payroll