Over the last 5 or six years …Papaya Global Full Version Downl Oad… functions on the service provider side and likewise on the vendor side from a payroll point of view so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply offer everyone another couple of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be rather fascinating 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 truly do hope it’s much sunnier than it remains 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 extremely very gloomy and I want I was somewhere else at this moment in time fine so let’s start our program for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why companies preserve separate
Virtual payroll accounts are an option to traditional checking account for handling payroll payments. This is especially useful for international organizations with dispersed and remote labor forces, as it simplifies the complex procedure of cross-border payments. Instead of keeping different savings account for payroll in various countries, virtual accounts and digital wallets use a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a tactical possession for payroll executives. We will also provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively safely and on time throughout this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll checking 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 possession so payroll can be hard in enough in one country but when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a range of reasons most notably guidelines compliance data security and banking guidelines then there are the sheer numbers they include additional complexity the global Workforce is presently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing around the globe in the conventional payroll model there’s typically a frustrating variety of various systems resulting in time-consuming 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 residing 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 typically with pen and paper and that simply blows my mind every time I I think
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce data in real time that’s another number that offers me sleepless nights and quite frankly the more a company spends on worldwide payroll the less of a photo they see an absence of visibility also reaches payroll payments and failure to accurately track these payments can lead to compliance accidents in the last mile of the transaction nearly half of global services have expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry errors poorly communicated hires and terminations in addition to absence management and system setups and then when you round all of it off and the data is shipped to the wrong place the average expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money worldwide payroll and payments do not run efficiently if they depend on the essential several procedures systems and partners it is just not possible so Johnny from a payments viewpoint 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 an excellent concern I constantly throw this back and state what is it what does not need to be consisted of ideal and what does
it need to be thought of there’s varying Bank details 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 abilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy wherever you look ideal eventually constructing a knowledge base is definitely vital however all over you look with payroll payment they resemble incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is allowing us to type of progress with that it also as well to contribute to that payroll and finance need to work closer together um with differing Savings account Details varying banking requirements and setup processes is definitely imperative that payroll and financing groups work more detailed together than ever um I’m constantly astonished when individuals say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so frequently 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 any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high worth on well-being and the compensation landscape is ending up being progressively intricate. Businesses are constantly introducing brand-new benefits and payment options, which adds to the total intricacy. Large corporations frequently divide their payroll and payment processing into different teams, which can lead to inadequacies and traffic jams. In my viewpoint, this does not have to be the case. In today’s technologically innovative age, there’s no validation for maintaining cumbersome procedures. Payroll, the company’s greatest cost, must be processed properly and on time. Even minor hold-ups can adversely impact employees’ well-being and have significant consequences. Therefore, it’s important to focus on accurate and timely payments.
payroll group get um so I’m not sure anybody on this kind 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 a crucial cycle all of us hear about it when it fails everyone jumps up and down when it fails but when it goes right it’s just 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 things is absolutely essential that all of this things is done properly so leveraging the very first Worldwide Payments very first payroll payment option is a fantastic primary step um offering an end-to-end payroll option for your workers globally once again I think is another big um process again lining up and ensuring you have standardization Global processes all of those things are definitely key to success success of organizations and decreasing the number of tools platforms and bank accounts they require 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 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 grievances where things haven’t gone rather where they’re implied to be um I do not think any of us are actually doing that for for the thanks
anyway we know 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 easy as possible for everybody that’s associated with those procedures and likewise so think of sorry I’m just I was simply gon na state imagine the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re speaking about numerous thousands potentially Millions envision getting that lots of thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing task attempting to clean all those up for sure oh definitely 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 in fact see what was going on and sort of try to return to everybody so proceeding look why do companies pick to primary different checking account there are Papaya Global Full Version Downl Oad organizations out there doing precisely this for specific nations and I’ve worked in an organization or many organizations doing exactly that I can say it doesn’t always feel effective and it does create more work I understand we’re not deliberately doing that we’re not creating extra work for anyone where we don’t need to and anybody that’s managing 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 lots of factors one is it’s the requirement I believe individuals have actually got so utilized to we need a brand-new checking account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have actually adopted and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a range I think this is a procedure that requires taking a look at it requires altering however eventually people are really stuck with what they recognize
with best um change is a hard thing we all don’t like change um so I believe it’s just kind of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the advantages of having maintaining multiple savings account but there’s a substantial quantity of intricacy opts for establishing a bank account maintaining it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for private people so the intricacy is big but I believe the truthful response is change um people haven’t been able to change or haven’t had always the knowledge to truly make that change into alternate Solutions other than opening a checking account I believe you’ve hit the nail on the head I believe it is understanding you understand and there is an element of resistance to change however we have actually always done it that way is no real excuse for not looking at the the benefits and the possibilities of moving on and moving into you understand what could almost be identified to be the next Century or so there is a lot to keep track of and this approach does position several obstacles um so Johnny could you inform us about those obstacles yeah of course so there’s a variety 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 workers you deserve a corner office with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Full Version Downl Oad