Over the last 5 or 6 years …Papaya Global.Knutsford… functions on the supplier side and likewise on the vendor side from a payroll viewpoint so really anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply give everyone another number of uh well among the 30 seconds or so to join we all work back to back these days so we’ll sort 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 kind of like see where everybody originates from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely very gloomy and I wish I was elsewhere at this moment in time all right so let’s begin our program for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why business maintain separate
Virtual payroll accounts are an option 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 intricate process of cross-border payments. Instead of keeping different savings account 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 go over why they are ending up being a strategic possession for payroll executives. We will also offer a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly effectively safely and on time during this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll savings account how business precisely forecast their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in enough in one country however when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a variety of reasons most significantly policies compliance data security and banking rules then there are the sheer numbers they include more complexity the worldwide Workforce is currently 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 presently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing around the globe in the conventional payroll model there’s typically an overwhelming number of various systems leading to lengthy manual procedures and silos the number of Combinations could be non-existent in large quantities and or very extremely fundamental there’s no genuine consistency framework we’re residing in an era of tech however payroll has 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 whenever I I think
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force data in real time that’s another number that provides me sleep deprived nights and rather honestly the more a company invests in global payroll the less of a picture they see an absence of presence also extends to payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the transaction almost half of international organizations have actually expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM information information entry errors poorly communicated hires and terminations as well as absence management and system setups and then when you round it all off and the information is delivered to the incorrect place the typical cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world 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 perspective and in your experience what else needs to be factored into the challenges business face when they’re paying to staff members or otherwise that’s an excellent question I always throw this back and say what is it what does not need to be consisted of right 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 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 have to pay from the client’s own in-country account so there’s complexity any place you look ideal eventually constructing a knowledge base is definitely critical but everywhere you look with payroll payment they resemble super payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the sort 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 absolutely essential and innovation is allowing us to kind of progress with that it likewise also to add to that payroll and financing require to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is absolutely essential that payroll and finance groups work better together than ever um I’m constantly impressed when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll occupation 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 frequently split and cut up um ultimately 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 but also paying statutory authorities and on statutory 3rd parties so with the
The modern world positions a high worth on wellness and the compensation landscape is becoming progressively elaborate. Organizations are continually introducing new benefits and payment options, which adds to the general complexity. Big corporations frequently divide their payroll and payment processing into different teams, which can lead to ineffectiveness and bottlenecks. In my viewpoint, this doesn’t need to be the case. In today’s technologically sophisticated age, there’s no validation for keeping cumbersome treatments. Payroll, the business’s biggest cost, should be processed correctly and on time. Even small hold-ups can negatively impact workers’ well-being and have far-reaching consequences. For that reason, it’s vital to focus on precise and timely payments.
The payroll team might not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and people just observe when things go wrong. Nevertheless, when things go right, it’s viewed as just a regular task. This is how it’s perceived externally as well. Therefore, it is essential to ensure that tasks like Wi-Fi International and other essential matters are done correctly. Using the first International Payments very first payroll payment solution is a fantastic preliminary action towards supplying an extensive payroll solution for workers worldwide. Standardization, international processes, and decreasing the variety of tools, platforms, and bank accounts needed for global payroll are essential consider attaining company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of complaints when things do not go as planned. Ultimately, we do not do it for the gratitude.
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 easy as possible for everybody that’s associated with those procedures and also so think of sorry I’m simply I was just gon na state envision the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re speaking about numerous thousands potentially Millions think of getting that many thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing job attempting to clean up 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 require days of the week to attempt to browse them and really see what was going on and type of shot to get back to everyone so carrying on appearance why do companies pick to primary separate checking account there are Papaya Global.Knutsford organizations out there doing exactly this for specific nations and I’ve worked in a service or many companies doing precisely that I can state it doesn’t constantly feel efficient and it does create more work I understand we’re not deliberately doing that we’re not producing additional work for anyone where we do not need to and anybody that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I believe numerous reasons one is it’s the standard I think people have got so used to we need a new checking account we open an entity and rightly so you need it for payroll purposes but 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 adopted and continue to do over years and years gone past to contribute 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 believe there’s a range I believe this is a process that needs taking a look at it needs changing but ultimately individuals are extremely stuck to what they recognize
with ideal um modification is a tough thing we all do not 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 lot of track of stuff um I understand certainly the advantages of having keeping numerous savings account however there’s a big amount of intricacy opts for establishing a bank account keeping it ensuring it can send out International transfers ensuring it’s set up with the ideal user accesses for specific individuals so the intricacy is substantial but I believe the sincere response is change um individuals haven’t been able to change or have not had always the knowledge to truly make that change into alternate Solutions other than opening a bank account I believe you have actually hit the nail on the head I think it is understanding you know and there is a component of resistance to change however we have actually always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might practically be identified to be the next Century or two there is a lot to keep track of and this method does posture several obstacles um so Johnny might you inform us about those difficulties yeah obviously so there’s a range right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has actually gotten another CFO, and with this enhanced capability, I have effectively protected payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is closer, considering your achievements. Papaya Global.Knutsford