Over the last 5 or six years …Papaya Global New 2019… functions on the provider side and also 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 everybody all right thanks Johnny uh we’ll just provide everybody another number of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everybody comes 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 extremely extremely uninspiring and I wish I was elsewhere at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why business maintain different
Virtual payroll accounts are an alternative to conventional bank accounts for handling payroll payments. This is particularly beneficial for worldwide organizations with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of maintaining different checking account for payroll in various countries, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are ending up being a strategic possession for payroll executives. We will likewise provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly effectively firmly and on time during this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll bank account how companies precisely forecast their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in adequate in one nation however when you’re doing it globally it’s next level and Beyond it ends up being complex for a range of reasons most importantly guidelines compliance information security and banking guidelines then there are the sheer numbers they add more intricacy the international Labor force is presently three and a half billion individuals 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 factor in 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 an overwhelming variety of different systems resulting in lengthy manual procedures and silos the variety of Combinations could be non-existent in large amounts and or really really standard there’s no genuine consistency framework we’re residing in an age of tech however 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 and that simply blows my mind whenever I I think
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite frankly the more a business invests in global payroll the less of a picture they see a lack of exposure likewise reaches payroll payments and failure to precisely track these payments can lead to compliance mishaps in the last mile of the deal nearly half of global organizations have actually expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM data data entry errors badly communicated hires and terminations along with absence management and system setups and then when you round everything off and the information is delivered to the incorrect location the typical expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash worldwide payroll and payments do not run efficiently if they count on the needed multiple procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties company face when they’re paying to staff members or otherwise that’s a good question I always throw this back and say what is it what doesn’t require to be included right and what does
it require to be considered there’s varying 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 have to pay from the customer’s own in-country account so there’s intricacy anywhere you look ideal ultimately constructing a knowledge base is absolutely crucial however all over you look with payroll payment they are like super payments no if however some children about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is allowing us to sort of progress with that it likewise also to add to that payroll and financing require to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is absolutely imperative that payroll and financing teams work more detailed together than ever um I’m always astonished when people say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from computation 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 process it’s the point of data collection all the way through to paying people wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world positions a high worth on well-being and the compensation landscape is ending up being significantly complex. Businesses are continually presenting brand-new advantages and payment options, which adds to the total intricacy. Big corporations frequently divide their payroll and payment processing into different teams, which can cause inefficiencies and bottlenecks. In my viewpoint, this does not need to hold true. In today’s technically advanced age, there’s no validation for preserving troublesome procedures. Payroll, the business’s greatest cost, need to be processed correctly and on time. Even slight delays can adversely affect workers’ wellness and have significant effects. For that reason, it’s crucial to prioritize precise and timely payments.
payroll team get um so I’m not sure anyone on this kind of webinar has been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an important cycle we all become aware of it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely crucial that all of this things is done properly so leveraging the very first Global Payments first payroll payment solution is a fantastic first step um offering an end-to-end payroll solution for your staff members internationally once again I believe is another substantial um procedure again lining up and guaranteeing you have standardization Worldwide processes all of those things are definitely key to success success of organizations and minimizing the variety of tools platforms and savings account they need for their Worldwide payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things haven’t gone quite where they’re implied to be um I don’t believe any of us are actually doing that for for the thanks
anyway we know how how important 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 procedures and likewise so imagine sorry I’m just I was simply gon na state imagine the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions picture getting that lots of thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating job trying to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and really see what was going on and sort of try to get back to everybody so moving on look why do business pick to primary separate bank accounts there are Papaya Global New 2019 businesses out there doing precisely this for specific countries and I’ve worked in a company or many services doing exactly that I can state it doesn’t always feel efficient and it does create more work I know we’re not purposely doing that we’re not developing additional work for any person where we do not have to and anybody that’s handling that process 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 reasons one is it’s the standard I think people have got so utilized to we require a new savings account we open an entity and rightly so you require it for payroll purposes however 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 embraced and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and lots of other ways um to to kind of do it so I believe there’s a range I think this is a procedure that requires looking at it requires changing however ultimately individuals are very stuck to what they’re familiar
with ideal um modification is a hard thing we all do not like modification um so I believe it’s just sort of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the benefits of having maintaining multiple checking account but there’s a big quantity of intricacy chooses setting up a checking account preserving it guaranteeing it can send International transfers ensuring it’s set up with the ideal user accesses for specific individuals so the intricacy is substantial but I believe the truthful response is change um people haven’t been able to alter or have not had necessarily the understanding to really make that change into alternate Solutions other than opening a checking account I think you have actually struck the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter however we’ve always done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might nearly be identified to be the next Century or so there is a lot to keep an eye on and this technique does pose numerous challenges um so Johnny could you inform us about those difficulties yeah obviously so there’s a range right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has actually gained another CFO, and with this boosted capability, I have effectively protected payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is good. You deserve a corner office with a parking space that is better, considering your accomplishments. Papaya Global New 2019