Over the last five or 6 years …Papaya Global Office… roles on the service provider side and likewise on the vendor side from a payroll viewpoint so actually anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply offer everybody another number of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very really bleak and I want I was elsewhere at this moment in time fine so let’s get started our program for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why companies preserve different
Virtual payroll accounts are an alternative to traditional checking account for handling payroll payments. This is especially useful for global companies with dispersed and remote workforces, as it streamlines the complex process of cross-border payments. Instead of preserving different checking account for payroll in different nations, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a tactical asset for payroll executives. We will also provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently safely and on time during this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how business precisely anticipate their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in adequate in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a range of reasons most notably regulations compliance information security and banking rules then there are the large numbers they include more complexity the worldwide Labor force is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is currently 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 world in the conventional payroll model there’s typically an overwhelming number of different systems causing lengthy manual procedures and silos the variety of Combinations could be non-existent in large amounts and or really really standard there’s no real consistency framework we’re residing in an age of tech but payroll has 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 simply blows my mind every time I I think
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Workforce information in real time that’s another number that gives me sleepless nights and rather honestly the more a company spends on international payroll the less of a picture they see an absence of exposure also reaches payroll payments and inability to accurately track these payments can result in compliance incidents in the last mile of the deal nearly half of worldwide businesses have expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry mistakes inadequately interacted hires and terminations as well as lack management and system setups and after that when you round everything off and the information is shipped to the wrong location the typical expense of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money all over the world payroll and payments don’t run smoothly if they depend on the needed numerous processes 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 challenges organization face when they’re making payments to employees or otherwise that’s a great concern I constantly toss this back and say what is it what does not need to be consisted of right and what does
it require to be thought of there’s differing Bank information 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 need 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 ultimately developing a knowledge base is definitely crucial but all over 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 kind 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 definitely fundamental and technology is permitting us to sort of move on with that it likewise also to contribute to that payroll and finance need to work closer together um with differing Bank Account Particulars varying banking requirements and setup procedures is definitely necessary that payroll and finance teams work better together than ever um I’m constantly surprised when people say I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll profession 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 often 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 individuals wherever they are but likewise paying statutory authorities and on statutory third parties so with the
The contemporary world puts a high value on well-being and the settlement landscape is becoming progressively elaborate. Services are continually presenting new benefits and payment options, which adds to the general intricacy. Big corporations typically divide their payroll and payment processing into different groups, which can cause ineffectiveness and bottlenecks. In my viewpoint, this does not have to hold true. In today’s technologically innovative period, there’s no reason for preserving troublesome treatments. Payroll, the business’s biggest expenditure, must be processed correctly and on time. Even slight delays can negatively affect workers’ wellness and have far-reaching repercussions. For that reason, it’s vital to prioritize accurate and prompt payments.
The payroll team might not have actually been thanked for properly processing payroll throughout a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and individuals only see when things go wrong. Nevertheless, when things go right, it’s seen as just a routine task. This is how it’s viewed externally also. For that reason, it is essential to ensure that jobs like Wi-Fi Global and other essential matters are done properly. Using the first International Payments first payroll payment solution is an excellent initial action towards supplying a thorough payroll solution for staff members worldwide. Standardization, international procedures, and minimizing the variety of tools, platforms, and savings account required for global payroll are crucial consider achieving company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few grievances when things don’t go as planned. Eventually, we do not do it for the gratitude.
anyhow we understand how how important a function 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 simple as possible for everyone that’s involved in those procedures and also so picture sorry I’m just I was just gon na say imagine the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions envision getting that lots of thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating job attempting to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to look through them and in fact see what was going on and type of try to get back to everyone so proceeding look why do companies pick to primary separate checking account there are Papaya Global Office services out there doing exactly this for particular countries and I have actually worked in a service or numerous services doing precisely that I can say it doesn’t constantly feel efficient and it does develop more work I know we’re not intentionally doing that we’re not creating additional work for any person where we don’t have to and anyone that’s managing that procedure 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 think many factors one is it’s the standard I believe individuals have got so utilized to we need a brand-new checking account we open an entity and appropriately 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 simply been the standard and the norm the people have actually adopted and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and many other methods um to to kind of do it so I think there’s a variety I believe this is a process that requires looking at it requires changing however eventually individuals are extremely stuck with what they’re familiar
with ideal um modification is a challenging thing we all do not like modification um so I believe it’s just type 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 certainly the advantages of having maintaining several savings account however there’s a substantial quantity of complexity goes with establishing a checking account maintaining it ensuring it can send International transfers guaranteeing it’s set up with the ideal user accesses for individual individuals so the intricacy is big however I believe the truthful response is modification um individuals haven’t had the ability to change or have not had always the understanding to actually make that change into alternate Solutions aside from opening a bank account I think you have actually struck the nail on the head I think it is knowledge you know and there is an element of resistance to change however we’ve constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what might nearly be determined to be the next Century or two there is a lot to track and this technique does pose several obstacles um so Johnny might you inform us about those difficulties yeah of course so there’s a variety right there is so
I simply did you switched 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 Global workers you deserve a corner workplace with a more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Office