Over the last 5 or 6 years …Papaya Global Payroll Cost… roles on the provider side and likewise on the vendor side from a payroll point of view so truly looking forward to this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply provide everybody another number of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everyone originates from and I really 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 drizzling here it’s extremely extremely dreary and I want I was elsewhere 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 managing Global payroll why business maintain separate
Virtual payroll accounts are an option to standard savings account for managing payroll payments. This is especially helpful for international organizations with dispersed and remote labor forces, as it streamlines the complicated procedure of cross-border payments. Instead of preserving separate 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 tactical property for payroll executives. We will likewise provide a recap 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 walk you through the international advantages and disadvantages of a payroll wallet versus a payroll checking account how business precisely forecast their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in adequate in one country however when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a variety of reasons most notably guidelines compliance data security and banking guidelines then there are the sheer numbers they include more intricacy the international Workforce is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the globe in the standard payroll design there’s frequently a frustrating number of different systems resulting in time-consuming manual procedures and silos the variety of Integrations could be non-existent in big quantities and or very extremely basic there’s no genuine consistency structure we’re living in an age of tech however 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 and that just blows my mind each time I I think
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Workforce data in real time that’s another number that gives me sleepless nights and rather honestly the more a company invests in worldwide payroll the less of a picture they see an absence of exposure likewise encompasses payroll payments and failure to precisely track these payments can result in compliance mishaps in the last mile of the transaction almost half of global businesses have revealed that they do not 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 poor HCM information information 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 shipped to the incorrect place the typical cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money all over the world payroll and payments don’t run smoothly if they rely on the needed multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties service face when they’re making payments to workers or otherwise that’s a great concern I always throw this back and say what is it what doesn’t require to be included best and what does
it require to be thought of there’s varying Bank information 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 need to pay from an in-country account do you need to pay from the client’s own in-country account so there’s complexity anywhere you look best ultimately building a knowledge base is definitely crucial but everywhere you look with payroll payment they are like incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely basic and innovation is enabling us to kind of move forward with that it also too to add to that payroll and financing require to work closer together um with varying Checking account Details varying banking requirements and setup procedures is absolutely important that payroll and finance teams work closer together than ever um I’m always impressed when people say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate 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 information collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world puts a high value on well-being and the compensation landscape is ending up being increasingly intricate. Organizations are constantly introducing new benefits and payment choices, which adds to the total complexity. Large corporations typically divide their payroll and payment processing into separate groups, which can result in ineffectiveness and traffic jams. In my opinion, this doesn’t need to hold true. In today’s highly innovative period, there’s no reason for keeping cumbersome procedures. Payroll, the business’s greatest cost, must be processed correctly and on time. Even small hold-ups can negatively affect employees’ well-being and have significant effects. Therefore, it’s vital to focus on accurate and prompt payments.
payroll group get um so I’m unsure anyone on this type 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 staff members or not um but ultimately payroll is such an essential cycle we all become aware of it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s simply a tick box workout and I think 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 stuff is absolutely important that all of this stuff is done properly so leveraging the very first International Payments first payroll payment solution is a great primary step um supplying an end-to-end payroll option for your staff members worldwide again I think is another substantial um procedure once again lining up and guaranteeing you have standardization International procedures all of those things are definitely essential to success success of services and minimizing the number 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 terms of of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone quite where they’re suggested to be um I do not believe any of us are really doing that for for the thanks
anyhow we know 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 easy as possible for everyone that’s involved in those processes and also so envision sorry I’m just I was just gon na state picture the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions envision getting that lots of thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would definitely be a fascinating job attempting to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and in fact see what was going on and type of shot to get back to everybody so proceeding appearance why do business pick to main separate bank accounts there are Papaya Global Payroll Cost organizations out there doing precisely this for particular countries and I have actually worked in a service or many businesses doing exactly that I can say it doesn’t always feel effective and it does produce more work I understand we’re not intentionally doing that we’re not developing additional work for anybody where we do not need to and any person that’s dealing with 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 amount that we are I believe lots of factors one is it’s the standard I believe people have actually got so utilized to we need a brand-new checking 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 requirement and the standard individuals have adopted and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and numerous other ways um to to type of do it so I believe there’s a range I believe this is a process that requires looking at it needs altering however eventually individuals are really stuck with what they’re familiar
with right um modification is a tough thing all of us do not like modification um so I believe it’s simply sort of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend certainly the advantages of having maintaining multiple checking account but there’s a big quantity of intricacy goes with setting up a bank account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the right user accesses for private individuals so the complexity is substantial but I believe the sincere response is change um people haven’t been able to alter or have not had always the knowledge to really make that change into alternate Solutions besides opening a checking account I think you have actually hit the nail on the head I believe it is understanding you know and there is an element of resistance to change however we’ve always done it that way is no genuine excuse 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 monitor and this technique does pose a number of difficulties um so Johnny might you tell us about those obstacles yeah obviously so there’s a range 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 Worldwide employees you are worthy of a corner office with a more detailed parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Payroll Cost