Over the last five or six years …Papaya Global Payroll Custom Accesss… roles on the company side and likewise on the vendor side from a payroll perspective so really anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just give everyone another number of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everyone 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 bleak and I wish I was elsewhere at this moment in time fine so let’s get going our program for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why companies keep separate
Virtual payroll accounts are an alternative to traditional checking account for handling payroll payments. This is especially useful for worldwide organizations with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of preserving separate bank accounts for payroll in various countries, virtual accounts and digital wallets provide a more structured service. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a tactical asset for payroll executives. We will also supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently safely and on time during this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll bank account how business precisely forecast their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be challenging in adequate in one nation but when you’re doing it internationally it’s next level and Beyond it becomes complicated for a variety of factors most notably regulations compliance data security and banking guidelines then there are the large numbers they add 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 further 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 all over the world in the standard payroll model there’s often an overwhelming number of various systems leading to lengthy manual processes and silos the variety of Integrations could be non-existent in large quantities and or very really standard there’s no real consistency structure we’re living in an age of tech but payroll has actually 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 just blows my mind each time I I think
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force data in real time that’s another number that provides me sleepless nights and quite frankly the more a company invests in global payroll the less of a picture they see a lack of exposure likewise encompasses payroll payments and failure to precisely track these payments can cause compliance incidents in the last mile of the deal nearly half of international organizations have actually expressed that they do not 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 information entry errors badly communicated hires and terminations as well as absence management and system configurations and then when you round all of it off and the data is shipped to the incorrect place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money worldwide payroll and payments don’t run efficiently if they depend on the required 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 challenges company face when they’re making payments to staff members or otherwise that’s a great question I constantly toss this back and say what is it what does not need to be consisted of ideal and what does
it require to be thought about there’s differing 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 capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s complexity anywhere you look ideal eventually building a knowledge base is absolutely important however all over you look with payroll payment they resemble super payments no if but some babies 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 believe there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is permitting us to kind of progress with that it also as well to contribute to that payroll and finance require to work closer together um with varying Checking account Particulars varying banking requirements and setup processes is absolutely necessary that payroll and financing teams work more detailed together than ever um I’m always surprised when people say I have actually 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 computation I would say no so why do we as an industry 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 information collection all the way through to paying people anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high worth on wellness and the settlement landscape is becoming significantly complex. Services are constantly presenting brand-new advantages and payment alternatives, which adds to the overall intricacy. Large corporations typically divide their payroll and payment processing into different groups, which can result in ineffectiveness and traffic jams. In my opinion, this does not have to be the case. In today’s technologically advanced period, there’s no justification for maintaining troublesome procedures. Payroll, the business’s most significant expenditure, must be processed properly and on time. Even minor delays can adversely affect workers’ wellness and have significant consequences. For that reason, it’s important to focus on accurate and timely payments.
payroll group get um so I’m unsure anyone on this sort of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such a crucial cycle we all become aware of it when it fails everybody jumps up and down when it fails but when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely important that all of this things is done properly so leveraging the very first International Payments first payroll payment service is a great first step um offering an end-to-end payroll solution for your staff members internationally once again I believe is another huge um procedure again aligning and guaranteeing you have standardization International processes all of those things are definitely essential to success success of businesses and minimizing the number of tools platforms and savings account they need 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’ve never ever had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the grievances where things haven’t gone rather where they’re suggested to be um I do not think any of us are in fact doing that for for the thanks
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 associated with those procedures and likewise so envision sorry I’m simply I was just gon na state think of the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions imagine getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating job attempting to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse them and really see what was going on and kind of shot to get back to everybody so carrying on look why do companies pick to main different bank accounts there are Papaya Global Payroll Custom Accesss businesses out there doing precisely this for particular countries and I have actually worked in an organization or numerous businesses doing exactly that I can state it doesn’t constantly feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not producing extra work for anyone where we don’t need to and anyone that’s handling 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 reasons one is it’s the standard I think people have actually got so utilized to we need a new bank 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 requirement and the norm individuals have embraced and continue to do over years and years gone past to contribute to that individuals have actually taken a look at things like trust accounts and many other ways um to to type of do it so I think there’s a range I believe this is a procedure that requires taking a look at it needs altering but eventually individuals are extremely stuck with what they recognize
with best um change is a difficult thing all of us do not like modification um so I believe it’s just type of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand obviously the advantages of having maintaining multiple savings account but there’s a big amount of complexity goes with establishing a bank account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the right user accesses for specific individuals so the intricacy is substantial however I think the honest response is change um people have not been able to alter or haven’t had always the understanding to truly make that change into alternate Solutions other than opening a checking account I believe you have actually hit the nail on the head I think it is understanding you understand and there is an element of resistance to change but we’ve constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of moving on and moving into you know what could almost be figured out to be the next Century or two there is a lot to track and this method does position numerous challenges um so Johnny might you inform us about those difficulties yeah naturally so there’s a variety right there is so
I just recently made a change to our Business 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 enhanced ability, I have actually successfully secured payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is better, considering your accomplishments. Papaya Global Payroll Custom Accesss