Over the last 5 or six years …Papaya Global Payroll Legit… functions on the supplier side and likewise on the supplier side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply offer everyone another couple 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 intriguing and I can see it going on already just to hear where everybody is um it’s nice to to sort of like see where everyone originates from and I really do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely really bleak and I wish I was somewhere else at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why companies maintain different
Virtual payroll accounts are an alternative to conventional bank accounts for handling payroll payments. This is especially useful for global 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 different nations, virtual accounts and digital wallets use a more structured solution. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are becoming a strategic asset for payroll executives. We will likewise offer a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively safely and on time during this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll checking account how companies precisely forecast their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in sufficient in one country however when you’re doing it internationally it’s next level and Beyond it becomes intricate for a range of reasons most importantly policies compliance information security and banking rules then there are the sheer numbers they add further complexity the global Workforce is currently three and a half billion individuals by 2030 it’s approximated 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 consider that there are some 230 million companies and growing all doing their own thing around the world in the traditional payroll design there’s frequently a frustrating variety of various systems leading to time-consuming manual procedures and silos the number of Combinations could be non-existent in large quantities and or really extremely standard there’s no genuine consistency structure we’re residing 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 often 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 businesses say they have Workforce data in real time that’s another number that provides me sleep deprived nights and quite honestly the more a business invests in worldwide payroll the less of an image they see an absence of exposure also extends to payroll payments and inability to accurately track these payments can result in compliance accidents in the last mile of the deal nearly half of international services have actually expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM information data entry errors inadequately interacted hires and terminations along with lack management and system configurations and then when you round everything off and the information is shipped to the incorrect location the average cost of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments don’t run efficiently if they count on the essential several procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles business face when they’re paying to workers or otherwise that’s a great concern I constantly throw this back and state what is it what doesn’t require to be included best 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 country there’s payment timespan 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 intricacy anywhere you look best ultimately constructing a knowledge base is definitely crucial however all over you look with payroll payment they resemble very payments no if however some children about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and technology is enabling us to type of move on with that it likewise also to add to that payroll and finance require to work closer together um with differing Bank Account Particulars varying banking requirements and setup procedures is definitely vital that payroll and finance teams work closer together than ever um I’m constantly astonished when people say I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from estimation 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 eventually it’s payroll is an end-to-end procedure 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 third parties so with the
The modern-day world places a high value on well-being and the payment landscape is becoming progressively complex. Businesses are continually introducing new benefits and payment options, which contributes to the total intricacy. Big corporations typically divide their payroll and payment processing into separate teams, which can lead to inefficiencies and bottlenecks. In my opinion, this doesn’t have to hold true. In today’s highly innovative period, there’s no justification for preserving troublesome treatments. Payroll, the business’s most significant expenditure, should be processed properly and on time. Even minor delays can negatively impact workers’ well-being and have far-reaching effects. Therefore, it’s critical to prioritize accurate and prompt payments.
The payroll group might not have actually been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and individuals only see when things fail. However, when things go right, it’s viewed as just a routine task. This is how it’s viewed externally too. For that reason, it is essential to ensure that tasks like Wi-Fi Worldwide and other essential matters are done properly. Using the first Worldwide Payments first payroll payment option is an excellent preliminary step towards providing a thorough payroll solution for workers worldwide. Standardization, global processes, and decreasing the variety of tools, platforms, and bank accounts needed for worldwide payroll are crucial factors in accomplishing company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a few problems when things don’t go as planned. Ultimately, we don’t do it for the appreciation.
anyway we know how how crucial 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 everyone that’s involved in those procedures and also so think of sorry I’m just I was simply gon na say picture the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions envision getting that many thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would definitely be a fascinating job attempting to clean up all those up for sure oh definitely I can’t picture 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 type of shot to return to everyone so carrying on appearance why do companies select to primary separate bank accounts there are Papaya Global Payroll Legit companies out there doing exactly this for specific countries and I have actually worked in a service or lots of services doing exactly that I can say it doesn’t always feel effective and it does develop more work I know we’re not purposely doing that we’re not developing extra work for anybody where we do not need to and anyone that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I think lots of reasons one is it’s the standard I believe people have actually got so used to we require a new checking account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the norm individuals have actually adopted and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and many other methods um to to kind of do it so I believe there’s a range I think this is a procedure that requires taking a look at it needs changing however eventually people are really stuck to what they recognize
with ideal um modification is a challenging thing all of us do not like modification um so I believe it’s simply kind of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand obviously the advantages of having keeping multiple checking account but there’s a huge quantity of complexity opts for establishing a bank account preserving it ensuring it can send out International transfers ensuring it’s established with the best user accesses for individual people so the intricacy is big however I believe the sincere answer is change um people haven’t been able to change or have not had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a checking account I believe you’ve struck the nail on the head I think it is understanding you understand and there is an element of resistance to change but we have actually always done it that way is no real reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what might almost be figured out to be the next Century approximately 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 of course so there’s a variety right there is so
I just did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide staff members you are worthy of a corner office with a more detailed parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Payroll Legit