Over the last five or 6 years …Papaya Global Payroll Pay Bonus… roles on the supplier side and also on the vendor side from a payroll perspective so really anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just offer everybody another couple of uh well one of 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 simply to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I truly do hope it’s much sunnier than it is 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 really dreary and I want I was somewhere else at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why business preserve different
Virtual payroll accounts are an alternative to conventional bank accounts for handling payroll payments. This is especially beneficial for worldwide companies with dispersed and remote labor forces, as it simplifies the complicated process of cross-border payments. Instead of maintaining different bank accounts for payroll in various nations, virtual accounts and digital wallets use a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are ending up being a tactical asset for payroll executives. We will likewise supply a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively securely and on time throughout this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll bank account how business precisely anticipate their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be challenging in adequate in one country however when you’re doing it globally it’s next level and Beyond it becomes complex for a range of factors most significantly guidelines compliance data security and banking rules then there are the large numbers they add more complexity the international Workforce is currently 3 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 factor in that there are some 230 million companies and growing all doing their own thing worldwide in the standard payroll model there’s often a frustrating number of different systems causing lengthy manual procedures and silos the number of Integrations could be non-existent in large quantities and or very really basic there’s no genuine consistency structure we’re living in an era of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which just blows my mind every time I I believe
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of services say they have Labor force data in real time that’s another number that gives me sleepless nights and rather honestly the more a company spends on worldwide payroll the less of an image they see an absence of exposure also reaches payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the transaction nearly half of international services have expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM information data entry errors inadequately communicated hires and terminations in addition to lack management and system setups and after that when you round all of it off and the data is shipped to the incorrect location the average cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash worldwide payroll and payments do not run smoothly if they rely on the needed numerous procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties business face when they’re paying to employees or otherwise that’s a good question I always throw this back and say what is it what does not need to be included best 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 timespan there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the client’s own in-country account so there’s intricacy anywhere you look best eventually constructing a knowledge base is absolutely critical however all over you look with payroll payment they resemble incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely basic and innovation is allowing us to kind of progress with that it also too to add to that payroll and financing require to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is definitely essential that payroll and finance teams work closer together than ever um I’m constantly surprised when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from estimation I would say no so why do we as an industry 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 wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern world positions a high value on wellness and the settlement landscape is ending up being progressively elaborate. Organizations are continuously introducing brand-new benefits and payment options, which contributes to the general complexity. Large corporations typically divide their payroll and payment processing into separate teams, which can result in inadequacies and bottlenecks. In my viewpoint, this doesn’t have to hold true. In today’s highly sophisticated age, there’s no justification for maintaining troublesome procedures. Payroll, the company’s greatest expense, need to be processed properly and on time. Even minor hold-ups can adversely affect staff members’ wellness and have significant effects. For that reason, it’s important to focus on accurate and timely payments.
payroll group get um so I’m unsure anybody on this type 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 hear about it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely important that all of this things is done properly so leveraging the very first Global Payments first payroll payment solution is a terrific primary step um supplying an end-to-end payroll option for your staff members internationally again I believe is another big um procedure again lining up and guaranteeing you have standardization Global procedures all of those things are definitely key to success success of services and minimizing the number of tools platforms and savings account they require for their Worldwide payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the problems 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 know how how crucial a role 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 easy as possible for everyone that’s involved in those processes and also so picture sorry I’m just I was just gon na say picture the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions imagine getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating task attempting to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and actually see what was going on and type of try to get back to everybody so proceeding appearance why do business choose to primary separate checking account there are Papaya Global Payroll Pay Bonus businesses out there doing precisely this for particular countries and I’ve worked in a service or many companies doing exactly that I can state it doesn’t always feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not creating extra work for anybody where we don’t 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 factors one is it’s the standard I think people have actually got so used to we require 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 standard and the standard the people have actually embraced and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and lots of other ways um to to type of do it so I think there’s a range I believe this is a process that needs looking at it requires altering but eventually individuals are really stuck with what they’re familiar
with best um change is a challenging thing all of us don’t like change um so I believe it’s simply kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend certainly the advantages of having preserving multiple savings account but there’s a huge amount of complexity chooses establishing a checking account maintaining it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for private individuals so the complexity is huge but I think the sincere response is modification um individuals haven’t had the ability to alter or have not had necessarily the understanding to truly make that change into alternate Solutions other than opening a bank account I believe you have actually hit the nail on the head I believe it is understanding you know and there is a component of resistance to change 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 could practically be identified to be the next Century or two there is a lot to monitor and this method does pose a number of difficulties um so Johnny might you inform us about those challenges yeah naturally so there’s a variety right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has actually gained another CFO, and with this improved ability, I have actually successfully secured payments for our 10,000 employees worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is more detailed, considering your achievements. Papaya Global Payroll Pay Bonus