Over the last 5 or six years …Papaya Global Payroll Prices… functions on the company side and also on the supplier side from a payroll point of view so really eagerly anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply give everybody another number of uh well among the 30 seconds or two to join we all work back to back these days 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 everybody originates from and I actually 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 drizzling here it’s very really bleak and I wish I was elsewhere at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be looking at the obstacle years of handling International payroll why business maintain separate
Virtual payroll accounts are an option to standard savings account for handling payroll payments. This is especially helpful for international organizations with dispersed and remote labor forces, as it simplifies the complex procedure of cross-border payments. Instead of keeping separate savings account for payroll in various countries, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are becoming a strategic property for payroll executives. We will also offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively securely and on time during this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll bank account how business precisely forecast their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical property so payroll can be difficult in sufficient in one nation however when you’re doing it globally it’s next level and Beyond it ends up being intricate for a range of factors most significantly regulations compliance information security and banking guidelines then there are the sheer numbers they add more intricacy the global Labor force 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 worldwide in the traditional payroll design there’s frequently a frustrating variety of different systems resulting in time-consuming manual procedures and silos the variety of Combinations could be non-existent in large quantities and or really extremely basic there’s no real consistency framework we’re residing 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 which just blows my mind whenever I I believe
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of services state they have Labor force information in real time that’s another number that provides me sleepless nights and quite frankly the more an organization invests in international payroll the less of a photo they see an absence of exposure likewise reaches payroll payments and inability to properly track these payments can lead to compliance accidents in the last mile of the deal almost half of global businesses have expressed 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 data information entry mistakes inadequately communicated hires and terminations along with lack management and system configurations and after that when you round it all off and the information is shipped to the wrong location the average expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the world payroll and payments don’t run smoothly if they depend on the essential multiple 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 difficulties company face when they’re paying to staff members or otherwise that’s a great question I always throw this back and say what is it what doesn’t need to be included best and what does
it need 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 time frames 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 consumer’s own in-country account so there’s intricacy wherever you look ideal eventually building a knowledge base is definitely vital but all over you look with payroll payment they resemble extremely payments no if but 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 essential and technology is enabling us to type of move forward with that it also as well to contribute to that payroll and financing need to work closer together um with varying Checking account Details varying banking requirements and setup processes is definitely crucial that payroll and financing teams work more detailed together than ever um I’m constantly astonished when people state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they split the payroll payment from calculation 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 people any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world places a high worth on well-being and the compensation landscape is becoming progressively intricate. Companies are constantly introducing brand-new benefits and payment choices, which adds to the general intricacy. Big corporations often divide their payroll and payment processing into separate teams, which can lead to ineffectiveness and bottlenecks. In my viewpoint, this does not need to hold true. In today’s technologically sophisticated period, there’s no justification for maintaining troublesome procedures. Payroll, the business’s biggest cost, must be processed properly and on time. Even minor hold-ups can negatively affect workers’ wellness and have significant effects. For that reason, it’s critical to focus on precise and prompt payments.
payroll team get um so I’m unsure anybody on this sort of webinar has 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 but eventually payroll is such a crucial cycle we all hear about it when it fails everyone jumps up and down when it fails but when it goes right it’s just a tick box exercise 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 stuff is definitely vital that all of this stuff is done correctly so leveraging the first International Payments very first payroll payment solution is an excellent primary step um providing an end-to-end payroll service for your workers globally again I believe is another substantial um process again lining up and guaranteeing you have standardization Global procedures all of those things are absolutely crucial to success success of services and decreasing 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 have actually never ever 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 complaints where things have not gone quite where they’re meant to be um I do not think any of us are in fact doing that for for the thanks
anyhow we understand 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 simple as possible for everybody that’s associated with those procedures and also so picture sorry I’m just I was simply gon na say envision 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 discussing hundreds of thousands potentially Millions think of getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an intriguing task trying to clean all those up for sure oh definitely 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 look through them and actually see what was going on and kind of try to return to everyone so proceeding look why do companies choose to primary separate savings account there are Papaya Global Payroll Prices businesses out there doing exactly this for particular countries and I have actually operated in an organization or numerous organizations doing precisely that I can say it does not constantly feel efficient and it does develop more work I know we’re not deliberately doing that we’re not producing extra work for any person 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 think that we’re doing that in in the in the quantity that we are I think numerous factors one is it’s the requirement I think people have got so used to we require a new checking account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the standard the people have adopted and continue to do over years and years passed by to add to that individuals have actually taken a look 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 think this is a procedure that needs looking at it needs changing however eventually individuals are really stuck with what they’re familiar
with right um change is a challenging thing all of us do not like change um so I think it’s just kind of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend certainly the advantages of having preserving several bank accounts but there’s a huge quantity of intricacy goes with setting up a savings account preserving it guaranteeing it can send out International transfers guaranteeing it’s set up with the ideal user accesses for private people so the complexity is big but I think the truthful response is modification um people haven’t had the ability to alter or have not had necessarily the knowledge to truly 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 understand and there is an element of resistance to alter but we’ve constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you understand what could almost be identified to be the next Century approximately there is a lot to keep track of and this approach does position several difficulties um so Johnny might you inform us about those challenges yeah naturally so there’s a variety right there is so
I simply did you changed our Enterprise 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 are worthy of a corner office with a better parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Payroll Prices