Over the last 5 or six years …Papaya Global Payroll Report… functions on the supplier side and likewise on the supplier side from a payroll perspective so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just offer everybody 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 rather intriguing and I can see it going on currently 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 remains 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 very extremely dreary 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 International payroll why companies keep separate
Virtual payroll accounts are an option to traditional bank accounts for handling payroll payments. This is especially useful for worldwide organizations with dispersed and remote labor forces, as it simplifies the complex procedure of cross-border payments. Instead of preserving separate checking account for payroll in different nations, virtual accounts and digital wallets offer a more structured option. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are ending up being a tactical possession for payroll executives. We will also provide 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 global advantages and disadvantages of a payroll wallet versus a payroll checking account how business precisely anticipate their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in enough in one nation but when you’re doing it globally it’s next level and Beyond it ends up being complex for a variety of factors most significantly regulations compliance data security and banking rules then there are the large numbers they add additional intricacy the international Labor force is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing worldwide in the conventional payroll design there’s often a frustrating variety of various systems leading to time-consuming manual processes and silos the number of Integrations could be non-existent in big amounts and or very extremely basic there’s no genuine consistency framework we’re residing in an era of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind every time I I think
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Labor force information in real time that’s another number that offers me sleep deprived nights and rather honestly the more a business invests in global payroll the less of an image they see a lack of visibility also extends to payroll payments and failure to accurately track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of worldwide businesses have revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry errors badly communicated hires and terminations along with absence management and system configurations and then when you round all of it off and the data is delivered to the wrong place the typical expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash worldwide payroll and payments do not run smoothly if they count on the essential numerous procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles service face when they’re paying to workers or otherwise that’s an excellent concern I constantly toss this back and say what is it what doesn’t need to be consisted of ideal and what does
it need to be thought about there’s varying 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 customer’s own in-country account so there’s intricacy any place you look best ultimately developing a knowledge base is absolutely critical but all over you look with payroll payment they are like very payments no if but some children 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 believe there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is allowing us to sort of move on with that it likewise as well to contribute to that payroll and finance require to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is definitely essential that payroll and finance teams work closer together than ever um I’m always amazed when people say I have actually split 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 divide the payroll payment from estimation 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 procedure it’s the point of data collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory third parties so with the
The contemporary world puts a high worth on well-being and the settlement landscape is ending up being significantly intricate. Companies are continuously presenting brand-new advantages and payment options, which contributes to the total complexity. Large corporations typically divide their payroll and payment processing into separate teams, which can lead to inefficiencies and bottlenecks. In my viewpoint, this doesn’t need to hold true. In today’s highly innovative age, there’s no reason for maintaining cumbersome treatments. Payroll, the business’s biggest cost, must be processed properly and on time. Even slight hold-ups can negatively affect staff members’ wellness and have far-reaching consequences. Therefore, it’s vital to prioritize accurate and prompt payments.
payroll group get um so I’m not sure anyone on this sort of webinar has actually 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 employees or not um but eventually payroll is such a crucial cycle we all become aware of it when it fails everybody jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely essential that all of this stuff is done properly so leveraging the first Worldwide Payments very first payroll payment solution is a terrific first step um offering an end-to-end payroll option for your workers worldwide once again I believe is another substantial um procedure once again aligning and guaranteeing you have standardization Global processes all of those things are absolutely crucial to success success of organizations and lowering the number of tools platforms and checking account they need for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things haven’t gone quite where they’re meant to be um I do not think any of us are really doing that for for the thanks
anyway we know how how important 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 everybody that’s involved in those procedures and likewise so picture sorry I’m just I was simply gon na say imagine the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re discussing numerous thousands potentially Millions envision getting that lots of 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 certainly be an intriguing job attempting to clean up all those up for sure oh definitely I can’t imagine 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 kind of shot to get back to everyone so carrying on look why do companies choose to main separate checking account there are Papaya Global Payroll Report companies out there doing exactly this for specific nations and I have actually worked in an organization or many services doing exactly that I can say it doesn’t constantly feel effective and it does create more work I understand we’re not purposely doing that we’re not developing extra work for any person where we do not need to and anybody that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I think many reasons one is it’s the standard I think people have actually got so utilized to we require a new bank account we open an entity and appropriately so you require it for payroll functions 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 embraced and continue to do over years and years passed by to add to that individuals have taken a look at things like trust accounts and lots of other ways um to to kind of do it so I believe there’s a range I think this is a procedure that requires looking at it requires changing however eventually people are really stuck with what they recognize
with right um change is a tough thing we all do not like modification um so I believe it’s simply kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the advantages of having keeping several bank accounts however there’s a huge quantity of intricacy chooses establishing a bank 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 intricacy is huge but I think the sincere answer is modification um individuals have not had the ability to change or have not had necessarily the understanding to really make that change into alternate Solutions aside from opening a checking account I think you’ve hit the nail on the head I believe it is knowledge you know and there is a component of resistance to change however we’ve constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of carrying on and moving into you understand what might almost be determined to be the next Century or two there is a lot to keep track of and this method does present a number of challenges um so Johnny might you inform us about those challenges yeah of course so there’s a variety right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually acquired another CFO, and with this boosted ability, I have actually effectively protected payments for our 10,000 employees worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is better, considering your achievements. Papaya Global Payroll Report