Over the last 5 or six years …Papaya Global Payroll Unemployment… functions on the supplier side and also on the supplier side from a payroll point of view so actually looking forward to this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply provide everybody another couple of uh well one of 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 already just to hear where everybody is um it’s nice to to type of like see where everyone originates from and I truly 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 drizzling here it’s extremely really dreary and I want I was somewhere else at this moment in time okay so let’s get started our program for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why business preserve separate
Virtual payroll accounts are an option to conventional savings account for handling payroll payments. This is especially useful for global companies with dispersed and remote labor forces, as it streamlines the complicated procedure of cross-border payments. Instead of keeping separate savings account for payroll in various nations, virtual accounts and digital wallets provide a more streamlined solution. 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 likewise provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently securely 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 companies properly forecast their payroll expenses to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in enough in one nation however when you’re doing it internationally it’s next level and Beyond it becomes intricate for a range of factors most importantly regulations compliance information security and banking rules then there are the sheer numbers they include additional intricacy the worldwide Workforce is presently 3 and a half billion individuals by 2030 it’s approximated 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 services and growing all doing their own thing around the globe in the conventional payroll design there’s typically a frustrating number of different systems causing lengthy manual processes and silos the number of Combinations could be non-existent in big amounts and or extremely extremely fundamental there’s no genuine consistency framework we’re living in an era 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 often with pen and paper and that simply blows my mind whenever I I believe
about it to give you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force data in real time that’s another number that provides me sleepless nights and rather honestly the more an organization spends on global payroll the less of an image they see a lack of visibility likewise reaches payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the deal nearly half of worldwide organizations 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 mistakes are because of time reporting bad HCM data data entry errors badly interacted hires and terminations as well as absence management and system configurations and after that when you round all of it off and the data is delivered to the incorrect location the average cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the world payroll and payments do not run smoothly if they count on the required numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties organization face when they’re making payments to workers or otherwise that’s a good question 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 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 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 intricacy any place you look right eventually constructing a knowledge base is definitely vital but everywhere you look with payroll payment they resemble very payments no if but some babies 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 acknowledgment that payroll payments are definitely basic and innovation is permitting us to type of move on with that it likewise as well to add to that payroll and finance require to work closer together um with varying Savings account Details differing banking requirements and setup processes is absolutely necessary that payroll and finance groups work better together than ever um I’m constantly surprised when individuals say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate 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 frequently split and cut up um ultimately 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 but also paying statutory authorities and on statutory third parties so with the
The modern-day world positions a high value on wellness and the compensation landscape is ending up being significantly elaborate. Businesses are continuously presenting new advantages and payment choices, which adds to the general complexity. Big corporations typically divide their payroll and payment processing into different groups, which can lead to inadequacies and bottlenecks. In my opinion, this doesn’t need to be the case. In today’s highly innovative age, there’s no reason for maintaining cumbersome treatments. Payroll, the business’s most significant cost, should be processed properly and on time. Even slight hold-ups can adversely impact employees’ wellness and have significant repercussions. For that reason, it’s critical to focus on precise and prompt payments.
payroll group get um so I’m uncertain anybody on this type of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such an important cycle all of us 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 think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely essential that all of this things is done correctly so leveraging the first International Payments first payroll payment service is an excellent first step um supplying an end-to-end payroll option for your workers internationally again I think is another huge um process once again aligning and ensuring you have standardization Worldwide processes all of those things are definitely crucial to success success of organizations and decreasing the number of tools platforms and checking account they need for their Global 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 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 implied 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 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 everybody that’s involved in those procedures and likewise so envision sorry I’m simply I was simply gon na state envision the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions think of getting that many thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an intriguing job attempting to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and in fact see what was going on and type of shot to get back to everyone so carrying on appearance why do business select to main separate bank accounts there are Papaya Global Payroll Unemployment organizations out there doing exactly this for particular nations and I’ve operated in a service or many services doing exactly that I can state it does not constantly feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not creating additional work for anybody where we don’t have to and anyone 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 amount that we are I believe many reasons one is it’s the standard I think individuals have actually got so used to we need a new savings account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the standard the people have embraced and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a variety I think this is a procedure that requires looking at it needs changing but ultimately people are extremely stuck with what they’re familiar
with right um modification is a challenging thing we all don’t like modification um so I believe it’s simply 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 clearly the advantages of having keeping numerous checking account but there’s a big amount of complexity opts for establishing a checking account preserving it ensuring it can send International transfers ensuring it’s established with the best user accesses for private people so the complexity is huge but I believe the truthful response is modification um people haven’t had the ability to change or have not had necessarily the knowledge to actually make that change into alternate Solutions besides opening a bank account I think you’ve struck the nail on the head I think it is knowledge you know and there is a component of resistance to alter but we have actually constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what could nearly be identified to be the next Century or two there is a lot to track and this approach does posture numerous difficulties um so Johnny could you inform us about those challenges yeah obviously so there’s a variety right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has gotten another CFO, and with this improved capability, I have actually effectively secured payments for our 10,000 staff members worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Payroll Unemployment