Over the last five or six years …Papaya Global Process Flow… functions on the company side and likewise on the supplier side from a payroll point of view so actually anticipating this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply provide everyone another number of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everybody is um it’s nice to to sort of like see where everyone originates from and I truly 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 very very uninspiring and I wish I was somewhere else at this moment in time okay so let’s start our program for today is as follows um we are going to be looking at the challenge years of managing Global payroll why business keep different
Virtual payroll accounts are an alternative to standard savings account for handling payroll payments. This is particularly useful for international organizations with dispersed and remote workforces, as it streamlines the complicated process of cross-border payments. Instead of preserving different savings account for payroll in different countries, 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 strategic possession for payroll executives. We will likewise provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively safely and on time during this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll checking account how business accurately forecast their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in adequate in one country however when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a variety of reasons most notably guidelines compliance information security and banking rules then there are the sheer numbers they add more intricacy the international 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 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 model there’s typically an overwhelming variety of different systems causing time-consuming manual procedures and silos the number of Integrations could be non-existent in big quantities and or very really basic there’s no real consistency structure we’re residing in a period of tech however payroll has 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 each time I I think
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite frankly the more a company invests in global payroll the less of an image they see an absence of exposure likewise reaches payroll payments and failure to properly track these payments can result in compliance mishaps in the last mile of the transaction almost half of international organizations have actually revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM data information entry errors improperly communicated hires and terminations in addition to lack management and system configurations and after that when you round it all off and the data is shipped to the wrong location the average cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money all over the world payroll and payments don’t run smoothly if they count on the required several 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 obstacles service face when they’re making payments to employees or otherwise that’s a great concern I always toss this back and say what is it what doesn’t need to be included right 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 best ultimately building a knowledge base is definitely vital however all over you look with payroll payment they resemble super payments no if however some children about it you are all superheroes processing payments for payroll if you look at the type 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 innovation is permitting us to type of move on with that it also as well to add to that payroll and finance require to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is definitely essential that payroll and financing groups work closer together than ever um I’m constantly impressed when people say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so typically 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 any place they are however likewise paying statutory authorities and on statutory third parties so with the
The contemporary world places a high value on well-being and the compensation landscape is becoming significantly elaborate. Businesses are continuously introducing new benefits and payment options, which adds to the total intricacy. Big corporations frequently divide their payroll and payment processing into different teams, which can lead to ineffectiveness and bottlenecks. In my viewpoint, this doesn’t have to be the case. In today’s highly advanced era, there’s no validation for preserving troublesome procedures. Payroll, the business’s most significant expense, need to be processed correctly and on time. Even small delays can adversely impact staff members’ wellness and have far-reaching effects. For that reason, it’s crucial to prioritize accurate and timely payments.
payroll team get um so I’m uncertain anyone on this type 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 workers or not um however ultimately payroll is such a crucial cycle all of us find out about it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely crucial that all of this things is done correctly so leveraging the first Worldwide Payments first payroll payment service is a great primary step um providing an end-to-end payroll option for your staff members globally again I believe is another substantial um process again lining up and ensuring you have standardization Worldwide procedures all of those things are absolutely essential to success success of services and lowering the variety of tools platforms and savings account they need 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’ve never had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t gone quite where they’re meant to be um I do not think any of us are actually doing that for for the thanks
anyhow we understand how how essential a function 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 easy as possible for everyone that’s associated with those procedures and also so envision sorry I’m simply I was simply gon na say picture the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly 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 task attempting to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to look through them and really see what was going on and type of try to return to everybody so moving on look why do companies select to main different savings account there are Papaya Global Process Flow businesses out there doing precisely this for particular countries and I’ve worked in an organization or numerous organizations doing exactly that I can say it doesn’t always feel efficient and it does develop more work I know we’re not intentionally doing that we’re not producing extra work for any person where we do not have to and anybody 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 factors one is it’s the standard I believe individuals have actually got so used to we require a new savings account we open an entity and appropriately so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard individuals have actually embraced and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a variety I think this is a process that requires taking a look at it needs changing however eventually individuals are very stuck with what they recognize
with best um modification is a difficult thing we all do not like modification um so I think it’s just type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand certainly the advantages of having maintaining multiple bank accounts but there’s a big amount of complexity goes with setting up a checking account keeping it ensuring it can send out International transfers ensuring it’s established with the best user accesses for private individuals so the intricacy is huge but I believe the sincere answer is change um individuals haven’t been able to change or have not had necessarily the understanding to really make that change into alternate Solutions aside from opening a savings account I believe you have actually struck the nail on the head I believe it is understanding you understand and there is a component of resistance to alter but we have actually always done it that way is no real reason for not looking at the the advantages and the possibilities of moving on and moving into you understand what might almost be determined to be the next Century or so there is a lot to track and this approach does present several challenges um so Johnny could you inform us about those obstacles yeah of course so there’s a range right there is so
I simply did you changed our Business 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 Worldwide staff members you should have a corner workplace with a more detailed parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Process Flow