Over the last 5 or 6 years …Papaya Global Ssp Bank Holidays… roles on the company side and likewise on the vendor side from a payroll point of view so truly anticipating this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll simply give everyone another couple of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everybody comes from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely extremely gloomy and I want I was somewhere else 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 difficulty years of handling International payroll why business maintain separate
Virtual payroll accounts are an alternative to standard savings account for handling payroll payments. This is particularly beneficial for international companies with dispersed and remote workforces, as it simplifies the complex process of cross-border payments. Instead of maintaining separate savings account for payroll in different countries, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are ending up being a tactical property for payroll executives. We will likewise provide 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 walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how companies accurately anticipate their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in adequate in one nation however when you’re doing it internationally it’s next level and Beyond it becomes complicated for a variety of factors most notably policies compliance information security and banking rules then there are the sheer numbers they include further intricacy the international Workforce is presently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the world in the conventional payroll model there’s often an overwhelming variety of different systems resulting in lengthy manual procedures and silos the number of Integrations could be non-existent in large amounts and or very really basic there’s no real consistency framework we’re residing in an age of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which simply blows my mind every time I I think
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force information in real time that’s another number that provides me sleep deprived nights and rather honestly the more a service spends on global payroll the less of a photo they see a lack of presence likewise encompasses payroll payments and inability to accurately track these payments can result in compliance incidents in the last mile of the deal almost half of international companies have revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry errors poorly communicated hires and terminations as well as lack management and system setups and then when you round everything off and the information is delivered to the wrong place the average expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money worldwide payroll and payments do not run efficiently if they depend on the essential numerous processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles business face when they’re making payments to workers or otherwise that’s a great question I constantly throw this back and state what is it what doesn’t require to be included 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 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 wherever you look ideal eventually constructing a knowledge base is definitely critical but everywhere you look with payroll payment they are like extremely 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 think there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is permitting us to type of progress with that it likewise also to add to that payroll and finance need to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is absolutely crucial that payroll and financing groups work more detailed together than ever um I’m always amazed when people state I’ve divided payroll and payment um if you walk 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 an industry accept that why our payroll and payments so typically 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 any place they are but also paying statutory authorities and on statutory third parties so with the
The modern-day world puts a high worth on wellness and the payment landscape is becoming significantly intricate. Organizations are continually presenting brand-new benefits and payment options, which adds to the total intricacy. Large corporations frequently divide their payroll and payment processing into different groups, which can cause inadequacies and bottlenecks. In my viewpoint, this doesn’t have to hold true. In today’s highly innovative period, there’s no justification for maintaining troublesome procedures. Payroll, the company’s biggest expenditure, should be processed correctly and on time. Even small hold-ups can negatively impact workers’ wellness and have far-reaching repercussions. Therefore, it’s vital to focus on accurate and prompt payments.
The payroll group might not have been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and individuals only see when things go wrong. Nevertheless, when things go right, it’s seen as simply a routine task. This is how it’s viewed externally as well. For that reason, it is important to make sure that jobs like Wi-Fi Global and other important matters are done correctly. Using the very first Worldwide Payments first payroll payment solution is a terrific initial action towards offering an extensive payroll solution for workers worldwide. Standardization, global processes, and minimizing the variety of tools, platforms, and bank accounts required for international payroll are essential consider achieving service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically get a few problems when things do not go as prepared. Eventually, we don’t do it for the appreciation.
anyhow we understand how how essential 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 everyone that’s involved in those procedures and also so picture sorry I’m just I was just gon na say imagine 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 potentially Millions picture getting that many thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an interesting 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 try to browse them and actually see what was going on and kind of try to get back to everyone so moving on look why do companies choose to primary separate checking account there are Papaya Global Ssp Bank Holidays companies out there doing exactly this for specific nations and I’ve worked in an organization or lots of companies doing exactly that I can say it does not constantly feel effective and it does produce more work I know we’re not deliberately doing that we’re not producing additional work for anyone where we do not have to and any person that’s managing that procedure 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 numerous reasons one is it’s the requirement I think people have actually got so used to we require a new bank account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm the people have actually embraced and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and many other ways um to to type of do it so I think there’s a variety I think this is a process that requires taking a look at it needs altering but ultimately individuals are extremely stuck with what they’re familiar
with right um change is a difficult thing all of us do not like change um so I believe it’s simply sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the advantages of having preserving multiple bank accounts but there’s a huge quantity of complexity opts for establishing a checking account preserving it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for individual individuals so the complexity is big however I believe the truthful response is change um people haven’t had the ability to alter or haven’t had always the knowledge to truly make that change into alternate Solutions other than opening a bank account I believe you’ve hit the nail on the head I think it is understanding you know and there is an aspect of resistance to change however we have actually always done it that way is no real excuse for not looking at the the advantages and the possibilities of carrying on and moving into you know what might practically be identified to be the next Century or so there is a lot to track and this approach does pose a number of difficulties um so Johnny could you inform us about those difficulties yeah of course 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 gotten another CFO, and with this boosted ability, I have effectively protected payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Ssp Bank Holidays