Over the last 5 or six years …Switching To Papaya Global Payroll… functions on the provider side and likewise on the vendor side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just provide everyone another number of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everybody 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 drizzling here it’s very really gloomy 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 difficulty years of handling International payroll why companies maintain separate
Virtual payroll accounts are an alternative to traditional bank accounts for handling payroll payments. This is especially useful for international companies with dispersed and remote labor forces, as it streamlines the intricate procedure of cross-border payments. Instead of maintaining separate savings account for payroll in various countries, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are ending up being a strategic property for payroll executives. We will likewise supply a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently firmly and on time throughout this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how business accurately forecast their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in adequate in one country however when you’re doing it worldwide it’s next level and Beyond it becomes complex for a range of factors most notably guidelines compliance information security and banking rules then there are the large numbers they include more complexity the global Labor force is currently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals 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 around the world in the standard payroll model there’s often a frustrating variety of various systems leading to lengthy manual procedures and silos the number of Combinations could be non-existent in big quantities and or extremely very basic there’s no real consistency structure we’re residing in an age of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind whenever I I believe
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Workforce information in real time that’s another number that provides me sleep deprived nights and rather frankly the more an organization invests in international payroll the less of an image they see a lack of exposure also extends to payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the transaction almost half of worldwide services have revealed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM data data entry errors poorly communicated hires and terminations in addition to lack management and system setups and after that when you round it all off and the data is delivered to the incorrect place the typical expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money worldwide payroll and payments don’t run smoothly if they count on the essential numerous processes 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 difficulties company face when they’re making payments to staff members or otherwise that’s a good concern I always throw this back and state what is it what doesn’t need to be included right 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 amount of time there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the client’s own in-country account so there’s complexity any place you look best ultimately building a knowledge base is absolutely important but all over you look with payroll payment they resemble super payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely essential and technology is allowing us to sort of move on with that it likewise also to add to that payroll and financing require to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is absolutely essential that payroll and financing groups work more detailed together than ever um I’m always impressed 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 work in the payroll profession would they divide the payroll payment from estimation I would say no so why do we as an industry 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 people any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world puts a high value on well-being and the compensation landscape is becoming progressively intricate. Organizations are continually presenting new advantages and payment options, which contributes to the general intricacy. Big corporations typically divide their payroll and payment processing into separate groups, which can lead to inefficiencies and bottlenecks. In my opinion, this does not have to hold true. In today’s highly sophisticated period, there’s no justification for preserving troublesome procedures. Payroll, the business’s greatest cost, should be processed properly and on time. Even slight delays can adversely impact staff members’ well-being and have significant effects. Therefore, it’s vital to focus on precise and timely payments.
The payroll team may not have been thanked for correctly processing payroll during a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and individuals only discover when things fail. However, when things go right, it’s viewed as just a regular task. This is how it’s perceived externally also. Therefore, it is essential to make sure that jobs like Wi-Fi International and other important matters are done properly. Utilizing the first International Payments first payroll payment option is an excellent preliminary step towards offering a thorough payroll service for staff members worldwide. Standardization, international processes, and minimizing the number of tools, platforms, and savings account required for international payroll are essential factors in accomplishing company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few grievances when things don’t go as planned. Ultimately, we don’t do it for the gratitude.
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 easy as possible for everyone that’s associated with those procedures and likewise so picture sorry I’m simply I was just gon na say envision the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions think of getting that lots of thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing job trying to clean all those up for sure oh absolutely 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 try to browse them and actually see what was going on and type of shot to get back to everybody so carrying on appearance why do business choose to main separate savings account there are Switching To Papaya Global Payroll companies out there doing exactly this for particular countries and I’ve operated in a business or numerous organizations doing precisely that I can say it does not constantly feel effective and it does develop more work I understand we’re not deliberately doing that we’re not creating extra work for anybody where we do not need to and anybody that’s managing 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 believe lots of factors one is it’s the requirement I believe individuals have actually got so used to we require a brand-new checking account we open an entity and rightly 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 standard and the standard individuals have embraced and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and numerous other methods um to to type of do it so I think there’s a range I believe this is a procedure that requires taking a look at it needs altering however eventually individuals are really stuck with what they’re familiar
with ideal um modification is a tough thing we all don’t like modification um so I think it’s simply kind of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand certainly the advantages of having keeping multiple savings account but there’s a big amount of complexity opts for establishing a bank account preserving it ensuring it can send International transfers ensuring it’s set up with the ideal user accesses for individual individuals so the complexity is huge but I believe the honest response is modification um people have not had the ability to change or have not had necessarily the understanding to actually make that change into alternate Solutions other than opening a checking account I believe you’ve struck the nail on the head I think 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 taking a look at the the advantages and the possibilities of proceeding and moving into you understand what could nearly be figured out to be the next Century or two there is a lot to track and this approach does pose a number of obstacles um so Johnny might you tell us about those difficulties yeah naturally 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 Global employees you are worthy of a corner office with a better parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Switching To Papaya Global Payroll