Over the last 5 or six years …Direct Deposit Using Papaya Global… roles on the company side and also on the vendor side from a payroll perspective so really eagerly anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply give everybody another couple of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everybody 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 remains 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 really really bleak and I want I was elsewhere at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why companies preserve different
Virtual payroll accounts are an option to traditional savings account for managing payroll payments. This is particularly useful for international organizations with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of preserving separate savings account for payroll in various countries, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are becoming a strategic property 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 properly effectively firmly and on time throughout this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll bank account how business properly forecast their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in sufficient in one country however when you’re doing it globally it’s next level and Beyond it becomes complicated for a range of factors most notably policies compliance information security and banking guidelines then there are the large numbers they add additional intricacy the global Labor force is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing around the globe in the standard payroll design there’s typically an overwhelming variety of various systems leading to time-consuming manual procedures and silos the number of Combinations could be non-existent in big quantities and or extremely extremely fundamental there’s no real consistency structure we’re residing in an era of tech however payroll has actually 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 each time I I believe
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force information in real time that’s another number that offers me sleepless nights and rather honestly the more a business invests in international payroll the less of an image they see a lack of presence likewise encompasses payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the deal nearly half of international services have expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM information information entry errors improperly communicated hires and terminations in addition to lack management and system configurations and after that when you round all of it off and the information is shipped to the wrong location the typical cost of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money worldwide payroll and payments do not run smoothly if they depend on the needed several 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 obstacles company face when they’re paying to workers or otherwise that’s a great question I always throw this back and state what is it what does not need to be consisted of right and what does
it need to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment capabilities 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 customer’s own in-country account so there’s complexity anywhere you look right ultimately constructing a knowledge base is absolutely vital however all over you look with payroll payment they are like extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is allowing us to sort of progress with that it likewise as well to add to that payroll and finance need to work closer together um with varying Savings account Details varying banking requirements and setup processes is definitely vital that payroll and financing teams work closer together than ever um I’m always amazed when people say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work 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 often 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 wherever they are however also paying statutory authorities and on statutory third parties so with the
The modern world positions a high worth on well-being and the settlement landscape is becoming increasingly elaborate. Companies are continuously introducing brand-new benefits and payment options, which adds to the general intricacy. Large corporations typically divide their payroll and payment processing into different groups, which can cause inefficiencies and bottlenecks. In my opinion, this does not need to hold true. In today’s technically sophisticated era, there’s no justification for maintaining troublesome procedures. Payroll, the business’s greatest expenditure, must be processed properly and on time. Even small hold-ups can adversely affect employees’ well-being and have significant effects. Therefore, it’s vital to focus on precise and timely payments.
payroll group get um so I’m uncertain anyone on this type of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an important cycle all of us find out about it when it fails everybody jumps up and down when it fails but when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely important that all of this things is done properly so leveraging the first Worldwide Payments very first payroll payment solution is a fantastic primary step um supplying an end-to-end payroll service for your workers internationally again I believe is another substantial um procedure again aligning and ensuring you have standardization Worldwide processes all of those things are absolutely key to success success of services and decreasing the number of tools platforms and bank accounts 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 ever had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone rather where they’re suggested to be um I don’t think any of us are really doing that for for the thanks
anyhow we understand how how crucial 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 processes and also so imagine sorry I’m simply I was just gon na state imagine the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands potentially Millions think of getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing task attempting to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to browse them and actually see what was going on and kind of try to get back to everybody so proceeding look why do business pick to primary different bank accounts there are Direct Deposit Using Papaya Global companies out there doing exactly this for specific nations and I’ve operated in a business or lots of organizations doing exactly that I can say it doesn’t constantly feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not creating additional work for anyone where we do not need to and anyone that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I think many reasons one is it’s the requirement I believe people have got so utilized to we need a new savings account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I think 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 people have actually looked at things like trust accounts and many other methods um to to type of do it so I believe there’s a variety I believe this is a procedure that needs taking a look at it requires altering however eventually individuals are really stuck to what they recognize
with ideal um change is a hard thing we all do not like change um so I think it’s simply type of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the benefits of having keeping numerous bank accounts but there’s a substantial amount of complexity goes with setting up a checking account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for individual individuals so the intricacy is big but I think the honest response is change um individuals haven’t had the ability to change or have not had always the knowledge to truly make that change into alternate Solutions other than opening a checking account I think you’ve struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to change however we’ve always 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 know what might nearly be determined to be the next Century or so there is a lot to track and this approach does pose numerous obstacles um so Johnny could you inform us about those difficulties yeah naturally so there’s a range right there is so
I simply did you switched our Enterprise 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 better parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Direct Deposit Using Papaya Global