Over the last 5 or 6 years …Download Papaya Global V29… roles on the company side and likewise on the vendor side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I really 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 really extremely uninspiring and I want I was elsewhere at this moment in time okay so let’s begin our program for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why companies preserve separate
Virtual payroll accounts are an alternative to traditional savings account for managing payroll payments. This is particularly beneficial for international companies with dispersed and remote labor forces, as it simplifies the intricate procedure of cross-border payments. Instead of preserving different checking 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 becoming a strategic asset for payroll executives. We will also offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently securely and on time throughout this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll bank 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 challenging in adequate in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a range of factors most notably policies compliance information security and banking rules then there are the sheer numbers they include additional intricacy the international Labor force is currently three 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 currently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing worldwide in the traditional payroll model there’s typically an overwhelming variety of different systems resulting in time-consuming manual processes and silos the number of Combinations could be non-existent in large amounts and or really very fundamental there’s no real consistency structure we’re residing in an era of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply blows my mind whenever I I believe
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce 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 an absence of visibility likewise reaches payroll payments and inability to properly track these payments can result in compliance mishaps in the last mile of the deal nearly half of global services have actually expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry mistakes badly interacted hires and terminations along with lack management and system setups and then when you round all of it off and the information is delivered to the wrong location the typical expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money all over the world payroll and payments don’t run efficiently if they count on the needed 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 company face when they’re paying to staff members or otherwise that’s an excellent question I always throw this back and state what is it what doesn’t need to be consisted of best and what does
it need to be thought of there’s varying Bank details 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 have to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s complexity wherever you look right ultimately building a knowledge base is absolutely vital but all over you look with payroll payment they resemble incredibly payments no if however some infants 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 believe there’s now a bit more recognition that payroll payments are definitely basic and innovation is allowing us to kind of move on with that it likewise too to add to that payroll and financing require to work closer together um with varying Checking account Particulars differing banking requirements and setup processes is definitely imperative that payroll and finance groups work more detailed together than ever um I’m constantly surprised when individuals say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from computation 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 data collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
The contemporary world places a high worth on well-being and the compensation landscape is ending up being significantly complex. Services are continually introducing new advantages and payment choices, which adds to the total complexity. Big corporations frequently divide their payroll and payment processing into separate groups, which can cause inefficiencies and bottlenecks. In my viewpoint, this does not have to hold true. In today’s highly advanced era, there’s no reason for keeping cumbersome procedures. Payroll, the business’s greatest expenditure, must be processed correctly and on time. Even small delays can negatively impact employees’ wellness and have far-reaching effects. Therefore, it’s crucial to prioritize accurate and prompt payments.
payroll team get um so I’m uncertain anybody on this sort 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 workers or not um however ultimately payroll is such an important cycle all of us find out about it when it fails everyone 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 stuff is absolutely important that all of this things is done correctly so leveraging the very first International Payments first payroll payment solution is a fantastic primary step um supplying an end-to-end payroll solution for your staff members internationally once again I believe is another huge um procedure again lining up and ensuring you have standardization Worldwide processes all of those things are absolutely key to success success of businesses and reducing the number of tools platforms and savings account they need for their International 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 countless them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the problems where things haven’t gone quite where they’re meant to be um I don’t believe any of us are in fact doing that for for the thanks
anyhow we know how how important 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 involved in those procedures and also so envision sorry I’m just I was just gon na say think of the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions picture getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating 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 was the case um you ‘d need days of the week to attempt to check out them and really see what was going on and type of try to return to everybody so carrying on look why do companies select to primary different savings account there are Download Papaya Global V29 companies out there doing precisely this for specific countries and I have actually worked in an organization or numerous companies doing exactly that I can state it doesn’t constantly feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not creating additional work for any person where we do not have to and any person 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 quantity that we are I believe numerous factors one is it’s the standard I believe individuals have got so utilized to we require a new checking account we open an entity and appropriately so you need 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 standard and the standard the people have adopted and continue to do over years and years passed by to contribute to that people 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 range I believe this is a process that requires taking a look at it requires changing but eventually individuals are really stuck with what they’re familiar
with ideal um change is a challenging thing we all do not like change um so I believe it’s just sort of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand clearly the benefits of having maintaining several bank accounts but there’s a big quantity of intricacy goes with establishing a checking account maintaining it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for individual individuals so the complexity is huge but I believe the sincere answer is modification um individuals have not had the ability to change or haven’t had always the understanding to actually make that change into alternate Solutions besides opening a bank account I believe you’ve hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to change but we’ve always done it that way is no real reason for not taking a look at the the advantages and the possibilities of moving on and moving into you know what could nearly be figured out to be the next Century approximately there is a lot to keep an eye on and this method does posture a number of difficulties um so Johnny could you inform us about those challenges yeah obviously so there’s a range right there is so
I 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 acquired another CFO, and with this enhanced capability, I have actually successfully 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 better, considering your achievements. Download Papaya Global V29