Over the last five or six years …Finding Start Date On Papaya Global… roles on the provider side and likewise on the vendor side from a payroll viewpoint so truly looking forward to this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just provide everyone another couple of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really extremely gloomy and I wish I was somewhere else at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of managing International payroll why companies keep different
Virtual payroll accounts are an alternative to traditional checking account for managing payroll payments. This is especially useful for global companies with dispersed and remote workforces, as it simplifies the intricate procedure of cross-border payments. Instead of preserving different bank accounts for payroll in different countries, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are ending up being a strategic possession for payroll executives. We will also provide a recap 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 companies properly forecast their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in adequate in one country however when you’re doing it internationally it’s next level and Beyond it ends up being complex for a variety of reasons most importantly regulations compliance data security and banking rules then there are the large numbers they add further complexity the international Labor force is currently 3 and a half billion people by 2030 it’s estimated 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 companies and growing all doing their own thing around the world in the conventional payroll design there’s typically an overwhelming variety of different systems resulting in lengthy manual processes and silos the number of Integrations could be non-existent in large amounts and or really very fundamental there’s no real consistency framework we’re residing in an age of tech but 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 which simply blows my mind every time I I believe
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce information in real time that’s another number that offers me sleepless nights and quite honestly the more a service spends on worldwide payroll the less of a picture they see a lack of exposure also reaches payroll payments and inability to properly track these payments can result in compliance incidents in the last mile of the deal almost half of global businesses 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 mistakes are because of time reporting bad HCM data data entry mistakes poorly communicated hires and terminations as well as absence management and system configurations and after that when you round all of it off and the data is delivered to the incorrect location the typical expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash all over the world payroll and payments do not run efficiently if they count on the required multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges business 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 included best 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 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 need to pay from the customer’s own in-country account so there’s complexity any place you look best eventually constructing a knowledge base is definitely vital however everywhere you look with payroll payment they resemble very payments no if however some children about it you are all superheroes processing payments for payroll if you look at the kind 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 essential and innovation is enabling us to type of move forward with that it also too to contribute to that payroll and finance require to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is definitely crucial that payroll and financing teams work more detailed together than ever um I’m always impressed when individuals state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession 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 often split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
The modern world positions a high value on well-being and the compensation landscape is ending up being progressively elaborate. Organizations are continuously presenting brand-new advantages and payment alternatives, which adds to the general intricacy. Big corporations frequently divide their payroll and payment processing into different groups, which can cause ineffectiveness and bottlenecks. In my opinion, this does not have to be the case. In today’s highly innovative age, there’s no reason for maintaining cumbersome treatments. Payroll, the company’s biggest expense, must be processed correctly and on time. Even minor delays can adversely impact workers’ wellness and have significant effects. For that reason, it’s vital to focus on precise and timely payments.
payroll group get um so I’m not exactly sure anyone on this type of webinar has been informed 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 staff members or not um however ultimately payroll is such an essential cycle all of us become aware of it when it fails everyone jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely crucial that all of this stuff is done properly so leveraging the first Worldwide Payments first payroll payment service is a fantastic first step um supplying an end-to-end payroll solution for your workers worldwide once again I think is another substantial um procedure once again lining up and ensuring you have standardization International processes all of those things are absolutely key to success success of businesses and lowering the number of tools platforms and bank accounts they require for their International payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things have not gone rather where they’re suggested to be um I don’t believe any of us are really doing that for for the thanks
anyway we know 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 involved in those procedures and also so envision sorry I’m just I was simply gon na say imagine the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions picture getting that lots of thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would definitely be a fascinating task trying to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and in fact see what was going on and kind of shot to return to everybody so carrying on appearance why do business pick to primary separate savings account there are Finding Start Date On Papaya Global businesses out there doing exactly this for specific nations and I have actually operated in a company or many services doing exactly that I can state it doesn’t constantly feel efficient and it does develop more work I understand we’re not purposely doing that we’re not creating additional work for anybody where we don’t need to and anyone that’s managing that process 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 many reasons one is it’s the standard I believe people have actually got so used to we need a brand-new savings account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the norm individuals have actually adopted and continue to do over years and years passed by to add to that individuals have taken a look at things like trust accounts and numerous other methods um to to type of do it so I think there’s a variety I think this is a procedure that needs taking a look at it needs altering however eventually people are very stuck with what they recognize
with best um modification is a challenging thing all of us don’t like change um so I think it’s just type of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the advantages of having preserving numerous bank accounts however there’s a big amount of complexity opts for setting up a checking account keeping it ensuring it can send International transfers ensuring it’s set up with the best user accesses for individual individuals so the intricacy is substantial but I believe the truthful answer is change um people have not had the ability to alter or haven’t had necessarily the understanding to really make that change into alternate Solutions aside from opening a checking account I think you have actually hit the nail on the head I believe it is knowledge you know and there is an element of resistance to change but we’ve always done it that way is no genuine reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what might almost be identified to be the next Century or two there is a lot to track and this approach does position several obstacles um so Johnny could you tell us about those obstacles yeah obviously so there’s a variety right there is so
I just recently made a change 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 gained another CFO, and with this enhanced capability, I have actually successfully secured payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is closer, considering your accomplishments. Finding Start Date On Papaya Global