Over the last five or 6 years …How To Qualify As Papaya Global… roles on the company side and likewise on the vendor side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just give everyone another couple of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everybody is um it’s nice to to sort of like see where everybody comes from and I truly do hope it’s much sunnier than it remains 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 very gloomy and I want I was elsewhere at this moment in time fine so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why companies keep separate
Virtual payroll accounts are an alternative to standard bank accounts for handling payroll payments. This is especially useful for global organizations with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of keeping separate checking account for payroll in different nations, virtual accounts and digital wallets provide a more structured option. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a tactical possession for payroll executives. We will likewise supply a wrap-up 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 worldwide pros and cons of a payroll wallet versus a payroll savings account how business properly anticipate their payroll costs to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in adequate in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a variety of reasons most notably policies compliance information security and banking rules then there are the sheer numbers they include more complexity the international Labor force is currently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 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 globe in the standard payroll design there’s often an overwhelming number of different systems resulting in time-consuming manual procedures and silos the variety of Combinations could be non-existent in big amounts and or really really standard there’s no genuine consistency framework we’re living in an age of tech but payroll has actually 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 each 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 Labor force data in real time that’s another number that offers me sleep deprived nights and quite honestly the more a business invests in global payroll the less of a picture they see a lack of visibility also reaches payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the deal nearly half of worldwide services have revealed 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 because of time reporting poor HCM data information entry mistakes improperly interacted hires and terminations as well as absence management and system configurations and after that when you round everything off and the information is delivered to the wrong location the average expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the world payroll and payments do not run smoothly if they depend on the necessary several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges service face when they’re paying to staff members or otherwise that’s a great question I constantly toss this back and state what is it what does not need to be consisted of right and what does
it require to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment abilities 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 intricacy any place you look right ultimately constructing a knowledge base is absolutely critical however all over you look with payroll payment they resemble super payments no if however some children about it you are all superheroes processing payments for payroll if you take a 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 absolutely basic and innovation is permitting us to type of progress with that it likewise too to contribute to that payroll and finance need to work closer together um with varying Savings account Particulars differing banking requirements and setup processes is definitely vital that payroll and finance teams work closer together than ever um I’m constantly impressed when people say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from computation 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 ultimately 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 modern-day world positions a high worth on wellness and the settlement landscape is ending up being progressively elaborate. Businesses are continually presenting brand-new advantages and payment choices, which adds to the overall complexity. Big corporations frequently divide their payroll and payment processing into separate teams, which can cause ineffectiveness and traffic jams. In my opinion, this does not need to hold true. In today’s technically innovative era, there’s no reason for maintaining troublesome treatments. Payroll, the business’s most significant expenditure, must be processed properly and on time. Even small hold-ups can adversely impact workers’ well-being and have far-reaching repercussions. For that reason, it’s critical to prioritize precise and prompt payments.
payroll group get um so I’m uncertain anybody on this type of webinar has actually 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 but ultimately payroll is such an important cycle we all find out about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely important that all of this things is done correctly so leveraging the first Worldwide Payments very first payroll payment service is an excellent first step um offering an end-to-end payroll solution for your staff members worldwide again I believe is another substantial um procedure once again aligning and ensuring you have standardization International procedures all of those things are definitely essential to success success of businesses and lowering the variety 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 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 grievances where things haven’t gone quite where they’re indicated to be um I do not believe any of us are really doing that for for the thanks
anyway we know how how essential 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 everybody that’s associated with those processes and also so think of sorry I’m simply I was just gon na state picture the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions picture getting that numerous thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating job trying to clean 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 require days of the week to try to check out them and really see what was going on and type of shot to get back to everyone so carrying on appearance why do companies select to main separate savings account there are How To Qualify As Papaya Global businesses out there doing precisely this for specific countries and I have actually operated in a company or numerous businesses doing precisely that I can say it doesn’t always feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not producing extra work for anyone where we do not have to and anyone that’s handling 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 quantity that we are I think lots of factors one is it’s the standard I believe individuals have got so used to we require a brand-new checking account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard individuals have embraced and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a variety I believe this is a process that requires taking a look at it needs changing but eventually people are really stuck to what they’re familiar
with best um modification is a challenging thing all of us don’t like modification um so I think it’s just sort of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand certainly the advantages of having keeping multiple bank accounts however there’s a big amount of complexity chooses establishing a checking account keeping it guaranteeing it can send International transfers guaranteeing it’s set up with the ideal user accesses for individual individuals so the complexity is substantial however I think the honest answer is change um individuals have not been able to alter or have not had always the understanding to actually 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 understanding you know and there is an aspect of resistance to change but we have actually always done it that way is no real excuse for not looking at the the advantages and the possibilities of proceeding and moving into you understand what might nearly be figured out to be the next Century or so there is a lot to keep track of and this method does position a number of difficulties um so Johnny might you inform us about those challenges yeah of course 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 International employees you are worthy of a corner office with a better parking space since I mastered International payroll and payments with Papaya payroll OS did you How To Qualify As Papaya Global