Over the last 5 or 6 years …Integrate Papaya Global With Outlook… roles on the provider side and also on the vendor side from a payroll point of view so really looking forward to this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply offer everybody another couple of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I really do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really extremely gloomy and I want I was somewhere else at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why business preserve different
Virtual payroll accounts are an option to traditional savings account for managing payroll payments. This is particularly helpful for worldwide organizations with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of maintaining separate savings account for payroll in different countries, virtual accounts and digital wallets use a more structured service. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a strategic property for payroll executives. We will also provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively safely and on time throughout this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll checking account how business properly forecast their payroll costs to increase working capital and how streamlining 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 worldwide it’s next level and Beyond it ends up being complicated for a variety of reasons most importantly regulations compliance data security and banking guidelines then there are the sheer numbers they include additional intricacy the global Labor force is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 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 model there’s typically an overwhelming variety of various systems leading to lengthy manual procedures and silos the number 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 era of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which just blows my mind each time I I think
about it to give you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce information in real time that’s another number that provides me sleep deprived nights and rather honestly the more a business invests in worldwide payroll the less of a photo they see a lack of presence also encompasses payroll payments and inability to properly track these payments can result in compliance mishaps in the last mile of the transaction nearly half of worldwide companies have expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM data information entry errors improperly interacted hires and terminations as well as lack management and system configurations and after that when you round it all off and the information is shipped to the incorrect place the average cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments do not run efficiently if they depend on the essential multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties business face when they’re making payments to workers or otherwise that’s an excellent concern I always toss this back and state what is it what does not need to be included ideal and what does
it require to be thought of there’s differing 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 abilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy wherever you look best eventually developing a knowledge base is definitely important however all over 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 take a look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is enabling us to sort of move on with that it also too to add to that payroll and financing require to work closer together um with differing Savings account Details varying banking requirements and setup processes is definitely essential that payroll and financing groups work more detailed together than ever um I’m constantly amazed when individuals say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from calculation 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 process it’s the point of information collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory third parties so with the
The modern-day world positions a high value on well-being and the payment landscape is becoming progressively elaborate. Services are continually introducing brand-new advantages and payment choices, which adds to the general intricacy. Big corporations frequently divide their payroll and payment processing into separate teams, which can cause inefficiencies and traffic jams. In my opinion, this does not have to hold true. In today’s technically sophisticated era, there’s no justification for preserving troublesome procedures. Payroll, the company’s most significant expenditure, need to be processed properly and on time. Even small hold-ups can adversely affect staff members’ well-being and have significant consequences. Therefore, it’s critical to prioritize precise and timely payments.
The payroll team might not have been thanked for properly processing payroll during a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and individuals just notice when things fail. However, when things go right, it’s viewed as just a routine task. This is how it’s perceived externally as well. For that reason, it is vital to make sure that tasks like Wi-Fi Worldwide and other crucial matters are done properly. Utilizing the very first Global Payments first payroll payment option is an excellent preliminary step towards supplying a detailed payroll option for workers worldwide. Standardization, global procedures, and reducing the variety of tools, platforms, and savings account essential for international payroll are essential factors in achieving business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of problems when things don’t go as planned. Eventually, we don’t do it for the gratitude.
anyway we understand how how essential 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 everyone that’s involved in those procedures and also so think of sorry I’m just I was just gon na say envision the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions envision getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an intriguing task trying to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and actually see what was going on and sort of shot to return to everybody so moving on appearance why do companies pick to primary different bank accounts there are Integrate Papaya Global With Outlook businesses out there doing precisely 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 effective and it does develop more work I know we’re not deliberately doing that we’re not developing extra work for anyone where we don’t need to and anyone that’s handling 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 amount that we are I believe numerous reasons one is it’s the standard I think people have actually got so utilized to we require a brand-new savings account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the standard the people have actually adopted and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and lots of other ways um to to kind of do it so I think there’s a variety I think this is a process that needs looking at it needs altering but eventually individuals are very stuck with what they’re familiar
with ideal um modification is a challenging thing we all don’t like change um so I think it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand obviously the benefits of having maintaining multiple checking account but there’s a huge quantity of complexity opts for establishing a bank account keeping it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for specific individuals so the complexity is substantial but I think the honest answer is change um people haven’t been able to alter or have not had necessarily the knowledge to really make that change into alternate Solutions aside from opening a savings account I believe you’ve hit the nail on the head I believe it is understanding you understand and there is a component of resistance to alter but we’ve always done it that way is no real reason for not taking a look 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 approximately there is a lot to track and this technique does posture several challenges um so Johnny might you inform us about those difficulties yeah naturally so there’s a variety 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 tasks on one platform. It feels like our CFO has actually gained another CFO, and with this enhanced capability, I have successfully secured payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is good. You should have a corner workplace with a parking space that is better, considering your accomplishments. Integrate Papaya Global With Outlook