Over the last five or 6 years …Papaya Global 50 P45 Update… functions on the service provider side and also 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 everybody alright thanks Johnny uh we’ll simply provide everybody another couple of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everyone comes from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really really uninspiring and I want I was elsewhere at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why business maintain different
Virtual payroll accounts are an option to conventional bank accounts for managing payroll payments. This is particularly useful for worldwide companies with dispersed and remote labor forces, as it streamlines the complicated procedure of cross-border payments. Instead of keeping different checking account for payroll in various nations, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a tactical asset for payroll executives. We will also supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly effectively safely and on time during this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how business accurately forecast their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in adequate in one nation however when you’re doing it globally it’s next level and Beyond it becomes intricate for a variety of reasons most significantly policies compliance information security and banking guidelines then there are the sheer numbers they include more complexity the international Labor force is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people 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 traditional payroll design there’s often a frustrating number of different systems resulting in lengthy manual procedures and silos the variety of Combinations could be non-existent in large quantities and or extremely very standard there’s no real consistency framework we’re residing in an age 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 often with pen and paper and that simply blows my mind whenever I I think
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce information in real time that’s another number that offers me sleepless nights and quite frankly the more a service invests in international payroll the less of a photo they see an absence of visibility likewise encompasses payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the deal nearly half of international companies have actually revealed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry errors poorly interacted hires and terminations as well as absence management and system configurations and then when you round all of it off and the data is shipped to the wrong location the average cost of a worldwide information 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 rely on the essential several processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles organization face when they’re making payments to employees or otherwise that’s a good question I constantly throw this back and say what is it what doesn’t need to be included best and what does
it need to be considered there’s varying 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 have to pay from the consumer’s own in-country account so there’s complexity anywhere you look best eventually constructing a knowledge base is definitely critical but everywhere you look with payroll payment they are like extremely payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is allowing us to kind of move forward with that it also as well to add to that payroll and financing require to work closer together um with differing Savings account Details differing banking requirements and setup processes is absolutely crucial that payroll and financing teams work better together than ever um I’m constantly impressed when individuals state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information 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 contemporary world positions a high value on wellness and the payment landscape is becoming increasingly elaborate. Companies are continuously presenting brand-new advantages and payment choices, which contributes to the total intricacy. Big corporations often divide their payroll and payment processing into different groups, which can result in inefficiencies and bottlenecks. In my opinion, this doesn’t have to be the case. In today’s technically innovative era, there’s no reason for keeping troublesome treatments. Payroll, the company’s most significant expense, must be processed properly and on time. Even slight hold-ups can adversely impact staff members’ wellness and have significant repercussions. For that reason, it’s crucial to prioritize precise and prompt payments.
payroll group get um so I’m unsure anyone on this type of webinar has been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um however eventually payroll is such an essential cycle all of us find out about it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely important that all of this things is done properly so leveraging the very first Global Payments first payroll payment service is an excellent primary step um supplying an end-to-end payroll service for your workers worldwide once again I believe is another big um procedure again aligning and ensuring you have standardization Worldwide processes all of those things are definitely essential to success success of companies and decreasing the variety of tools platforms and savings account they need for their Global 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 10 or whatever it might be with the with the the problems where things have not gone quite where they’re suggested to be um I don’t think any of us are in fact doing that for for the thanks
anyhow we understand how how essential 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 associated with those procedures and likewise so picture sorry I’m just I was simply gon na say picture the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions picture getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an interesting job trying to clean all those up for sure oh absolutely 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 browse them and actually see what was going on and type of shot to return to everyone so proceeding look why do companies choose to main separate bank accounts there are Papaya Global 50 P45 Update organizations out there doing precisely this for specific nations and I have actually operated in a service or numerous businesses doing exactly that I can state it does not constantly feel efficient and it does create more work I understand we’re not purposely doing that we’re not developing extra work for anybody where we do not need to and any person that’s dealing with 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 amount that we are I think lots of factors one is it’s the standard I think individuals have got so used to we need a new checking account we open an entity and appropriately so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have adopted and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and lots of other ways um to to sort of do it so I believe there’s a variety I believe this is a procedure that needs looking at it requires changing however ultimately individuals are very stuck to what they recognize
with best um change is a hard thing we all do not like modification um so I believe it’s just type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand obviously the benefits of having keeping multiple checking account however there’s a huge quantity of complexity goes with establishing a bank account keeping it guaranteeing it can send out International transfers ensuring it’s set up with the ideal user accesses for private individuals so the complexity is substantial however I believe the truthful 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 aside from opening a checking 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 however we’ve constantly done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you know what might practically be identified to be the next Century approximately there is a lot to keep an eye on and this approach does posture several obstacles um so Johnny might you inform us about those obstacles yeah of course 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 handle our payroll and payment tasks on one platform. It seems like our CFO has actually gained another CFO, and with this boosted capability, I have actually successfully protected payments for our 10,000 employees worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global 50 P45 Update