Over the last five or six years …Papaya Global And Hr Software… roles on the supplier side and likewise on the supplier side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply give everybody another couple of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everybody originates from and I actually 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 drizzling here it’s really very bleak and I want I was elsewhere at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why companies preserve separate
Virtual payroll accounts are an option to standard bank accounts for handling payroll payments. This is particularly helpful for worldwide companies with dispersed and remote workforces, as it simplifies the complicated process of cross-border payments. Instead of keeping separate bank accounts for payroll in various nations, virtual accounts and digital wallets use a more structured service. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are becoming a strategic property for payroll executives. We will likewise offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively safely and on time during this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how business accurately forecast their payroll costs to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in sufficient in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a range of factors most significantly policies compliance information security and banking guidelines then there are the sheer numbers they add more complexity the global Labor force is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing around the world in the traditional payroll model there’s typically a frustrating variety of various systems causing lengthy manual procedures and silos the number of Combinations could be non-existent in big quantities and or extremely extremely standard there’s no real consistency framework we’re residing in a period 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 frequently with pen and paper which just blows my mind each time I I think
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce information in real time that’s another number that gives me sleep deprived nights and quite honestly the more an organization invests in worldwide payroll the less of an image they see an absence of visibility also extends to payroll payments and inability to precisely track these payments can result in compliance mishaps in the last mile of the deal nearly half of international businesses have revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM data data entry mistakes improperly interacted hires and terminations in addition to lack management and system configurations and after that when you round everything off and the information is shipped to the wrong place the typical expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the globe payroll and payments don’t run efficiently if they rely on the required numerous procedures 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 paying to staff members or otherwise that’s a good concern I constantly throw this back and say what is it what doesn’t need to be consisted of best and what does
it require to be thought about 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 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 client’s own in-country account so there’s intricacy any place you look right ultimately developing a knowledge base is definitely crucial but everywhere you look with payroll payment they resemble extremely 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 between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely fundamental and innovation is permitting us to kind of progress with that it also too to contribute to that payroll and finance require to work closer together um with varying Checking account Particulars differing banking requirements and setup processes is definitely imperative that payroll and financing teams work closer together than ever um I’m always impressed when people state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they divide 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 eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world puts a high value on well-being and the compensation landscape is becoming progressively elaborate. Services are continually presenting new benefits and payment choices, which contributes to the general intricacy. Large corporations often divide their payroll and payment processing into different groups, which can result in ineffectiveness and bottlenecks. In my viewpoint, this doesn’t have to be the case. In today’s technologically innovative era, there’s no justification for maintaining cumbersome procedures. Payroll, the business’s greatest cost, need to be processed correctly and on time. Even minor delays can adversely impact employees’ wellness and have significant repercussions. Therefore, it’s important to prioritize accurate and prompt payments.
payroll group get um so I’m unsure anyone on this kind of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an essential cycle all of us find out about it when it fails everybody jumps up and down when it fails but when it goes right it’s simply a tick box workout and I believe 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 things is definitely important that all of this things is done correctly so leveraging the first Global Payments first payroll payment option is an excellent initial step um providing an end-to-end payroll option for your employees globally once again I think is another huge um process once again aligning and ensuring you have standardization International processes all of those things are definitely crucial to success success of services and minimizing the variety of tools platforms and checking account they require 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 had a hundred countless 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 grievances where things haven’t gone quite where they’re suggested to be um I do not believe any of us are in fact doing that for for the thanks
anyway we understand 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 everyone that’s associated with those processes and also so imagine sorry I’m just I was simply 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 numerous thousands possibly Millions envision getting that lots of thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting task attempting to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to check out them and actually see what was going on and sort of shot to get back to everyone so proceeding look why do business choose to primary separate bank accounts there are Papaya Global And Hr Software companies out there doing exactly this for particular countries and I have actually worked in a service or many services doing precisely that I can say it doesn’t always feel effective and it does produce more work I know we’re not purposely doing that we’re not producing additional work for anyone where we don’t need to and any person that’s managing 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 reasons one is it’s the requirement I believe people have got so used to we need a brand-new bank 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 believe it’s just been the standard and the norm individuals have adopted and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and lots of other methods um to to kind of do it so I think there’s a variety I think this is a procedure that needs taking a look at it requires changing but eventually individuals are very stuck with what they recognize
with right um change is a hard thing we all don’t like modification um so I think it’s simply kind of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand clearly the advantages of having maintaining numerous savings account but there’s a big quantity of intricacy opts for setting up a bank account keeping it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for individual individuals so the intricacy is huge but I think the honest answer is modification um people haven’t had the ability to change or have not had always the understanding to truly make that change into alternate Solutions besides opening a checking account I believe you have actually struck the nail on the head I think it is understanding you know and there is a component of resistance to alter but we’ve always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what could practically be determined to be the next Century or so there is a lot to track and this technique does pose several difficulties um so Johnny might you inform us about those challenges yeah obviously so there’s a range right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has actually gotten another CFO, and with this improved capability, I have successfully secured payments for our 10,000 workers worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global And Hr Software