Over the last 5 or 6 years …Papaya Global Fps And Eps For Weekly Paid Staff… roles on the company side and also on the vendor side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply provide everybody another number of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on currently 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 is 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 very uninspiring and I wish I was elsewhere at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why business keep separate
Virtual payroll accounts are an option to traditional bank accounts for managing payroll payments. This is especially helpful for worldwide organizations with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of preserving different savings account for payroll in different countries, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are becoming a tactical asset 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 securely and on time throughout this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how companies precisely anticipate their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be challenging in adequate in one country however when you’re doing it globally it’s next level and Beyond it becomes intricate for a range of factors most significantly regulations compliance data security and banking guidelines then there are the large numbers they add additional complexity the worldwide Workforce is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing worldwide in the conventional payroll model there’s often a frustrating number of different systems causing lengthy manual processes and silos the number of Combinations could be non-existent in large quantities and or really very fundamental there’s no real consistency structure we’re living in a period 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 typically with pen and paper and that just blows my mind whenever I I believe
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce data in real time that’s another number that offers me sleep deprived nights and quite frankly the more an organization spends on global payroll the less of a picture they see a lack of exposure also extends to payroll payments and inability to properly track these payments can cause compliance mishaps in the last mile of the deal almost half of global businesses have expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry mistakes inadequately interacted hires and terminations along with absence management and system setups and then when you round everything off and the information is shipped to the incorrect place the average cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments do not run efficiently if they depend 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 difficulties business face when they’re making payments to workers or otherwise that’s a great question I always toss this back and state what is it what doesn’t need to be included right and what does
it need 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 time frames 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 client’s own in-country account so there’s complexity anywhere you look right eventually building a knowledge base is absolutely important but all over you look with payroll payment they are like super payments no if however some infants 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 acknowledgment that payroll payments are definitely basic and technology is enabling us to kind of move on with that it also also to contribute to that payroll and financing need to work closer together um with differing Checking account Details differing banking requirements and setup procedures is absolutely important that payroll and finance groups work closer together than ever um I’m always surprised when people state I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so typically 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 individuals wherever they are but likewise paying statutory authorities and on statutory third parties so with the
The contemporary world puts a high value on wellness and the payment landscape is ending up being increasingly detailed. Services are constantly presenting new benefits and payment options, which contributes to the total complexity. Large corporations typically divide their payroll and payment processing into different groups, which can cause ineffectiveness and traffic jams. In my opinion, this does not need to hold true. In today’s technically innovative period, there’s no validation for preserving cumbersome procedures. Payroll, the company’s biggest expense, should be processed properly and on time. Even small delays can adversely impact staff members’ well-being and have significant effects. For that reason, it’s vital to focus on accurate and prompt payments.
payroll team get um so I’m not sure anybody on this sort 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 employees or not um however ultimately payroll is such a crucial cycle all of us hear about it when it fails everyone jumps up and down when it fails however when it goes right it’s just a tick box exercise and I think 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 definitely vital that all of this stuff is done properly so leveraging the first Worldwide Payments very first payroll payment option is an excellent first step um providing an end-to-end payroll option for your employees globally again I think is another big um process once again lining up and guaranteeing you have standardization Worldwide processes all of those things are absolutely crucial to success success of organizations and lowering the number of tools platforms and savings account they need for their Worldwide 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 don’t expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re implied to be um I don’t believe any of us are in fact doing that for for the thanks
anyway we understand how how crucial 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 simple as possible for everybody that’s associated with those processes and also so imagine sorry I’m just I was just gon na say picture the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions imagine getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing task attempting to clean all those up for sure oh definitely I can’t envision 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 actually see what was going on and type of try to return to everyone so carrying on look why do business pick to primary different checking account there are Papaya Global Fps And Eps For Weekly Paid Staff companies out there doing precisely this for particular countries and I have actually worked in an organization or lots of businesses doing exactly that I can state it doesn’t constantly feel efficient and it does create more work I understand we’re not deliberately doing that we’re not creating additional work for anybody where we do not have to and anybody that’s managing that procedure 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 numerous reasons one is it’s the requirement I believe individuals have actually got so used to we require a new checking account we open an entity and rightly so you need it for payroll purposes however there are a number 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 contribute to that people have actually looked at things like trust accounts and many other ways um to to sort of do it so I think there’s a variety I think this is a procedure that needs looking at it needs changing however ultimately people are very stuck with what they recognize
with right um modification is a tough thing all of us do not like modification um so I think it’s simply kind of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand certainly the benefits of having keeping several savings account however there’s a huge quantity of intricacy chooses establishing a checking account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for specific individuals so the intricacy is substantial however I think the honest response is modification um individuals have not had the ability to change or have not had necessarily the knowledge to truly make that change into alternate Solutions besides opening a savings account I think you’ve struck the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change however we have actually constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of proceeding and moving into you understand what could almost be determined to be the next Century or so there is a lot to keep track of and this method does pose numerous challenges um so Johnny might you tell us about those difficulties yeah obviously so there’s a range right there is so
I just did you switched our Business 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 Global staff members you are worthy of a corner office with a better parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Fps And Eps For Weekly Paid Staff