Over the last five or 6 years …Papaya Global Payroll Certification… roles on the provider side and also on the vendor side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just offer everyone another couple of uh well one of the 30 seconds or two 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 intriguing and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really really uninspiring and I wish I was somewhere else 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 Worldwide payroll why companies maintain different
Virtual payroll accounts are an alternative to conventional bank accounts for handling payroll payments. This is especially useful for international organizations with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of maintaining separate checking account for payroll in various countries, virtual accounts and digital wallets offer a more structured option. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a tactical property for payroll executives. We will likewise offer a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently safely and on time throughout this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll checking account how business precisely anticipate their payroll expenses to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in adequate in one country however when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a variety of factors most notably guidelines compliance information security and banking guidelines then there are the sheer numbers they add more complexity the worldwide Workforce is currently 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 consider that there are some 230 million companies and growing all doing their own thing around the globe in the conventional payroll model there’s frequently a frustrating variety of various systems causing time-consuming manual processes and silos the variety of Combinations could be non-existent in large amounts and or really extremely basic there’s no genuine consistency framework we’re residing in an age of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which simply blows my mind each time I I believe
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of services state they have Labor force data in real time that’s another number that gives me sleep deprived nights and quite honestly the more an organization invests in international payroll the less of a picture they see an absence of presence also reaches payroll payments and failure to precisely track these payments can result in compliance accidents in the last mile of the deal nearly half of worldwide organizations have expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry mistakes poorly communicated hires and terminations as well as absence management and system configurations and after that when you round all of it off and the information is delivered to the wrong location the typical cost of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the world payroll and payments do not run efficiently if they rely on the essential multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties business face when they’re making payments to employees or otherwise that’s an excellent concern I constantly toss this back and say what is it what does not need to be included best and what does
it require to be thought about there’s varying Bank details 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 need to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s intricacy anywhere you look right eventually developing a knowledge base is definitely critical but 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 look at the kind 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 absolutely basic and innovation is enabling us to sort of move on with that it also as well 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 absolutely necessary that payroll and finance teams work more detailed together than ever um I’m always astonished when individuals say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate 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 typically 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 also paying statutory authorities and on statutory third parties so with the
The modern-day world puts a high value on wellness and the settlement landscape is ending up being significantly detailed. Organizations are continually presenting brand-new advantages and payment alternatives, which adds to the general complexity. Big corporations frequently divide their payroll and payment processing into separate groups, which can cause inadequacies and traffic jams. In my opinion, this doesn’t have to be the case. In today’s technologically advanced period, there’s no validation for preserving cumbersome procedures. Payroll, the company’s most significant cost, must be processed correctly and on time. Even minor delays can adversely affect workers’ well-being and have significant effects. For that reason, it’s vital to prioritize precise and timely payments.
payroll team get um so I’m uncertain anybody on this kind of webinar has been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such an important cycle all of us become aware of 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 consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely essential that all of this things is done correctly so leveraging the first Worldwide Payments first payroll payment service is a terrific primary step um offering an end-to-end payroll service for your workers globally again I believe is another big um procedure once again lining up and ensuring you have standardization Worldwide processes all of those things are definitely key to success success of organizations and minimizing the variety of tools platforms and bank accounts they require for their Worldwide payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never ever had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances 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 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 easy as possible for everybody that’s associated with those processes and likewise so picture sorry I’m simply I was simply gon na say envision the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions imagine getting that many thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating task attempting to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and actually see what was going on and kind of shot to get back to everyone so moving on look why do business pick to main different bank accounts there are Papaya Global Payroll Certification organizations out there doing precisely this for specific nations and I’ve worked in a company or lots of services doing exactly that I can state it does not always feel efficient and it does create more work I understand we’re not intentionally doing that we’re not developing additional work for anyone where we do not need to and any person that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe many reasons one is it’s the requirement I believe individuals have got so utilized to we need a new bank account we open an entity and appropriately so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the standard the people have embraced and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and lots of other ways um to to sort of do it so I believe there’s a range I think this is a procedure that needs looking at it requires altering however ultimately individuals are very stuck with what they’re familiar
with best um modification is a tough thing all of us do not like change um so I believe it’s simply type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand undoubtedly the advantages of having preserving several checking account but there’s a huge quantity of intricacy chooses establishing a savings account preserving it ensuring it can send International transfers ensuring it’s set up with the right user accesses for individual individuals so the complexity is big but I believe the honest answer is modification um people have not had the ability to alter or have not had always the understanding to truly make that change into alternate Solutions other than opening a checking account I think you’ve hit the nail on the head I believe it is understanding you understand and there is a component of resistance to change but we have actually always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could practically be identified to be the next Century or two there is a lot to keep an eye on and this technique does pose several obstacles um so Johnny could you tell us about those obstacles yeah naturally so there’s a range right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has actually gotten another CFO, and with this boosted capability, I have actually effectively protected payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is closer, considering your achievements. Papaya Global Payroll Certification