Over the last five or 6 years …Papaya Global Run A Payroll In Advance… roles on the supplier side and likewise on the supplier side from a payroll point of view so truly anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just provide everybody another number of uh well among 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 quite intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very very dreary and I want I was elsewhere at this moment in time fine so let’s get going our program for today is as follows um we are going to be looking at the obstacle years of handling International payroll why business preserve different
Virtual payroll accounts are an option to traditional bank accounts for handling payroll payments. This is especially helpful for global organizations with dispersed and remote labor forces, as it simplifies the complicated process of cross-border payments. Instead of maintaining separate savings account for payroll in different nations, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are becoming a tactical asset for payroll executives. We will likewise provide a wrap-up of the main points 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 stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll savings account how companies precisely forecast their payroll expenses to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in adequate in one nation but when you’re doing it internationally it’s next level and Beyond it becomes complicated for a variety of factors most importantly guidelines compliance information security and banking guidelines then there are the large numbers they add additional complexity the international Workforce is presently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing worldwide in the standard payroll design there’s frequently an overwhelming number of various systems leading to time-consuming manual procedures and silos the variety of Combinations could be non-existent in large quantities and or really really standard there’s no real consistency structure we’re living in an era of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just blows my mind every 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 companies state they have Labor force data in real time that’s another number that gives me sleep deprived nights and quite frankly the more a service spends on global payroll the less of a picture they see a lack of visibility likewise reaches payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of worldwide services have actually expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM data data entry mistakes inadequately communicated hires and terminations along with lack management and system configurations and after that when you round it all off and the information is delivered to the incorrect location the average cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money all over the world payroll and payments do not run efficiently if they depend on the required 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 obstacles organization face when they’re paying to staff members or otherwise that’s a great question I constantly throw this back and say what is it what does not need to be included ideal and what does
it require to be thought about there’s differing 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 need to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s intricacy any place you look best ultimately developing a knowledge base is absolutely important but everywhere you look with payroll payment they are like extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you 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 technology is allowing us to kind of move on with that it likewise also to contribute to that payroll and finance need to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is absolutely vital that payroll and finance teams work more detailed together than ever um I’m constantly amazed when people state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not 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 often split and cut up um eventually 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 likewise paying statutory authorities and on statutory third parties so with the
The contemporary world puts a high value on well-being and the compensation landscape is becoming increasingly intricate. Organizations are constantly introducing brand-new benefits and payment choices, which contributes to the general complexity. Large corporations frequently divide their payroll and payment processing into different groups, which can cause inadequacies and traffic jams. In my viewpoint, this does not need to hold true. In today’s technologically sophisticated age, there’s no reason for preserving troublesome treatments. Payroll, the business’s biggest expenditure, need to be processed properly and on time. Even slight hold-ups can adversely impact staff members’ well-being and have significant consequences. For that reason, it’s critical to prioritize precise and timely payments.
payroll team get um so I’m uncertain anyone on this type of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such a crucial cycle all of us find out about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external view as well um so yeah it’s also 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 International Payments first payroll payment solution is a great initial step um providing an end-to-end payroll service for your employees worldwide again I believe is another big um procedure again aligning and ensuring you have standardization International processes all of those things are absolutely crucial to success success of companies and decreasing the variety of tools platforms and savings account they need for their Worldwide payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the problems where things have not gone rather where they’re implied to be um I do not think any of us are actually doing that for for the thanks
anyway we understand how how important 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 likewise so envision sorry I’m simply I was simply gon na state imagine the amount of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions think of getting that many thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating task attempting to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to check out them and actually see what was going on and sort of try to return to everybody so moving on appearance why do business choose to primary separate savings account there are Papaya Global Run A Payroll In Advance companies out there doing exactly this for particular countries and I have actually operated in a service or numerous organizations doing exactly that I can state it does not constantly feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not developing additional work for anyone where we do not need to and any person that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I think numerous reasons one is it’s the requirement I think individuals have actually got so utilized to we require a brand-new savings account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the standard the people have embraced and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and many other ways um to to sort of do it so I think there’s a range I believe this is a procedure that needs taking a look at it needs altering however ultimately individuals are really stuck with what they’re familiar
with right um modification is a hard thing we all do not like modification um so I believe it’s simply sort of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the advantages of having maintaining several savings account however there’s a big amount of complexity chooses setting up a savings account preserving it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for private individuals so the complexity is huge however I believe the honest response is change um people have not had the ability to change or haven’t had necessarily the knowledge to truly make that change into alternate Solutions besides 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 alter but we’ve constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could practically be figured out to be the next Century or so there is a lot to track and this method does posture several difficulties um so Johnny could you inform us about those challenges yeah naturally so there’s a range right there is so
I simply 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 due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Run A Payroll In Advance