Over the last 5 or 6 years …Papaya Global Support Number… roles on the provider side and also on the vendor side from a payroll perspective so actually anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply provide everyone another number of uh well one of 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 interesting and I can see it going on already just to hear where everybody is um it’s nice to to sort 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 sunlight is it it’s not no it’s it’s drizzling here it’s really extremely bleak and I wish I was elsewhere at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why companies maintain different
Virtual payroll accounts are an alternative to traditional bank accounts for handling payroll payments. This is particularly helpful for international companies with dispersed and remote workforces, as it simplifies the intricate procedure of cross-border payments. Instead of preserving different checking account for payroll in different countries, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a tactical asset for payroll executives. We will likewise supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently firmly and on time during this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll bank account how companies properly anticipate their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic asset 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 complex for a range of reasons most notably guidelines compliance information security and banking guidelines then there are the sheer numbers they include more complexity the global Workforce is presently 3 and a half billion people by 2030 it’s approximated 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 consider that there are some 230 million services and growing all doing their own thing around the globe in the standard payroll design there’s often an overwhelming variety of various systems resulting in time-consuming manual processes and silos the number of Combinations could be non-existent in big amounts and or very really standard there’s no genuine consistency framework we’re residing in an age of tech but 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 every time I I think
about it to give you a concept 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 rather honestly the more a service spends on international payroll the less of an image they see an absence of presence also encompasses payroll payments and failure to properly track these payments can result in compliance mishaps in the last mile of the transaction almost half of worldwide businesses have actually revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry mistakes poorly communicated hires and terminations as well as absence management and system setups and after that when you round it all off and the information is delivered to the incorrect place the average expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments do not run smoothly if they rely on the needed numerous procedures systems and partners it is simply 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 workers or otherwise that’s a good concern I constantly throw this back and say what is it what doesn’t need to be included best and what does
it require to be thought of there’s differing Bank details 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 need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s complexity wherever you look right eventually developing a knowledge base is definitely critical however everywhere you look with payroll payment they resemble 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 think there’s now a bit more acknowledgment that payroll payments are absolutely basic 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 varying Savings account Particulars differing banking requirements and setup procedures is absolutely crucial that payroll and financing groups work closer together than ever um I’m constantly astonished when people say I have actually split 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 split the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so frequently 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 any place they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of essential to contribute to type of the level of intricacy there’s more and more benefits being organ or being used by services throughout the world so once again you’re simply aiming to include a growing number of payments to this currently complicated landscape so if you type of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of real challenges or real difficult sort of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a couple of decades I would definitely say that the bigger a service gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are groups feeding details into the next function as it were that’s in fact managing the payment side of things however you know in in my opinion and my experience that does not always need to be the case you understand long gone are the times where we require to produce extra handoffs at the same times that we operate in they just make them more prompt they make them less efficient and they do not make them what they require to be in in a period of tech and an age that you understand that we are operating in today there is no reason we are still making this as challenging as it requires to be concurred and rightly as you said payroll is the single greatest liability that any organization has from a cost viewpoint from an impact viewpoint on workers it is absolutely vital that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the biggest destructive effect on people’s wellness and numerous other aspects if individuals aren’t paid uh I’ve always been amazed entering this Market type of the last five to ten years is how little thanks the
The payroll group may not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and individuals just observe when things fail. However, when things go right, it’s viewed as just a regular job. This is how it’s perceived externally as well. Therefore, it is important to ensure that jobs like Wi-Fi Global and other vital matters are done correctly. Utilizing the first Worldwide Payments first payroll payment option is an excellent initial step towards supplying a comprehensive payroll service for workers worldwide. Standardization, global procedures, and minimizing the number of tools, platforms, and checking account essential for global payroll are crucial factors in accomplishing company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of grievances when things do not go as prepared. Eventually, we do not do it for the appreciation.
anyhow we know how how essential a function 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 associated with those procedures and likewise so think of sorry I’m just I was just gon na state think of the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions think of getting that many thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating task trying 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 require days of the week to try to look through them and really see what was going on and type of try to return to everybody so proceeding look why do companies select to main different bank accounts there are Papaya Global Support Number services out there doing precisely this for particular nations and I have actually operated in a service or many businesses doing exactly that I can state it does not constantly feel effective 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 anyone that’s managing 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 amount that we are I believe many reasons one is it’s the standard I believe individuals have got so used to we require a new checking account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the standard the people have actually embraced and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a range I think this is a procedure that needs looking at it needs changing but eventually individuals are extremely stuck with what they’re familiar
with right um modification is a tough thing we all do not like modification um so I think it’s just 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 understand obviously the advantages of having preserving numerous savings account but there’s a substantial quantity of intricacy opts for establishing a savings account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for specific individuals so the complexity is huge however I believe the sincere answer is change um individuals haven’t been able to alter or haven’t had necessarily the understanding to really make that change into alternate Solutions besides opening a bank account I think you have actually hit the nail on the head I think 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 excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what could almost be identified to be the next Century or two there is a lot to monitor and this method does posture several obstacles um so Johnny could you inform us about those challenges yeah obviously so there’s a variety right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has gained another CFO, and with this enhanced capability, I have actually successfully secured payments for our 10,000 employees worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global Support Number