Over the last five or six years …Remove Company From Papaya Global… roles on the supplier side and likewise on the vendor side from a payroll point of view so really looking forward to this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just give everyone another number of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everybody originates from and I really 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 drizzling here it’s extremely really dreary and I wish I was somewhere else at this moment in time fine so let’s get started our program for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why companies preserve different
Virtual payroll accounts are an alternative to traditional bank accounts for managing payroll payments. This is particularly beneficial for global organizations with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of maintaining different bank accounts for payroll in various nations, 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 strategic asset for payroll executives. We will also supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely 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 properly anticipate their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in sufficient in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being complex for a range of factors most significantly guidelines compliance information security and banking rules then there are the sheer numbers they include more complexity the global Labor force is currently 3 and a half billion individuals 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 factor in that there are some 230 million companies and growing all doing their own thing around the globe in the traditional payroll design there’s often a frustrating variety of various systems leading to time-consuming manual processes and silos the variety of Integrations could be non-existent in large quantities and or very very basic there’s no genuine consistency structure we’re living in an era of tech however 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 which just blows my mind each time I I believe
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of services state they have Workforce data in real time that’s another number that provides me sleepless nights and quite honestly the more a company spends on worldwide payroll the less of an image they see an absence of visibility also encompasses payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the deal almost half of international organizations have revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry errors inadequately interacted hires and terminations along with absence management and system configurations and then when you round it all off and the data is delivered to the wrong place the average cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash worldwide payroll and payments don’t run smoothly if they rely on the required numerous processes systems and partners it is just 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 paying to employees or otherwise that’s a great question I constantly toss this back and say what is it what does not need to be consisted of best and what does
it require to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment amount of time 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 any place you look ideal ultimately building a knowledge base is absolutely crucial but everywhere you look with payroll payment they are like extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and innovation is permitting us to kind of progress with that it also as well to contribute to that payroll and financing need to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is absolutely important that payroll and financing groups work closer together than ever um I’m always astonished when individuals state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from estimation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world positions a high value on well-being and the settlement landscape is ending up being progressively elaborate. Companies are constantly introducing new benefits and payment choices, which contributes to the general intricacy. Big corporations typically divide their payroll and payment processing into separate teams, which can cause inefficiencies and traffic jams. In my opinion, this does not need to hold true. In today’s technically sophisticated age, there’s no justification for preserving troublesome procedures. Payroll, the company’s most significant expenditure, need to be processed correctly and on time. Even minor hold-ups can negatively affect employees’ well-being and have far-reaching repercussions. Therefore, it’s critical to focus on accurate and timely payments.
The payroll team might not have been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and people just see when things fail. However, when things go right, it’s viewed as just a regular task. This is how it’s perceived externally as well. For that reason, it is essential to make sure that jobs like Wi-Fi International and other essential matters are done correctly. Utilizing the first Global Payments very first payroll payment solution is a terrific preliminary step towards supplying a comprehensive payroll service for staff members worldwide. Standardization, international processes, and lowering the number of tools, platforms, and savings account needed for international payroll are crucial consider accomplishing business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of complaints when things don’t go as prepared. Ultimately, we don’t do it for the appreciation.
anyhow 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 processes and also so envision sorry I’m simply I was just gon na say 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 talking about numerous thousands possibly Millions envision getting that lots of thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an interesting job trying to clean all those up for sure oh absolutely I can’t think of 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 in fact see what was going on and kind of try to return to everybody so proceeding appearance why do business pick to primary different savings account there are Remove Company From Papaya Global services out there doing precisely this for particular nations and I have actually worked in a business or numerous businesses doing exactly that I can say it does not constantly feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not producing extra work for any person where we don’t need to and anybody that’s handling 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 amount that we are I believe lots of reasons one is it’s the requirement I believe people have got so utilized to we require a new checking 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 think it’s just been the requirement and the standard individuals have embraced and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a variety I believe this is a procedure that requires looking at it requires changing however ultimately people are really stuck with what they’re familiar
with best um change is a difficult thing we all don’t like change um so I think it’s just kind of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand undoubtedly the benefits of having keeping multiple checking account but there’s a huge amount of complexity goes with establishing a bank account preserving it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for specific individuals so the complexity is huge but I think the honest answer is change um people haven’t been able to alter or haven’t had always the understanding to really make that change into alternate Solutions other than opening a checking account I think you’ve hit the nail on the head I think it is knowledge you know and there is an aspect of resistance to change but we have actually always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of proceeding and moving into you know what might almost be determined to be the next Century or so there is a lot to keep track of and this method does posture a number of difficulties um so Johnny might you inform us about those challenges yeah of course so there’s a variety right there is so
I just did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide staff members you are worthy of a corner workplace with a more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you Remove Company From Papaya Global