Over the last 5 or six years …Cancel Papaya Global… roles on the company side and also on the supplier 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 everyone alright thanks Johnny uh we’ll just provide everyone another number of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I truly 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 very really uninspiring and I want 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 looking at the obstacle years of handling Global payroll why companies maintain different
Virtual payroll accounts are an alternative to standard bank accounts for handling payroll payments. This is especially helpful for international companies with dispersed and remote workforces, as it simplifies the complex procedure of cross-border payments. Instead of maintaining different checking account for payroll in various nations, virtual accounts and digital wallets use a more structured option. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are ending up being a tactical asset for payroll executives. We will likewise offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently firmly and on time throughout this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll bank account how business accurately anticipate their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in adequate in one nation but when you’re doing it internationally it’s next level and Beyond it becomes intricate for a range of reasons most importantly regulations compliance data security and banking rules then there are the sheer numbers they include additional intricacy the global Labor force is currently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing all over the world in the standard payroll model there’s often a frustrating variety of various systems resulting in time-consuming manual procedures and silos the variety of Integrations could be non-existent in large quantities and or really really basic there’s no genuine consistency framework we’re living in an age of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which just blows my mind each time I I think
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce data in real time that’s another number that provides me sleepless nights and quite frankly the more an organization invests in international payroll the less of an image they see an absence of exposure likewise reaches payroll payments and inability to precisely track these payments can result in compliance mishaps in the last mile of the deal nearly half of worldwide businesses have expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry mistakes poorly communicated hires and terminations along with absence management and system configurations and then when you round everything off and the information is shipped to the incorrect place the typical cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the globe payroll and payments don’t run smoothly if they depend on the needed multiple processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties organization face when they’re paying to employees or otherwise that’s a good question I constantly throw this back and say what is it what does not need to be consisted of best and what does
it need 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 time frames 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 wherever you look best ultimately developing a knowledge base is absolutely crucial however everywhere 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 believe there’s now a bit more recognition that payroll payments are definitely fundamental and technology is allowing us to sort of move forward with that it likewise as well to add to that payroll and finance need to work closer together um with differing Savings account Details varying banking requirements and setup processes is absolutely imperative that payroll and finance groups work better together than ever um I’m always impressed when people say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession 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 process it’s the point of information collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world positions a high value on well-being and the settlement landscape is becoming significantly intricate. Companies are constantly presenting new advantages and payment choices, which contributes to the overall intricacy. Big corporations typically divide their payroll and payment processing into separate groups, which can lead to inadequacies and bottlenecks. In my viewpoint, this does not have to hold true. In today’s technically innovative period, there’s no justification for keeping cumbersome treatments. Payroll, the business’s biggest expense, need to be processed correctly and on time. Even minor delays can negatively affect staff members’ well-being and have significant repercussions. Therefore, it’s critical to prioritize accurate and timely payments.
The payroll team might not have been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and individuals just notice when things fail. However, when things go right, it’s seen as just a regular job. This is how it’s viewed externally as well. Therefore, it is essential to ensure that jobs like Wi-Fi International and other crucial matters are done correctly. Using the very first Global Payments first payroll payment solution is a fantastic preliminary action towards providing a comprehensive payroll option for staff members worldwide. Standardization, global processes, and decreasing the variety of tools, platforms, and checking account required for global payroll are crucial factors in accomplishing business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few problems when things do not go as planned. Ultimately, we don’t do it for the thankfulness.
anyhow we know how how essential 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 everyone that’s associated with those procedures and also so think of sorry I’m simply I was simply gon na say imagine the amount 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 potentially Millions think of 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 a fascinating task trying to clean all those up for sure oh definitely 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 attempt to check out them and actually see what was going on and kind of try to get back to everybody so moving on look why do companies select to main different checking account there are Cancel Papaya Global services out there doing exactly this for particular nations and I’ve worked in a business or lots of services doing precisely that I can state it doesn’t constantly feel efficient and it does develop more work I understand we’re not purposely doing that we’re not producing additional work for anybody where we don’t need to and anybody that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I believe lots of factors one is it’s the standard I think people have got so used to we require a brand-new bank account we open an entity and appropriately so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the norm the people have adopted and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a range I believe this is a process that requires looking at it requires altering however ultimately people are really stuck to what they recognize
with best um change is a tough thing we all don’t like change um so I believe it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having preserving multiple bank accounts however there’s a big amount of complexity chooses setting up a savings account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the ideal user accesses for specific people so the intricacy is big but I think the honest response is change um people haven’t had the ability to change or have not had necessarily the understanding to actually make that change into alternate Solutions aside from opening a savings account I think you’ve hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter however 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 carrying on and moving into you understand what could practically be figured out to be the next Century approximately there is a lot to monitor and this approach does position a number of challenges um so Johnny might you tell us about those obstacles yeah of course so there’s a variety 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global workers you are worthy of a corner workplace with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you Cancel Papaya Global