Over the last five or 6 years …Change Payment Method To Direct Deposit On Papaya Global… roles on the provider side and likewise on the supplier side from a payroll point of view so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just give everybody 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 kind of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I truly 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 extremely bleak and I want I was somewhere else at this moment in time all right so let’s get started our program for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why business keep different
Virtual payroll accounts are an option to conventional bank accounts for managing payroll payments. This is especially beneficial for global companies with dispersed and remote workforces, as it simplifies the complex procedure of cross-border payments. Instead of keeping separate savings account for payroll in different nations, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are becoming a strategic possession for payroll executives. We will also provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently securely and on time during this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll bank account how business accurately forecast their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in enough in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a range of factors most importantly guidelines compliance data security and banking rules then there are the sheer numbers they include more complexity the worldwide Workforce is currently three 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 presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the world in the traditional payroll model there’s often a frustrating number of different systems leading to time-consuming manual processes and silos the variety of Integrations could be non-existent in large quantities and or really really fundamental there’s no genuine consistency structure 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 frequently with pen and paper and that just blows my mind every time I I believe
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Labor force information in real time that’s another number that offers me sleepless nights and quite frankly the more a business spends on worldwide payroll the less of a photo they see an absence of visibility also reaches payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the deal almost half of international services have revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry errors badly communicated hires and terminations as well as lack management and system setups and after that when you round it all off and the information is delivered to the incorrect place the average cost of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash all over the world payroll and payments don’t run efficiently if they rely on the required numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties business face when they’re making payments to staff members or otherwise that’s a good question I always throw this back and say what is it what does not require to be included ideal and what does
it need to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per nation 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 need to pay from the consumer’s own in-country account so there’s complexity wherever you look ideal eventually building a knowledge base is definitely vital but all over you look with payroll payment they are like very payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is allowing us to type of progress with that it also as well to contribute to that payroll and financing require to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is definitely imperative that payroll and finance teams work closer together than ever um I’m always astonished when individuals say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession would they split the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so typically 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 anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being more and more important to add to type of the level of complexity there’s increasingly more advantages being organ or being provided by organizations throughout the world so once again you’re just aiming to include increasingly more payments to this already complex landscape so if you sort of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of genuine challenges or real tough kind of pay uses to play to pay individuals I think yeah I imply over the last well yeah a number of years I would certainly state that the larger an organization gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are groups feeding details into the next function as it were that’s really managing the payment side of things however you understand in in my opinion and my experience that does not necessarily require to be the case you understand long gone are the times where we need to develop extra handoffs while doing sos that we run in they simply make them more timely they make them less effective and they do not make them what they require to be in in a period of tech and an age that you know that we are working in today there is no reason why we are still making this as tough as it needs to be concurred and appropriately as you stated payroll is the single most significant liability that any company has from an expense point of view from an impact perspective on employees it is absolutely important that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the most significant destructive impact on people’s wellness and numerous other elements if people aren’t paid uh I have actually always been amazed entering this Market kind of the last five to ten years is how little thanks the
The payroll team may not have been thanked for correctly processing payroll throughout a webinar. If anybody has 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 discover when things fail. However, when things go right, it’s viewed as simply a routine job. This is how it’s viewed externally also. Therefore, it is necessary to make sure that jobs like Wi-Fi Worldwide and other crucial matters are done properly. Utilizing the first International Payments very first payroll payment option is an excellent initial step towards supplying an extensive payroll solution for employees worldwide. Standardization, worldwide procedures, and minimizing the variety of tools, platforms, and checking account essential for international payroll are key factors in achieving organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few complaints when things don’t go as prepared. Ultimately, we don’t do it for the thankfulness.
anyway we understand 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 everybody that’s associated with those processes and also so imagine sorry I’m simply I was just gon na state picture the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions imagine getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating job 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 require days of the week to attempt to look through them and actually see what was going on and sort of shot to get back to everyone so moving on look why do companies pick to primary different savings account there are Change Payment Method To Direct Deposit On Papaya Global services out there doing precisely this for particular countries and I have actually operated in a business or lots of businesses doing exactly that I can state it does not always feel effective and it does create more work I understand we’re not deliberately doing that we’re not producing extra work for anyone where we do not need to and any person that’s managing that process 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 think many reasons one is it’s the requirement I believe people have got so used to we require a new bank account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the norm individuals have actually embraced and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and lots of other methods um to to kind of do it so I believe there’s a variety I think this is a process that needs taking a look at it needs altering however ultimately individuals are extremely stuck with what they recognize
with best um modification is a difficult thing all of us don’t like change um so I believe it’s simply type of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the benefits of having keeping numerous savings account but there’s a substantial quantity of intricacy chooses establishing a bank account keeping it guaranteeing it can send International transfers ensuring it’s set up with the ideal user accesses for specific individuals so the complexity is huge however I think the sincere answer is change um people haven’t been able to alter or have not had always the knowledge to actually make that change into alternate Solutions other than opening a bank account I believe you have actually struck the nail on the head I believe it is understanding you understand and there is a component of resistance to change but we’ve constantly done it that way is no real reason for not looking at the the benefits and the possibilities of carrying on and moving into you understand what might nearly be identified to be the next Century or two there is a lot to keep track of and this method does posture several difficulties um so Johnny might you tell us about those challenges yeah obviously so there’s a variety right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has gotten another CFO, and with this improved ability, I have actually successfully secured payments for our 10,000 workers worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is better, considering your accomplishments. Change Payment Method To Direct Deposit On Papaya Global