Over the last 5 or 6 years …Employee W-2 From Papaya Global… functions on the service provider side and also on the vendor side from a payroll point of view so truly anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just give everybody another number of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I really 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 drizzling here it’s extremely extremely bleak and I wish I was somewhere else at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why business keep different
Virtual payroll accounts are an alternative to standard savings account for managing payroll payments. This is particularly helpful for worldwide companies with dispersed and remote workforces, as it simplifies the complex process of cross-border payments. Instead of maintaining different checking account for payroll in different countries, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are becoming a tactical property for payroll executives. We will likewise supply a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively firmly and on time during this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how business accurately forecast their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in enough in one country but when you’re doing it globally it’s next level and Beyond it ends up being intricate for a range of factors most significantly guidelines compliance information security and banking rules then there are the large numbers they add additional intricacy the global Workforce is presently 3 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 organizations and growing all doing their own thing around the world in the standard payroll model there’s often an overwhelming number of different systems causing lengthy manual procedures and silos the variety of Integrations could be non-existent in big amounts and or very really standard there’s no genuine consistency structure we’re living in an era 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 which just blows my mind every time I I think
about it to offer you a concept 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 provides me sleep deprived nights and rather frankly the more an organization invests in international payroll the less of an image they see an absence of visibility also extends to payroll payments and failure to precisely track these payments can cause compliance accidents in the last mile of the transaction nearly half of global services have expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM information information entry mistakes inadequately interacted hires and terminations as well as lack management and system setups and after that when you round everything off and the data is shipped to the incorrect location the typical expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money worldwide payroll and payments don’t run efficiently if they count on the required several processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges business face when they’re paying to employees or otherwise that’s a good concern I always throw this back and say what is it what doesn’t need to be included ideal and what does
it require to be thought about there’s varying 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 capabilities so can you pay it from International or do you have 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 ultimately developing a knowledge base is absolutely crucial however everywhere you look with payroll payment they are like extremely payments no if however some babies 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 definitely fundamental and technology is permitting us to type of move forward with that it likewise too to contribute to that payroll and finance require to work closer together um with differing Checking account Details varying banking requirements and setup processes is absolutely vital that payroll and finance teams work better together than ever um I’m constantly amazed when people say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession would they divide the payroll payment from estimation 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 procedure it’s the point of information collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory third parties so with the
The modern world puts a high value on well-being and the compensation landscape is ending up being increasingly intricate. Companies are continuously presenting new advantages and payment options, which adds to the general complexity. Big corporations frequently divide their payroll and payment processing into different groups, which can result in inadequacies and bottlenecks. In my opinion, this does not need to hold true. In today’s technologically sophisticated age, there’s no justification for keeping troublesome treatments. Payroll, the company’s greatest cost, must be processed correctly and on time. Even slight hold-ups can adversely affect workers’ well-being and have significant effects. For that reason, it’s crucial to focus on precise and prompt payments.
payroll team get um so I’m not sure anybody on this sort of webinar has been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an important cycle we all hear about it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely important that all of this stuff is done properly so leveraging the very first International Payments very first payroll payment service is a terrific first step um providing an end-to-end payroll option for your employees globally again I believe is another substantial um process once again aligning and guaranteeing you have standardization Global processes all of those things are definitely essential to success success of organizations and lowering the variety of tools platforms and checking account they need for their Global payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things haven’t gone quite where they’re implied to be um I do not believe any of us are really doing that for for the thanks
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 everybody that’s associated with those procedures and also so envision sorry I’m simply I was simply gon na state imagine the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions envision getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing task trying to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to check out them and really see what was going on and sort of shot to get back to everybody so carrying on appearance why do companies select to primary separate savings account there are Employee W-2 From Papaya Global services out there doing exactly this for particular nations and I have actually operated in a service or many services doing exactly that I can say it does not always feel effective and it does create more work I know we’re not purposely doing that we’re not creating additional work for anybody where we don’t need to and any person that’s managing 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 think numerous factors one is it’s the requirement I think individuals have got so used to we need a brand-new bank account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm the people have actually adopted and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and lots of other ways um to to type of do it so I believe there’s a variety I think this is a process that requires looking at it needs altering however eventually people are really stuck with what they recognize
with ideal um modification is a difficult thing all of us don’t like change um so I think it’s just sort of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand clearly the advantages of having keeping several bank accounts however there’s a huge amount of complexity chooses establishing a checking account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the right user accesses for private people so the complexity is huge however I believe the honest answer is modification um individuals haven’t had the ability to alter or haven’t had necessarily the understanding to actually make that change into alternate Solutions besides opening a bank account I think you’ve struck the nail on the head I think it is knowledge you know and there is an element of resistance to alter however we have actually constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you understand what might almost be determined to be the next Century approximately there is a lot to track and this approach does pose numerous obstacles um so Johnny could you inform us about those difficulties yeah obviously so there’s a range 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International staff members you are worthy of a corner workplace with a more detailed parking space because I mastered International payroll and payments with Papaya payroll OS did you Employee W-2 From Papaya Global