Over the last 5 or six years …Export Data From Papaya Global 50… functions on the supplier side and likewise on the vendor side from a payroll perspective so really eagerly anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just provide everyone another couple of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everybody comes from and I actually 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 very very uninspiring and I wish I was elsewhere at this moment in time alright 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 Global payroll why business maintain separate
Virtual payroll accounts are an alternative to standard savings account for managing payroll payments. This is particularly beneficial for worldwide companies with dispersed and remote workforces, as it streamlines the complex process of cross-border payments. Instead of maintaining different checking account for payroll in various nations, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are becoming a strategic 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 effectively firmly and on time throughout this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll checking account how business properly anticipate their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in sufficient in one country however when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a range of factors most notably guidelines compliance information security and banking guidelines then there are the sheer numbers they include further complexity the worldwide Workforce is currently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing worldwide in the conventional payroll model there’s frequently an overwhelming variety of different systems resulting in time-consuming manual processes and silos the number of Integrations could be non-existent in large quantities and or extremely extremely standard there’s no genuine consistency structure we’re residing in an era of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which simply blows my mind every time I I believe
about it to give you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite frankly the more a service spends on global payroll the less of an image they see an absence of exposure also reaches payroll payments and inability to properly track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of international organizations have revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry mistakes inadequately communicated hires and terminations along with lack management and system configurations and then when you round all of it off and the information is delivered to the incorrect location the typical expense of an international information 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 don’t run smoothly if they depend on the required several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges service face when they’re paying to staff members or otherwise that’s an excellent question I always throw this back and say what is it what does not require to be included best and what does
it require to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per country 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 customer’s own in-country account so there’s intricacy wherever you look right ultimately developing a knowledge base is absolutely crucial but everywhere you look with payroll payment they resemble incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely basic and innovation is enabling us to kind of move forward with that it likewise as well to contribute to that payroll and financing require to work closer together um with differing Bank Account Details differing banking requirements and setup processes is absolutely important that payroll and finance groups work better together than ever um I’m constantly astonished when people state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high value on well-being and the payment landscape is ending up being increasingly elaborate. Services are continuously introducing new benefits and payment choices, which adds to the total intricacy. Big corporations frequently divide their payroll and payment processing into different teams, which can cause inadequacies and traffic jams. In my viewpoint, this doesn’t need to hold true. In today’s technically innovative era, there’s no validation for maintaining troublesome treatments. Payroll, the business’s greatest expense, need to be processed properly and on time. Even small hold-ups can negatively impact employees’ wellness and have far-reaching repercussions. For that reason, it’s critical to focus on accurate and timely payments.
payroll team get um so I’m not sure anybody on this kind of webinar has been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an important cycle all of us become aware of it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely vital that all of this things is done properly so leveraging the first International Payments very first payroll payment service is a fantastic first step um offering an end-to-end payroll service for your employees worldwide again I think is another huge um procedure again lining up and guaranteeing you have standardization International procedures all of those things are absolutely crucial to success success of services and minimizing the number of tools platforms and bank accounts they require for their Global payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the problems where things have not gone rather where they’re suggested to be um I don’t believe any of us are really doing that for for the thanks
anyhow we understand 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 simple as possible for everybody that’s associated with those procedures and also so imagine sorry I’m simply I was just gon na state envision the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions imagine getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting job attempting to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse them and actually see what was going on and sort of try to get back to everyone so moving on appearance why do business pick to main different checking account there are Export Data From Papaya Global 50 companies out there doing precisely this for particular countries and I have actually worked in a service or lots of services doing exactly that I can say it does not constantly feel efficient and it does produce more work I know we’re not purposely doing that we’re not developing extra work for any person where we do not have to and anyone that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I think numerous reasons one is it’s the standard I believe individuals have got so utilized to we require a brand-new savings 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 believe it’s just been the standard and the norm individuals have embraced and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a variety I think this is a process that requires taking a look at it needs changing however eventually people are very stuck to what they’re familiar
with best um modification is a hard thing we all do not like change um so I think it’s simply type of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the benefits of having preserving several checking account however there’s a big amount of intricacy opts for setting up a bank account keeping it guaranteeing it can send out International transfers ensuring it’s established with the right user accesses for private individuals so the intricacy is substantial but I believe the honest answer is change um individuals haven’t been able to change or haven’t had always the understanding to truly 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 understand and there is an aspect of resistance to alter but we have actually always done it that way is no genuine reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what could practically be determined to be the next Century or two there is a lot to keep an eye on and this method does position several difficulties um so Johnny might you tell us about those challenges yeah obviously so there’s a variety right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has actually acquired another CFO, and with this boosted capability, I have effectively secured payments for our 10,000 staff members worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is more detailed, considering your achievements. Export Data From Papaya Global 50