Over the last five or 6 years …Http Www.Papaya Global.Com… roles on the supplier side and also on the vendor side from a payroll point of view so really looking forward to this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll simply provide everyone another couple of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to kind of like see where everyone comes from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very very bleak and I wish I was somewhere else at this moment in time okay so let’s start our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Worldwide payroll why companies preserve separate
Virtual payroll accounts are an option to traditional bank accounts for handling payroll payments. This is particularly useful for worldwide organizations with dispersed and remote labor forces, as it simplifies the complex procedure of cross-border payments. Instead of preserving separate checking account for payroll in different nations, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are ending up being a tactical property for payroll executives. We will likewise offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently firmly and on time throughout this webinar we’ll stroll you through the international pros and cons 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 tactical asset so payroll can be hard in enough in one nation but when you’re doing it globally it’s next level and Beyond it ends up being complicated for a variety of reasons most notably regulations compliance information security and banking rules then there are the large numbers they include further intricacy the international Labor force is presently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the globe in the conventional payroll design there’s often a frustrating number of different systems resulting in time-consuming manual processes and silos the variety of Combinations could be non-existent in big amounts and or extremely extremely fundamental there’s no genuine consistency framework we’re living 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 often with pen and paper and that simply blows my mind whenever I I think
about it to give you an idea of how far there still is to come according to Deloitte just 11 of services state they have Workforce information in real time that’s another number that offers me sleepless nights and quite frankly the more a service invests in international payroll the less of an image they see an absence of exposure also extends to payroll payments and inability to precisely track these payments can cause compliance accidents in the last mile of the deal nearly half of global companies have revealed 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 because of time reporting poor HCM information information entry errors inadequately interacted hires and terminations as well as lack management and system configurations and after that when you round everything off and the information is shipped to the incorrect location the typical expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money all over the world payroll and payments do not run smoothly if they count on the necessary numerous procedures 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 obstacles business face when they’re making payments to workers or otherwise that’s a great question I always throw this back and state what is it what doesn’t need to be included best and what does
it require to be considered 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 abilities 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 eventually 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 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 definitely basic and technology is enabling 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 varying Checking account Particulars differing banking requirements and setup procedures is definitely vital that payroll and finance teams work closer together than ever um I’m always impressed when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll profession would they split 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 process it’s the point of information collection all the way through to paying people any place they are but also paying statutory authorities and on statutory 3rd parties so with the
The modern world puts a high value on wellness and the settlement landscape is becoming increasingly detailed. Companies are constantly introducing brand-new benefits and payment alternatives, which adds to the total complexity. Big corporations typically divide their payroll and payment processing into different teams, which can cause inefficiencies and bottlenecks. In my opinion, this does not have to be the case. In today’s technically sophisticated era, there’s no validation for preserving cumbersome treatments. Payroll, the company’s biggest expenditure, should be processed properly and on time. Even slight delays can adversely impact workers’ wellness and have significant effects. For that reason, it’s important to focus on accurate and timely payments.
The payroll group may not have been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and people just notice when things go wrong. However, when things go right, it’s viewed as just a regular job. This is how it’s viewed externally also. Therefore, it is necessary to make sure that tasks like Wi-Fi Global and other important matters are done correctly. Utilizing the first Worldwide Payments first payroll payment service is a terrific preliminary action towards offering a comprehensive payroll service for workers worldwide. Standardization, worldwide procedures, and lowering the number of tools, platforms, and checking account needed for global payroll are essential factors in accomplishing organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a few grievances when things don’t go as prepared. Ultimately, we do not do it for the appreciation.
anyway we know how how important a role it is which’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 imagine sorry I’m simply I was simply gon na state envision the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions imagine getting that many thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing job attempting to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and in fact see what was going on and sort of shot to return to everyone so carrying on appearance why do business select to primary separate bank accounts there are Http Www.Papaya Global.Com organizations out there doing exactly this for specific countries and I’ve worked in an organization or numerous businesses doing precisely that I can state it doesn’t always feel effective and it does produce more work I know we’re not deliberately doing that we’re not producing extra work for any person where we do not have to and anybody 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 quantity that we are I think many factors one is it’s the standard I believe individuals have actually got so used to we require a brand-new savings account we open an entity and appropriately so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the standard the people have actually adopted and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and lots of other ways um to to kind of do it so I think there’s a variety I think this is a procedure that needs taking a look at it requires changing but ultimately individuals are extremely stuck with what they’re familiar
with right um modification is a hard thing all of us don’t like modification um so I think it’s simply type of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the benefits of having maintaining several bank accounts but there’s a huge amount of complexity opts for establishing a savings account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for individual individuals so the complexity is substantial however I believe the honest response is change um people haven’t had the ability to alter or haven’t had always the understanding to really make that change into alternate Solutions besides opening a savings account I believe you have actually hit the nail on the head I think it is knowledge you understand and there is an element of resistance to change but we have actually constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what could nearly be figured out to be the next Century or two there is a lot to keep an eye on and this method does present a number of obstacles um so Johnny could you tell us about those challenges yeah naturally 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’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 office with a closer parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Http Www.Papaya Global.Com