Over the last five or 6 years …Importing New Starters In Papaya Global… functions on the provider side and also on the vendor side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just give everyone another number of uh well among the 30 seconds or two to join all of us work back to back nowadays 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 everybody 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 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 really uninspiring and I wish I was elsewhere at this moment in time fine so let’s begin our program for today is as follows um we are going to be looking at the challenge years of managing International payroll why business keep different
Virtual payroll accounts are an alternative to conventional savings account for handling payroll payments. This is particularly helpful for international companies with dispersed and remote labor forces, as it simplifies the intricate 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 service. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a strategic possession for payroll executives. We will also supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly effectively safely and on time during this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll bank account how business properly forecast their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in enough in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a variety of reasons most importantly regulations compliance data security and banking rules then there are the large numbers they include more complexity the international Labor force 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 people that number is presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing all over the world in the conventional payroll design there’s often a frustrating number of different systems leading to lengthy manual procedures and silos the number of Combinations could be non-existent in big amounts and or very really basic there’s no real 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 which just blows my mind each time I I think
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force data in real time that’s another number that provides me sleepless nights and rather frankly the more an organization invests in global payroll the less of a picture they see an absence of visibility also encompasses payroll payments and inability to precisely track these payments can cause compliance incidents in the last mile of the deal nearly half of global companies have expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM data data entry mistakes poorly communicated hires and terminations as well as lack management and system setups and then when you round all of it off and the information is delivered to the incorrect place the typical cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments don’t run efficiently if they rely on the required several procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles company face when they’re making payments to employees or otherwise that’s an excellent question I always toss this back and say what is it what doesn’t require to be included right and what does
it need to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time 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 customer’s own in-country account so there’s intricacy anywhere you look best ultimately building a knowledge base is absolutely important but everywhere you look with payroll payment they resemble very payments no if but some children 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 believe there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is permitting us to sort of progress with that it likewise as well to contribute to that payroll and finance require to work closer together um with differing Checking account Particulars varying banking requirements and setup processes is definitely crucial that payroll and financing teams work more detailed together than ever um I’m always amazed when individuals state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession would they divide the payroll payment from computation 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 data collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory third parties so with the
The contemporary world places a high value on well-being and the payment landscape is becoming increasingly complex. Services are continually presenting brand-new advantages and payment options, which contributes to the general intricacy. Large corporations typically divide their payroll and payment processing into different teams, which can cause inadequacies and bottlenecks. In my opinion, this doesn’t need to hold true. In today’s highly sophisticated age, there’s no justification for keeping troublesome treatments. Payroll, the company’s greatest expenditure, should be processed properly and on time. Even small delays can negatively affect workers’ wellness and have significant repercussions. Therefore, it’s important to focus on accurate and timely payments.
payroll team get um so I’m uncertain anybody on this type of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an essential cycle all of us find out about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s just 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 things is absolutely important that all of this stuff is done correctly so leveraging the very first Worldwide Payments first payroll payment solution is a fantastic primary step um providing an end-to-end payroll service for your employees internationally once again I think is another big um process once again lining up and guaranteeing you have standardization Global procedures all of those things are definitely essential to success success of companies and reducing the number of tools platforms and savings account they require for their Worldwide 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’ve never ever had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re meant to be um I don’t think any of us are really doing that for for the thanks
anyhow we know how how crucial 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 likewise so imagine sorry I’m simply I was simply gon na state think of the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re talking about numerous 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 trying to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to browse them and really see what was going on and sort of try to return to everyone so proceeding appearance why do companies choose to main different checking account there are Importing New Starters In Papaya Global businesses out there doing exactly this for specific countries and I have actually operated in a business or many organizations doing precisely that I can state it does not always feel efficient and it does create more work I know we’re not purposely doing that we’re not creating extra work for any person where we don’t have to and any person that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you believe 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 think individuals have got so utilized to we require a new bank account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the standard the people have adopted and continue to do over years and years gone past 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 think there’s a variety I think this is a process that needs looking at it requires altering but eventually people are really stuck with what they’re familiar
with best um change is a hard thing we all don’t like modification um so I think it’s simply sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the benefits of having keeping multiple bank accounts but there’s a huge quantity of intricacy chooses establishing a checking account preserving it ensuring it can send out International transfers ensuring it’s set up with the ideal user accesses for specific people so the complexity is big but I think the honest response is change um people haven’t been able to alter or haven’t had necessarily the understanding to actually make that change into alternate Solutions besides opening a bank account I believe you’ve hit the nail on the head I believe it is understanding you understand and there is an aspect of resistance to alter but we’ve constantly done it that way is no real reason for not looking at the the advantages and the possibilities of moving on and moving into you understand what could nearly be identified to be the next Century or so there is a lot to keep an eye on and this approach does present numerous challenges um so Johnny could you inform us about those challenges yeah of course 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 handle our payroll and payment tasks on one platform. It feels like our CFO has actually acquired another CFO, and with this improved capability, I have effectively protected payments for our 10,000 staff members worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is closer, considering your achievements. Importing New Starters In Papaya Global