Over the last five or 6 years …Papaya Global Austin… roles on the supplier side and likewise on the supplier side from a payroll point of view so actually anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just offer everyone another couple of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everybody comes from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really really uninspiring and I want 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 International payroll why business keep different
Virtual payroll accounts are an option to standard checking account for managing payroll payments. This is particularly beneficial for global organizations with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of preserving separate checking account for payroll in various nations, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are becoming a strategic property for payroll executives. We will likewise offer 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 throughout this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll checking account how companies properly forecast their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in enough in one country however when you’re doing it globally it’s next level and Beyond it becomes intricate for a range of factors most importantly policies compliance data security and banking guidelines then there are the sheer numbers they include more complexity the global Labor force is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing all over the world in the traditional payroll design there’s frequently a frustrating variety of various systems resulting in lengthy manual procedures and silos the variety of Integrations could be non-existent in large quantities and or very really standard there’s no genuine consistency framework we’re living in an age of tech however payroll has been slow 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 offer 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 provides me sleepless nights and quite frankly the more an organization spends on worldwide payroll the less of a photo they see an absence of exposure also encompasses payroll payments and failure to precisely track these payments can cause compliance accidents in the last mile of the transaction almost half of global services have actually revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM information data entry mistakes badly communicated hires and terminations as well as lack management and system configurations and then when you round it all off and the data is delivered to the incorrect location the typical cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the globe payroll and payments do not run smoothly if they rely on the essential 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 challenges organization face when they’re paying to employees or otherwise that’s a good question I always throw this back and say what is it what does not require to be included best 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 timespan there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s complexity wherever you look right ultimately constructing a knowledge base is definitely critical but all over you look with payroll payment they resemble very payments no if however 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 believe there’s now a bit more recognition that payroll payments are absolutely basic and innovation is allowing us to kind of progress with that it likewise as well to add to that payroll and financing require to work closer together um with varying Checking account Details differing banking requirements and setup procedures is absolutely important that payroll and financing groups work more detailed together than ever um I’m always amazed when individuals say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession would they split 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 process it’s the point of data collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world positions a high worth on well-being and the payment landscape is ending up being increasingly intricate. Organizations are constantly presenting new benefits and payment options, which adds to the total intricacy. Large corporations often divide their payroll and payment processing into different teams, which can lead to inadequacies and traffic jams. In my opinion, this doesn’t need to hold true. In today’s technically advanced era, there’s no reason for preserving troublesome treatments. Payroll, the business’s most significant expense, need to be processed properly and on time. Even small hold-ups can negatively impact workers’ well-being and have far-reaching consequences. Therefore, it’s vital to focus on precise and timely payments.
The payroll group might not have been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and individuals just notice when things go wrong. However, when things go right, it’s viewed as simply a regular job. This is how it’s perceived externally also. For that reason, it is necessary to make sure that jobs like Wi-Fi Global and other essential matters are done correctly. Using the first International Payments first payroll payment service is a great preliminary action towards providing an extensive payroll service for employees worldwide. Standardization, worldwide processes, and lowering the number of tools, platforms, and savings account required for international payroll are essential consider achieving company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of problems when things do not go as prepared. Ultimately, we don’t do it for the thankfulness.
anyway we know how how essential 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 easy as possible for everyone that’s involved in those processes and also so envision sorry I’m simply I was just gon na say envision the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions picture getting that many thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting job trying to clean 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 try to look through them and in fact see what was going on and type of shot to return to everybody so proceeding look why do companies select to main separate checking account there are Papaya Global Austin organizations out there doing precisely this for particular nations and I’ve operated in a company or lots of businesses doing precisely that I can state it does not constantly feel effective and it does develop more work I know we’re not deliberately doing that we’re not developing additional work for any person where we do not have to and anybody that’s managing that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe lots of factors one is it’s the requirement I think individuals have got so used to we need a new bank account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm individuals have actually adopted and continue to do over years and years passed by to add to that individuals 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 range I believe this is a procedure that needs taking a look at it needs changing however eventually individuals are really stuck with what they recognize
with best um change is a difficult thing we all do not like modification um so I believe it’s simply kind of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having preserving numerous checking account however there’s a huge amount of complexity chooses setting up a bank account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for individual people so the complexity is big however I think the honest answer is change um individuals haven’t been able to change or have not had necessarily the understanding to truly make that change into alternate Solutions besides opening a bank account I believe you have actually struck the nail on the head I think it is knowledge you know and there is a component of resistance to change however we have actually always done it that way is no real excuse for not looking at the the benefits and the possibilities of carrying on and moving into you understand what might nearly be figured out to be the next Century or so there is a lot to track and this approach does position numerous obstacles um so Johnny could you tell us about those obstacles yeah naturally so there’s a variety right there is so
I recently made a modification 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 actually gotten another CFO, and with this improved capability, I have actually effectively protected payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is more detailed, considering your achievements. Papaya Global Austin