Over the last 5 or six years …Papaya Global For Budget-friendly Payroll Efficiency… roles on the service provider side and also on the vendor side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just offer everyone another couple of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I actually 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 raining here it’s very very bleak and I want I was somewhere else at this moment in time okay so let’s start our program for today is as follows um we are going to be looking at the challenge years of managing Global payroll why companies maintain different
Virtual payroll accounts are an alternative to traditional savings account for handling payroll payments. This is especially helpful for global organizations with dispersed and remote labor forces, as it streamlines the complicated process of cross-border payments. Instead of maintaining separate savings account for payroll in different countries, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a tactical property for payroll executives. We will likewise provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively safely and on time throughout this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how business precisely forecast their payroll expenses to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be challenging in adequate in one country however when you’re doing it globally it’s next level and Beyond it becomes intricate for a range of reasons most significantly regulations compliance information security and banking rules then there are the large numbers they add further intricacy the global Labor force is presently 3 and a half billion individuals by 2030 it’s approximated 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 services and growing all doing their own thing worldwide in the traditional payroll model there’s typically an overwhelming variety of different systems resulting in time-consuming manual processes and silos the variety of Combinations could be non-existent in large quantities and or really extremely fundamental there’s no genuine consistency framework we’re living in an era of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that 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 organizations state they have Workforce information in real time that’s another number that provides me sleepless nights and quite honestly the more an organization spends on global payroll the less of an image they see an absence of visibility also reaches payroll payments and failure to precisely track these payments can lead to compliance incidents in the last mile of the transaction nearly half of global companies have expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry errors poorly interacted hires and terminations in addition to absence management and system configurations and then when you round all of it off and the data is shipped to the wrong place the typical cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash all over the world payroll and payments don’t run smoothly if they depend on the needed multiple processes 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 making payments to employees or otherwise that’s an excellent concern I always throw this back and say what is it what doesn’t require to be included right and what does
it need to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment capabilities 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 client’s own in-country account so there’s intricacy wherever you look ideal ultimately building a knowledge base is definitely critical but everywhere you look with payroll payment they resemble super payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely basic and innovation is allowing us to type of move on with that it also also to contribute to that payroll and financing need to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is absolutely imperative that payroll and finance groups work more detailed together than ever um I’m constantly impressed when people state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll occupation would they divide the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so often 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 people anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world positions a high value on wellness and the payment landscape is ending up being significantly intricate. Companies are constantly presenting new benefits and payment alternatives, which contributes to the overall complexity. Big corporations frequently divide their payroll and payment processing into different groups, which can cause inadequacies and traffic jams. In my viewpoint, this doesn’t have to be the case. In today’s technically innovative period, there’s no validation for preserving cumbersome procedures. Payroll, the company’s biggest expenditure, should be processed correctly and on time. Even minor delays can negatively affect workers’ well-being and have far-reaching repercussions. For that reason, it’s vital to prioritize precise and timely payments.
payroll team get um so I’m not sure anybody on this sort of webinar has actually been informed thank you for processing my payroll correctly 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 become aware of it when it fails everybody jumps up and down when it fails but when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely vital that all of this stuff is done properly so leveraging the first Global Payments very first payroll payment option is a fantastic initial step um offering an end-to-end payroll service for your workers globally again I think is another substantial um procedure again lining up and ensuring you have standardization Global processes all of those things are absolutely crucial to success success of services and minimizing the variety of tools platforms and checking account they require for their International payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the problems where things haven’t gone quite where they’re indicated to be um I do not think any of us are really doing that for for the thanks
anyhow we understand how how essential 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 everybody that’s involved in those processes and also so imagine sorry I’m simply I was simply gon na say envision the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions picture getting that many thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an intriguing job attempting to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to check out them and really see what was going on and type of shot to get back to everybody so proceeding appearance why do companies select to primary different savings account there are Papaya Global For Budget-friendly Payroll Efficiency organizations out there doing exactly this for specific countries and I’ve operated in a company or numerous services doing exactly that I can say it doesn’t always feel effective and it does create more work I understand we’re not purposely doing that we’re not creating additional work for anybody where we don’t need to and anyone that’s managing 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 quantity that we are I think many reasons one is it’s the requirement I think individuals have got so utilized to we require a new bank account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the norm the people have actually embraced and continue to do over years and years gone past to add to that people have actually 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 process that needs taking a look at it needs altering however eventually individuals are very stuck to what they’re familiar
with ideal um change is a challenging thing we all do not like change um so I think it’s just kind 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 certainly the benefits of having maintaining multiple bank accounts but there’s a substantial amount of intricacy chooses setting up a bank account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for specific individuals so the intricacy is substantial but I think the honest answer is change um individuals haven’t been able to change or haven’t had necessarily the knowledge to really make that change into alternate Solutions aside from opening a bank account I believe you have actually struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter but we’ve constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might almost be identified to be the next Century or so there is a lot to monitor and this technique does pose several difficulties um so Johnny could you inform us about those challenges yeah obviously so there’s a variety right there is so
I simply did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International staff members you should have a corner workplace with a better parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global For Budget-friendly Payroll Efficiency