Over the last five or six years …Papaya Global Lessons… functions on the provider side and likewise on the supplier side from a payroll viewpoint 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 everybody 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 kind of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everybody originates from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very extremely dreary and I want I was somewhere else at this moment in time fine 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 Worldwide payroll why companies maintain different
Virtual payroll accounts are an option to traditional bank accounts for managing payroll payments. This is especially useful for worldwide companies with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of preserving separate savings account for payroll in different nations, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are becoming a tactical property for payroll executives. We will also provide 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 during this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll savings account how business properly anticipate their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in enough in one country however when you’re doing it worldwide it’s next level and Beyond it becomes complex for a range of reasons most significantly guidelines compliance information security and banking rules then there are the sheer numbers they include more intricacy the global Workforce 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 companies and growing all doing their own thing around the world in the conventional payroll design there’s often a frustrating number of various systems resulting in lengthy manual procedures and silos the number of Integrations could be non-existent in large quantities and or really extremely standard there’s no genuine consistency framework we’re living in an age 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 whenever I I think
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of services state they have Workforce information in real time that’s another number that gives me sleep deprived nights and rather frankly the more a business invests in global payroll the less of a photo they see a lack of presence likewise extends to payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the transaction almost half of international organizations have expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry mistakes improperly communicated hires and terminations in addition to absence management and system configurations and after that when you round it all off and the information is delivered to the incorrect place the typical cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the globe payroll and payments don’t run smoothly if they count on the needed multiple processes 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 service face when they’re paying to employees or otherwise that’s a great concern I always throw this back and say what is it what does not need to be included right and what does
it need 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 capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy any place you look best ultimately developing a knowledge base is definitely critical however everywhere you look with payroll payment they are like very payments no if but some babies 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 think there’s now a bit more recognition that payroll payments are definitely basic and technology is enabling us to sort of move on with that it also also to contribute to that payroll and financing need to work closer together um with differing Checking account Details differing banking requirements and setup procedures is definitely imperative that payroll and finance groups work closer together than ever um I’m always surprised when people say I’ve split 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 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 procedure it’s the point of data collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory third parties so with the
The contemporary world positions a high worth on wellness and the compensation landscape is ending up being increasingly complex. Services are continuously presenting new benefits and payment options, which adds to the general complexity. Large corporations often divide their payroll and payment processing into separate teams, which can lead to inadequacies and traffic jams. In my opinion, this doesn’t have to hold true. In today’s technically sophisticated age, there’s no validation for preserving cumbersome procedures. Payroll, the business’s most significant expense, must be processed properly and on time. Even slight delays can negatively impact workers’ wellness and have significant consequences. For that reason, it’s crucial to focus on precise and prompt payments.
The payroll group might not have been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and people only notice when things fail. Nevertheless, when things go right, it’s seen as simply a regular task. This is how it’s viewed externally too. Therefore, it is important to ensure that jobs like Wi-Fi Worldwide and other important matters are done properly. Utilizing the first International Payments very first payroll payment service is a great preliminary action towards supplying a thorough payroll service for employees worldwide. Standardization, international processes, and reducing the variety of tools, platforms, and checking account essential for worldwide payroll are crucial consider attaining service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of grievances when things don’t go as prepared. Eventually, we do not do it for the appreciation.
anyway we know how how important a function 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 picture sorry I’m just I was just gon na state think of the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions picture getting that lots of thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would definitely 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 browse them and really see what was going on and type of shot to get back to everyone so proceeding look why do business choose to primary separate checking account there are Papaya Global Lessons organizations out there doing precisely this for specific countries and I have actually worked in a business or lots of organizations doing precisely that I can say it doesn’t constantly feel effective and it does develop more work I know we’re not purposely doing that we’re not creating extra work for any person where we do not need to and anyone that’s handling that procedure 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 reasons one is it’s the standard I think people have got so utilized to we need a new bank account we open an entity and rightly so you require 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 standard and the norm the people have embraced and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and numerous other methods um to to type of do it so I believe there’s a variety I think this is a process that requires looking at it requires changing but eventually people are really stuck to what they’re familiar
with ideal um change is a hard thing all of us don’t like modification um so I think it’s just sort of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the benefits of having keeping multiple savings account but there’s a big amount of intricacy goes with setting up a savings account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the right user accesses for individual people so the intricacy is huge however I believe the honest response is change um individuals have not had the ability to alter or haven’t had necessarily the understanding to really make that change into alternate Solutions besides opening a bank account I think you have actually struck the nail on the head I think it is knowledge you understand and there is an element of resistance to alter however we have actually 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 know what might practically be identified to be the next Century or two there is a lot to keep track of and this approach does present a number of challenges um so Johnny could you inform us about those challenges yeah of course 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 handle our payroll and payment jobs on one platform. It seems like our CFO has actually gained another CFO, and with this boosted capability, I have actually effectively protected payments for our 10,000 workers 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 better, considering your accomplishments. Papaya Global Lessons