Over the last 5 or 6 years …Papaya Global North Macedonia… functions on the supplier side and also on the vendor side from a payroll viewpoint so really looking forward to this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply provide everybody another couple of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I actually do hope it’s much sunnier than it remains 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 gloomy and I want I was somewhere else at this moment in time fine so let’s get going our program for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why companies maintain different
Virtual payroll accounts are an alternative to conventional checking account for managing payroll payments. This is especially beneficial for international companies with dispersed and remote workforces, as it simplifies the complicated process of cross-border payments. Instead of preserving separate savings account for payroll in different countries, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a tactical asset for payroll executives. We will likewise provide a recap of the main points 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 walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll bank account how business precisely forecast their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in adequate in one country but when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a range of reasons most notably regulations compliance information security and banking guidelines then there are the sheer numbers they add additional intricacy the worldwide Labor force is currently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing all over the world in the traditional payroll model there’s typically a frustrating number of various systems resulting in lengthy manual procedures and silos the variety of Integrations could be non-existent in big amounts and or extremely extremely standard there’s no genuine consistency framework we’re residing in a period of tech however 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 and that 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 just 11 of companies state they have Workforce data in real time that’s another number that gives me sleepless nights and quite frankly the more a service invests in worldwide payroll the less of a picture they see an absence of visibility likewise encompasses payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the transaction nearly half of global services have actually revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry mistakes poorly interacted hires and terminations along with absence management and system setups and then when you round everything off and the data is shipped to the incorrect location the typical cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the world payroll and payments do not run efficiently if they count on the essential multiple procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles service face when they’re making payments to employees or otherwise that’s a good concern I always throw this back and say what is it what doesn’t require to be included ideal and what does
it require to be thought about 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 abilities 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 complexity anywhere you look right eventually building a knowledge base is definitely critical but everywhere you look with payroll payment they resemble incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is allowing us to sort of progress with that it likewise also to add to that payroll and financing require to work closer together um with varying Savings account Details varying banking requirements and setup processes is definitely essential that payroll and financing teams work closer together than ever um I’m constantly impressed when individuals state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll occupation would they divide the payroll payment from estimation 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 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 third parties so with the
The modern-day world positions a high value on well-being and the payment landscape is becoming significantly elaborate. Services are continually presenting new benefits and payment choices, which adds to the general complexity. Big corporations frequently divide their payroll and payment processing into separate groups, which can result in ineffectiveness and traffic jams. In my opinion, this does not need to hold true. In today’s technologically sophisticated age, there’s no reason for keeping cumbersome procedures. Payroll, the company’s biggest expenditure, need to be processed properly and on time. Even slight hold-ups can negatively affect employees’ wellness and have far-reaching consequences. Therefore, it’s crucial to focus on precise and prompt payments.
payroll group get um so I’m not sure anybody on this type of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an important cycle we all find out about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely vital that all of this things is done correctly so leveraging the very first International Payments first payroll payment service is a fantastic primary step um offering an end-to-end payroll option for your workers globally once again I think is another huge um procedure once again aligning and ensuring you have standardization Global procedures all of those things are absolutely crucial to success success of organizations and minimizing the number of tools platforms and checking account they need for their Global 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 thousand of them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the problems where things haven’t gone quite where they’re suggested to be um I do not think any of us are really doing that for for the thanks
anyhow 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 processes and also so picture sorry I’m just I was just gon na say think of 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 potentially Millions think of getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting task trying to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and in fact see what was going on and type of shot to return to everyone so moving on look why do business pick to main separate savings account there are Papaya Global North Macedonia services out there doing precisely this for specific nations and I have actually operated in an organization or lots of services doing precisely that I can state it does not constantly feel efficient 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 don’t have to and anybody that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe many reasons one is it’s the requirement I believe individuals have got so utilized to we need a brand-new savings account we open an entity and appropriately so you need it for payroll functions 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 individuals have actually embraced and continue to do over years and years passed by to contribute to that individuals have actually looked at things like trust accounts and numerous other methods um to to type of do it so I think there’s a range I believe this is a procedure that needs taking a look at it requires changing but eventually individuals are really stuck to what they’re familiar
with ideal um change is a tough thing we all do not like change um so I believe it’s just sort of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the advantages of having keeping several savings account but there’s a big amount of complexity chooses setting up a bank account maintaining it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for specific people so the intricacy is huge but I believe the sincere response is modification um individuals have not had the ability to change or haven’t had always the understanding to actually make that change into alternate Solutions other than opening a savings account I believe you have actually hit the nail on the head I believe it is knowledge you know and there is an aspect of resistance to change but we have actually constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might practically be determined to be the next Century or so there is a lot to keep an eye on and this technique does posture a number of obstacles um so Johnny might you tell us about those difficulties yeah obviously so there’s a range right there is so
I recently made a change to our Enterprise 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 gained another CFO, and with this improved capability, I have actually successfully protected payments for our 10,000 employees worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is better, considering your achievements. Papaya Global North Macedonia