Over the last five or 6 years …Papaya Global Payroll Soc Report… functions on the company side and also on the supplier side from a payroll point of view so really looking forward to this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just offer everybody another couple of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everybody comes from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really really dreary 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 obstacle years of handling Global payroll why business maintain separate
Virtual payroll accounts are an option to conventional savings account for handling payroll payments. This is particularly useful for international organizations with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of maintaining separate checking account for payroll in various nations, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are becoming a tactical property for payroll executives. We will also supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly effectively securely and on time throughout this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll savings account how business properly anticipate their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in adequate in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a range of reasons most notably guidelines compliance data security and banking guidelines then there are the large numbers they add more intricacy the global Labor force is currently three and a half billion individuals by 2030 it’s approximated 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 factor in 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 frequently an overwhelming variety of different systems causing lengthy manual processes and silos the number of Integrations could be non-existent in large amounts and or very very fundamental there’s no genuine consistency structure we’re residing in an age of tech however 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 which just blows my mind each time I I believe
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force data in real time that’s another number that provides me sleep deprived nights and rather frankly the more a service invests in international payroll the less of an image they see an absence of visibility also extends to payroll payments and inability to accurately track these payments can cause compliance incidents in the last mile of the transaction nearly half of international businesses have expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM information data entry mistakes badly interacted hires and terminations along with absence management and system setups and after that when you round it all off and the data is delivered to the incorrect place the average cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the world payroll and payments do not run efficiently if they depend on the needed numerous processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties service face when they’re making payments to staff members or otherwise that’s a good concern I always toss this back and say what is it what does not need to be consisted of best and what does
it need to be thought of there’s varying Bank information 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 abilities 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 consumer’s own in-country account so there’s intricacy any place you look ideal ultimately constructing a knowledge base is absolutely critical however everywhere 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 think there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is permitting us to kind of move forward with that it likewise as well to add to that payroll and financing need to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is definitely necessary that payroll and finance groups work closer together than ever um I’m constantly impressed when individuals say I’ve divided payroll and payment um if you walk down the street and asked anyone 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 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 information collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory third parties so with the
The modern-day world positions a high value on well-being and the settlement landscape is ending up being progressively elaborate. Businesses are continuously presenting new advantages and payment alternatives, which contributes to the overall complexity. Large corporations frequently divide their payroll and payment processing into different teams, which can result in inefficiencies and bottlenecks. In my opinion, this does not need to hold true. In today’s highly sophisticated period, there’s no reason for keeping cumbersome procedures. Payroll, the company’s biggest cost, need to be processed properly and on time. Even minor delays can negatively affect staff members’ well-being and have far-reaching effects. For that reason, it’s critical to prioritize precise and timely payments.
payroll group get um so I’m uncertain anyone on this type of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um however eventually 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 just a tick box exercise 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 stuff is definitely essential that all of this stuff is done properly so leveraging the first Worldwide Payments first payroll payment option is a great first step um providing an end-to-end payroll option for your employees internationally once again I think is another big um procedure again aligning and guaranteeing you have standardization Worldwide processes all of those things are absolutely key to success success of services and lowering the variety of tools platforms and bank accounts they require for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the grievances where things have not gone rather where they’re indicated to be um I don’t believe any of us are actually doing that for for the thanks
anyway we know how how essential a function 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 state picture 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 speaking about hundreds of thousands potentially Millions envision getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing job trying to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to look through them and actually see what was going on and sort of shot to get back to everybody so proceeding appearance why do business choose to main different bank accounts there are Papaya Global Payroll Soc Report companies out there doing exactly this for specific countries and I have actually worked in an organization or numerous services doing precisely that I can state it does not constantly feel effective and it does develop more work I understand we’re not deliberately doing that we’re not producing additional work for anybody 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 believe that we’re doing that in in the in the quantity that we are I think lots of reasons one is it’s the standard I believe individuals have got so used to we require a brand-new checking 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 requirement and the standard the people have embraced and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and many other ways um to to sort of do it so I believe there’s a range I believe this is a process that requires looking at it requires changing but ultimately people are very stuck to what they’re familiar
with right um modification is a difficult thing all of us do not like change um so I think it’s simply sort of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand certainly the benefits of having maintaining multiple bank accounts however there’s a substantial quantity of complexity goes with setting up a bank account preserving it guaranteeing it can send out International transfers ensuring it’s set up with the ideal user accesses for specific individuals so the intricacy is huge however I believe the truthful answer is change um people haven’t had the ability to alter or have not had always the understanding to really make that change into alternate Solutions besides opening a checking account I believe you’ve hit the nail on the head I believe it is knowledge you know and there is an element of resistance to alter however we have actually constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what might practically be figured out to be the next Century or so there is a lot to keep an eye on and this technique does position a number of obstacles um so Johnny could you tell us about those difficulties yeah obviously so there’s a range right there is so
I 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 seems like our CFO has gotten another CFO, and with this enhanced capability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Payroll Soc Report