Over the last five or six years …Papaya Global Solutions… roles on the company side and also on the vendor side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply offer everybody another number of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather interesting 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 everyone 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 drizzling here it’s really extremely dreary and I wish I was elsewhere at this moment in time all right so let’s get going our program for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why companies keep separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya Global payroll payments as a strategic asset uh we’ll also review a wrap-up and that must leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being increasingly more common and managing them becomes increasingly more complicated Global companies are wanting to find Solutions and brand-new methods to improve procedures particularly from a payroll and cross-border payment standpoint lots of companies keep different checking account just for payroll while some have numerous accounts in various countries does it make good sense for companies to maintain different bank accounts sometimes in various nations it does but just for payroll is there a better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational companies simplify the episode complex procedures of
making payroll payments properly efficiently firmly and on time during this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll savings account how companies precisely forecast their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in sufficient in one country but when you’re doing it internationally it’s next level and Beyond it ends up being complex for a range of reasons most importantly policies compliance information security and banking guidelines then there are the sheer numbers they add additional intricacy the international 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 individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing around the globe in the standard payroll design there’s frequently an overwhelming number of various systems resulting in time-consuming manual procedures and silos the number of Combinations could be non-existent in large amounts and or extremely really basic there’s no genuine consistency structure we’re living in an era 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 frequently with pen and paper and that simply blows my mind every time I I believe
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force information in real time that’s another number that offers me sleepless nights and quite frankly the more a company invests in international payroll the less of a photo they see a lack of presence likewise reaches payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the deal almost half of international businesses have revealed that they do not 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 bad HCM data information entry mistakes inadequately interacted hires and terminations in addition to absence management and system setups and after that when you round all of it off and the data is shipped to the incorrect place the average cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments do not run efficiently if they count on the essential numerous processes 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 difficulties organization face when they’re making payments to workers or otherwise that’s an excellent concern I constantly toss this back and state what is it what does not require to be included best and what does
it need to be thought of there’s varying Bank details 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 any place you look ideal eventually developing a knowledge base is definitely important however all over you look with payroll payment they are like extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely essential and technology is enabling us to kind of move on with that it also also to contribute to that payroll and finance need to work closer together um with varying Savings account Details varying banking requirements and setup processes is absolutely essential that payroll and finance groups work more detailed together than ever um I’m constantly surprised when people say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work 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 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 wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern world positions a high value on well-being and the payment landscape is becoming increasingly elaborate. Businesses are continually presenting new benefits and payment alternatives, which contributes to the overall complexity. Big corporations typically divide their payroll and payment processing into different teams, which can result in inadequacies and traffic jams. In my opinion, this does not have to be the case. In today’s technologically advanced period, there’s no justification for keeping troublesome treatments. Payroll, the business’s biggest cost, must be processed correctly and on time. Even slight delays can negatively affect staff members’ well-being and have far-reaching repercussions. Therefore, it’s vital to prioritize accurate and timely payments.
payroll team get um so I’m unsure anyone on this type of webinar has actually been told 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 workers or not um however eventually payroll is such an essential cycle all of us hear about it when it fails everybody jumps up and down when it fails however 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 also like why WI-Fi Global why all of this things is definitely vital that all of this stuff is done correctly so leveraging the very first Global Payments first payroll payment option is a fantastic first step um supplying an end-to-end payroll service for your employees worldwide again I believe is another substantial um procedure once again lining up and guaranteeing you have standardization Worldwide procedures all of those things are definitely essential to success success of companies and lowering the number of tools platforms and savings account they need for their International payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the grievances where things have not gone quite where they’re implied to be um I do not believe any of us are actually doing that for for the thanks
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 everybody that’s associated with those processes and also so envision sorry I’m just I was just gon na say imagine the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions envision getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an intriguing task trying to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse them and really see what was going on and kind of shot to return to everyone so carrying on appearance why do companies select to primary separate bank accounts there are Papaya Global Solutions organizations out there doing precisely this for specific countries and I’ve worked in a service or numerous businesses doing precisely that I can state it does not always feel efficient and it does develop more work I understand we’re not purposely doing that we’re not developing additional work for any person where we don’t need to and any person that’s dealing with 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 quantity that we are I think numerous reasons one is it’s the standard I believe people have actually got so utilized to we need a brand-new checking account we open an entity and appropriately so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have embraced and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and many other methods um to to sort of do it so I think there’s a range I think this is a process that requires looking at it requires altering but eventually individuals are extremely stuck to what they’re familiar
with best um change is a hard thing all of us don’t like modification um so I think it’s simply kind of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the benefits of having preserving multiple bank accounts but there’s a big quantity of intricacy goes with setting up a bank account preserving it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for private individuals so the complexity is huge however I think the truthful answer is change um people haven’t had the ability to change or haven’t had necessarily the understanding to actually make that change into alternate Solutions besides opening a checking account I believe you’ve struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter but we have actually constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what could practically be figured out to be the next Century or two there is a lot to track and this approach does pose numerous challenges um so Johnny could you inform us about those difficulties yeah naturally so there’s a variety right there is so
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