Over the last five or 6 years …Papaya Global Student Loan… functions on the provider side and also on the supplier side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply provide everybody another number of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everyone originates from and I truly 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 really uninspiring and I want I was somewhere else 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 managing International payroll why business maintain different
Virtual payroll accounts are an option to standard checking account for managing payroll payments. This is especially helpful for worldwide companies with dispersed and remote labor forces, as it simplifies the complex procedure of cross-border payments. Instead of preserving different checking account for payroll in different countries, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a strategic property for payroll executives. We will likewise supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently safely and on time during this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll checking account how business precisely forecast their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in enough in one country but when you’re doing it internationally it’s next level and Beyond it becomes complex for a variety of factors most importantly policies compliance information security and banking rules then there are the large numbers they include further intricacy the global Labor force is currently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people 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 standard payroll design there’s often a frustrating number of different systems causing lengthy manual procedures and silos the variety of Integrations could be non-existent in big amounts and or very really fundamental there’s no genuine consistency structure we’re residing in a period of tech but payroll has actually 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 only 11 of businesses say they have Workforce information in real time that’s another number that gives me sleepless nights and quite honestly the more an organization spends on international payroll the less of a photo they see a lack of presence also reaches payroll payments and inability to accurately track these payments can lead to compliance incidents in the last mile of the transaction almost half of global companies have actually expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM information information entry errors inadequately communicated hires and terminations along with lack management and system setups and after that when you round everything off and the information is delivered to the incorrect location the typical expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments don’t run smoothly if they count on the required several 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 business face when they’re making payments to employees or otherwise that’s a great question I constantly throw this back and say what is it what does not require to be consisted of ideal and what does
it need to be considered there’s varying 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 have to pay from the client’s own in-country account so there’s complexity wherever you look right eventually constructing a knowledge base is absolutely critical but all over 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 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 innovation is enabling us to kind of move on with that it likewise as well to contribute to that payroll and finance need to work closer together um with differing Checking account Details differing banking requirements and setup processes is absolutely important that payroll and finance teams work closer together than ever um I’m constantly impressed when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they split 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 eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high value on well-being and the payment landscape is becoming progressively intricate. Businesses are constantly introducing brand-new benefits and payment options, which contributes to the total intricacy. Big corporations often divide their payroll and payment processing into different groups, which can cause inadequacies and traffic jams. In my opinion, this doesn’t need to hold true. In today’s technically advanced era, there’s no validation for keeping cumbersome treatments. Payroll, the company’s greatest cost, need to be processed properly and on time. Even slight delays can adversely affect workers’ well-being and have significant consequences. Therefore, it’s vital to prioritize precise and prompt payments.
payroll group get um so I’m unsure anybody on this type of webinar has 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 workers or not um but eventually payroll is such an important cycle we all find out about it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely essential that all of this stuff is done correctly so leveraging the first Worldwide Payments very first payroll payment service is a great primary step um supplying an end-to-end payroll option for your employees globally once again I believe is another big um process once again aligning and ensuring you have standardization Worldwide procedures all of those things are absolutely essential to success success of companies and minimizing the number of tools platforms and bank accounts they require 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 had a hundred countless them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone rather where they’re suggested to be um I don’t believe any of us are actually 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 easy as possible for everyone that’s associated with those processes and likewise so imagine sorry I’m simply I was just gon na state imagine the amount of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions imagine getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would definitely be an intriguing job attempting to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to look through them and in fact see what was going on and kind of try to get back to everybody so proceeding appearance why do business select to primary separate savings account there are Papaya Global Student Loan services out there doing precisely this for specific countries and I’ve operated in a business or many services doing precisely that I can state it doesn’t always feel effective and it does develop more work I know we’re not deliberately doing that we’re not producing additional work for anybody 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 amount that we are I think many reasons one is it’s the requirement I think individuals have actually got so used to we require a new checking account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard individuals have embraced and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a variety I think this is a process that needs looking at it needs changing however ultimately people are extremely stuck to what they recognize
with ideal um modification is a challenging thing we all do not like modification um so I believe it’s just type of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the advantages of having maintaining several checking account but there’s a huge quantity of intricacy opts for establishing a checking account keeping it ensuring it can send International transfers ensuring it’s set up with the right user accesses for private individuals so the intricacy is huge but I believe the sincere answer is modification um people haven’t had the ability to alter or haven’t had always the understanding to really make that change into alternate Solutions other than opening a checking account I believe you have actually hit the nail on the head I believe it is understanding you understand and there is a component 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 know what might practically be identified to be the next Century approximately there is a lot to keep an eye on and this technique does present numerous challenges um so Johnny could you tell us about those difficulties yeah of course so there’s a range right there is so
I just did you changed 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 Worldwide staff members you are worthy of a corner workplace with a closer parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Student Loan