Over the last five or 6 years …Papaya Global Swot Analysis… roles on the provider side and likewise on the vendor side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply offer everyone another couple of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I truly 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 extremely extremely dreary and I want I was elsewhere at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be looking at the challenge years of handling Global payroll why business maintain separate
Virtual payroll accounts are an alternative to traditional bank accounts for handling payroll payments. This is particularly useful for worldwide organizations with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of maintaining different bank accounts for payroll in different countries, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are becoming a tactical asset for payroll executives. We will also offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively securely and on time during this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll checking account how companies properly anticipate their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be challenging in adequate in one country but when you’re doing it globally it’s next level and Beyond it ends up being complicated for a variety of factors most significantly policies compliance data security and banking guidelines then there are the large numbers they include more intricacy the international Labor force is presently 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 presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing all over the world in the traditional payroll model there’s typically a frustrating variety of different systems resulting in time-consuming manual procedures and silos the variety of Integrations could be non-existent in large amounts and or extremely really basic there’s no real consistency structure we’re living 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 frequently with pen and paper which just 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 say they have Workforce data in real time that’s another number that gives me sleep deprived nights and quite honestly the more a service invests in international payroll the less of a picture they see a lack of exposure also encompasses payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the deal nearly half of global companies 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 poor HCM data information entry errors inadequately interacted hires and terminations in addition to lack management and system configurations and then when you round it all off and the data is delivered to the wrong place the typical cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments don’t run efficiently if they rely on the required multiple processes 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 challenges business face when they’re making payments to employees or otherwise that’s an excellent question I constantly throw this back and state what is it what doesn’t need to be consisted of best and what does
it need to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment abilities 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 complexity anywhere you look best eventually developing a knowledge base is definitely critical but all over you look with payroll payment they are like incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the sort 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 fundamental and technology is permitting us to kind of progress with that it also too to contribute to that payroll and financing require to work closer together um with varying Savings account Details differing banking requirements and setup processes is definitely necessary that payroll and financing groups work better together than ever um I’m always amazed when people state I have actually split 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 divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so often 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 people any place they are however also paying statutory authorities and on statutory third parties so with the
The contemporary world positions a high value on well-being and the payment landscape is ending up being increasingly complex. Organizations are continuously presenting new advantages and payment alternatives, which adds to the general intricacy. Big corporations typically divide their payroll and payment processing into separate groups, which can lead to inefficiencies and traffic jams. In my viewpoint, this doesn’t need to hold true. In today’s technologically advanced age, there’s no validation for maintaining cumbersome procedures. Payroll, the company’s biggest cost, must be processed correctly and on time. Even minor delays can adversely affect workers’ well-being and have significant consequences. Therefore, it’s vital to focus on accurate and timely payments.
The payroll team may not have been thanked for correctly processing payroll throughout a webinar. If anybody has been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and people just see when things fail. However, when things go right, it’s seen as just a regular task. This is how it’s viewed externally also. For that reason, it is essential to ensure that jobs like Wi-Fi Worldwide and other essential matters are done correctly. Using the first Global Payments first payroll payment service is an excellent initial action towards offering an extensive payroll option for employees worldwide. Standardization, worldwide procedures, and minimizing the number of tools, platforms, and savings account needed for worldwide payroll are key factors in attaining organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of complaints when things do not go as prepared. Ultimately, we don’t do it for the thankfulness.
anyway we understand how how important 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 everyone that’s associated with those processes and likewise so envision sorry I’m simply I was simply gon na say picture the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands potentially Millions think of getting that lots of thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating job trying to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true 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 return to everyone so carrying on look why do companies select to primary separate savings account there are Papaya Global Swot Analysis businesses out there doing exactly this for specific countries and I’ve operated in a service or lots of organizations doing precisely that I can state it doesn’t constantly feel effective and it does create more work I know we’re not intentionally doing that we’re not producing additional work for anyone where we do not need to and any person 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 factors one is it’s the requirement I think people have actually got so utilized to we need a new savings account we open an entity and rightly so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals have actually adopted 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 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 but eventually individuals are really stuck with what they recognize
with ideal um modification is a hard thing all of us do not like change um so I believe it’s simply kind of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the advantages of having keeping numerous savings account but there’s a big amount of complexity goes with setting up a bank account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for private individuals so the intricacy is substantial but I think the truthful answer is modification um people haven’t had the ability to change or have not had necessarily the understanding to actually make that change into alternate Solutions besides opening a checking account I think you have actually struck the nail on the head I believe it is knowledge you know and there is an aspect of resistance to change however we’ve constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what might almost be determined to be the next Century or two there is a lot to keep track of and this approach does position several difficulties um so Johnny could you tell us about those obstacles yeah naturally so there’s a variety right there is so
I just did you switched 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 Global workers you deserve a corner workplace with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Swot Analysis