Over the last 5 or 6 years …Previous Payroll Papaya Global… roles on the company side and likewise on the supplier side from a payroll viewpoint so really looking forward to this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply provide everybody another number of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I really do hope it’s much sunnier than it remains 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 really very gloomy and I wish I was somewhere else at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why business maintain separate
Virtual payroll accounts are an option to traditional savings account for handling payroll payments. This is particularly helpful for worldwide organizations with dispersed and remote labor forces, as it streamlines the intricate procedure of cross-border payments. Instead of maintaining separate savings account for payroll in different nations, virtual accounts and digital wallets use a more structured solution. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a tactical property for payroll executives. We will likewise supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently safely and on time throughout this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll savings account how business precisely anticipate their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in sufficient in one country but when you’re doing it globally it’s next level and Beyond it becomes complicated for a range of reasons most importantly guidelines compliance information security and banking guidelines then there are the large numbers they include additional complexity the global 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 presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing worldwide in the conventional payroll model there’s often an overwhelming variety of different systems resulting in time-consuming manual procedures and silos the variety of Combinations could be non-existent in large amounts and or really extremely standard there’s no genuine consistency structure we’re residing in an era of tech however payroll has been slow 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 each time I I believe
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force information in real time that’s another number that gives me sleepless nights and quite honestly the more an organization invests in international payroll the less of a photo they see a lack of exposure also extends to payroll payments and inability to accurately track these payments can cause compliance incidents in the last mile of the deal nearly half of worldwide companies have revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry errors improperly interacted hires and terminations along with lack management and system setups and then when you round everything off and the information is shipped to the incorrect place the typical cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash worldwide payroll and payments do not run efficiently if they rely on the required several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties company face when they’re paying to workers or otherwise that’s a good concern I constantly toss this back and say what is it what doesn’t need to be consisted of ideal 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 nation there’s payment time frames there’s payment abilities 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 customer’s own in-country account so there’s complexity wherever you look ideal eventually building a knowledge base is definitely crucial however everywhere you look with payroll payment they resemble extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you take a 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 allowing us to type of move on with that it also too to add to that payroll and financing need to work closer together um with varying Checking account Details varying banking requirements and setup procedures is absolutely important that payroll and finance groups work closer together than ever um I’m constantly astonished when people say I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um ultimately 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 however also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high value on wellness and the compensation landscape is ending up being significantly elaborate. Companies are constantly presenting brand-new advantages and payment choices, which adds to the general complexity. Large 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 have to be the case. In today’s technically advanced age, there’s no reason for keeping cumbersome procedures. Payroll, the business’s greatest cost, must be processed correctly and on time. Even minor hold-ups can adversely impact employees’ well-being and have significant consequences. Therefore, it’s vital to prioritize precise and timely payments.
The payroll group may not have been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and individuals just discover when things fail. Nevertheless, when things go right, it’s viewed as simply a routine task. This is how it’s viewed externally also. Therefore, it is important to ensure that tasks like Wi-Fi International and other crucial matters are done properly. Using the first Global Payments first payroll payment solution is a terrific preliminary step towards providing a comprehensive payroll solution for workers worldwide. Standardization, global processes, and minimizing the number of tools, platforms, and bank accounts needed for worldwide payroll are essential consider attaining company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of problems when things don’t go as prepared. Ultimately, we don’t do it for the appreciation.
anyway we know how how essential a role 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 easy as possible for everybody that’s involved in those procedures and also 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 make sure we’re talking about hundreds of thousands potentially Millions think of getting that many 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 up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to check out them and really see what was going on and kind of try to get back to everyone so carrying on appearance why do companies select to main separate checking account there are Previous Payroll Papaya Global businesses out there doing exactly this for specific countries and I’ve worked in an organization or many services doing exactly that I can say it does not constantly feel efficient and it does develop more work I know we’re not purposely doing that we’re not producing extra work for anybody where we do not need to and any person that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe numerous reasons one is it’s the standard I think individuals have actually got so used to we need a brand-new checking account we open an entity and appropriately 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 requirement and the norm individuals have adopted and continue to do over years and years passed by to add to that individuals have 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 believe this is a procedure that needs taking a look at it needs changing however eventually people are really stuck to what they recognize
with best um modification is a difficult thing we all don’t like change um so I think it’s simply sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend certainly the benefits of having maintaining multiple savings account but there’s a big amount of complexity goes with setting up a savings account maintaining it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for individual people so the intricacy is huge but I believe the sincere response is modification um individuals haven’t been able to alter or have not had always the understanding to truly make that change into alternate Solutions other than opening a bank account I believe you’ve hit the nail on the head I think it is understanding you understand and there is an element of resistance to change but we have actually always done it that way is no real excuse for not looking at the the benefits and the possibilities of moving on and moving into you understand what could almost be determined to be the next Century or so there is a lot to track and this approach does position a number of difficulties um so Johnny could you inform us about those obstacles 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 manage our payroll and payment tasks on one platform. It feels like our CFO has actually acquired another CFO, and with this improved capability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is better, considering your achievements. Previous Payroll Papaya Global