Over the last 5 or six years …What Is The Latest Version Of Papaya Global… functions on the service provider side and likewise on the supplier side from a payroll perspective so actually anticipating this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply give everybody another couple of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite interesting 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 originates 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 extremely very gloomy and I wish I was elsewhere at this moment in time okay so let’s begin our program for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why business keep different
Virtual payroll accounts are an alternative to standard checking account for handling payroll payments. This is especially helpful for global companies with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of keeping different bank accounts for payroll in different countries, virtual accounts and digital wallets use a more structured option. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are becoming a strategic asset for payroll executives. We will also offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively safely and on time during this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll checking account how companies accurately anticipate their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in enough in one country but when you’re doing it globally it’s next level and Beyond it becomes complex for a range of reasons most importantly regulations compliance information security and banking guidelines then there are the sheer numbers they add more intricacy the international Labor force is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing all over the world in the standard payroll model there’s often an overwhelming variety of various systems resulting in lengthy manual processes and silos the number of Combinations could be non-existent in big quantities and or very really basic there’s no genuine consistency framework 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 which simply blows my mind every 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 companies say they have Labor force data in real time that’s another number that offers me sleepless nights and quite frankly the more a business invests in worldwide payroll the less of a picture they see an absence of presence likewise reaches payroll payments and inability to precisely track these payments can cause compliance mishaps in the last mile of the transaction nearly half of international companies have actually expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM data data entry mistakes inadequately communicated hires and terminations as well as absence management and system configurations and then when you round everything off and the data is shipped to the wrong place the average expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments don’t run smoothly if they rely on the required multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties organization face when they’re paying to workers or otherwise that’s a good question I always toss this back and say what is it what doesn’t need to be included right and what does
it need to be thought about 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 have to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s intricacy any place you look best eventually constructing a knowledge base is definitely crucial but all over you look with payroll payment they are like super payments no if however some children about it you are all superheroes processing payments for payroll if you 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 definitely fundamental and innovation is allowing us to sort of move on with that it also also to contribute to that payroll and finance require to work closer together um with differing Checking account Details differing banking requirements and setup procedures is definitely essential that payroll and financing groups work closer together than ever um I’m constantly surprised 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 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 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 individuals any place they are but also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world positions a high worth on well-being and the payment landscape is becoming progressively intricate. Services are continuously presenting brand-new advantages and payment choices, which contributes to the overall intricacy. Large corporations typically divide their payroll and payment processing into separate teams, which can lead to inadequacies and traffic jams. In my opinion, this doesn’t need to hold true. In today’s technologically innovative era, there’s no reason for maintaining troublesome procedures. Payroll, the company’s most significant expenditure, need to be processed properly and on time. Even slight hold-ups can adversely impact staff members’ well-being and have significant repercussions. For that reason, it’s vital to prioritize accurate and timely payments.
The payroll group might not have been thanked for properly processing payroll during a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and people just observe when things fail. However, when things go right, it’s viewed as just a routine job. This is how it’s perceived externally as well. Therefore, it is essential to make sure that jobs like Wi-Fi Global and other essential matters are done properly. Utilizing the first Global Payments first payroll payment option is an excellent preliminary action towards supplying a thorough payroll solution for staff members worldwide. Standardization, worldwide procedures, and reducing the variety of tools, platforms, and savings account essential for worldwide payroll are key consider accomplishing business success. While we don’t 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.
anyhow we know how how essential 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 involved in those processes and likewise so picture sorry I’m just I was simply gon na state imagine the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re discussing numerous thousands potentially Millions envision getting that lots of thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating task trying to clean all those up for sure oh absolutely I can’t envision 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 in fact see what was going on and sort of shot to return to everyone so carrying on look why do companies select to primary separate savings account there are What Is The Latest Version Of Papaya Global companies out there doing exactly this for particular nations and I have actually operated in a service or lots of companies doing precisely that I can state it does not always feel effective and it does create more work I understand we’re not purposely doing that we’re not developing additional work for anybody where we don’t have to and anyone that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I believe many reasons one is it’s the standard I believe people have got so utilized to we need a brand-new checking account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals have embraced and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and many other methods um to to type of do it so I believe there’s a variety I think this is a process that needs taking a look at it requires changing but eventually individuals are extremely stuck to what they’re familiar
with best um change is a tough thing all of us don’t like change um so I think it’s simply sort of moving away 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 keeping several savings account but there’s a huge amount of intricacy opts for setting up a checking account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the ideal user accesses for private individuals so the complexity is big however I think the sincere response is change um individuals have not had the ability to change or have not had always the knowledge to truly make that change into alternate Solutions besides opening a savings account I think you’ve struck the nail on the head I believe it is knowledge you understand and there is a component of resistance to change but we’ve constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of moving on and moving into you know what might practically be determined to be the next Century approximately there is a lot to monitor and this approach does present numerous difficulties um so Johnny might you inform us about those obstacles yeah naturally so there’s a range right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has gained another CFO, and with this boosted ability, I have actually effectively secured payments for our 10,000 staff members worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is more detailed, considering your achievements. What Is The Latest Version Of Papaya Global