Over the last 5 or six years …Adjust Payroll Manually Papaya Global… functions on the service provider side and also on the vendor side from a payroll point of view so really looking forward to this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply offer everybody another couple of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I truly 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 drizzling here it’s very very uninspiring and I wish I was elsewhere at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why business keep different
Virtual payroll accounts are an option to conventional bank accounts for managing payroll payments. This is especially helpful for international companies with dispersed and remote labor forces, as it streamlines the complicated process of cross-border payments. Instead of keeping separate bank accounts for payroll in different nations, virtual accounts and digital wallets offer a more structured option. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a tactical possession for payroll executives. We will also supply a wrap-up of the main points 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 international advantages and disadvantages of a payroll wallet versus a payroll checking account how companies accurately forecast their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in sufficient in one country but when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a variety of reasons most notably policies compliance information security and banking rules then there are the large numbers they include additional complexity 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 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 worldwide in the traditional payroll design there’s frequently an overwhelming variety of different systems causing time-consuming manual procedures and silos the variety of Integrations could be non-existent in big quantities and or extremely very fundamental there’s no real consistency framework we’re living in an era of tech however payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind whenever I I believe
about it to give you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce information in real time that’s another number that gives me sleepless nights and rather honestly the more a business invests in global payroll the less of a photo they see a lack of exposure likewise extends to payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the transaction nearly half of international services have expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM data data entry errors improperly interacted hires and terminations in addition to lack management and system setups and after that when you round everything off and the data is delivered to the wrong location the average cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash worldwide payroll and payments do not run efficiently if they rely on the required multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties service face when they’re paying to workers or otherwise that’s a good question I constantly throw this back and say what is it what doesn’t need to be included right and what does
it require to be thought about 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 abilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s intricacy anywhere you look best ultimately constructing a knowledge base is absolutely crucial however everywhere you look with payroll payment they are like extremely payments no if however some babies 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 absolutely fundamental and innovation is permitting us to type of move forward with that it likewise too to contribute to that payroll and finance require to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is definitely important that payroll and financing teams work closer together than ever um I’m always surprised when people state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll profession would they split the payroll payment from estimation 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 information collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world puts a high value on wellness and the payment landscape is ending up being increasingly elaborate. Services are constantly presenting new benefits and payment choices, which adds to the general intricacy. Large corporations typically 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 hold true. In today’s technologically advanced period, there’s no justification for preserving cumbersome treatments. Payroll, the company’s biggest expenditure, must be processed correctly and on time. Even minor hold-ups can negatively impact staff members’ wellness and have significant consequences. Therefore, it’s important to prioritize precise and prompt payments.
payroll group 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 excellent to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an essential cycle all of us become aware of it when it fails everyone jumps up and down when it fails however when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely crucial that all of this stuff is done correctly so leveraging the very first Worldwide Payments first payroll payment service is a great first step um supplying an end-to-end payroll option for your employees globally again I think is another substantial um procedure again aligning and guaranteeing you have standardization International procedures all of those things are absolutely key to success success of organizations and minimizing the variety of tools platforms and checking account they require for their International 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 ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the problems where things haven’t gone rather where they’re indicated to be um I do not think any of us are really doing that for for the thanks
anyway we know 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 simple as possible for everybody that’s involved in those processes and likewise so imagine sorry I’m simply I was just gon na say picture the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re talking about hundreds of thousands potentially Millions envision getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing task trying to clean all those up for sure oh absolutely 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 try to look through them and really see what was going on and kind of try to get back to everyone so proceeding appearance why do business choose to main different bank accounts there are Adjust Payroll Manually Papaya Global businesses out there doing exactly this for particular countries and I’ve operated in a business or numerous organizations doing exactly that I can say it doesn’t always feel effective and it does develop more work I understand we’re not intentionally doing that we’re not developing additional work for anybody where we don’t have to and anyone that’s dealing with that process 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 think numerous factors one is it’s the requirement I think individuals have got so used to we need a new checking account we open an entity and appropriately so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals have actually adopted and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a range I believe this is a procedure that needs taking a look at it needs changing but eventually individuals are extremely stuck with what they’re familiar
with ideal um modification is a tough thing we all do not like modification um so I think it’s simply type of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the benefits of having keeping numerous savings account however there’s a big amount of complexity chooses setting up a checking account maintaining it guaranteeing it can send out International transfers ensuring it’s established with the right user accesses for individual individuals so the complexity is huge however I believe the sincere response is change um individuals haven’t had the ability to change or have not had always the understanding to actually make that change into alternate Solutions aside from opening a bank account I think you’ve struck the nail on the head I believe 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 advantages and the possibilities of proceeding and moving into you know what could almost be determined to be the next Century or two there is a lot to keep an eye on and this method does present several 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 switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you deserve a corner workplace with a more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you Adjust Payroll Manually Papaya Global