Over the last five or six years …Earlier Year Update Papaya Global… roles on the provider side and also on the supplier side from a payroll viewpoint 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 provide everyone another couple of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everyone is um it’s nice to to kind of like see where everybody originates from and I actually 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 drizzling here it’s extremely very dreary and I wish I was elsewhere at this moment in time fine so let’s begin our program for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why companies preserve separate
Virtual payroll accounts are an option to standard bank accounts for managing payroll payments. This is particularly useful for global organizations with dispersed and remote workforces, as it streamlines the complicated procedure of cross-border payments. Instead of preserving separate bank accounts for payroll in different countries, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are ending up being a tactical asset for payroll executives. We will likewise provide a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently securely and on time throughout this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how companies properly forecast their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in adequate in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a range of reasons most importantly guidelines compliance information security and banking guidelines then there are the large numbers they include more 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 more 1.1 billion individuals that number is presently 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 typically a frustrating number of different systems causing lengthy manual procedures and silos the number of Combinations could be non-existent in large quantities and or extremely very basic 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 and that simply blows my mind every time I I think
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of services say they have Workforce information in real time that’s another number that provides me sleep deprived nights and rather honestly the more a service invests in global payroll the less of a picture they see an absence of exposure also extends to payroll payments and failure to precisely track these payments can lead to compliance accidents in the last mile of the transaction almost half of international organizations have expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry errors inadequately interacted hires and terminations as well as lack management and system setups and then when you round all of it off and the data is delivered to the wrong place the typical expense 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 around the globe payroll and payments don’t run smoothly if they rely on the necessary multiple procedures systems and partners it is just not possible so Johnny from a payments viewpoint 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 an excellent question I constantly throw this back and say what is it what does not require to be consisted of right and what does
it need to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment capabilities 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 wherever you look ideal ultimately building a knowledge base is absolutely important but everywhere you look with payroll payment they are like extremely payments no if but some children about it you are all superheroes processing payments for payroll if you 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 absolutely fundamental and technology is enabling us to kind of move on with that it also as well to add to that payroll and finance require to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is definitely crucial that payroll and finance groups work more detailed together than ever um I’m always amazed when individuals state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession would they divide the payroll payment from computation 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 process it’s the point of data collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world puts a high value on wellness and the payment landscape is ending up being increasingly detailed. Organizations are continuously presenting brand-new advantages and payment choices, which contributes to the overall intricacy. Large corporations frequently divide their payroll and payment processing into separate teams, which can cause inefficiencies and traffic jams. In my viewpoint, this doesn’t need to be the case. In today’s technically advanced period, there’s no reason for keeping cumbersome treatments. Payroll, the business’s greatest expenditure, must be processed correctly and on time. Even slight delays can adversely affect workers’ well-being and have far-reaching consequences. For that reason, it’s important to prioritize precise and timely payments.
The payroll team may not have actually been thanked for properly processing payroll during 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 a crucial cycle, and individuals only observe when things fail. However, when things go right, it’s seen as just a regular task. This is how it’s viewed externally also. Therefore, it is important to guarantee that tasks like Wi-Fi Global and other important matters are done correctly. Using the very first Global Payments very first payroll payment service is a fantastic preliminary step towards providing a comprehensive payroll option for employees worldwide. Standardization, global processes, and minimizing the variety of tools, platforms, and checking account needed for international payroll are key factors in accomplishing company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of complaints when things don’t go as planned. Eventually, we don’t do it for the appreciation.
anyway we understand how how important a function 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 simple as possible for everybody that’s involved in those processes and also so envision sorry I’m just I was simply gon na state picture the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions picture 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 certainly be an interesting job attempting to clean up all those up for sure oh definitely 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 browse them and actually see what was going on and type of shot to get back to everybody so proceeding appearance why do business pick to main different checking account there are Earlier Year Update Papaya Global services out there doing exactly this for specific countries and I have actually operated in a company or many companies doing precisely that I can say it does not always feel efficient and it does develop more work I know we’re not intentionally doing that we’re not producing additional work for anyone where we do not have to and anybody that’s handling 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 lots of reasons one is it’s the requirement I think people have actually got so utilized to we require a brand-new savings account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the standard the people have actually embraced and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and numerous other ways um to to type of do it so I think there’s a variety I believe this is a process that needs looking at it needs changing however eventually individuals are very stuck with what they recognize
with right um change is a difficult thing we all do not like modification um so I believe 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 undoubtedly the benefits of having keeping several checking account but there’s a huge quantity of complexity opts for setting up a checking account preserving it ensuring it can send International transfers guaranteeing it’s established with the ideal user accesses for private individuals so the intricacy is substantial but I think the sincere response is modification um individuals haven’t been able to alter or haven’t had necessarily the knowledge to actually make that change into alternate Solutions other than opening a checking account I believe you’ve hit the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to change but we’ve always done it that way is no real excuse for not looking at the the benefits and the possibilities of proceeding and moving into you know what might almost be figured out to be the next Century or so there is a lot to keep track of and this approach does pose a number of obstacles um so Johnny might you inform us about those challenges yeah of course 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global employees you deserve a corner office with a more detailed parking space because I mastered International payroll and payments with Papaya payroll OS did you Earlier Year Update Papaya Global