Over the last five or 6 years …Papaya Global Help Centre… roles on the service provider side and likewise on the supplier side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply give everybody another number of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everyone 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 bleak and I wish I was somewhere else at this moment in time okay so let’s start our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Worldwide payroll why companies preserve different
Virtual payroll accounts are an option to conventional checking account for managing payroll payments. This is especially helpful for global companies with dispersed and remote workforces, as it streamlines the complicated process of cross-border payments. Instead of preserving separate bank accounts for payroll in different countries, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a tactical possession for payroll executives. We will likewise supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently firmly and on time throughout this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll bank account how companies properly forecast their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be challenging in adequate in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a range of reasons most significantly policies compliance data security and banking guidelines then there are the sheer numbers they add more intricacy the international Labor force is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing around the world in the traditional payroll design there’s frequently a frustrating number of different systems leading to time-consuming manual procedures and silos the number of Combinations could be non-existent in big amounts and or really extremely standard there’s no genuine consistency structure 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 frequently with pen and paper and that simply blows my mind each time I I believe
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force information in real time that’s another number that gives me sleepless nights and rather honestly the more an organization invests in global payroll the less of a picture they see an absence of visibility also encompasses payroll payments and inability to properly track these payments can lead to compliance mishaps in the last mile of the transaction almost half of worldwide companies have actually revealed 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 interacted hires and terminations in addition to lack management and system setups and after that when you round it all off and the data is delivered to the incorrect location the typical cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the globe payroll and payments do not run smoothly if they count on the necessary numerous procedures 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 company face when they’re making payments to staff members or otherwise that’s a great question I constantly throw this back and say what is it what does not need to be included best and what does
it need to be thought about there’s differing 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 need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy wherever you look best ultimately developing a knowledge base is definitely important however all over 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 take a look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is permitting us to type of move on with that it also also to add to that payroll and finance require to work closer together um with varying Savings account Details varying banking requirements and setup processes is absolutely crucial that payroll and financing teams work better 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 anyone what is payroll who does not operate in the payroll profession would they split the payroll payment from calculation 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 ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world positions a high value on wellness and the compensation landscape is becoming increasingly detailed. Services are continuously presenting new advantages and payment alternatives, which adds to the total intricacy. Large corporations frequently divide their payroll and payment processing into separate teams, which can lead to ineffectiveness and traffic jams. In my viewpoint, this does not have to hold true. In today’s technically sophisticated age, there’s no validation for maintaining troublesome procedures. Payroll, the business’s most significant expenditure, need to be processed correctly and on time. Even small hold-ups can adversely affect staff members’ wellness and have far-reaching repercussions. Therefore, it’s important to prioritize precise and prompt payments.
payroll group get um so I’m unsure anybody on this kind of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an essential cycle all of us find out about it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely important that all of this stuff is done correctly so leveraging the very first International Payments very first payroll payment service is a great initial step um providing an end-to-end payroll solution for your staff members globally once again I believe is another huge um process again lining up and ensuring you have standardization International processes all of those things are absolutely essential to success success of companies and reducing the number of tools platforms and savings 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 have actually never ever had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t gone quite where they’re meant to be um I don’t believe any of us are in fact 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 easy as possible for everyone that’s involved in those procedures and likewise so think of sorry I’m just I was just gon na say envision the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions picture getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would definitely be a fascinating job attempting 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 get back to everyone so carrying on appearance why do business select to main separate checking account there are Papaya Global Help Centre businesses out there doing exactly this for particular nations and I have actually worked in an organization or lots of companies doing precisely that I can say it does not always feel effective and it does develop more work I know we’re not deliberately doing that we’re not producing extra work for any person where we do not have to and any person that’s handling that process I ‘d be interested to hear your ideas Johnny why do you think 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 actually got so used to we require a new checking account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the norm the people have actually adopted and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and many other ways um to to sort of do it so I think there’s a range I believe this is a procedure that requires taking a look at it requires altering however eventually people are extremely stuck with what they recognize
with ideal um modification is a difficult thing all of us do not like modification um so I think it’s just sort of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand certainly the benefits of having keeping several bank accounts however there’s a substantial quantity of intricacy opts for establishing a savings account preserving it guaranteeing it can send out International transfers ensuring it’s established with the right user accesses for private individuals so the intricacy is big but I believe the truthful answer is change um individuals have not had the ability to alter or have not had always the understanding to truly make that change into alternate Solutions besides opening a savings account I think you have actually hit the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change however we have actually 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 understand what could almost be determined to be the next Century or so there is a lot to track and this technique does present several challenges um so Johnny might you inform us about those challenges yeah obviously so there’s a range right there is so
I simply did you changed 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 employees you are worthy of a corner workplace with a more detailed parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Help Centre