Over the last 5 or six years …Papaya Global Helpline Number… roles on the supplier side and likewise on the vendor side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just provide everyone another couple of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everyone originates from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very really gloomy and I want I was elsewhere at this moment in time okay so let’s start our program for today is as follows um we are going to be taking a look at the difficulty years of handling Worldwide payroll why companies maintain separate
Virtual payroll accounts are an alternative to conventional checking account for managing payroll payments. This is particularly beneficial for worldwide companies with dispersed and remote workforces, as it streamlines the complex process of cross-border payments. Instead of keeping separate bank accounts for payroll in different countries, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a tactical asset for payroll executives. We will likewise supply a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently safely and on time during this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll checking account how companies accurately anticipate their payroll expenses to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in adequate in one nation but when you’re doing it globally it’s next level and Beyond it ends up being complex for a variety of reasons most significantly regulations compliance information security and banking rules then there are the sheer numbers they include additional complexity the international Workforce 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 services and growing all doing their own thing around the globe in the traditional payroll design there’s often a frustrating number of different systems leading to lengthy manual procedures and silos the variety of Combinations could be non-existent in big quantities and or very very basic there’s no real consistency framework we’re residing 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 every 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 organizations say they have Workforce data in real time that’s another number that offers me sleep deprived nights and rather frankly the more an organization spends on international payroll the less of a picture they see an absence of visibility likewise encompasses payroll payments and inability to properly track these payments can cause compliance mishaps in the last mile of the deal almost half of global companies have revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry mistakes poorly interacted hires and terminations along with absence management and system configurations and then when you round it all off and the information is shipped to the wrong place the typical cost of a worldwide information 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 don’t run smoothly if they rely on the necessary multiple 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 organization face when they’re making payments to staff members or otherwise that’s a good concern I always throw this back and say what is it what doesn’t need to be consisted of ideal 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 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 need to pay from the consumer’s own in-country account so there’s intricacy anywhere you look best eventually building a knowledge base is absolutely crucial but all over you look with payroll payment they resemble super payments no if however some infants 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 think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is permitting us to type of progress with that it also too to contribute to that payroll and finance need to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is absolutely essential that payroll and finance teams work more detailed together than ever um I’m constantly astonished when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they split the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so typically 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 wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being increasingly more important to add to kind of the level of complexity there’s increasingly more benefits being organ or being provided by services throughout the world so again you’re simply looking to add increasingly more payments to this already intricate landscape so if you sort of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of genuine challenges or real tough kind of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a number of decades I would absolutely state that the bigger a service gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are teams feeding information into the next function as it were that’s really managing the payment side of things but you understand in in my viewpoint and my experience that doesn’t always require to be the case you know long gone are the times where we require to create additional handoffs while doing sos that we run in they simply make them more prompt they make them less effective and they do not make them what they require to be in in an era of tech and an era that you understand that we are working in today there is no reason we are still making this as difficult as it needs to be agreed and rightly as you stated payroll is the single most significant liability that any organization has from an expense perspective from an impact viewpoint on employees it is definitely important that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the greatest destructive impact on people’s well-being and many other elements if people aren’t paid uh I’ve always been surprised entering into this Market type of the last 5 to 10 years is how little thanks the
payroll team get um so I’m unsure anyone on this sort of webinar has been told thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an important cycle we all find out about it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely vital that all of this stuff is done properly so leveraging the first Global Payments very first payroll payment solution is a terrific initial step um supplying an end-to-end payroll option for your staff members globally once again I believe is another big um procedure again aligning and guaranteeing you have standardization Global procedures all of those things are absolutely essential to success success of businesses and minimizing the variety of tools platforms and savings account they need 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 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 complaints where things haven’t gone quite where they’re implied to be um I do not think any of us are actually 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 everybody that’s involved in those procedures and also so think of sorry I’m just I was simply gon na state think of the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re talking about numerous thousands possibly Millions envision getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would definitely be an intriguing task trying to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and really see what was going on and type of shot to get back to everybody so carrying on look why do business select to main separate checking account there are Papaya Global Helpline Number services out there doing precisely this for particular nations and I’ve operated in a service or lots of companies doing precisely that I can state it does not always feel effective and it does develop more work I understand we’re not deliberately doing that we’re not developing additional work for any person where we don’t need to and anyone that’s managing 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 amount that we are I think numerous factors one is it’s the standard I believe individuals have got so utilized to we need a brand-new checking account we open an entity and rightly 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 simply been the standard and the norm the people have adopted and continue to do over years and years passed by to add to that people have looked at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a range I believe this is a procedure that needs looking at it needs altering but ultimately people are very stuck with what they’re familiar
with right um change is a difficult thing all of us don’t like change um so I think it’s simply sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the advantages of having preserving numerous savings account but there’s a huge amount of intricacy opts for setting up a savings account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for individual people so the complexity is big however I believe the sincere answer is change um individuals haven’t been able to alter or haven’t had always the understanding to actually make that change into alternate Solutions aside from opening a bank account I believe you have actually hit the nail on the head I think it is understanding you know and there is a component of resistance to change but we have actually constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what might almost be determined to be the next Century or two there is a lot to track and this method does present numerous difficulties um so Johnny might you tell us about those obstacles yeah obviously so there’s a variety right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has actually gained another CFO, and with this improved ability, I have actually successfully secured payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You should have a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Helpline Number