Over the last five or six years …Papaya Global Salary Maryland… functions on the supplier side and likewise on the vendor side from a payroll perspective so actually anticipating this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just offer everyone another couple of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll sort 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 sort of like see where everyone comes from and I really 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 alright so let’s get going our program for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why companies preserve different
Virtual payroll accounts are an alternative to traditional savings account for handling payroll payments. This is particularly helpful for global companies with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of preserving different savings account for payroll in different countries, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are becoming a strategic 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 properly effectively securely and on time throughout this webinar we’ll walk you through the international 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 improving Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in enough in one country however when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a range of factors most significantly policies compliance information security and banking guidelines then there are the sheer numbers they include more complexity the international Workforce is currently 3 and a half billion people 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 businesses and growing all doing their own thing around the globe in the traditional payroll model there’s typically a frustrating number of various systems resulting in lengthy manual processes and silos the variety of Combinations could be non-existent in large amounts and or very really fundamental there’s no real consistency structure we’re residing in an age 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 and that just blows my mind whenever I I believe
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce information in real time that’s another number that offers me sleepless nights and rather honestly the more a service invests in international payroll the less of a photo they see a lack of exposure likewise extends to payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the transaction almost half of international companies have actually revealed that they don’t 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 poor HCM information data entry mistakes inadequately interacted hires and terminations along with absence management and system setups and after that when you round all of it off and the information is delivered to the incorrect place the average cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash all over the world payroll and payments do not run smoothly if they rely on the essential several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties company face when they’re paying to employees or otherwise that’s a great question I always toss this back and state what is it what doesn’t require to be included right 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 nation there’s payment time frames there’s payment abilities 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 right ultimately building a knowledge base is definitely vital however all over you look with payroll payment they resemble incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you 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 innovation is permitting us to type of move forward with that it also also to contribute to that payroll and finance need to work closer together um with differing Savings account Details differing banking requirements and setup processes is definitely vital that payroll and financing groups work more detailed together than ever um I’m constantly surprised when people state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t 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 frequently split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high worth on well-being and the settlement landscape is ending up being significantly detailed. Organizations are constantly introducing brand-new benefits and payment alternatives, which contributes to the total intricacy. Large corporations often divide their payroll and payment processing into different teams, which can cause inefficiencies and traffic jams. In my viewpoint, this doesn’t have to be the case. In today’s highly sophisticated period, there’s no reason for maintaining troublesome procedures. Payroll, the business’s biggest expense, must be processed properly and on time. Even slight hold-ups can negatively affect workers’ wellness and have far-reaching effects. Therefore, it’s critical to focus on accurate and timely payments.
payroll group get um so I’m not exactly sure anyone on this kind of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um but eventually payroll is such a crucial cycle we all find out about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I think 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 absolutely essential that all of this stuff is done correctly so leveraging the first International Payments very first payroll payment solution is a terrific primary step um providing an end-to-end payroll service for your employees globally once again I believe is another big um process again lining up and guaranteeing you have standardization International processes all of those things are definitely key to success success of businesses and reducing the number of tools platforms and checking account they require for their International payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone rather where they’re suggested to be um I don’t think any of us are actually doing that for for the thanks
anyhow we understand how how essential 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 easy as possible for everyone that’s associated with those procedures and likewise so picture sorry I’m just I was simply gon na say imagine 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 hundreds of thousands possibly Millions think of getting that many thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating task attempting to clean 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 require days of the week to try to look through them and in fact see what was going on and sort of shot to get back to everyone so carrying on appearance why do companies pick to primary separate savings account there are Papaya Global Salary Maryland organizations out there doing exactly this for specific nations and I have actually worked in a service or many organizations doing exactly that I can state it doesn’t constantly feel effective and it does create more work I understand we’re not deliberately doing that we’re not creating additional work for anyone where we don’t have to and any person that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think lots of reasons one is it’s the standard I believe individuals have actually got so utilized to we require a brand-new savings account we open an entity and rightly so you need 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 norm the people have actually adopted and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and many other methods um to to kind of do it so I think there’s a variety I think this is a procedure that needs taking a look at it needs changing however ultimately individuals are extremely stuck with what they’re familiar
with best um modification is a tough thing all of us don’t like modification um so I believe it’s just sort of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the benefits of having maintaining numerous checking account but there’s a big amount of complexity opts for setting up a checking account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for specific individuals so the intricacy is substantial but I believe the sincere response is change um people haven’t had the ability to change or have not had necessarily the understanding to really make that change into alternate Solutions aside from opening a savings account I think you have actually hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter but we’ve always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might nearly be identified to be the next Century or two there is a lot to keep an eye on and this method does pose several difficulties um so Johnny could you tell us about those obstacles yeah naturally so there’s a variety 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 tasks on one platform. It feels like our CFO has gained another CFO, and with this enhanced capability, I have successfully secured payments for our 10,000 workers worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Salary Maryland