Over the last five or 6 years …Papaya Global Services Register… functions on the provider side and also on the supplier side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply give everyone another couple of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I truly 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 extremely bleak and I wish 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 looking at the obstacle years of managing International payroll why companies preserve different
Virtual payroll accounts are an alternative to traditional bank accounts for handling payroll payments. This is particularly beneficial for worldwide companies with dispersed and remote labor forces, as it streamlines the complicated procedure of cross-border payments. Instead of keeping different bank accounts for payroll in different nations, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a strategic possession for payroll executives. We will also offer a recap 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 throughout this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll checking account how business accurately anticipate their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in enough in one country but when you’re doing it globally it’s next level and Beyond it becomes intricate for a range of reasons most importantly policies compliance data security and banking rules then there are the sheer numbers they add more intricacy the worldwide Labor force is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 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 world in the traditional payroll design there’s frequently a frustrating number of different systems leading to time-consuming manual procedures and silos the variety of Integrations could be non-existent in large amounts and or really extremely fundamental there’s no real consistency framework we’re residing in an era of tech but payroll has actually been slow 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 provide you an idea of how far there still is to come according to Deloitte only 11 of services state they have Labor force information in real time that’s another number that provides me sleep deprived nights and quite frankly the more a business invests in worldwide payroll the less of a picture they see an absence of visibility also extends to payroll payments and inability to precisely track these payments can lead to compliance incidents in the last mile of the transaction almost half of worldwide organizations have revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM data data entry errors improperly interacted hires and terminations as well as absence management and system configurations and after that when you round all of it off and the information is shipped to the wrong place the average expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money worldwide payroll and payments don’t run efficiently if they rely on the necessary 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 challenges organization face when they’re paying to staff members or otherwise that’s an excellent concern I constantly throw this back and say what is it what does not require to be included right and what does
it require to be thought about there’s varying 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 have to pay from an in-country account do you have to pay from the client’s own in-country account so there’s complexity wherever you look best eventually building a knowledge base is absolutely critical however everywhere you look with payroll payment they resemble very payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the sort 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 essential and innovation is allowing us to kind of move on with that it also also to contribute to that payroll and financing need to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is definitely crucial that payroll and financing groups work closer together than ever um I’m constantly amazed when people say I have actually 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 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 people wherever they are however also paying statutory authorities and on statutory third parties so with the
The modern world places a high worth on wellness and the payment landscape is ending up being progressively detailed. Services are continually presenting new advantages and payment options, which adds to the general intricacy. Big corporations frequently divide their payroll and payment processing into separate groups, which can cause inadequacies and traffic jams. In my viewpoint, this doesn’t need to be the case. In today’s technically innovative era, there’s no reason for keeping cumbersome procedures. Payroll, the business’s most significant expenditure, should be processed properly and on time. Even minor delays can negatively affect workers’ wellness and have significant effects. Therefore, it’s vital to prioritize precise and timely payments.
The payroll team may not have been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and people just observe when things fail. Nevertheless, when things go right, it’s viewed as simply a routine job. This is how it’s viewed externally too. Therefore, it is essential to guarantee that jobs like Wi-Fi Worldwide and other vital matters are done properly. Utilizing the first International Payments very first payroll payment solution is an excellent preliminary action towards supplying a detailed payroll service for staff members worldwide. Standardization, global procedures, and decreasing the number of tools, platforms, and checking account needed for worldwide payroll are crucial consider achieving business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of problems when things do not go as planned. Eventually, we do not do it for the gratitude.
anyway we understand how how important a role 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 everyone that’s involved in those procedures and likewise so imagine sorry I’m just I was just gon na say envision the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions think of getting that numerous thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting task trying to clean all those up for sure oh absolutely 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 try to check out them and really see what was going on and sort of shot to get back to everybody so carrying on appearance why do companies choose to primary separate checking account there are Papaya Global Services Register organizations out there doing precisely this for specific countries and I have actually operated in an organization or numerous companies doing exactly that I can state it does not constantly feel efficient and it does create more work I know we’re not purposely doing that we’re not creating additional work for any person where we do not have to and anybody 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 amount that we are I think numerous factors one is it’s the standard I think people have got so used to we need a brand-new savings account we open an entity and rightly so you require it for payroll functions but 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 embraced and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and lots of other ways um to to type of do it so I believe there’s a range I believe this is a procedure that needs taking a look at it needs altering however eventually people are really stuck with what they recognize
with best um modification is a tough thing all of us do not like modification um so I believe it’s just type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the advantages of having maintaining several savings account however there’s a substantial amount of complexity chooses establishing a savings account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the best user accesses for individual individuals so the intricacy is substantial however I believe the honest response is modification um people have not been able to change or have not had necessarily the understanding to truly make that change into alternate Solutions other than opening a savings account I believe you have actually struck the nail on the head I think it is understanding you understand and there is an element of resistance to alter however we have actually constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of carrying on and moving into you understand what might nearly be determined to be the next Century or so there is a lot to track and this approach does pose a number of obstacles um so Johnny might you tell us about those obstacles 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International 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 Papaya Global Services Register