Over the last five or 6 years …Papaya Global Solutions Ceo… functions on the supplier side and likewise on the vendor side from a payroll viewpoint so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just provide everyone another number of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather fascinating 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 everybody originates from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely very uninspiring and I wish I was somewhere else 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 challenge years of managing Worldwide payroll why companies keep separate
Virtual payroll accounts are an alternative to conventional checking account for managing payroll payments. This is especially useful for worldwide companies with dispersed and remote workforces, as it streamlines the complicated process of cross-border payments. Instead of keeping different checking account for payroll in different countries, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are becoming a tactical possession for payroll executives. We will also supply a wrap-up 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 during this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll bank account how companies properly anticipate their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be tough in sufficient in one nation but when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a range of reasons most importantly regulations compliance information security and banking guidelines then there are the large numbers they include additional complexity the worldwide Workforce is currently three and a half billion individuals by 2030 it’s approximated 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 businesses and growing all doing their own thing around the world in the conventional payroll model there’s often a frustrating number of different systems causing lengthy manual procedures and silos the variety of Integrations could be non-existent in large quantities and or really really 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 typically with pen and paper and that just blows my mind whenever I I believe
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Labor force data in real time that’s another number that offers me sleepless nights and rather frankly the more an organization invests in international payroll the less of a picture they see a lack of presence also reaches payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the deal almost half of global organizations have actually 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 due to time reporting bad HCM data data entry errors badly interacted hires and terminations as well as lack management and system setups and then when you round all of it off and the information is shipped to the incorrect location the average cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments don’t run efficiently if they depend on the essential multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges business 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 need to be consisted of ideal and what does
it need to be thought of 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 abilities 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 client’s own in-country account so there’s complexity any place you look best ultimately building a knowledge base is absolutely important however everywhere you look with payroll payment they resemble super payments no if but 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 believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is permitting us to kind of move forward with that it also as well to contribute to that payroll and financing require to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is definitely crucial that payroll and financing teams work more detailed together than ever um I’m constantly impressed when people say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll occupation would they split the payroll payment from computation I would say no so why do we as an industry 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 information collection all the way through to paying people any place they are but also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world puts a high value on wellness and the compensation landscape is becoming increasingly elaborate. Organizations are continuously introducing new benefits and payment options, which contributes to the general complexity. Big corporations frequently divide their payroll and payment processing into separate teams, which can lead to inadequacies and traffic jams. In my viewpoint, this does not have to be the case. In today’s technologically sophisticated age, there’s no validation for maintaining cumbersome procedures. Payroll, the business’s greatest expense, should be processed properly and on time. Even small hold-ups can negatively affect employees’ well-being and have far-reaching repercussions. For that reason, it’s vital to focus on precise and prompt payments.
The payroll team might not have been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and people just notice when things fail. Nevertheless, when things go right, it’s seen as just a routine job. This is how it’s viewed externally also. For that reason, it is vital to make sure that tasks like Wi-Fi International and other crucial matters are done properly. Utilizing the first Worldwide Payments very first payroll payment option is a fantastic initial action towards supplying a thorough payroll solution for staff members worldwide. Standardization, international procedures, and decreasing the number of tools, platforms, and savings account required for global payroll are crucial consider attaining company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of problems when things don’t go as prepared. Eventually, we do not do it for the thankfulness.
anyway 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 simple as possible for everybody that’s involved in those processes and likewise so imagine sorry I’m just I was just gon na state imagine the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions think of getting that numerous thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would definitely be a fascinating 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 kind of try to return to everybody so moving on appearance why do business choose to main separate checking account there are Papaya Global Solutions Ceo services out there doing precisely this for specific countries and I’ve operated in a business or numerous businesses doing exactly that I can say it does not constantly feel efficient and it does produce more work I know we’re not deliberately doing that we’re not developing additional work for anybody where we don’t have to and anyone that’s managing 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 factors one is it’s the requirement I think people have got so utilized to we need a new savings account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have actually embraced and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a range I believe this is a procedure that needs taking a look at it needs altering however ultimately people are really stuck with what they recognize
with best um modification is a hard thing we all do not like modification um so I believe it’s just kind of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the advantages of having keeping multiple checking account however there’s a big quantity of complexity chooses establishing a bank account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the best user accesses for individual people so the complexity is big but I believe the truthful response is change um individuals have not been able to alter or haven’t had necessarily the knowledge to actually make that change into alternate Solutions besides opening a checking account I think you’ve hit the nail on the head I believe it is knowledge you know and there is a component of resistance to alter however we’ve constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of moving on and moving into you understand what might almost be figured out to be the next Century approximately there is a lot to track and this approach does posture a number of difficulties um so Johnny could you tell us about those challenges yeah of course 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 tasks on one platform. It seems like our CFO has gained another CFO, and with this improved ability, I have actually effectively secured payments for our 10,000 staff members worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is good. You deserve a corner office with a parking space that is closer, considering your achievements. Papaya Global Solutions Ceo