Over the last five or 6 years …Www.My Papaya Global.Com… functions on the company side and likewise on the vendor side from a payroll perspective so really looking forward to this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply provide everybody another couple of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on currently 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 certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very really bleak and I wish I was somewhere else at this moment in time fine so let’s get going our program for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why companies keep separate
Virtual payroll accounts are an alternative to conventional savings account for handling payroll payments. This is especially useful for worldwide organizations with dispersed and remote labor forces, as it streamlines the complex procedure of cross-border payments. Instead of maintaining different checking account for payroll in various countries, virtual accounts and digital wallets offer a more structured option. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are becoming a strategic property 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 effectively firmly and on time during this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll bank account how companies properly anticipate their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in sufficient in one nation but when you’re doing it globally it’s next level and Beyond it ends up being complicated for a range of reasons most importantly regulations compliance data security and banking rules then there are the large numbers they add additional complexity the global Workforce is presently 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 currently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing worldwide in the conventional payroll design there’s typically a frustrating variety of different systems leading to lengthy manual processes and silos the number of Combinations could be non-existent in large amounts and or extremely really standard there’s no real consistency structure we’re living in an age of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which simply blows my mind each time I I believe
about it to give you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force data in real time that’s another number that provides me sleep deprived nights and quite honestly the more a business invests in international payroll the less of an image they see a lack of visibility likewise encompasses payroll payments and failure to properly track these payments can lead to compliance mishaps in the last mile of the deal nearly half of international companies have actually expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM information information entry mistakes badly interacted hires and terminations in addition to absence management and system setups and then when you round everything off and the data is shipped to the incorrect location the typical expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments don’t run smoothly if they depend on the essential multiple processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties business face when they’re paying to employees or otherwise that’s an excellent question I always toss this back and say what is it what doesn’t need to be consisted of right 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 nation there’s payment time frames there’s payment abilities 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 intricacy anywhere you look right eventually building a knowledge base is definitely vital but everywhere you look with payroll payment they are like extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the kind 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 enabling us to kind of move forward with that it also too to contribute to that payroll and financing require to work closer together um with differing Bank Account Particulars varying banking requirements and setup processes is definitely essential that payroll and financing groups work more detailed together than ever um I’m always surprised when individuals state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from computation 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 any place they are however also paying statutory authorities and on statutory third parties so with the
The modern world puts a high value on well-being and the payment landscape is ending up being significantly detailed. Services are continuously introducing new advantages and payment options, which contributes to the total intricacy. Large corporations often divide their payroll and payment processing into separate groups, which can lead to inadequacies and traffic jams. In my opinion, this doesn’t have to be the case. In today’s technically sophisticated era, there’s no reason for preserving cumbersome procedures. Payroll, the company’s greatest cost, should be processed properly and on time. Even minor delays can negatively impact workers’ well-being and have significant consequences. Therefore, it’s important to focus on accurate and prompt payments.
payroll team get um so I’m unsure anyone on this sort of webinar has been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an essential cycle all of us find out about it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely vital that all of this stuff is done correctly so leveraging the very first Global Payments first payroll payment option is an excellent first step um providing an end-to-end payroll solution for your employees internationally once again I think is another big um procedure once again lining up and ensuring you have standardization Worldwide processes all of those things are absolutely crucial to success success of businesses and decreasing the variety of tools platforms and checking account they need for their Worldwide payroll too couldn’t 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 5 or ten or whatever it might be with the with the the problems where things haven’t gone rather where they’re implied to be um I do not believe any of us are in fact doing that for for the thanks
anyway we know how how important a function 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 simple as possible for everybody that’s involved in those procedures and likewise so think of sorry I’m simply I was just gon na say envision the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions think of getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting job 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 in fact see what was going on and kind of shot to return to everyone so proceeding appearance why do business choose to primary separate checking account there are Www.My Papaya Global.Com businesses out there doing precisely this for specific nations and I’ve operated in an organization or numerous businesses doing precisely that I can say it doesn’t constantly feel effective and it does develop more work I understand we’re not purposely doing that we’re not creating additional work for anybody where we do not have to and any person 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 amount that we are I believe numerous reasons one is it’s the standard I think individuals have got so utilized to we need a new checking account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard the people have actually adopted and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and many other ways um to to kind of do it so I believe there’s a variety I believe this is a procedure that needs looking at it needs changing however eventually people are very stuck with what they recognize
with ideal um modification is a tough thing we all don’t like change um so I believe it’s simply type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand obviously the advantages of having preserving multiple bank accounts but there’s a huge quantity of intricacy opts for establishing a bank account preserving it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for private people so the complexity is substantial however I believe the truthful answer is change um individuals have not had the ability to alter or haven’t had always the understanding to really make that change into alternate Solutions other than opening a bank account I believe you’ve struck the nail on the head I think it is knowledge you understand and there is an aspect of resistance to alter however we’ve always 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 could practically be identified to be the next Century or so there is a lot to monitor and this approach does position several difficulties um so Johnny could you tell us about those difficulties yeah obviously so there’s a variety right there is so
I simply did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you should have a corner office with a better parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Www.My Papaya Global.Com