Over the last five or 6 years …Papaya Global Electronic Payslips… roles on the company side and also on the supplier side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just provide everyone another number of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I actually 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 extremely extremely uninspiring and I want I was elsewhere at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Worldwide payroll why companies maintain different
Virtual payroll accounts are an option to traditional bank accounts for managing payroll payments. This is especially useful for international organizations with dispersed and remote workforces, as it streamlines the complicated procedure of cross-border payments. Instead of keeping different checking account for payroll in different nations, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are ending up being a strategic 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 effectively firmly and on time throughout this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll checking account how companies accurately anticipate their payroll costs to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in adequate in one country however when you’re doing it globally it’s next level and Beyond it ends up being complex for a variety of factors most notably policies compliance information security and banking rules then there are the large numbers they add additional intricacy the international Labor force is currently 3 and a half billion people 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 factor in that there are some 230 million organizations and growing all doing their own thing all over the world in the traditional payroll model there’s often a frustrating variety of various systems resulting in lengthy manual procedures and silos the variety of Integrations could be non-existent in big amounts and or extremely really standard there’s no real consistency structure we’re residing in a period of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which simply blows my mind each 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 offers me sleep deprived nights and rather honestly the more a company spends on global payroll the less of a picture they see a lack of exposure likewise encompasses payroll payments and inability to accurately track these payments can cause compliance incidents in the last mile of the transaction almost half of worldwide companies have revealed that they don’t 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 poor HCM information information entry errors inadequately interacted hires and terminations in addition to lack management and system setups and then when you round all of it off and the information is delivered 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 need to move the money around the globe payroll and payments don’t run efficiently if they depend on the essential several 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 service face when they’re paying to staff members or otherwise that’s a great question I always throw this back and say what is it what does not need to be included ideal and what does
it need to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan 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 customer’s own in-country account so there’s intricacy any place you look right eventually building a knowledge base is definitely important however all over you look with payroll payment they resemble very payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely basic and innovation is permitting us to kind of progress with that it also too to add to that payroll and financing require to work closer together um with varying Checking account Particulars differing banking requirements and setup processes is definitely important that payroll and finance groups work closer together than ever um I’m constantly amazed when people state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll profession 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 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 individuals wherever they are but also paying statutory authorities and on statutory third parties so with the
The contemporary world positions a high value on wellness and the payment landscape is ending up being progressively detailed. Companies are continuously introducing new advantages and payment options, which contributes to the total intricacy. Big corporations frequently divide their payroll and payment processing into separate groups, which can lead to inadequacies and bottlenecks. In my opinion, this doesn’t have to hold true. In today’s technically advanced era, there’s no justification for keeping cumbersome treatments. Payroll, the business’s greatest cost, need to be processed correctly and on time. Even slight delays can adversely affect staff members’ wellness and have significant repercussions. For that reason, it’s vital to prioritize precise and timely payments.
The payroll group may not have been thanked for properly processing payroll throughout 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 important cycle, and individuals just observe when things fail. Nevertheless, when things go right, it’s seen as just a regular job. This is how it’s viewed externally too. For that reason, it is necessary to make sure that jobs like Wi-Fi Worldwide and other crucial matters are done properly. Utilizing the very first Worldwide Payments first payroll payment solution is a fantastic initial action towards offering a detailed payroll option for workers worldwide. Standardization, global procedures, and decreasing the variety of tools, platforms, and checking account necessary for worldwide payroll are key factors in accomplishing company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few complaints when things do not go as planned. Ultimately, we do not do it for the appreciation.
anyhow we understand 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 easy as possible for everybody that’s associated with those procedures and likewise so picture sorry I’m simply I was just gon na state envision the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions imagine getting that lots of 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 job trying to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to check out them and actually see what was going on and sort of try to get back to everybody so moving on appearance why do business select to main different checking account there are Papaya Global Electronic Payslips services out there doing precisely this for specific countries and I’ve operated in a service or numerous services doing precisely that I can say it does not constantly feel efficient and it does develop more work I know we’re not deliberately doing that we’re not developing extra work for anybody where we don’t need to and anybody 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 many reasons one is it’s the requirement I believe individuals have got so utilized to we need a new bank account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm individuals have embraced and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a variety I think this is a process that requires looking at it needs changing but eventually people are extremely stuck to what they’re familiar
with right um change is a hard thing all of us do not like change um so I think it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand certainly the advantages of having preserving numerous checking account but there’s a huge amount of complexity opts for establishing a savings account keeping it ensuring it can send International transfers ensuring it’s set up with the right user accesses for specific individuals so the intricacy is huge but I think the honest response is change um individuals haven’t been able to alter or haven’t had necessarily the knowledge to actually make that change into alternate Solutions besides opening a bank account I believe you have actually struck the nail on the head I think it is knowledge you understand and there is a component of resistance to change but we’ve 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 understand what might nearly be determined to be the next Century approximately there is a lot to monitor and this approach does posture numerous challenges um so Johnny might you inform us about those obstacles yeah of course so there’s a variety right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has gained another CFO, and with this enhanced capability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is good. You deserve a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Electronic Payslips