Over the last 5 or six years …Papaya Global Eps… roles on the service provider side and also on the vendor side from a payroll point of view so really eagerly anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply provide everybody another number of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I truly 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 raining here it’s really extremely bleak and I wish I was elsewhere at this moment in time alright so let’s get started our program for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why companies maintain different
Virtual payroll accounts are an alternative to standard checking account for handling payroll payments. This is particularly useful for international organizations with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of preserving 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 advantages of using virtual payroll accounts and talk about why they are ending up being a tactical possession for payroll executives. We will likewise provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently safely and on time throughout this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how companies precisely anticipate their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in enough in one nation but when you’re doing it internationally it’s next level and Beyond it becomes complex for a range of reasons most significantly guidelines compliance data security and banking rules then there are the large numbers they include more intricacy the worldwide Labor force is currently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals 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 worldwide in the standard payroll design there’s often a frustrating number of various systems causing lengthy manual processes and silos the number of Combinations could be non-existent in large amounts and or really very standard there’s no real consistency structure we’re living in a period of tech but payroll has been sluggish 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 every time I I think
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force data in real time that’s another number that provides me sleep deprived nights and rather frankly the more a business invests in worldwide payroll the less of a photo they see a lack of presence likewise encompasses payroll payments and failure to precisely track these payments can lead to compliance mishaps in the last mile of the deal nearly half of worldwide organizations have expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry errors improperly communicated hires and terminations in addition to absence management and system configurations and after that when you round all of it off and the data is shipped to the wrong location the average cost 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 cash all over the world payroll and payments do not run efficiently if they rely on the necessary several procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges company face when they’re making payments to workers or otherwise that’s an excellent concern I always throw this back and state what is it what does not need to be consisted of 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 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 customer’s own in-country account so there’s complexity any place you look best eventually building a knowledge base is definitely crucial however all over you look with payroll payment they are like incredibly payments no if but 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 believe there’s now a bit more recognition that payroll payments are definitely essential and technology is permitting us to sort of move on with that it also as well to add to that payroll and finance need to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is definitely important that payroll and finance teams work closer together than ever um I’m constantly surprised when individuals state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation would they split the payroll payment from calculation 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 process it’s the point of data collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory third parties so with the
The modern-day world positions a high worth on well-being and the payment landscape is becoming increasingly intricate. Services are continuously introducing brand-new advantages and payment alternatives, which adds to the total intricacy. Big corporations often divide their payroll and payment processing into different teams, which can lead to ineffectiveness and bottlenecks. In my opinion, this doesn’t have to hold true. In today’s highly sophisticated age, there’s no reason for maintaining cumbersome treatments. Payroll, the company’s greatest expenditure, should be processed correctly and on time. Even minor hold-ups can adversely impact staff members’ wellness and have far-reaching repercussions. For that reason, it’s important to focus on accurate and prompt payments.
The payroll team may not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and individuals only see when things go wrong. Nevertheless, when things go right, it’s viewed as simply a regular task. This is how it’s viewed externally as well. For that reason, it is necessary to ensure that tasks like Wi-Fi Global and other essential matters are done properly. Using the very first Global Payments first payroll payment service is an excellent preliminary step towards offering a thorough payroll option for staff members worldwide. Standardization, global processes, and reducing the number of tools, platforms, and bank accounts essential for global payroll are crucial factors in accomplishing organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few complaints when things don’t go as prepared. Ultimately, we don’t do it for the gratitude.
anyway we know how how important 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 involved in those procedures and likewise so think of sorry I’m simply I was simply gon na state picture the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions envision getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating job trying to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and in fact see what was going on and type of shot to return to everyone so proceeding look why do companies choose to main different savings account there are Papaya Global Eps businesses out there doing exactly this for particular countries and I’ve worked in an organization or many companies doing exactly that I can state it doesn’t always feel effective and it does produce more work I know we’re not intentionally doing that we’re not creating extra work for any person where we do not need to and anyone 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 lots of reasons one is it’s the standard I think individuals have actually got so used to we need a new bank account we open an entity and appropriately so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe 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 people have looked at things like trust accounts and many other methods um to to sort of do it so I think there’s a variety I think this is a process that requires taking a look at it needs altering but ultimately people are very stuck to what they recognize
with best um modification is a tough thing we all do not 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 great deal of track of things um I understand undoubtedly the advantages of having preserving numerous bank accounts however there’s a big amount of complexity opts for establishing a bank account preserving it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for private people so the intricacy is big however I think the honest response is modification um individuals have not been able to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions besides opening a bank account I believe you’ve struck the nail on the head I think it is understanding you understand and there is a component of resistance to change but we’ve always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could practically be determined to be the next Century approximately there is a lot to monitor and this approach does position numerous obstacles um so Johnny could you inform us about those challenges 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 handle our payroll and payment jobs on one platform. It feels like our CFO has gotten another CFO, and with this improved ability, I have actually successfully secured payments for our 10,000 employees worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is more detailed, considering your achievements. Papaya Global Eps