Over the last five or six years …Does Papaya Global Do Certified Payroll… functions on the service provider side and likewise on the vendor side from a payroll perspective so actually looking forward to this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply provide everybody another number of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everybody 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 is 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 uninspiring and I want I was somewhere else at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why companies preserve different
Virtual payroll accounts are an alternative to conventional bank accounts for handling payroll payments. This is particularly helpful for global companies with dispersed and remote labor forces, as it simplifies the complex procedure of cross-border payments. Instead of maintaining different savings account for payroll in various nations, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will explore 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 bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently firmly and on time during this webinar we’ll walk you through the worldwide 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 streamlining Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in adequate in one country however when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a range of factors most significantly guidelines compliance information security and banking rules then there are the large numbers they include more complexity the international Labor force is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the world in the standard payroll model there’s often a frustrating variety of different systems resulting in lengthy manual procedures and silos the variety of Integrations could be non-existent in large quantities and or very very fundamental there’s no genuine consistency framework we’re living 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 just blows my mind each time I I believe
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 Workforce data in real time that’s another number that gives me sleep deprived nights and rather frankly the more an organization invests in global payroll the less of a photo they see an absence of visibility also extends to payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the deal nearly half of international businesses have actually revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM data data entry mistakes badly interacted hires and terminations as well as absence management and system configurations and then when you round it all off and the information is delivered to the wrong location the average cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments don’t run efficiently if they count on the essential numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles service face when they’re making payments to employees or otherwise that’s a great question I constantly throw this back and state what is it what does not need to be consisted of ideal and what does
it require to be thought of 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 abilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s intricacy any place you look best eventually developing a knowledge base is absolutely critical but everywhere you look with payroll payment they resemble extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and technology is allowing us to kind of move forward with that it also too to add to that payroll and finance require to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is absolutely vital that payroll and finance groups work better together than ever um I’m always amazed 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 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 typically split and cut up um eventually it’s payroll is an end-to-end procedure 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 3rd parties so with the
The modern-day world puts a high value on wellness and the compensation landscape is becoming increasingly complex. Services are continually presenting new advantages and payment alternatives, which contributes to the total complexity. Big corporations typically divide their payroll and payment processing into different teams, which can lead to inadequacies and bottlenecks. In my viewpoint, this does not have to hold true. In today’s technologically innovative period, there’s no reason for preserving troublesome procedures. Payroll, the company’s greatest expenditure, need to be processed correctly and on time. Even minor hold-ups can adversely impact employees’ well-being and have significant repercussions. Therefore, it’s vital to prioritize precise and timely payments.
The payroll group may not have been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and individuals just observe when things go wrong. Nevertheless, when things go right, it’s seen as simply a routine task. This is how it’s viewed externally too. For that reason, it is important to guarantee that tasks like Wi-Fi Global and other important matters are done properly. Utilizing the very first Worldwide Payments first payroll payment solution is a terrific initial action towards supplying a thorough payroll option for staff members worldwide. Standardization, global processes, and lowering the variety of tools, platforms, and bank accounts needed for worldwide payroll are key factors in attaining service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few problems when things do not go as prepared. Eventually, we do not do it for the gratitude.
anyhow 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 simple as possible for everyone that’s associated with those processes and also so think of sorry I’m just I was simply gon na state think of the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re speaking about 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 definitely be an interesting task attempting to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to look through them and really see what was going on and kind of shot to return to everyone so carrying on appearance why do companies choose to main separate bank accounts there are Does Papaya Global Do Certified Payroll services out there doing precisely this for specific countries and I have actually worked in a business or many companies doing precisely that I can state it doesn’t constantly feel efficient and it does create more work I know we’re not intentionally doing that we’re not developing additional work for anybody where we do not need to and any person that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe lots of factors one is it’s the standard I think people have actually got so used to we require a new bank account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the standard the people have adopted and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a range I think this is a process that requires taking a look at it requires altering but ultimately people are really stuck to what they recognize
with best um modification is a difficult thing we all don’t like change um so I think it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand clearly the benefits of having keeping multiple bank accounts however there’s a big amount of intricacy opts for setting up a checking account keeping it ensuring it can send out International transfers ensuring it’s set up with the right user accesses for specific people so the intricacy is substantial however I believe the truthful answer is modification um individuals haven’t been able to change or haven’t had always the knowledge to truly make that change into alternate Solutions besides opening a checking account I think you have actually struck the nail on the head I believe it is knowledge you know and there is an element of resistance to change but we’ve constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might practically be figured out to be the next Century or two there is a lot to track and this technique does position several obstacles um so Johnny could you tell us about those challenges yeah of course so there’s a range right there is so
I just did you changed our Enterprise 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 Global workers you are worthy of a corner office with a better parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Does Papaya Global Do Certified Payroll