Over the last five or 6 years …Leaver Whilst On Maternity Process In Papaya Global… functions on the company side and also on the supplier side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply offer everyone another number of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everybody comes from and I really do hope it’s much sunnier than it is 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 very very bleak and I want I was elsewhere at this moment in time okay 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 Global payroll why companies preserve different
Virtual payroll accounts are an option to standard savings account for managing payroll payments. This is especially beneficial for worldwide companies with dispersed and remote labor forces, as it simplifies the intricate process of cross-border payments. Instead of maintaining different checking account for payroll in various nations, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are ending up being a strategic property for payroll executives. We will also provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly effectively securely and on time throughout this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll bank account how companies properly forecast their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in adequate in one country but when you’re doing it worldwide it’s next level and Beyond it becomes complex for a range of factors most significantly regulations compliance data security and banking guidelines then there are the large numbers they include additional complexity the international Workforce is currently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing worldwide in the traditional payroll model there’s frequently a frustrating number of various systems resulting in time-consuming manual procedures and silos the number of Combinations could be non-existent in large quantities and or really very standard there’s no genuine 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 just blows my mind whenever I I believe
about it to give you an idea 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 quite frankly the more an organization invests in global payroll the less of a photo they see a lack of visibility also extends to payroll payments and inability to precisely track these payments can lead to compliance incidents in the last mile of the transaction almost half of global organizations have expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM information data entry errors improperly communicated hires and terminations along with absence management and system setups and after that when you round it all off and the information is delivered to the wrong location the typical cost of a global information 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 count on the needed several procedures 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 making payments to staff members or otherwise that’s a good question I constantly toss this back and state what is it what doesn’t need to be included right and what does
it require to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment timespan 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 consumer’s own in-country account so there’s complexity any place you look best ultimately building a knowledge base is definitely vital but all over you look with payroll payment they are like extremely payments no if but some children 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 progress with that it likewise as well to contribute to that payroll and finance need to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is absolutely vital that payroll and financing groups work closer together than ever um I’m always amazed when people state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern world places a high value on well-being and the settlement landscape is becoming progressively intricate. Services are continuously presenting new benefits and payment choices, which contributes to the overall intricacy. Big corporations often divide their payroll and payment processing into separate teams, which can lead to ineffectiveness and bottlenecks. In my viewpoint, this doesn’t need to be the case. In today’s technologically advanced era, there’s no validation for maintaining cumbersome treatments. Payroll, the business’s most significant expense, must be processed correctly and on time. Even slight delays can negatively affect staff members’ wellness and have significant consequences. For that reason, it’s critical to prioritize precise and timely payments.
payroll group get um so I’m not sure anybody on this kind of webinar has been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such an important 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 simply a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely essential that all of this things is done correctly so leveraging the first International Payments very first payroll payment service is an excellent initial step um offering an end-to-end payroll solution for your employees worldwide again I believe is another huge um procedure again aligning and ensuring you have standardization Global processes all of those things are absolutely crucial to success success of companies and decreasing the variety of tools platforms and savings account they need for their Global payroll too could not 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 countless them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things haven’t gone quite where they’re suggested to be um I don’t think any of us are really doing that for for the thanks
anyway we understand how how essential 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 everyone that’s associated with those processes and also so picture sorry I’m simply I was simply gon na say picture the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions think of getting that lots of thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating task attempting to clean all those up for sure oh absolutely I can’t picture 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 actually see what was going on and sort of try to return to everybody so proceeding look why do business pick to primary separate checking account there are Leaver Whilst On Maternity Process In Papaya Global services out there doing exactly this for particular nations and I’ve worked in a business or many organizations doing exactly that I can say it does not always feel efficient and it does develop more work I know we’re not purposely doing that we’re not developing additional work for anybody where we don’t need to and anybody 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 think numerous reasons one is it’s the standard I believe people have got so used to we need a brand-new checking account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard the people have actually adopted and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a range I think this is a procedure that requires looking at it needs altering but ultimately individuals are really stuck to what they recognize
with ideal um change is a hard thing we all do not like change um so I believe it’s simply type 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 multiple checking account but there’s a big amount of intricacy chooses establishing a bank account keeping it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for individual individuals so the complexity is huge however I believe the honest answer is change um people haven’t been able to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions other than opening a savings account I think you have actually hit the nail on the head I believe it is understanding you understand and there is an aspect of resistance to alter however we have actually constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could almost be figured out to be the next Century approximately there is a lot to monitor and this technique does position numerous challenges um so Johnny might you inform us about those obstacles yeah of course so there’s a range right there is so
I recently made a modification to our Enterprise 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 enhanced capability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is more detailed, considering your accomplishments. Leaver Whilst On Maternity Process In Papaya Global