Over the last 5 or 6 years …Papaya Global Nest Updates… functions on the provider side and also on the supplier side from a payroll viewpoint so actually anticipating this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just provide everyone 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 sort of let them do that so it ‘d be rather fascinating and I can see it going on currently simply 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 remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely extremely bleak and I want I was somewhere else at this moment in time fine so let’s start our program for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why business maintain separate
Virtual payroll accounts are an option to standard checking account for handling payroll payments. This is especially useful for global organizations with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of preserving separate savings account for payroll in various nations, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are ending up being a strategic possession 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 properly efficiently safely and on time during this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how business properly forecast their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in sufficient in one country however when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a variety of reasons most significantly guidelines compliance data security and banking guidelines then there are the sheer numbers they add additional complexity the global Workforce is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 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 traditional payroll design there’s often an overwhelming number of various systems leading to time-consuming manual procedures and silos the variety of Integrations could be non-existent in big quantities and or extremely really basic there’s no real consistency structure we’re residing 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 and that simply blows my mind each time I I think
about it to give you an idea of how far there still is to come according to Deloitte only 11 of services state they have Workforce data in real time that’s another number that gives me sleep deprived nights and rather honestly the more a business invests in worldwide payroll the less of a photo they see an absence of visibility also encompasses payroll payments and failure to precisely track these payments can result in compliance accidents in the last mile of the deal almost half of international organizations have actually 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 because of time reporting bad HCM information data entry errors improperly interacted hires and terminations along with lack management and system configurations and after that when you round it all off and the information is delivered to the wrong place the average cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash worldwide payroll and payments do not run smoothly if they rely on the required numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges organization face when they’re paying to staff members or otherwise that’s a great question I always throw this back and state what is it what doesn’t need to be included best and what does
it need to be considered there’s differing Bank information 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 need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy anywhere you look best ultimately building a knowledge base is definitely vital but everywhere you look with payroll payment they resemble extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely fundamental and innovation is allowing us to kind of move on with that it also as well to add to that payroll and finance need to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is absolutely vital that payroll and financing groups work better together than ever um I’m constantly amazed when people state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory third parties so with the
The contemporary world puts a high value on well-being and the compensation landscape is becoming increasingly complex. Organizations are constantly introducing new benefits and payment alternatives, which adds to the overall intricacy. Big corporations often divide their payroll and payment processing into different groups, which can cause inadequacies and traffic jams. In my viewpoint, this doesn’t have to be the case. In today’s highly innovative period, there’s no validation for preserving cumbersome procedures. Payroll, the business’s biggest expense, should be processed correctly and on time. Even slight hold-ups can negatively impact workers’ wellness and have significant consequences. For that reason, it’s vital to focus on precise and prompt payments.
payroll group get um so I’m not sure anybody on this kind of webinar has been informed thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um however eventually payroll is such a crucial cycle all of us become aware of it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely vital that all of this stuff is done properly so leveraging the very first International Payments first payroll payment service is a great primary step um offering an end-to-end payroll service for your employees internationally once again I think is another substantial um procedure again lining up and ensuring you have standardization International processes all of those things are definitely key to success success of services and lowering the number of tools platforms and checking account they require for their International payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the problems where things have not gone rather where they’re suggested to be um I don’t think any of us are in fact doing that for for the thanks
anyway we know how how crucial a role 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 procedures and also so imagine sorry I’m just I was simply gon na say envision the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions envision getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating task trying to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and in fact see what was going on and sort of try to get back to everyone so moving on appearance why do business select to main different savings account there are Papaya Global Nest Updates services out there doing exactly this for specific nations and I’ve operated in a service or lots of services doing exactly that I can state it doesn’t constantly feel effective and it does develop more work I understand we’re not purposely doing that we’re not developing additional work for any person where we do not have to and any person that’s managing 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 quantity that we are I believe lots of factors one is it’s the standard I believe individuals have actually got so used to we require a new savings account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have actually embraced and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and many other methods um to to kind of do it so I think there’s a variety I believe this is a procedure that needs looking at it needs changing however ultimately people are extremely stuck to what they’re familiar
with right um change is a difficult thing we all don’t like change um so I think it’s just sort of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand certainly the benefits of having preserving numerous checking account but there’s a substantial quantity of intricacy goes with establishing a bank account keeping it ensuring it can send International transfers ensuring it’s set up with the ideal user accesses for individual individuals so the intricacy is substantial but I believe the honest response is change um individuals have not had the ability to change or have not had always the knowledge to really make that change into alternate Solutions besides opening a savings account I think you’ve hit the nail on the head I think it is understanding you know and there is a component of resistance to alter but we have actually constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of proceeding and moving into you understand what might nearly be determined to be the next Century or two there is a lot to track and this method does posture a number of difficulties um so Johnny might you tell us about those difficulties yeah naturally so there’s a variety 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 Worldwide employees you are worthy of a corner workplace with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Nest Updates