Over the last five or 6 years …Eynat Papaya Global… roles on the company side and also on the supplier side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply give everyone another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather intriguing 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 comes from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very really bleak and I want I was elsewhere at this moment in time okay so let’s begin 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 option to traditional bank accounts for handling payroll payments. This is particularly beneficial for international companies with dispersed and remote labor forces, as it streamlines the complicated procedure of cross-border payments. Instead of preserving different checking account for payroll in various nations, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are becoming a tactical asset for payroll executives. We will also offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively safely and on time during this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll checking account how companies accurately forecast their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in adequate in one country however when you’re doing it worldwide it’s next level and Beyond it becomes complex for a variety of factors most importantly regulations compliance information security and banking rules then there are the large numbers they add more complexity the global Workforce is presently 3 and a half billion individuals by 2030 it’s approximated 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 companies and growing all doing their own thing all over the world in the standard payroll design there’s typically a frustrating number of various systems leading to time-consuming manual processes and silos the variety of Combinations could be non-existent in large amounts and or really 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 and that simply blows my mind every time I I think
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force data in real time that’s another number that gives me sleep deprived nights and rather frankly the more a company spends on international payroll the less of a photo they see an absence of visibility likewise extends to payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the deal nearly half of worldwide companies have expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM information data entry mistakes inadequately interacted hires and terminations along with lack management and system configurations and after that when you round everything off and the data is delivered to the incorrect place the typical expense of a worldwide 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 smoothly if they rely on the needed numerous procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties organization face when they’re making payments to staff members or otherwise that’s a great concern I always toss this back and state what is it what doesn’t require to be included ideal and what does
it require 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 time frames there’s payment capabilities 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 client’s own in-country account so there’s intricacy any place you look best eventually constructing a knowledge base is absolutely important but everywhere you look with payroll payment they are like very payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is permitting us to kind of progress with that it also too to contribute to that payroll and finance require to work closer together um with differing Checking account Details differing banking requirements and setup processes is absolutely imperative that payroll and finance teams work better together than ever um I’m constantly impressed when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from calculation 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 however likewise paying statutory authorities and on statutory third parties so with the
The modern world puts a high worth on wellness and the payment landscape is becoming significantly complex. Businesses are continually introducing new advantages and payment alternatives, which contributes to the overall intricacy. Large 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 justification for keeping troublesome treatments. Payroll, the company’s greatest expense, need to be processed properly and on time. Even small delays can adversely affect staff members’ wellness and have far-reaching repercussions. Therefore, it’s critical to focus on accurate and timely payments.
payroll group get um so I’m uncertain anybody on this type of webinar has been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an important cycle all of us become aware of it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely important that all of this stuff is done properly so leveraging the very first Global Payments very first payroll payment option is a great first step um supplying an end-to-end payroll service for your staff members worldwide again I believe is another huge um procedure once again aligning and ensuring you have standardization Worldwide procedures all of those things are definitely essential to success success of services and decreasing the variety of tools platforms and bank accounts 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 do not expect to you do get the odd five or ten or whatever it might be with the with the the problems 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 know how how crucial 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 everybody that’s associated with those procedures and also so imagine sorry I’m simply I was just gon na say picture the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions envision getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an intriguing task trying to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and actually see what was going on and sort of try to get back to everybody so proceeding appearance why do business choose to primary separate bank accounts there are Eynat Papaya Global companies out there doing precisely this for particular nations and I’ve worked in an organization or numerous services doing exactly that I can state it does not constantly feel effective and it does create more work I understand we’re not deliberately doing that we’re not creating additional work for anybody where we don’t need 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 amount that we are I think lots of factors one is it’s the standard I think people have got so utilized to we need a brand-new savings 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 individuals have actually embraced and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and lots of other ways um to to sort of do it so I believe there’s a variety I believe this is a procedure that requires looking at it requires altering but ultimately individuals are very stuck with what they recognize
with right um change is a difficult thing all of us do not like modification um so I believe it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend clearly the benefits of having preserving numerous savings account however there’s a substantial amount of complexity goes with setting up a checking account preserving it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for individual people so the intricacy is big however I believe the truthful response is change um people have not been able to change or haven’t had always the understanding to really make that change into alternate Solutions besides opening a savings account I think you have actually struck the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change but we’ve always done it that way is no genuine reason for not looking at the the benefits and the possibilities of moving on and moving into you understand what could nearly be identified to be the next Century or two there is a lot to keep track of and this technique does present several 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 change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually gotten another CFO, and with this improved capability, I have actually successfully secured payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You deserve a corner office with a parking space that is closer, considering your accomplishments. Eynat Papaya Global