Over the last five or 6 years …Papaya Global Administrator… roles on the company side and also on the supplier side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just provide everybody another couple of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather intriguing 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 everyone originates from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely extremely gloomy and I wish I was somewhere else at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why companies preserve different
Virtual payroll accounts are an option to conventional bank accounts for handling payroll payments. This is particularly helpful for international companies with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of keeping different bank accounts for payroll in different nations, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are ending up being a tactical asset for payroll executives. We will likewise 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 throughout this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how companies precisely anticipate their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be challenging in enough in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a variety of factors most importantly guidelines compliance information security and banking rules then there are the sheer numbers they add further intricacy the worldwide Labor force is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing around the globe in the standard payroll model there’s often an overwhelming variety of various systems resulting in time-consuming manual procedures and silos the number of Integrations could be non-existent in big amounts and or extremely extremely basic there’s no real consistency structure we’re residing in an age of tech but payroll has actually 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 just blows my mind each time I I think
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of services state they have Labor force information in real time that’s another number that offers me sleep deprived nights and quite honestly the more a service spends on global payroll the less of an image they see an absence of exposure likewise extends to payroll payments and inability to accurately track these payments can lead to compliance accidents in the last mile of the transaction nearly half of worldwide services have revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry mistakes poorly communicated hires and terminations along with absence management and system configurations and then when you round it all off and the information is delivered to the incorrect place the average cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money all over the world payroll and payments do not run efficiently if they rely on the necessary numerous procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles business face when they’re making payments to employees or otherwise that’s a great concern I always toss this back and say what is it what doesn’t need to be included right 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 nation 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 need to pay from the client’s own in-country account so there’s intricacy wherever you look best eventually building a knowledge base is definitely crucial however 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 look at the sort 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 basic and technology is allowing us to type of progress with that it also too to add to that payroll and financing need to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is absolutely necessary that payroll and financing teams work better together than ever um I’m always amazed when individuals state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll occupation would they divide the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so often 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 but also paying statutory authorities and on statutory 3rd parties so with the
The modern world puts a high value on wellness and the payment landscape is becoming increasingly intricate. Businesses are constantly presenting new advantages and payment alternatives, which adds to the overall complexity. Large corporations frequently divide their payroll and payment processing into separate groups, which can cause inefficiencies and bottlenecks. In my viewpoint, this doesn’t need to be the case. In today’s technologically sophisticated age, there’s no reason for preserving troublesome procedures. Payroll, the business’s most significant cost, need to be processed correctly and on time. Even small delays can adversely impact staff members’ wellness and have significant consequences. Therefore, it’s vital to prioritize precise and prompt payments.
payroll group get um so I’m not exactly sure anyone on this type of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be excellent 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 goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I believe 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 crucial that all of this stuff is done correctly so leveraging the first International Payments first payroll payment option is an excellent primary step um supplying an end-to-end payroll service for your staff members internationally once again I think is another big um procedure again aligning and guaranteeing you have standardization Global procedures all of those things are absolutely crucial to success success of businesses and decreasing the variety of tools platforms and savings account they require for their International 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 had a hundred countless 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 complaints where things have not gone rather where they’re suggested to be um I do not believe any of us are in fact doing that for for the thanks
anyhow we understand how how important 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 everybody that’s associated with those processes and likewise so envision sorry I’m just I was simply gon na state picture the amount 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 imagine getting that many thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an interesting task trying to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to check out them and in fact see what was going on and sort of try to return to everybody so carrying on look why do business pick to primary different checking account there are Papaya Global Administrator services out there doing exactly this for particular countries and I’ve worked in a company or lots of businesses doing precisely that I can say it does not constantly feel efficient and it does produce more work I know we’re not purposely doing that we’re not creating additional work for anyone where we don’t need to and any person that’s handling 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 believe many factors one is it’s the standard I think people have got so used to we need a brand-new bank account we open an entity and appropriately so you need 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 norm the people have 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 numerous other ways um to to sort of do it so I think there’s a range I think this is a process that needs looking at it needs altering but ultimately individuals are extremely stuck with what they’re familiar
with right um change is a tough thing all of us do not like modification um so I believe it’s simply type of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand obviously the advantages of having maintaining multiple checking account but there’s a huge amount of complexity chooses setting up a savings account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for specific people so the complexity is substantial however I think the truthful response is modification um people have not had the ability to change or have not had necessarily the understanding to actually make that change into alternate Solutions aside from opening a bank account I believe you’ve struck the nail on the head I think it is understanding you know and there is a component of resistance to change however we have actually constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could almost be figured out to be the next Century approximately there is a lot to keep track of and this method does position several obstacles um so Johnny might you inform us about those difficulties yeah obviously so there’s a variety right there is so
I simply did you switched our Business 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 workers you deserve a corner office with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Administrator