Over the last 5 or six years …Papaya Global Bosnia And Herzegovina… functions on the company side and likewise on the supplier side from a payroll viewpoint so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just provide everyone another couple of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everyone is um it’s nice to to kind 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 drizzling here it’s really really dreary and I wish I was elsewhere 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 managing Worldwide payroll why companies maintain different
Virtual payroll accounts are an alternative to traditional savings account for managing payroll payments. This is especially helpful for international companies with dispersed and remote labor forces, as it simplifies the complicated process of cross-border payments. Instead of maintaining different bank accounts for payroll in various nations, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are ending up being a tactical property 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 pros and cons of a payroll wallet versus a payroll bank account how companies properly anticipate their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic possession so payroll can be challenging in enough in one nation however when you’re doing it globally it’s next level and Beyond it becomes complex for a range of reasons most notably guidelines compliance data security and banking rules then there are the large numbers they add more intricacy the international Workforce is currently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion individuals 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 all over the world in the conventional payroll model there’s often a frustrating variety of various systems causing lengthy manual procedures and silos the variety of Combinations could be non-existent in large quantities and or very very standard there’s no genuine consistency structure we’re living 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 typically with pen and paper which simply blows my mind each time I I think
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Labor force data in real time that’s another number that gives me sleepless nights and quite honestly the more a company invests in international payroll the less of a picture they see an absence of visibility also encompasses payroll payments and failure to accurately track these payments can lead to compliance accidents in the last mile of the transaction nearly half of global services have actually revealed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM information information entry errors improperly interacted hires and terminations in addition to absence management and system configurations and after that when you round everything off and the information is shipped to the incorrect location the average expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the world payroll and payments do not run smoothly if they depend on the required multiple 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 obstacles service face when they’re making payments to employees or otherwise that’s a good concern I constantly toss this back and state what is it what does not require to be consisted of best and what does
it need 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 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 need to pay from the customer’s own in-country account so there’s complexity anywhere you look ideal ultimately developing a knowledge base is definitely vital however everywhere you look with payroll payment they are like extremely payments no if but some infants 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 recognition that payroll payments are definitely basic and innovation is enabling us to type of move on with that it likewise also to contribute to that payroll and finance require to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is definitely necessary that payroll and financing groups work more detailed together than ever um I’m constantly surprised when people state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession would they divide the payroll payment from computation 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being more and more important to add to type of the level of intricacy there’s increasingly more benefits being organ or being used by organizations across the world so once again you’re just seeking to include increasingly more payments to this already complex landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of genuine obstacles or genuine tough sort of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a couple of decades I would definitely say that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are teams feeding information into the next function as it were that’s really handling the payment side of things but you understand in in my opinion and my experience that does not necessarily require to be the case you understand long gone are the times where we require to create extra handoffs in the processes that we operate in they just make them more timely they make them less effective and they do not make them what they need to be in in an era of tech and an era that you know that we are operating in today there is no reason that we are still making this as hard as it needs to be agreed and rightly as you said payroll is the single biggest liability that any company has from an expense point of view from an effect point of view on employees it is definitely important that it’s done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the most significant harmful result on individuals’s wellness and many other factors if people aren’t paid uh I’ve constantly been astonished entering into this Market kind of the last five to ten years is how little thanks the
The payroll team might not have been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and individuals only notice when things go wrong. Nevertheless, when things go right, it’s seen as simply a regular task. This is how it’s perceived externally also. Therefore, it is necessary to ensure that tasks like Wi-Fi International and other essential matters are done properly. Using the first Worldwide Payments very first payroll payment solution is a great preliminary step towards providing an extensive payroll solution for workers worldwide. Standardization, global procedures, and lowering the variety of tools, platforms, and savings account essential for global payroll are key factors in accomplishing service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of grievances when things do not go as planned. Eventually, we do not do it for the thankfulness.
anyhow we understand how how important 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 easy as possible for everybody that’s involved in those procedures and likewise so think of sorry I’m just I was simply gon na state think of the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re talking about numerous thousands possibly Millions think of getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating job attempting to clean all those up for sure oh definitely I can’t think of 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 type of shot to get back to everybody so moving on appearance why do business pick to primary different bank accounts there are Papaya Global Bosnia And Herzegovina organizations out there doing exactly this for particular countries and I’ve operated in a business or many services doing exactly that I can state it does not always feel effective and it does produce more work I understand we’re not intentionally doing that we’re not producing additional work for any person where we don’t have to and any person that’s handling that process 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 many factors one is it’s the standard I believe people have got so utilized to we need a new checking account we open an entity and rightly so you require it for payroll purposes 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 individuals have embraced and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a variety I think this is a process that requires looking at it requires altering but eventually people are very stuck to what they’re familiar
with best um modification is a challenging thing all of us do not like change um so I think it’s simply sort of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the benefits of having maintaining several checking account however there’s a substantial amount of complexity chooses setting up a checking account maintaining it ensuring it can send International transfers guaranteeing it’s set up with the best user accesses for individual individuals so the intricacy is huge but I think the truthful response is change um individuals have not been able to change or haven’t had always the understanding to actually make that change into alternate Solutions aside from opening a savings account I think you’ve hit the nail on the head I think it is knowledge you know and there is an aspect of resistance to change however we have actually always done it that way is no real reason for not taking a look at the the advantages and the possibilities of moving on and moving into you know what could nearly be figured out to be the next Century or so there is a lot to keep an eye on and this technique does posture several obstacles um so Johnny could you tell us about those obstacles yeah of course so there’s a range right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has actually gotten another CFO, and with this boosted capability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Bosnia And Herzegovina