Over the last five or 6 years …Papaya Global Indonesia… functions on the provider side and also on the vendor side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just give everybody another number of uh well among the 30 seconds or so to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on currently just 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 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 really very gloomy and I want I was somewhere else at this moment in time all right so let’s start our program for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why business preserve separate
Virtual payroll accounts are an alternative to traditional bank accounts for managing payroll payments. This is especially beneficial for worldwide organizations with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of maintaining different bank accounts for payroll in various countries, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are becoming a strategic property for payroll executives. We will also offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively firmly and on time throughout this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how companies accurately forecast their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in enough in one country but when you’re doing it globally it’s next level and Beyond it ends up being complicated for a variety of factors most significantly regulations compliance data security and banking rules then there are the large numbers they add additional complexity the worldwide Labor force 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 individuals 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 worldwide in the standard payroll model there’s often an overwhelming number of different systems leading to time-consuming manual procedures and silos the number of Integrations could be non-existent in large quantities and or really really fundamental there’s no real consistency framework we’re living in an age of tech however payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that just blows my mind each time I I believe
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force information in real time that’s another number that gives me sleep deprived nights and rather honestly the more a company spends on global payroll the less of an image they see an absence of exposure likewise encompasses payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the transaction nearly half of global businesses have actually expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry mistakes improperly interacted hires and terminations in addition to lack management and system setups and then when you round everything off and the data is delivered to the wrong place the typical cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money all over the world payroll and payments don’t run efficiently if they count on the necessary several processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges business face when they’re paying to staff members or otherwise that’s an excellent concern I constantly toss this back and say what is it what does not need to be included right and what does
it need to be thought of 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 developing a knowledge base is definitely vital however all over you look with payroll payment they are like super 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 basic and technology is enabling us to sort of move on with that it likewise as well to contribute to that payroll and financing require to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is definitely necessary that payroll and finance teams work better together than ever um I’m always impressed when people say I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so frequently 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 anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern world places a high worth on well-being and the payment landscape is becoming progressively elaborate. Services are continuously introducing new advantages and payment choices, which contributes to the general intricacy. Large corporations typically divide their payroll and payment processing into different teams, which can cause inefficiencies and traffic jams. In my viewpoint, this does not need to hold true. In today’s technically advanced era, there’s no justification for maintaining troublesome procedures. Payroll, the business’s most significant cost, should be processed correctly and on time. Even slight delays can adversely affect employees’ wellness and have significant consequences. Therefore, it’s critical to prioritize precise and timely payments.
The payroll group might not have been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and people only observe when things fail. However, when things go right, it’s viewed as just a routine job. This is how it’s perceived externally also. Therefore, it is essential to ensure that jobs like Wi-Fi Global and other crucial matters are done correctly. Utilizing the very first International Payments first payroll payment service is a terrific initial step towards offering an extensive payroll service for staff members worldwide. Standardization, worldwide procedures, and decreasing the number of tools, platforms, and savings account essential for international payroll are essential consider achieving business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of complaints when things don’t go as planned. Ultimately, we don’t do it for the gratitude.
anyway we understand how how crucial 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 procedures and likewise so picture sorry I’m simply I was just gon na state think of the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re speaking about numerous thousands potentially Millions think of getting that lots of thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be a fascinating task trying to clean up 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 really see what was going on and type of try to get back to everybody so proceeding appearance why do companies choose to primary separate checking account there are Papaya Global Indonesia businesses out there doing exactly this for particular countries and I’ve worked in an organization or many services doing precisely that I can say it doesn’t constantly feel effective and it does develop more work I understand we’re not purposely doing that we’re not producing additional work for anyone where we do not have to and anybody that’s handling that procedure 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 reasons one is it’s the requirement I believe individuals have actually got so used to we require a brand-new bank account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the standard the people have actually embraced and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and many other methods um to to type of do it so I think there’s a variety I think this is a procedure that needs looking at it needs changing however eventually individuals are extremely stuck with what they’re familiar
with best um change is a tough thing all of us do not like change um so I think it’s just type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the benefits of having keeping multiple bank accounts however there’s a huge quantity of intricacy opts for setting up a bank account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for private individuals so the complexity is big but I believe the sincere response is change um individuals have not had the ability to change or haven’t had necessarily the knowledge to truly make that change into alternate Solutions other than opening a bank account I think you have actually hit the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter but we’ve 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 two there is a lot to keep an eye on and this method does posture several difficulties um so Johnny might you tell us about those challenges yeah naturally so there’s a variety right there is so
I just 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 actually acquired another CFO, and with this improved ability, I have actually effectively secured payments for our 10,000 employees worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Indonesia