Over the last five or six years …Papaya Global Payroll Investors… functions on the supplier side and also on the supplier side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just give everyone another number of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on currently simply to hear where everyone is um it’s nice to to kind of like see where everybody originates from and I really 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 drizzling here it’s extremely really bleak and I wish I was somewhere else at this moment in time alright so let’s start our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why companies keep separate
Virtual payroll accounts are an option to standard savings account for handling payroll payments. This is especially beneficial for international companies with dispersed and remote labor forces, as it streamlines the intricate procedure of cross-border payments. Instead of keeping different bank accounts for payroll in different countries, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are ending up being a tactical asset for payroll executives. We will also offer a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly effectively firmly and on time throughout this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how business precisely anticipate their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in enough in one country but when you’re doing it globally it’s next level and Beyond it ends up being complex for a variety of reasons most notably regulations compliance information security and banking guidelines then there are the sheer numbers they include additional complexity the international Workforce is currently 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 factor in that there are some 230 million companies and growing all doing their own thing around the world in the traditional payroll model there’s frequently an overwhelming number of different systems leading to time-consuming manual procedures and silos the number of Combinations could be non-existent in big amounts and or very very basic there’s no genuine consistency framework we’re residing in an age of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just 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 just 11 of businesses state they have Workforce data in real time that’s another number that provides me sleep deprived nights and rather honestly the more a service spends on international payroll the less of a picture they see a lack of visibility also reaches payroll payments and inability to properly track these payments can lead to compliance mishaps in the last mile of the deal almost half of global companies have actually expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM information information entry errors poorly communicated hires and terminations in addition to absence management and system setups and then when you round all of it off and the data is delivered to the wrong location the typical expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the world payroll and payments don’t run efficiently if they depend on the necessary numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties company face when they’re making payments to employees or otherwise that’s a good question I constantly toss this back and state what is it what doesn’t require to be included ideal and what does
it require to be thought of there’s varying Bank information 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 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 best eventually building a knowledge base is definitely vital however everywhere you look with payroll payment they resemble very payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely fundamental and technology is enabling us to sort of move on with that it also also to add to that payroll and finance need to work closer together um with varying Bank Account Particulars varying banking requirements and setup procedures is definitely imperative that payroll and finance teams work more detailed together than ever um I’m always amazed when people say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work 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 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 people anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world places a high value on well-being and the compensation landscape is becoming progressively elaborate. Businesses are continually presenting brand-new advantages and payment alternatives, which contributes to the total intricacy. Large corporations often divide their payroll and payment processing into separate groups, which can lead to inefficiencies and bottlenecks. In my viewpoint, this does not need to hold true. In today’s technically innovative age, there’s no justification for keeping cumbersome treatments. Payroll, the business’s most significant expense, should be processed correctly and on time. Even minor hold-ups can adversely impact employees’ wellness and have far-reaching effects. For that reason, it’s critical to prioritize precise and prompt payments.
The payroll team might not have been thanked for properly processing payroll throughout a webinar. If anybody has been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and people only see when things fail. Nevertheless, when things go right, it’s seen as just a routine task. This is how it’s viewed externally also. Therefore, it is essential to guarantee that jobs like Wi-Fi International and other essential matters are done correctly. Utilizing the very first Global Payments very first payroll payment option is a great preliminary action towards supplying an extensive payroll solution for workers worldwide. Standardization, worldwide procedures, and decreasing the number of tools, platforms, and checking account essential for international payroll are key factors in attaining organization 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 prepared. Eventually, we do not do it for the thankfulness.
anyhow we know 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 easy as possible for everybody that’s involved in those procedures and also so picture sorry I’m simply I was simply gon na say picture the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re talking about numerous thousands possibly Millions envision getting that numerous thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting task attempting 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 require days of the week to try to check out them and actually see what was going on and kind of try to return to everyone so moving on look why do business select to main separate checking account there are Papaya Global Payroll Investors organizations out there doing precisely this for specific countries and I have actually operated in a business or many organizations doing exactly that I can state it does not constantly feel effective and it does produce more work I understand we’re not deliberately doing that we’re not producing additional work for anyone where we don’t need to and anybody that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I think lots of reasons one is it’s the standard I think people have actually got so used to we need a brand-new checking account we open an entity and rightly so you need 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 norm individuals have embraced and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and lots of other ways um to to kind of do it so I think there’s a variety I think this is a process that requires taking a look at it requires altering but ultimately people are extremely stuck to what they’re familiar
with best um change is a hard thing we all don’t like change um so I think it’s simply sort of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend clearly the advantages of having maintaining several savings account however there’s a huge amount of complexity opts for establishing a bank account maintaining it ensuring it can send International transfers ensuring it’s set up with the ideal user accesses for private individuals so the complexity is big but I think the truthful answer is change um individuals have not been able to alter or have not had always the understanding to truly make that change into alternate Solutions other than opening a checking account I believe you have actually struck the nail on the head I think it is understanding you know and there is an element of resistance to alter but we’ve constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what might almost be identified to be the next Century or so there is a lot to track and this technique does position numerous obstacles um so Johnny could you tell us about those difficulties yeah of course 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International workers you deserve a corner workplace with a more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Payroll Investors