Over the last five or 6 years …Buruj Papaya Global… roles on the supplier side and likewise on the supplier side from a payroll viewpoint so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just provide everyone another number of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everybody 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 definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely extremely gloomy and I want I was somewhere else at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be looking at the challenge years of handling International payroll why business keep separate
Virtual payroll accounts are an option to standard checking account for managing payroll payments. This is particularly beneficial for worldwide companies with dispersed and remote labor forces, as it streamlines the complex procedure of cross-border payments. Instead of maintaining different checking account for payroll in various countries, virtual accounts and digital wallets provide a more structured service. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are becoming a strategic possession for payroll executives. We will also supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently firmly and on time throughout this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how business precisely anticipate their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in sufficient in one country however when you’re doing it worldwide it’s next level and Beyond it becomes complex for a variety of reasons most notably regulations compliance data security and banking guidelines then there are the large numbers they include additional intricacy the international Labor force is currently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing all over the world in the standard payroll model there’s often a frustrating number of various systems causing time-consuming manual procedures and silos the variety of Integrations could be non-existent in large quantities and or extremely really basic there’s no real consistency framework we’re living in an era of tech however payroll has actually 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 just blows my mind whenever I I think
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce 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 presence likewise encompasses payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the deal almost half of global businesses have expressed that they don’t 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 data entry mistakes inadequately communicated hires and terminations in addition to lack management and system configurations and after that when you round it all off and the information is delivered to the incorrect location the typical expense of an international 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 do not run efficiently if they depend on the essential several procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties business face when they’re paying to workers or otherwise that’s an excellent concern I always toss this back and state what is it what doesn’t need to be included ideal and what does
it need 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 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 consumer’s own in-country account so there’s intricacy anywhere you look best eventually building a knowledge base is absolutely important but all over you look with payroll payment they are like super payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the type 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 absolutely basic and innovation is permitting us to type of move on with that it also also to contribute to that payroll and financing need to work closer together um with varying Checking account Details varying banking requirements and setup procedures is absolutely vital that payroll and financing groups work more detailed together than ever um I’m constantly surprised 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 calculation 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 eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
The contemporary world places a high value on well-being and the compensation landscape is ending up being progressively complex. Businesses are continually introducing brand-new benefits and payment choices, which contributes to the general complexity. Large corporations frequently divide their payroll and payment processing into separate teams, which can lead to inefficiencies and bottlenecks. In my opinion, this doesn’t need to be the case. In today’s highly advanced age, there’s no reason for maintaining troublesome procedures. Payroll, the business’s biggest cost, must be processed properly and on time. Even minor delays can negatively affect employees’ well-being and have far-reaching consequences. For that reason, it’s crucial to prioritize accurate and prompt payments.
payroll group get um so I’m not sure anybody on this sort of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um however eventually payroll is such a crucial cycle we all become aware of it when it fails everyone jumps up and down when it fails however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely crucial that all of this stuff is done correctly so leveraging the first International Payments very first payroll payment service is an excellent first step um supplying an end-to-end payroll service for your employees globally once again I believe is another big um procedure once again lining up and ensuring you have standardization Global processes all of those things are definitely crucial to success success of organizations and decreasing the variety of tools platforms and savings account they require for their Worldwide payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things have not gone rather where they’re implied to be um I do not believe any of us are actually doing that for for the thanks
anyway we know how how essential 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 everyone that’s associated with those procedures and also so envision sorry I’m just I was just gon na state think of the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions imagine getting that many thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an interesting job attempting to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to look through them and really see what was going on and kind of shot to return to everyone so carrying on look why do business select to main separate bank accounts there are Buruj Papaya Global organizations out there doing exactly this for particular nations and I’ve worked in a business or numerous services doing precisely that I can state it does not always feel efficient and it does create more work I know we’re not intentionally doing that we’re not developing extra work for any person where we don’t need to and anybody that’s dealing with 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 think numerous reasons one is it’s the standard I believe people have actually got so used to we need a new checking account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the standard individuals have embraced and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a range I believe this is a procedure that requires looking at it needs changing however eventually people are extremely stuck to what they’re familiar
with best um modification is a tough thing all of us do not like change um so I believe it’s just kind of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand certainly the advantages of having maintaining several checking account however there’s a big amount of intricacy goes with setting up a savings account preserving it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for individual individuals so the complexity is huge however I believe the truthful response is change um individuals have not had the ability to alter or have not had necessarily the understanding to actually make that change into alternate Solutions other than opening a savings account I think you’ve hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter but we’ve constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of carrying on and moving into you know what could almost be figured out to be the next Century or two there is a lot to keep track of and this technique does posture several challenges um so Johnny might you inform us about those obstacles yeah obviously so there’s a variety 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 jobs on one platform. It seems like our CFO has gotten another CFO, and with this enhanced capability, I have actually effectively secured payments for our 10,000 workers worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is closer, considering your achievements. Buruj Papaya Global