Over the last 5 or 6 years …Futa Papaya Global… roles on the company side and also on the supplier side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just give everyone another number of uh well among the 30 seconds approximately to join all of us 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 already simply to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I actually do hope it’s much sunnier than it is 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 uninspiring and I wish I was somewhere else at this moment in time alright so let’s begin our program for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why business keep separate
Virtual payroll accounts are an alternative to standard checking account for managing payroll payments. This is especially useful for international companies with dispersed and remote labor forces, as it streamlines the complex procedure of cross-border payments. Instead of maintaining separate checking account for payroll in different nations, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are becoming a strategic possession for payroll executives. We will likewise offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively securely and on time throughout this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how business precisely anticipate their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in adequate in one country but when you’re doing it internationally it’s next level and Beyond it becomes intricate for a range of factors most notably guidelines compliance information security and banking rules then there are the sheer numbers they add additional intricacy the worldwide Workforce is currently 3 and a half billion people by 2030 it’s estimated 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 factor in that there are some 230 million organizations and growing all doing their own thing around the world in the conventional payroll design there’s frequently an overwhelming number of different systems causing time-consuming manual procedures and silos the number of Integrations could be non-existent in big amounts and or really really standard there’s no real consistency structure we’re residing in a period of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that simply blows my mind every time I I believe
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce data in real time that’s another number that provides me sleepless nights and quite frankly the more a company spends on worldwide payroll the less of an image they see a lack of presence likewise reaches payroll payments and failure to accurately track these payments can lead to compliance accidents in the last mile of the deal nearly half of global businesses have actually expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry mistakes improperly communicated hires and terminations as well as lack management and system configurations and then when you round all of it off and the information is delivered to the incorrect place the average expense 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 don’t run efficiently if they rely on the required numerous 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 challenges company face when they’re making payments to employees or otherwise that’s an excellent concern I always toss this back and say what is it what doesn’t require to be consisted of best and what does
it need to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the client’s own in-country account so there’s complexity any place you look ideal ultimately building a knowledge base is absolutely important however everywhere you look with payroll payment they are like incredibly payments no if however some infants 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 think there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is permitting us to type of progress with that it also as well to contribute to that payroll and finance require to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is absolutely important that payroll and finance teams work closer together than ever um I’m always amazed when individuals state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they split 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 eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory third parties so with the
The modern-day world places a high value on well-being and the settlement landscape is becoming increasingly complex. Organizations are constantly introducing brand-new advantages and payment options, which contributes to the total intricacy. Large corporations typically divide their payroll and payment processing into separate groups, which can lead to ineffectiveness and bottlenecks. In my viewpoint, this doesn’t need to be the case. In today’s technologically sophisticated era, there’s no validation for keeping cumbersome procedures. Payroll, the business’s most significant expense, should be processed properly and on time. Even minor delays can negatively impact workers’ wellness and have far-reaching consequences. Therefore, it’s important to prioritize accurate and prompt payments.
The payroll team may 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 staff members or not. Payroll is a crucial cycle, and individuals only see when things fail. Nevertheless, when things go right, it’s seen as simply a regular job. This is how it’s viewed externally too. Therefore, it is necessary to guarantee that tasks like Wi-Fi Worldwide and other vital matters are done correctly. Using the very first Global Payments first payroll payment service is an excellent preliminary step towards providing an extensive payroll option for staff members worldwide. Standardization, global procedures, and reducing the number of tools, platforms, and bank accounts essential for international payroll are key consider achieving company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of problems when things don’t go as prepared. Eventually, we don’t do it for the gratitude.
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 involved in those procedures and also so imagine sorry I’m simply I was just gon na state think of the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions imagine getting that numerous thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating task trying to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and in fact see what was going on and kind of try to get back to everybody so proceeding appearance why do business pick to main separate checking account there are Futa Papaya Global organizations out there doing precisely this for specific countries and I have actually worked in a service or numerous organizations doing exactly that I can say it doesn’t constantly feel effective and it does produce more work I know we’re not deliberately doing that we’re not producing extra work for anybody where we do not have to and any person that’s handling that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think many reasons one is it’s the standard I believe people have actually got so utilized to we need a new bank account we open an entity and rightly so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the norm the people have embraced and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a variety I think this is a process that needs looking at it needs changing but ultimately individuals are very stuck with what they’re familiar
with ideal um modification is a challenging thing we all don’t like change um so I believe it’s simply type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand certainly the advantages of having maintaining several bank accounts but there’s a substantial amount of complexity goes with setting up a savings account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for specific people so the intricacy is big however I think the truthful answer is modification um people haven’t had the ability to alter or haven’t had always the understanding to really make that change into alternate Solutions aside from opening a checking account I think you’ve hit the nail on the head I think it is knowledge you know and there is a component of resistance to alter however 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 understand what might almost be figured out to be the next Century or two there is a lot to monitor and this method does posture several challenges um so Johnny might you inform us about those challenges yeah of course so there’s a variety right there is so
I just 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 Worldwide employees you deserve a corner workplace with a more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you Futa Papaya Global