Over the last five or six years …Papaya Global Bahrain… functions on the supplier side and also on the supplier side from a payroll perspective so actually anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just offer everyone another couple of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everyone 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 very very uninspiring and I wish I was somewhere else at this moment in time okay so let’s get going our program for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why business maintain different
Virtual payroll accounts are an option to standard checking account for handling payroll payments. This is particularly helpful for global companies with dispersed and remote labor forces, as it streamlines the complicated process of cross-border payments. Instead of maintaining different savings account for payroll in different nations, 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 ending up being a tactical possession for payroll executives. We will likewise provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly effectively securely and on time during this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how companies properly forecast their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in adequate in one country however when you’re doing it globally it’s next level and Beyond it ends up being intricate for a variety of factors most importantly guidelines compliance data security and banking guidelines then there are the large numbers they include further intricacy the worldwide Labor force is currently 3 and a half billion people by 2030 it’s estimated 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 services and growing all doing their own thing around the world in the standard payroll design there’s often an overwhelming number of different systems causing time-consuming manual processes and silos the number of Combinations could be non-existent in big amounts and or extremely really standard there’s no real consistency structure we’re living in an era of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which simply blows my mind whenever 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 say they have Workforce data in real time that’s another number that offers me sleepless nights and rather frankly the more a company spends on global payroll the less of a photo they see an absence of exposure also extends to payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the transaction almost half of worldwide services have revealed 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 bad HCM data data entry mistakes poorly interacted hires and terminations along with lack management and system setups and then when you round it all off and the information is delivered to the incorrect place the average cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments do not run smoothly if they depend on the required numerous procedures systems and partners it is simply 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 making payments to staff members or otherwise that’s a great concern I constantly toss this back and say what is it what does not need to be consisted of ideal and what does
it require to be thought about there’s differing Bank information 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 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 consumer’s own in-country account so there’s intricacy any place you look right eventually developing a knowledge base is absolutely critical however everywhere you look with payroll payment they are like incredibly payments no if however 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 think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is allowing us to type of move forward with that it likewise also to add to that payroll and financing require to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is absolutely necessary that payroll and finance groups work better together than ever um I’m always surprised when people say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from estimation 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 information collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being a growing number of important to contribute to type of the level of intricacy there’s increasingly more advantages being organ or being provided by services across the world so again you’re just looking to add a growing number of payments to this currently intricate landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of genuine challenges or genuine tough type of pay uses to play to pay individuals I believe yeah I imply over the last well yeah a number of decades I would definitely say that the bigger a service gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are teams feeding info into the next function as it were that’s in fact handling the payment side of things however you understand in in my viewpoint and my experience that doesn’t always need to be the case you know long gone are the times where we require to create additional handoffs in the processes that we run in they simply make them more prompt they make them less effective and they do not make them what they need to be in in an age of tech and an age that you know that we are operating in today there is no reason that we are still making this as difficult as it requires to be concurred and appropriately as you said payroll is the single biggest liability that any organization has from an expense perspective from an effect point of view on staff members it is definitely important that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the most significant damaging result on people’s wellness and many other elements if people aren’t paid uh I’ve constantly been impressed coming into this Market kind of the last 5 to ten years is how little thanks the
The payroll group might not have been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and individuals only see when things fail. However, when things go right, it’s seen as simply a regular task. This is how it’s viewed externally too. For that reason, it is necessary to make sure that jobs like Wi-Fi International and other crucial matters are done properly. Utilizing the very first International Payments first payroll payment service is an excellent preliminary step towards providing a detailed payroll option for workers worldwide. Standardization, global processes, and reducing the variety of tools, platforms, and bank accounts necessary for international payroll are essential factors in achieving company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few grievances when things do not go as planned. Ultimately, we don’t do it for the gratitude.
anyhow we know how how crucial a function it is and that’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 everyone that’s involved in those processes and also so envision sorry I’m just I was simply gon na say imagine the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions imagine getting that many thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting task attempting to clean up 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 check out them and really see what was going on and sort of shot to return to everybody so proceeding appearance why do companies pick to primary different savings account there are Papaya Global Bahrain companies out there doing precisely this for specific nations and I have actually worked in a business or numerous businesses doing precisely that I can say it doesn’t always feel efficient and it does create more work I know we’re not deliberately doing that we’re not creating extra work for any person where we don’t have to and any person that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I think lots of factors one is it’s the standard I believe people have actually got so used to we need a new bank account we open an entity and appropriately 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 standard individuals have adopted and continue to do over years and years passed by to add to that individuals have taken a look at things like trust accounts and lots of other ways um to to kind of do it so I believe there’s a range I think this is a procedure that needs taking a look at it requires altering however ultimately individuals are very stuck with what they recognize
with best um modification is a hard thing all of us don’t like modification um so I believe it’s just sort of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having preserving numerous checking account but there’s a huge quantity of intricacy opts for establishing a checking account preserving it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for private individuals so the intricacy is big but I think the honest response is modification um individuals haven’t been able to change or haven’t had always the understanding to actually make that change into alternate Solutions other than opening a bank account I believe you have actually struck the nail on the head I think it is understanding you understand and there is a component of resistance to alter however we’ve always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you know what could practically be identified to be the next Century or so there is a lot to track and this approach does present several obstacles um so Johnny could you inform us about those difficulties yeah of course so there’s a range 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International staff members you should have a corner office with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Bahrain