Over the last 5 or six years …Papaya Global El Salvador… functions on the supplier side and also 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 everybody all right thanks Johnny uh we’ll just provide everybody another number of uh well among 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 quite intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everyone originates from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really very gloomy and I wish 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 challenge years of managing Global payroll why companies preserve different
Virtual payroll accounts are an alternative to conventional bank accounts for managing payroll payments. This is particularly useful for international organizations with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of preserving different bank accounts for payroll in different countries, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are becoming a tactical asset for payroll executives. We will also offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently safely and on time throughout this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how companies accurately forecast their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in sufficient in one country but when you’re doing it globally it’s next level and Beyond it becomes intricate for a variety of reasons most importantly regulations compliance data security and banking guidelines then there are the large numbers they add further complexity the worldwide Workforce is presently three and a half billion people 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 consider that there are some 230 million companies and growing all doing their own thing worldwide in the standard payroll design there’s typically a frustrating number of different systems causing time-consuming manual procedures and silos the variety of Combinations could be non-existent in large amounts and or really very fundamental there’s no genuine consistency structure we’re living in a period of tech but payroll has actually been sluggish 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 whenever I I believe
about it to give you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force information in real time that’s another number that provides me sleepless nights and quite honestly the more a company spends on global payroll the less of a photo they see a lack of presence likewise encompasses payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the transaction nearly half of global companies have revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM data information entry errors improperly communicated hires and terminations as well as absence management and system setups and after that when you round all of it off and the information is shipped to the wrong place the average expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments do not run efficiently if they count on the essential 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 service face when they’re paying to employees or otherwise that’s a good question I always throw this back and state what is it what does not need to be consisted of best and what does
it need to be thought about there’s varying 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 capabilities 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 complexity any place you look best ultimately developing a knowledge base is absolutely vital however all over you look with payroll payment they are like extremely payments no if but 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 fundamental and technology is permitting us to sort of move on with that it likewise as well to contribute to that payroll and finance need to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is definitely necessary that payroll and finance groups work more detailed together than ever um I’m constantly amazed when people state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation would they divide the payroll payment from calculation 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 data collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory third parties so with the
The modern world positions a high value on wellness and the settlement landscape is ending up being progressively complex. Services are constantly introducing brand-new advantages and payment choices, which contributes to the general intricacy. Big corporations typically divide their payroll and payment processing into separate teams, which can result in ineffectiveness and traffic jams. In my viewpoint, this does not need to be the case. In today’s technically sophisticated era, there’s no reason for keeping cumbersome treatments. Payroll, the business’s greatest expenditure, should be processed correctly and on time. Even small delays can negatively impact staff members’ wellness and have far-reaching consequences. For that reason, it’s important to focus on precise and prompt payments.
The payroll group might not have actually been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be fantastic 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 go wrong. However, when things go right, it’s viewed as just a routine task. This is how it’s viewed externally also. Therefore, it is important to guarantee that tasks like Wi-Fi Global and other important matters are done correctly. Utilizing the first Worldwide Payments first payroll payment option is an excellent initial action towards offering a thorough payroll option for staff members worldwide. Standardization, international procedures, and reducing the number of tools, platforms, and bank accounts required for international payroll are key factors in accomplishing company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few complaints when things do not go as planned. Eventually, we don’t do it for the gratitude.
anyhow 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 processes and also so imagine sorry I’m simply I was just gon na state imagine the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands potentially Millions envision getting that many thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating job trying to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and really see what was going on and type of try to get back to everybody so carrying on appearance why do business select to main separate bank accounts there are Papaya Global El Salvador organizations out there doing exactly this for specific countries 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 understand we’re not intentionally doing that we’re not developing additional work for any person where we do not have to and anyone that’s handling that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I think lots of reasons one is it’s the standard I believe individuals have actually got so used to we require a brand-new checking account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals have adopted and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a range I believe this is a process that requires looking at it requires changing but ultimately individuals are extremely stuck to what they’re familiar
with ideal um change is a hard thing all of us do not like change um so I think it’s simply kind of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand certainly the advantages of having maintaining multiple checking account but there’s a huge amount of complexity chooses setting up a checking account preserving it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for individual individuals so the complexity is big but I think the honest response is modification um individuals have not had the ability to change or have not had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a bank account I think you’ve hit the nail on the head I believe it is knowledge you know and there is a component of resistance to change but we’ve always 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 understand what could practically be determined to be the next Century or so there is a lot to track and this approach does posture a number of challenges um so Johnny could you tell us about those difficulties yeah naturally so there’s a range right there is so
I simply did you switched our Enterprise 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 workers you should have a corner office with a better parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global El Salvador