Over the last five or six years …Papaya Global Founded… roles on the provider side and likewise on the vendor side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply offer everybody another couple of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite 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 comes from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really extremely dreary and I want I was somewhere else at this moment in time okay so let’s begin our program for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why business preserve different
Virtual payroll accounts are an alternative to traditional checking account for managing payroll payments. This is particularly useful for international companies with dispersed and remote labor forces, as it streamlines the complex procedure of cross-border payments. Instead of maintaining different savings account for payroll in various nations, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are becoming a tactical property for payroll executives. We will also supply a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently securely and on time during this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll checking account how business accurately forecast their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in enough in one country however when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a range of reasons most notably guidelines compliance information security and banking rules then there are the sheer numbers they include more intricacy the international Labor force is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is currently 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 design there’s typically a frustrating variety of various systems causing lengthy manual processes and silos the number of Integrations could be non-existent in large amounts and or extremely very basic there’s no genuine consistency structure we’re living in a period of tech however 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 just blows my mind each time I I think
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force information in real time that’s another number that provides me sleep deprived nights and quite honestly the more a service spends on international payroll the less of a picture they see an absence of presence likewise reaches payroll payments and inability to properly track these payments can result in compliance mishaps in the last mile of the transaction nearly half of worldwide organizations have actually expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry mistakes inadequately interacted hires and terminations along with absence management and system configurations and then when you round everything off and the information is delivered to the wrong location the average expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments don’t run smoothly 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 requires to be factored into the obstacles organization face when they’re paying to workers or otherwise that’s an excellent concern I constantly toss this back and say what is it what doesn’t require to be consisted of right and what does
it need to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per nation 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 customer’s own in-country account so there’s complexity anywhere you look best eventually building a knowledge base is absolutely crucial however everywhere 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 take a look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely basic and innovation is allowing us to sort of move forward with that it likewise too to add to that payroll and financing require to work closer together um with differing Checking account Particulars varying banking requirements and setup processes is definitely imperative that payroll and finance groups work more detailed together than ever um I’m constantly surprised when people say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession would they split 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 process it’s the point of data collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory third parties so with the
The modern-day world places a high value on wellness and the settlement landscape is ending up being significantly detailed. Businesses are continually presenting brand-new advantages and payment alternatives, which adds to the overall complexity. Large corporations typically divide their payroll and payment processing into separate groups, which can cause inadequacies and bottlenecks. In my opinion, this doesn’t need to hold true. In today’s technically advanced age, there’s no validation for keeping troublesome procedures. Payroll, the business’s biggest expenditure, should be processed correctly and on time. Even small hold-ups can negatively affect staff members’ well-being and have far-reaching repercussions. Therefore, it’s vital to focus on precise and prompt payments.
payroll group get um so I’m not sure anybody on this kind of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such a crucial cycle we all become aware of it when it fails everybody 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 deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely essential that all of this stuff is done correctly so leveraging the first International Payments first payroll payment service is a great initial step um supplying an end-to-end payroll service for your employees globally once again I think is another huge um procedure again lining up and guaranteeing you have standardization Worldwide processes all of those things are absolutely essential to success success of services and reducing the number of tools platforms and checking account they require for their Global payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the problems where things have not gone rather where they’re meant to be um I don’t believe any of us are really doing that for for the thanks
anyhow we understand how how crucial a role 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 imagine sorry I’m just I was simply gon na say think of 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 discussing numerous thousands potentially Millions think of getting that many thank you notes um I mean 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 envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to check out them and in fact see what was going on and type of shot to return to everyone so moving on appearance why do business select to primary separate bank accounts there are Papaya Global Founded companies out there doing precisely this for specific countries and I have actually operated in an organization or many services doing precisely that I can state it doesn’t always feel efficient and it does create more work I know we’re not intentionally doing that we’re not creating extra work for anybody where we don’t need to and anyone that’s handling 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 quantity that we are I think numerous reasons one is it’s the requirement I believe people have got so used to we need a brand-new checking account we open an entity and rightly so you need it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the norm the people have embraced and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and lots of other ways um to to type of do it so I think there’s a range I think this is a process that requires looking at it requires changing however eventually individuals are really stuck to what they recognize
with best um change is a hard thing all of us don’t like change um so I believe it’s simply sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the advantages of having preserving several checking account however there’s a huge amount of complexity goes with setting up a savings account preserving it ensuring it can send International transfers guaranteeing it’s set up with the ideal user accesses for individual people so the intricacy is huge but I think the sincere response is change um individuals haven’t been able to alter or have not had necessarily the understanding to actually make that change into alternate Solutions aside from opening a bank account I believe you have actually struck the nail on the head I believe it is understanding you know and there is an aspect of resistance to change however 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 might practically be identified to be the next Century or two there is a lot to track and this method does position a number of obstacles um so Johnny might you inform us about those difficulties yeah obviously so there’s a range right there is so
I recently made a modification 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 actually gained another CFO, and with this improved ability, I have actually effectively protected payments for our 10,000 employees worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is better, considering your achievements. Papaya Global Founded