Over the last five or six years …Papaya Global Nasdaq… roles on the supplier side and also on the vendor side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply give everyone another couple of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to type of like see where everybody originates from and I really 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 raining here it’s really extremely uninspiring and I want I was somewhere else at this moment in time alright so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of managing International payroll why business keep separate
Virtual payroll accounts are an alternative to conventional savings account for managing payroll payments. This is particularly useful for global companies with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of keeping separate checking account for payroll in various nations, virtual accounts and digital wallets provide a more streamlined option. 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 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 effectively safely and on time throughout this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll savings account how companies properly forecast their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic asset 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 complex for a range of reasons most significantly policies compliance information security and banking rules then there are the sheer numbers they include more complexity the international Labor force is presently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the world in the standard payroll model there’s typically an overwhelming number of various systems leading to lengthy manual processes and silos the variety of Combinations could be non-existent in large amounts and or extremely extremely fundamental there’s no genuine consistency framework we’re residing in a period of tech but 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 and that simply blows my mind every time I I believe
about it to give you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force information in real time that’s another number that provides me sleep deprived nights and rather frankly the more a business spends on worldwide payroll the less of a photo they see a lack of exposure also encompasses payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the deal almost half of international 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 information information entry mistakes inadequately interacted hires and terminations in addition to lack management and system setups and after that when you round it all off and the data is delivered to the wrong place the typical expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe payroll and payments don’t run smoothly if they rely on the required numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles company face when they’re making payments to employees or otherwise that’s a good concern I constantly toss this back and state what is it what doesn’t need to be included right and what does
it require to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per nation 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 customer’s own in-country account so there’s complexity anywhere you look right eventually building a knowledge base is absolutely vital however all over you look with payroll payment they resemble extremely payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is permitting us to type of move on with that it likewise too to contribute to that payroll and financing need to work closer together um with differing Bank Account Details differing banking requirements and setup processes is definitely important that payroll and financing teams work more detailed together than ever um I’m constantly impressed when individuals state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work 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 typically split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people any place they are however also paying statutory authorities and on statutory third parties so with the
The contemporary world places a high value on wellness and the compensation landscape is becoming increasingly intricate. Businesses are constantly presenting brand-new benefits and payment options, which adds to the general intricacy. Large corporations typically divide their payroll and payment processing into separate groups, which can lead to inadequacies and traffic jams. In my opinion, this doesn’t have to be the case. In today’s technically advanced era, there’s no validation for preserving troublesome treatments. Payroll, the business’s most significant expense, should be processed properly and on time. Even minor hold-ups can negatively affect workers’ wellness and have significant effects. For that reason, it’s crucial to prioritize precise and prompt payments.
payroll group get um so I’m not exactly sure anyone on this kind of webinar has been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an essential cycle we all hear about it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely vital that all of this stuff is done correctly so leveraging the first Worldwide Payments first payroll payment service is an excellent initial step um providing an end-to-end payroll option for your employees internationally once again I believe is another big um procedure once again lining up and guaranteeing you have standardization Global procedures all of those things are definitely crucial to success success of companies and reducing the number of tools platforms and bank accounts they require for their Global 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 had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things have not gone rather where they’re meant to be um I don’t think any of us are actually doing that for for the thanks
anyway we understand how how crucial 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 involved in those procedures and likewise so imagine sorry I’m just I was just gon na say picture the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re speaking about numerous thousands potentially Millions imagine getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating job trying to clean all those up for sure oh absolutely I can’t think of 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 really see what was going on and sort of try to get back to everybody so proceeding appearance why do business choose to main different bank accounts there are Papaya Global Nasdaq businesses out there doing precisely this for specific nations and I’ve worked in an organization or many services doing precisely that I can say it does not constantly feel effective and it does develop more work I know we’re not deliberately doing that we’re not developing extra work for anybody where we don’t need to and any person that’s dealing with that procedure 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 think people have got so utilized to we need a new bank account we open an entity and rightly so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the norm individuals have adopted and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and lots of other methods um to to type of do it so I think there’s a range I believe this is a process that needs taking a look at it needs altering however eventually people are really stuck to what they recognize
with best um change is a tough thing we all do not like modification um so I believe it’s just kind of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend obviously the advantages of having keeping numerous bank accounts however there’s a substantial amount of complexity opts for setting up a savings account maintaining it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for specific individuals so the intricacy is big but I believe the honest response is modification um people have not had the ability to change or haven’t had always the understanding to really make that change into alternate Solutions other than opening a bank account I think you’ve struck the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change but we have actually always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of moving on and moving into you know what could nearly be determined to be the next Century or so there is a lot to keep track of and this method does present numerous difficulties um so Johnny could you tell us about those difficulties yeah obviously so there’s a range right there is so
I just did you changed 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 employees you deserve a corner office with a more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Nasdaq