Over the last 5 or 6 years …Papaya Global Tajikistan… functions on the provider side and likewise on the vendor side from a payroll point of view so truly anticipating this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just provide everybody another couple of uh well among the 30 seconds or so to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everyone comes 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 really extremely uninspiring and I wish I was somewhere else at this moment in time fine 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 managing International payroll why companies keep different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya Global payroll payments as a tactical property uh we’ll also discuss a wrap-up and that ought to leave his time at the very really end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become more and more common and managing them ends up being more and more intricate International companies are wanting to discover Solutions and brand-new methods to improve processes particularly from a payroll and cross-border payment standpoint numerous companies keep different savings account just for payroll while some have several accounts in different countries does it make sense for companies to keep separate savings account in some cases in various nations it does however just for payroll is there a better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international business enhance the episode complex processes of
making payroll payments properly efficiently safely and on time during this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll checking account how business properly anticipate their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in enough in one country however when you’re doing it globally it’s next level and Beyond it becomes complex for a variety of factors most notably guidelines compliance data security and banking guidelines then there are the large numbers they add further complexity the global Labor force is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals 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 around the world in the conventional payroll model there’s often a frustrating number of various systems resulting in time-consuming manual procedures and silos the variety of Integrations could be non-existent in big amounts and or extremely very basic there’s no real consistency framework we’re residing in an era of tech but 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 think
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of services state they have Workforce data in real time that’s another number that gives me sleepless nights and rather frankly the more a business invests in global payroll the less of an image they see an absence of visibility likewise encompasses payroll payments and failure to accurately track these payments can lead to compliance mishaps in the last mile of the deal almost half of global businesses have actually revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry mistakes inadequately interacted hires and terminations as well as absence management and system setups and after that when you round it all off and the information is delivered to the incorrect place the typical cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the globe payroll and payments do not run efficiently if they depend on the essential multiple procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties service face when they’re paying to workers or otherwise that’s a great concern I constantly throw this back and state what is it what does not need to be consisted of best and what does
it require 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 abilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s intricacy wherever you look right ultimately building a knowledge base is absolutely critical however all over you look with payroll payment they are like extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is enabling us to kind of move on with that it also also to add to that payroll and finance need to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is absolutely imperative that payroll and finance groups work better together than ever um I’m constantly impressed when individuals say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation 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 ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world positions a high worth on well-being and the compensation landscape is becoming increasingly intricate. Businesses are constantly introducing brand-new benefits and payment choices, which adds to the overall complexity. Large corporations often divide their payroll and payment processing into different teams, which can cause inefficiencies and traffic jams. In my viewpoint, this does not need to be the case. In today’s technologically advanced period, there’s no reason for maintaining cumbersome procedures. Payroll, the business’s most significant expenditure, should be processed properly and on time. Even minor delays can negatively impact employees’ wellness and have far-reaching consequences. Therefore, it’s important to focus on accurate and timely payments.
payroll team get um so I’m unsure anybody on this type of webinar has been told 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 workers or not um but eventually payroll is such an essential cycle we all become aware of it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely important that all of this things is done correctly so leveraging the first International Payments very first payroll payment solution is a fantastic first step um providing an end-to-end payroll option for your employees internationally again I believe is another huge um process again lining up and guaranteeing you have standardization Worldwide processes all of those things are absolutely key to success success of companies and lowering the variety of tools platforms and bank accounts they need for their International 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’ve never had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things haven’t gone rather where they’re indicated to be um I do not think any of us are in fact doing that for for the thanks
anyway we understand how how important a role 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 easy as possible for everyone that’s associated with those processes and likewise so envision sorry I’m just I was simply gon na say picture the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions imagine getting that many thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting task attempting to clean all those up for sure oh absolutely I can’t picture 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 shot to get back to everybody so proceeding appearance why do business choose to main different savings account there are Papaya Global Tajikistan companies out there doing precisely this for specific nations and I’ve operated in an organization or lots of companies doing exactly that I can say it doesn’t always feel effective and it does develop more work I know we’re not intentionally doing that we’re not creating extra work for any person where we don’t need to and any person that’s managing 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 lots of factors one is it’s the requirement I think individuals have got so utilized to we require a brand-new checking 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 embraced and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and numerous other methods um to to type of do it so I believe there’s a variety I believe this is a procedure that needs looking at it needs altering but ultimately people are really stuck to what they recognize
with right um modification is a tough thing we all don’t like modification um so I think it’s simply kind of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the advantages of having keeping multiple bank accounts however there’s a huge amount of complexity chooses establishing a savings account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the right user accesses for individual individuals so the complexity is big however I believe the truthful answer is change um people have not had the ability to change or have not had necessarily the understanding to actually make that change into alternate Solutions aside from opening a savings account I think you have actually hit the nail on the head I think it is understanding you understand and there is an element of resistance to change however we’ve constantly 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 nearly be determined to be the next Century approximately there is a lot to track and this method does pose several difficulties um so Johnny could you tell us about those difficulties yeah naturally so there’s a range right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually gained another CFO, and with this enhanced ability, I have actually effectively secured payments for our 10,000 staff members worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Tajikistan