Over the last five or six years …Papaya Global Takes Care… roles on the supplier side and also on the supplier side from a payroll perspective so truly looking forward to this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply offer everybody another number of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on currently simply to hear where everybody is um it’s nice to to kind of like see where everybody comes from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very extremely uninspiring and I want I was somewhere else at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why business preserve different
Virtual payroll accounts are an alternative to conventional savings account for managing payroll payments. This is particularly useful for global organizations with dispersed and remote workforces, as it simplifies the complex process of cross-border payments. Instead of keeping separate savings account for payroll in different countries, virtual accounts and digital wallets provide a more structured option. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a strategic possession for payroll executives. We will also offer a recap of the bottom lines 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 walk you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how companies precisely anticipate their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in enough in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a range of factors most notably policies compliance information security and banking rules then there are the sheer numbers they include additional complexity the international Labor force is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the globe in the standard payroll model there’s often a frustrating variety 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 basic there’s no real consistency framework we’re living 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 typically with pen and paper and that simply blows my mind whenever 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 Labor force data in real time that’s another number that offers me sleep deprived nights and quite honestly the more a company invests in global payroll the less of a photo they see a lack of exposure likewise reaches payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the deal nearly half of worldwide businesses have revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM data data entry mistakes inadequately communicated hires and terminations in addition to absence management and system setups and after that when you round all of it off and the data is shipped to the incorrect place the average cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money all over the world payroll and payments don’t run efficiently if they depend 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 workers or otherwise that’s a great concern I always toss this back and say what is it what doesn’t need to be included right and what does
it need to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment abilities 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 intricacy any place you look ideal eventually building a knowledge base is definitely important but everywhere you look with payroll payment they resemble incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is permitting us to kind of progress with that it likewise too to add to that payroll and financing require to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is absolutely imperative that payroll and finance groups work better together than ever um I’m constantly amazed when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so typically 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 people wherever they are however also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being a growing number of important to contribute to kind of the level of complexity there’s a growing number of benefits being organ or being provided by companies throughout the world so again you’re just wanting to include more and more payments to this currently complicated landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of genuine obstacles or real difficult kind of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a number of decades I would definitely state that the bigger a company gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are teams feeding information into the next function as it were that’s actually handling the payment side of things however you understand in in my opinion and my experience that does not necessarily need to be the case you understand long gone are the times where we require to create additional handoffs while doing sos that we run in they simply make them more timely they make them less effective and they don’t make them what they need to be in in an age of tech and an age that you know that we are working in today there is no reason we are still making this as difficult as it requires to be concurred and rightly as you stated payroll is the single most significant liability that any organization has from an expense perspective from an effect viewpoint on employees it is absolutely critical that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the biggest harmful impact on individuals’s wellness and numerous other aspects if people aren’t paid uh I have actually constantly been impressed entering into this Market kind of the last 5 to ten years is how little thanks the
The payroll team may not have been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and individuals only notice when things fail. Nevertheless, when things go right, it’s seen as just a regular task. This is how it’s viewed externally too. Therefore, it is important to make sure that tasks like Wi-Fi Worldwide and other crucial matters are done correctly. Utilizing the very first Global Payments very first payroll payment solution is a terrific initial action towards supplying a thorough payroll solution for workers worldwide. Standardization, global procedures, and lowering the variety of tools, platforms, and savings account needed for global payroll are key consider attaining business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few problems when things do not go as prepared. Eventually, we do not do it for the thankfulness.
anyhow we understand how how essential 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 simple as possible for everybody that’s associated with those processes and likewise so think of sorry I’m simply I was just gon na say picture the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re discussing numerous thousands potentially Millions think of getting that many thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting task attempting to clean up 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 require days of the week to try to check out them and actually see what was going on and sort of shot to get back to everybody so carrying on appearance why do business select to primary different bank accounts there are Papaya Global Takes Care services out there doing precisely this for particular countries and I’ve operated in a business or lots of services doing precisely that I can state it does not always feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not developing additional work for anybody where we don’t need to and anyone that’s handling that process 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 factors one is it’s the requirement I think people have got so utilized to we require a new bank account we open an entity and appropriately so you require it for payroll functions but there are a number of markets where it’s not a requirement so I believe 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 people have actually looked at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a range I believe this is a procedure that requires taking a look at it requires altering but eventually people are very stuck to what they recognize
with right um modification is a difficult thing all of us do not like change um so I believe it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend certainly the advantages of having preserving multiple savings account however there’s a big amount of complexity goes with establishing a checking account keeping it guaranteeing it can send out International transfers ensuring it’s established with the right user accesses for individual people so the intricacy is huge but I believe the truthful response is modification um people have not been able to change or have not had always the understanding to truly make that change into alternate Solutions aside from opening a bank account I think you’ve struck the nail on the head I think it is knowledge you understand and there is an aspect of resistance to alter but we have actually constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of moving on and moving into you understand what could practically be figured out to be the next Century or so there is a lot to track and this method does pose a number of obstacles um so Johnny might you tell us about those challenges yeah of course so there’s a range right there is so
I just recently made a change 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 acquired another CFO, and with this improved ability, I have actually effectively protected payments for our 10,000 workers worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is good. You should have a corner office with a parking space that is better, considering your accomplishments. Papaya Global Takes Care