Over the last five or 6 years …Papaya Global Valuation… roles on the provider side and likewise on the vendor side from a payroll point of view so actually looking forward to this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just provide everyone another number 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 rather interesting and I can see it going on currently just to hear where everyone is um it’s nice to to kind of like see where everyone comes from and I actually 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 really really dreary and I wish 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 taking a look at the difficulty years of managing International payroll why companies maintain separate
Virtual payroll accounts are an alternative to conventional savings account for managing payroll payments. This is particularly beneficial for international companies with dispersed and remote labor forces, as it simplifies the intricate procedure of cross-border payments. Instead of maintaining separate bank accounts for payroll in different nations, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are ending up being a tactical asset for payroll executives. We will also provide a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently securely and on time during this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how business accurately anticipate their payroll expenses to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in enough in one nation however when you’re doing it internationally it’s next level and Beyond it becomes intricate for a range of reasons most importantly regulations compliance information security and banking rules then there are the large numbers they add additional intricacy the worldwide Labor force is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 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 model there’s often a frustrating variety of various systems causing lengthy manual procedures and silos the number of Integrations could be non-existent in big quantities and or really really standard there’s no real consistency framework we’re residing in an age 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 simply blows my mind each time I I believe
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force data in real time that’s another number that provides me sleepless nights and quite frankly the more a service spends on global payroll the less of a photo they see a lack of exposure also reaches payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the deal nearly half of international services have actually revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM data data entry errors poorly communicated hires and terminations along with absence management and system configurations and then when you round everything off and the information is delivered to the incorrect place the typical expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments do not run efficiently if they rely on the needed multiple 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 challenges service face when they’re paying to staff members or otherwise that’s a great concern I always throw this back and state what is it what doesn’t need to be consisted of ideal and what does
it need to be thought of there’s varying Bank details 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 client’s own in-country account so there’s intricacy anywhere you look ideal eventually building a knowledge base is definitely critical however all over you look with payroll payment they are like super payments no if but some babies about it you are all superheroes processing payments for payroll if you 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 definitely fundamental and innovation is permitting us to kind of move on with that it likewise too to contribute to that payroll and financing require to work closer together um with varying Savings account Details varying banking requirements and setup processes is definitely essential that payroll and financing teams work more detailed together than ever um I’m always astonished when people state I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll profession 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 often split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory third parties so with the
The modern world positions a high value on well-being and the payment landscape is becoming progressively complex. Companies are continually presenting brand-new benefits and payment alternatives, which contributes to the general intricacy. Large corporations frequently divide their payroll and payment processing into different teams, which can result in inadequacies and traffic jams. In my viewpoint, this does not have to be the case. In today’s technologically innovative age, there’s no justification for keeping troublesome treatments. Payroll, the business’s biggest cost, need to be processed properly and on time. Even minor hold-ups can negatively affect workers’ well-being and have significant effects. Therefore, it’s critical to focus on accurate and timely payments.
payroll group get um so I’m not sure anybody on this kind of webinar has been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such a crucial cycle we all find out about it when it fails everyone jumps up and down when it fails however when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely crucial that all of this stuff is done properly so leveraging the first International Payments very first payroll payment solution is an excellent primary step um providing an end-to-end payroll option for your employees worldwide once again I believe is another substantial um procedure again aligning and ensuring you have standardization Global processes all of those things are absolutely key to success success of businesses and decreasing the number of tools platforms and savings account they need for their Worldwide payroll too could not 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 countless 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 quite where they’re indicated to be um I don’t believe any of us are in fact doing that for for the thanks
anyway we know how how essential a function 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 envision sorry I’m simply I was simply gon na say think of the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions envision getting that many thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating job 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 need days of the week to try to look through them and in fact see what was going on and type of try to get back to everybody so carrying on appearance why do business choose to main different bank accounts there are Papaya Global Valuation companies out there doing precisely this for particular nations and I have actually worked in a service or numerous services doing precisely that I can state it does not always feel effective and it does develop more work I know we’re not intentionally doing that we’re not producing extra work for anybody where we don’t need to and anyone that’s managing 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 factors one is it’s the standard I think people have got so utilized to we require 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 actually embraced and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and many other ways um to to kind 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 with what they’re familiar
with best um modification is a challenging thing we all do not like modification um so I believe it’s simply type of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand obviously the advantages of having maintaining multiple checking account but there’s a huge quantity of intricacy goes with establishing a checking account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for specific individuals so the complexity is big however I believe the truthful answer is change um individuals have not had the ability to alter or have not had always the knowledge to truly make that change into alternate Solutions aside from opening a savings account I think you have actually hit the nail on the head I believe it is understanding you know and there is a component of resistance to alter however we have actually constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what might nearly be determined to be the next Century or so there is a lot to keep track of and this approach does position a number of challenges um so Johnny might you tell us about those challenges yeah of course so there’s a variety 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 Worldwide workers you deserve a corner workplace with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Valuation