Over the last five or 6 years …Papaya Global Webchat… functions on the provider side and likewise on the supplier side from a payroll perspective so really eagerly anticipating this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely really uninspiring and I wish I was elsewhere at this moment in time all right so let’s start our program for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why business maintain separate
Virtual payroll accounts are an option to standard bank accounts for handling payroll payments. This is particularly useful for international companies with dispersed and remote workforces, as it simplifies the intricate procedure of cross-border payments. Instead of preserving different checking account for payroll in various nations, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a tactical property for payroll executives. We will likewise provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly effectively firmly and on time during this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how business precisely forecast their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be difficult in sufficient in one country however when you’re doing it internationally it’s next level and Beyond it ends up being complex for a variety of reasons most significantly policies compliance information security and banking guidelines then there are the large numbers they include further complexity the international Workforce is presently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing around the world in the standard payroll design there’s frequently a frustrating number of various systems causing time-consuming manual procedures and silos the variety of Combinations could be non-existent in large amounts and or extremely very basic there’s no genuine consistency structure 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 typically with pen and paper which just blows my mind each time I I believe
about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Workforce information in real time that’s another number that provides me sleepless nights and rather honestly the more an organization spends on international payroll the less of a picture they see a lack of visibility likewise extends to payroll payments and inability to accurately track these payments can lead to compliance incidents in the last mile of the deal nearly half of global organizations 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 bad HCM information data entry mistakes improperly interacted hires and terminations along with absence management and system setups and after that when you round everything off and the data is delivered to the incorrect place the average expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the world payroll and payments don’t run efficiently if they depend on the necessary 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 obstacles business face when they’re making payments to workers or otherwise that’s a good concern I always toss this back and say what is it what doesn’t need to be consisted of ideal and what does
it require to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per nation 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 have to pay from the client’s own in-country account so there’s intricacy wherever you look best ultimately developing a knowledge base is definitely vital but everywhere you look with payroll payment they are like extremely payments no if however some children about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is permitting us to sort of move on with that it likewise also to contribute to that payroll and financing require to work closer together um with varying Checking account Details differing banking requirements and setup processes is definitely imperative that payroll and finance teams work better together than ever um I’m constantly amazed when individuals say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from estimation 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 ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world puts a high worth on well-being and the compensation landscape is ending up being progressively intricate. Businesses are continually introducing new advantages and payment alternatives, which adds to the total intricacy. Big corporations often divide their payroll and payment processing into different groups, which can result in inadequacies and traffic jams. In my opinion, this doesn’t have to be the case. In today’s technically innovative era, there’s no reason for maintaining cumbersome procedures. Payroll, the business’s biggest cost, need to be processed properly and on time. Even slight delays can adversely affect employees’ well-being and have far-reaching consequences. For that reason, it’s important to focus on precise and prompt payments.
payroll group get um so I’m unsure anyone on this sort of webinar has been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an essential cycle we all become aware of it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely important that all of this stuff is done properly so leveraging the very first International Payments first payroll payment solution is a great initial step um providing an end-to-end payroll service for your workers globally again I think is another huge um process again aligning and ensuring you have standardization International processes all of those things are definitely key to success success of businesses and decreasing the number of tools platforms and savings account they require 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 have actually never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or 10 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 do not believe any of us are in fact doing that for for the thanks
anyhow we know how how crucial 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 involved in those processes and likewise so imagine 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 certain we’re speaking about numerous thousands potentially Millions imagine getting that numerous thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating job trying to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and actually see what was going on and kind of shot to return to everyone so carrying on look why do companies pick to primary separate checking account there are Papaya Global Webchat organizations out there doing exactly this for particular countries and I’ve worked in an organization or numerous companies doing precisely that I can say it doesn’t always feel efficient and it does create more work I know we’re not intentionally doing that we’re not producing additional work for anyone where we do not need to and any person that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I think numerous factors one is it’s the standard I think people have got so used to we require a new savings 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 believe it’s just been the requirement and the norm the people have actually embraced and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and many 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 altering however ultimately individuals are extremely stuck to what they’re familiar
with right um modification is a tough thing we all don’t like modification um so I believe it’s simply kind of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the benefits of having maintaining numerous savings account however there’s a huge quantity of complexity opts for setting up a savings account preserving it guaranteeing it can send International transfers ensuring it’s set up with the right user accesses for individual people so the complexity is big but I believe the truthful response is modification um people haven’t been able to change or haven’t 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 knowledge you understand and there is an element of resistance to change but 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 carrying on and moving into you understand what might nearly be identified to be the next Century or two there is a lot to monitor and this approach does present several obstacles um so Johnny could you inform 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global workers you are worthy of a corner workplace with a better parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Webchat