Over the last five or six years …Papaya Global Ebanking… functions on the service provider side and likewise on the supplier side from a payroll viewpoint so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply provide everybody another number of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everyone 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 definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very really gloomy and I want I was elsewhere at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be looking at the challenge years of handling International payroll why companies preserve separate
Virtual payroll accounts are an option to conventional bank accounts for handling payroll payments. This is particularly beneficial for global companies with dispersed and remote labor forces, as it streamlines the intricate procedure of cross-border payments. Instead of maintaining separate bank accounts for payroll in various countries, virtual accounts and digital wallets use a more structured option. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are becoming a strategic property for payroll executives. We will likewise provide a wrap-up 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 global benefits and drawbacks of a payroll wallet versus a payroll bank account how business properly forecast their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in sufficient in one nation however when you’re doing it internationally it’s next level and Beyond it becomes complicated for a variety of reasons most importantly policies compliance information security and banking rules then there are the sheer numbers they include additional intricacy the international Workforce is currently 3 and a half billion individuals by 2030 it’s approximated 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 services and growing all doing their own thing around the globe in the standard payroll design there’s frequently an overwhelming number of various systems causing lengthy manual procedures and silos the variety of Combinations could be non-existent in big amounts and or really really standard there’s no real consistency framework we’re living in an age of tech however payroll has 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 whenever I I think
about it to give you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce information in real time that’s another number that provides me sleepless nights and quite frankly the more a service spends on international payroll the less of a picture they see an absence of exposure also reaches payroll payments and failure to properly track these payments can lead to compliance mishaps in the last mile of the deal nearly half of international organizations have revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry mistakes inadequately communicated hires and terminations as well as absence management and system configurations and after that when you round everything off and the data is delivered to the wrong place the average cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money all over the world payroll and payments don’t 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 needs to be factored into the challenges business face when they’re paying to employees or otherwise that’s a great concern I always toss this back and say what is it what does not need to be included ideal and what does
it require to be considered 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 capabilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the client’s own in-country account so there’s intricacy anywhere you look ideal eventually constructing a knowledge base is absolutely important however all over you look with payroll payment they are like very payments no if however 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 think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is enabling us to kind of progress with that it also too to add to that payroll and financing need to work closer together um with differing Bank Account Particulars varying banking requirements and setup procedures is absolutely crucial that payroll and finance groups work more detailed together than ever um I’m constantly astonished when people say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they split the payroll payment from computation I would say no so why do we as a market 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 wherever they are however likewise paying statutory authorities and on statutory third parties so with the
The modern-day world puts a high value on well-being and the compensation landscape is ending up being significantly elaborate. Organizations are continually introducing brand-new benefits and payment alternatives, which contributes to the overall intricacy. Big corporations often divide their payroll and payment processing into separate groups, which can cause inefficiencies and traffic jams. In my viewpoint, this doesn’t need to hold true. In today’s highly sophisticated era, there’s no reason for preserving cumbersome treatments. Payroll, the business’s biggest expenditure, need to be processed properly and on time. Even slight delays can adversely impact staff members’ well-being and have significant consequences. Therefore, it’s critical to prioritize accurate and prompt payments.
payroll team get um so I’m not sure anyone on this type 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 employees or not um however eventually payroll is such an important cycle we all find out about 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 consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely vital that all of this stuff is done properly so leveraging the first Worldwide Payments very first payroll payment solution is an excellent initial step um offering an end-to-end payroll solution for your employees internationally once again I believe is another substantial um procedure again aligning and ensuring you have standardization International procedures all of those things are absolutely essential to success success of services and minimizing the variety of tools platforms and bank accounts they require 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 ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t gone rather where they’re indicated to be um I don’t believe any of us are in fact doing that for for the thanks
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 everyone that’s involved in those procedures and also so picture sorry I’m just I was just gon na state imagine 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 potentially Millions picture getting that lots of thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating task trying to clean all those up for sure oh absolutely I can’t picture 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 moving on look why do business select to primary separate savings account there are Papaya Global Ebanking companies out there doing precisely this for particular nations and I’ve worked in a business or many companies doing exactly that I can say it doesn’t always feel effective and it does develop more work I know we’re not purposely doing that we’re not creating extra work for anybody where we don’t have to and anyone 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 amount that we are I believe lots of reasons one is it’s the requirement I believe individuals have actually got so utilized to we require a new savings account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the standard the people have embraced and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a range I think this is a procedure that needs looking at it needs altering but eventually people are very stuck to what they recognize
with right um change is a difficult thing we all don’t like modification um so I think it’s simply type 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 clearly the benefits of having preserving numerous savings account but there’s a huge quantity of complexity goes with setting up a checking account keeping it ensuring it can send International transfers ensuring it’s set up with the best user accesses for specific people so the complexity is substantial but I believe the honest answer is modification um individuals haven’t had the ability to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions besides opening a checking account I believe you’ve struck the nail on the head I think it is understanding you know and there is a component of resistance to alter however we have actually always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what could almost be determined to be the next Century or so there is a lot to keep an eye on and this technique does position several obstacles um so Johnny might you tell us about those challenges yeah naturally so there’s a variety 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 feels like our CFO has actually gained another CFO, and with this improved ability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Ebanking