Over the last 5 or six years …Papaya Global Micronesia… functions on the company side and likewise on the supplier side from a payroll point of view so really anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply give everybody another number of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite 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 everybody originates from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very extremely bleak and I wish I was elsewhere at this moment in time alright so let’s get started our program for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why business maintain different
Virtual payroll accounts are an option to conventional savings account for managing payroll payments. This is particularly helpful for worldwide companies with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of keeping different checking account for payroll in various countries, virtual accounts and digital wallets offer a more structured option. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a strategic possession for payroll executives. We will likewise offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly effectively safely and on time during this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll bank account how business precisely forecast their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in enough in one nation but when you’re doing it globally it’s next level and Beyond it becomes complicated for a variety of factors most significantly regulations compliance data security and banking rules then there are the sheer numbers they add more complexity the worldwide Workforce is currently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the world in the conventional payroll model there’s often an overwhelming number of various systems causing time-consuming manual processes and silos the variety of Combinations could be non-existent in big amounts and or very really basic there’s no genuine 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 frequently with pen and paper which simply blows my mind each time I I think
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force information in real time that’s another number that gives me sleepless nights and quite frankly the more a service spends on worldwide payroll the less of a picture they see a lack of presence also reaches payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the deal almost half of worldwide businesses have actually expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry mistakes improperly communicated hires and terminations along with absence management and system setups and after that when you round everything off and the data is shipped to the incorrect location the average cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money all over the world payroll and payments don’t run smoothly if they count on the necessary multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles business face when they’re paying to staff members or otherwise that’s an excellent question I constantly toss this back and say what is it what does not require to be included right and what does
it require to be thought about there’s varying Bank details 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 have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy any place you look best ultimately developing a knowledge base is definitely important however all over you look with payroll payment they resemble extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and technology is enabling us to type of progress with that it likewise as well to contribute to that payroll and financing need to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is definitely imperative that payroll and financing teams work more detailed together than ever um I’m always surprised when individuals state I’ve split payroll and payment um if you walk 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 information collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory 3rd parties so with the
The modern world positions a high worth on wellness and the payment landscape is becoming progressively intricate. Organizations are continually presenting new benefits and payment options, which adds to the overall complexity. Large corporations typically divide their payroll and payment processing into separate groups, which can result in inadequacies and bottlenecks. In my opinion, this doesn’t need to be the case. In today’s technically sophisticated age, there’s no justification for maintaining cumbersome treatments. Payroll, the company’s greatest cost, should be processed correctly and on time. Even slight delays can adversely affect employees’ well-being and have far-reaching repercussions. Therefore, it’s crucial to focus on accurate and prompt payments.
The payroll group may not have actually been thanked for properly processing payroll throughout a webinar. If anyone has actually 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 observe when things go wrong. However, when things go right, it’s viewed as simply a routine job. This is how it’s viewed externally as well. For that reason, it is necessary to make sure that jobs like Wi-Fi Worldwide and other crucial matters are done correctly. Utilizing the first Worldwide Payments very first payroll payment option is a great preliminary action towards supplying a comprehensive payroll solution for workers worldwide. Standardization, international procedures, and decreasing the variety of tools, platforms, and checking account required for worldwide payroll are crucial consider attaining organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of problems when things do not go as prepared. Ultimately, we don’t do it for the gratitude.
anyway we know how how essential a function 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 involved in those procedures and likewise so picture sorry I’m just I was simply gon na say think of the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions imagine getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing task trying to clean up 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 require days of the week to try to check out them and actually see what was going on and kind of try to return to everyone so proceeding look why do companies pick to primary different bank accounts there are Papaya Global Micronesia companies out there doing exactly this for particular countries and I’ve worked in a service or numerous organizations doing precisely that I can say it doesn’t constantly feel efficient and it does develop more work I know we’re not purposely doing that we’re not creating extra work for anyone where we don’t need to and anybody 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 amount that we are I believe lots of reasons one is it’s the requirement I believe individuals have got so utilized to we need a brand-new savings account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the norm the people have actually adopted and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and many other ways um to to sort of do it so I believe there’s a range I think this is a procedure that needs taking a look at it needs changing but eventually individuals are extremely stuck to what they recognize
with ideal um modification is a challenging thing all of us don’t like modification um so I think it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend clearly the advantages of having keeping numerous savings account however there’s a big quantity of intricacy opts for setting up a checking account preserving it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for specific people so the complexity is substantial however I believe the honest response is change um people have not been able to change or haven’t had always the knowledge to really 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 understand and there is an aspect of resistance to change however we have actually always done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you know what might nearly be figured out to be the next Century approximately there is a lot to track and this technique does pose several obstacles um so Johnny might you inform us about those challenges yeah obviously so there’s a variety right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has gained another CFO, and with this boosted capability, I have effectively protected payments for our 10,000 staff members worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is better, considering your achievements. Papaya Global Micronesia