Over the last 5 or six years …Papaya Global Sdo… functions on the company side and likewise on the supplier side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just offer everyone another couple of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll type 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 definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very really dreary and I wish I was elsewhere at this moment in time alright so let’s start our program for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why business preserve different
Virtual payroll accounts are an alternative to standard bank accounts for managing payroll payments. This is particularly useful for global companies with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of keeping different savings account for payroll in various countries, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are becoming a strategic asset for payroll executives. We will likewise offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively securely and on time throughout this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll bank account how companies properly anticipate their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical property so payroll can be difficult in enough in one country but when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a variety of factors most significantly regulations compliance data security and banking guidelines then there are the sheer numbers they include further complexity the international Labor force is presently 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 factor in that there are some 230 million services and growing all doing their own thing around the globe in the traditional payroll design there’s often an overwhelming variety of different systems resulting in time-consuming manual procedures and silos the number of Integrations could be non-existent in big amounts and or very really standard there’s no real consistency structure we’re living in an era of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which simply blows my mind every time I I think
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce information in real time that’s another number that gives me sleepless nights and rather honestly the more a service invests in global payroll the less of a photo 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 transaction nearly half of global businesses have revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM information data entry mistakes badly communicated hires and terminations as well as absence management and system setups and after that when you round everything off and the information is shipped to the wrong location the typical cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments don’t run efficiently if they rely on the required multiple 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 service face when they’re paying to workers or otherwise that’s a great question I constantly throw this back and say what is it what doesn’t need to be consisted of best 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 need to pay from the client’s own in-country account so there’s intricacy wherever you look right ultimately developing a knowledge base is definitely crucial however everywhere you look with payroll payment they are like very payments no if however some infants 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 definitely basic and innovation is allowing us to kind of move on with that it likewise too to contribute to that payroll and financing need to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is absolutely imperative that payroll and finance groups work better together than ever um I’m always amazed when individuals state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from estimation 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 any place they are however likewise paying statutory authorities and on statutory third parties so with the
The modern world puts a high worth on well-being and the payment landscape is ending up being progressively complex. Organizations are continuously introducing new advantages and payment choices, which contributes to the overall complexity. Large corporations frequently divide their payroll and payment processing into separate groups, which can cause inadequacies and traffic jams. In my viewpoint, this doesn’t need to hold true. In today’s highly advanced period, there’s no validation for maintaining cumbersome treatments. Payroll, the business’s biggest expenditure, must be processed properly and on time. Even slight delays can adversely affect staff members’ wellness and have far-reaching consequences. Therefore, it’s crucial to focus on precise and prompt payments.
payroll group get um so I’m not sure anyone on this sort of webinar has been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um however eventually payroll is such an essential cycle we all become aware of it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely important that all of this things is done properly so leveraging the very first Global Payments very first payroll payment option is a terrific initial step um supplying an end-to-end payroll option for your employees internationally once again I think is another substantial um procedure once again aligning and guaranteeing you have standardization Global procedures all of those things are definitely essential to success success of businesses and minimizing the number of tools platforms and bank accounts they require for their Worldwide 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 ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things have not gone quite where they’re implied to be um I don’t think any of us are really doing that for for the thanks
anyway we know how how important 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 easy as possible for everyone that’s associated with those procedures and likewise so envision sorry I’m just I was just gon na say picture 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 speaking about hundreds of thousands possibly Millions imagine getting that numerous thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting task attempting to clean all those up for sure oh definitely I can’t envision 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 really see what was going on and sort of shot to get back to everybody so proceeding look why do business choose to main separate bank accounts there are Papaya Global Sdo businesses out there doing exactly this for particular nations and I’ve worked in a service or lots of companies doing precisely that I can say it does not always feel effective and it does create more work I know we’re not intentionally doing that we’re not developing extra work for any person where we don’t need to and anyone that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I believe lots of factors one is it’s the standard I think individuals have got so utilized to we require a brand-new savings account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals 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 methods um to to sort of do it so I believe there’s a range I believe this is a process that needs looking at it needs altering however eventually people are very stuck with what they’re familiar
with ideal um modification is a hard thing all of us don’t like modification um so I think it’s just type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having maintaining numerous checking account but there’s a substantial quantity of complexity goes with establishing a savings account preserving it ensuring it can send International transfers guaranteeing it’s set up with the ideal user accesses for specific people so the intricacy is big however I think the sincere answer is modification um people have not been able to alter or haven’t had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a checking account I believe you’ve hit the nail on the head I think it is understanding you understand and there is a component of resistance to alter but we have actually constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what might practically be determined to be the next Century or so there is a lot to track and this method does pose numerous challenges um so Johnny might you inform us about those challenges yeah naturally so there’s a variety right there is so
I simply 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 employees you deserve a corner workplace with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Sdo