Over the last 5 or 6 years …Papaya Global 24… functions on the company side and likewise on the supplier side from a payroll perspective so actually looking forward to this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply provide everybody 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 type of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everyone 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 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 really extremely gloomy and I want I was somewhere else at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why companies keep different
Virtual payroll accounts are an option to standard savings account for handling payroll payments. This is especially beneficial for worldwide companies with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of keeping different bank accounts for payroll in various countries, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are becoming a tactical property for payroll executives. We will likewise offer a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently firmly and on time throughout this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how companies accurately anticipate their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in adequate in one country but when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a variety of factors most significantly guidelines compliance information security and banking rules then there are the large numbers they include more intricacy the worldwide 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 people that number is currently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing all over the world in the conventional payroll model there’s often a frustrating number of various systems resulting in time-consuming manual procedures and silos the variety of Integrations could be non-existent in large quantities and or very very fundamental there’s no real consistency framework we’re residing in a period of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply blows my mind each time I I believe
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce information in real time that’s another number that gives me sleepless nights and quite frankly the more a service invests in international payroll the less of a picture they see an absence of presence likewise reaches payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the transaction almost half of global companies have expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM data data entry errors inadequately interacted hires and terminations along with lack management and system configurations and then when you round it all off and the data is delivered to the wrong place the average expense of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments don’t run smoothly if they rely on the required several 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 difficulties service face when they’re paying to workers or otherwise that’s a great question I always toss this back and say what is it what doesn’t require to be consisted of right and what does
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it need to be considered there’s differing 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 have to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s intricacy any place you look ideal ultimately constructing a knowledge base is absolutely critical however all over 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 in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely basic and innovation is enabling us to sort of move on with that it also too to contribute to that payroll and finance require to work closer together um with varying Checking account Details varying banking requirements and setup processes is definitely imperative that payroll and finance groups work closer together than ever um I’m always surprised when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll profession would they divide 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 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 but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of essential to add to sort of the level of intricacy there’s a growing number of benefits being organ or being used by companies across the world so again you’re just looking to add increasingly more payments to this already complicated landscape so if you kind of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of real obstacles or real tough sort of pay utilizes to play to pay individuals I think yeah I indicate over the last well yeah a number of years I would absolutely say that the bigger a business gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are groups feeding details into the next function as it were that’s actually handling the payment side of things but you understand in in my opinion and my experience that doesn’t necessarily need to be the case you know long gone are the times where we need to develop additional handoffs in the processes that we operate in they simply make them more prompt they make them less efficient and they don’t make them what they need to be in in a period of tech and a period that you know that we are operating in today there is no reason why we are still making this as tough as it needs to be agreed and appropriately as you stated payroll is the single biggest liability that any organization has from an expense viewpoint from an impact perspective on employees it is definitely important that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the most significant destructive impact on individuals’s wellness and many other factors if people aren’t paid uh I have actually always been amazed coming into this Market sort of the last five to ten years is how little thanks the
The payroll group might not have been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and individuals only observe when things go wrong. Nevertheless, when things go right, it’s viewed as just a regular job. This is how it’s viewed externally as well. For that reason, it is essential to make sure that jobs like Wi-Fi Global and other crucial matters are done properly. Using the very first International Payments first payroll payment option is a terrific preliminary action towards supplying a comprehensive payroll option for workers worldwide. Standardization, international procedures, and reducing the number of tools, platforms, and checking account essential for worldwide payroll are crucial factors in attaining service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of problems when things do not go as planned. Eventually, we don’t do it for the thankfulness.
anyway 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 everybody that’s associated with those processes and also so envision sorry I’m simply I was just gon na say imagine the quantity of thanks you got if you might 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 keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing task trying to clean up all those up for sure oh definitely 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 attempt to look through them and really see what was going on and sort of try to get back to everybody so carrying on look why do business pick to main separate savings account there are Papaya Global 24 businesses out there doing exactly this for specific countries and I have actually operated in a business or many businesses doing precisely that I can state it doesn’t always feel efficient and it does create more work I understand we’re not purposely doing that we’re not producing extra work for any person where we don’t have to and anyone that’s handling 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 believe numerous factors one is it’s the standard I believe individuals have got so utilized to we require a new bank account we open an entity and appropriately so you require it for payroll purposes 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 individuals have actually embraced and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and many other ways um to to kind of do it so I believe there’s a variety I think this is a procedure that needs looking at it requires changing however eventually people are very stuck to what they recognize
with best um modification is a hard thing we all do not like modification um so I believe it’s just type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand clearly the benefits of having maintaining several checking account but there’s a substantial quantity of intricacy chooses setting up a checking account preserving it guaranteeing it can send International transfers guaranteeing it’s set up with the ideal user accesses for specific individuals so the complexity is big but I believe the honest answer is change um individuals haven’t been able to alter or have not had necessarily the understanding to really make that change into alternate Solutions aside from opening a bank account I think you have actually struck the nail on the head I think it is knowledge you know and there is an element of resistance to alter however we’ve always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what might practically be identified to be the next Century or two there is a lot to keep track of and this method does position numerous difficulties um so Johnny could you tell us about those challenges yeah naturally so there’s a variety right there is so
I simply did you changed our Enterprise 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 Global employees you deserve a corner office with a more detailed parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global 24