Over the last 5 or 6 years …Papaya Global Auto Holidays Bank… functions on the provider side and likewise on the vendor side from a payroll perspective so really looking forward to this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just provide everybody another couple of uh well among the 30 seconds or two to join we all work back to back these days 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 sort of like see where everybody originates from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely really dreary and I want I was somewhere else at this moment in time all right so let’s start our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why companies maintain separate
Virtual payroll accounts are an option to traditional bank accounts for handling payroll payments. This is especially useful for international organizations with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of maintaining separate savings account for payroll in various countries, virtual accounts and digital wallets use a more structured service. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are becoming a tactical property for payroll executives. We will likewise offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively firmly and on time throughout this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how companies precisely forecast their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in adequate in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a variety of reasons most importantly guidelines compliance information security and banking rules then there are the large numbers they include additional complexity the international Workforce is currently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing all over the world in the standard payroll design there’s frequently a frustrating variety of different systems leading to lengthy manual procedures and silos the number of Combinations could be non-existent in big quantities and or really extremely standard there’s no genuine consistency framework we’re living 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 frequently with pen and paper which simply blows my mind every time I I think
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force data in real time that’s another number that provides me sleepless nights and rather honestly the more an organization spends on global payroll the less of an image they see a lack of visibility likewise encompasses payroll payments and inability to accurately track these payments can result in compliance accidents in the last mile of the deal almost half of global organizations have actually expressed 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 information data entry errors poorly interacted hires and terminations along with absence management and system configurations and after that when you round it all off and the information is shipped to the incorrect location the typical expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash all over the world payroll and payments do not run smoothly if they rely on the needed numerous processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties business face when they’re paying to staff members or otherwise that’s a good concern I always throw this back and say what is it what does not need to be included best and what does
it need to be considered there’s differing 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 customer’s own in-country account so there’s intricacy wherever you look best eventually constructing a knowledge base is definitely crucial but everywhere you look with payroll payment they are like incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you 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 essential and innovation is allowing us to type of move forward with that it likewise as well to contribute to that payroll and finance need to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is absolutely vital that payroll and finance teams work closer together than ever um I’m always amazed when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate 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 eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world puts a high value on well-being and the settlement landscape is ending up being significantly intricate. Organizations are continuously introducing brand-new benefits and payment alternatives, which adds to the total complexity. Large corporations often divide their payroll and payment processing into separate groups, which can result in ineffectiveness and traffic jams. In my viewpoint, this does not need to be the case. In today’s technologically advanced age, there’s no reason for preserving cumbersome procedures. Payroll, the business’s most significant expense, must be processed properly and on time. Even slight hold-ups can negatively impact staff members’ wellness and have significant consequences. For that reason, it’s critical to prioritize precise and timely payments.
payroll group get um so I’m not exactly sure anybody on this type of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such an important cycle all of us hear about it when it fails everybody jumps up and down when it fails but when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely important that all of this stuff is done properly so leveraging the first International Payments very first payroll payment option is a terrific initial step um offering an end-to-end payroll option for your employees internationally again I believe is another big um process once again aligning and ensuring you have standardization International processes all of those things are absolutely key to success success of organizations and lowering the variety 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 regards to of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle don’t expect 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 do not think any of us are really doing that for for the thanks
anyhow we understand how how essential a role it is and that’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 just gon na state picture the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions picture getting that numerous 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 an interesting job attempting to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and really see what was going on and kind of try to return to everyone so moving on appearance why do business choose to main different savings account there are Papaya Global Auto Holidays Bank organizations out there doing exactly this for specific nations and I’ve operated in a service or many services doing exactly that I can state it does not always feel efficient and it does develop more work I know we’re not intentionally doing that we’re not creating additional work for any person where we do not have to and any person that’s handling that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think lots of reasons one is it’s the standard I think individuals have actually got so utilized to we need a new bank 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 simply been the standard and the standard the people have adopted and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a range I think this is a procedure that requires taking a look at it requires changing but eventually individuals are extremely stuck to what they recognize
with ideal um modification is a hard thing all of us don’t like modification um so I think it’s simply sort of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend obviously the benefits of having preserving numerous checking account however there’s a big amount of complexity opts for setting up a bank account keeping it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for individual individuals so the complexity is huge however I believe the sincere response is change um individuals haven’t had the ability to alter or have not had necessarily the understanding to truly make that change into alternate Solutions aside from opening a checking account I think you have actually struck the nail on the head I think it is understanding you know and there is an element of resistance to change but we’ve always done it that way is no real reason for not looking at the the benefits and the possibilities of moving on and moving into you understand what could almost be determined to be the next Century approximately there is a lot to track and this method does position numerous difficulties um so Johnny might you tell us about those challenges yeah naturally so there’s a range right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has gained another CFO, and with this enhanced ability, I have 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 are worthy of a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global Auto Holidays Bank