Over the last 5 or six years …Papaya Global Bolivia… roles on the company side and also on the supplier side from a payroll point of view so actually anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply offer everyone another number of uh well among the 30 seconds or two to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite intriguing 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 everyone originates from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really really bleak and I wish I was elsewhere at this moment in time all right so let’s start our program for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why business preserve separate
Virtual payroll accounts are an option to conventional savings account for handling payroll payments. This is particularly helpful for international organizations 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 structured service. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are ending up being a tactical property for payroll executives. We will also supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently securely and on time during 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 costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in sufficient in one country however when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a range of factors most importantly policies compliance information security and banking guidelines then there are the sheer numbers they include additional complexity the worldwide Labor force is presently 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 currently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing around the world in the traditional payroll model there’s typically a frustrating variety of various systems resulting in lengthy manual processes and silos the number of Combinations could be non-existent in big amounts and or really really basic there’s no real consistency structure 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 and that just blows my mind each time I I believe
about it to give you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force data in real time that’s another number that offers me sleep deprived nights and rather frankly the more an organization invests in international payroll the less of a picture they see a lack of presence likewise reaches payroll payments and inability to precisely track these payments can lead to compliance mishaps in the last mile of the deal nearly half of international businesses have revealed that they do not 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 poorly interacted hires and terminations as well as absence management and system configurations and after that when you round it all off and the information is delivered to the wrong location the typical cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the globe payroll and payments don’t run efficiently if they rely on the needed numerous processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties organization face when they’re paying to workers or otherwise that’s an excellent question I always throw this back and say what is it what does not require to be included right and what does
it require to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per country 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 client’s own in-country account so there’s complexity any place you look right eventually building a knowledge base is absolutely critical but all over you look with payroll payment they resemble incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the type 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 absolutely basic and technology is enabling us to type of move forward with that it likewise too to add to that payroll and financing require to work closer together um with differing Checking account Details differing banking requirements and setup procedures is absolutely crucial that payroll and finance 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 anybody what is payroll who does not operate in the payroll occupation would they divide the payroll payment from computation I would say no so why do we as an industry 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 individuals wherever they are but 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 becoming progressively elaborate. Organizations are constantly introducing new advantages and payment options, which contributes to the overall intricacy. Large corporations often divide their payroll and payment processing into different groups, which can lead to inefficiencies and traffic jams. In my viewpoint, this doesn’t have to be the case. In today’s highly innovative era, there’s no validation for preserving cumbersome procedures. Payroll, the business’s most significant expense, must be processed correctly and on time. Even slight delays can negatively affect workers’ well-being and have significant effects. For that reason, it’s critical to focus on precise and timely payments.
payroll team get um so I’m not sure anybody on this type of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such a crucial cycle all of us hear about it when it fails everybody jumps up and down when it fails however when it goes right it’s just a tick box workout 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 correctly so leveraging the very first International Payments first payroll payment service is a fantastic first step um offering an end-to-end payroll service for your workers internationally once again I believe is another substantial um procedure again aligning and guaranteeing you have standardization Global processes all of those things are definitely essential to success success of businesses and decreasing 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 ever had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things haven’t gone rather where they’re indicated to be um I don’t believe any of us are actually doing that for for the thanks
anyway we understand how how crucial 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 easy as possible for everyone that’s associated with those procedures and likewise so think of sorry I’m simply I was simply gon na state picture the amount of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions imagine getting that many thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating job attempting 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 require days of the week to attempt to look through them and in fact see what was going on and sort of shot to get back to everybody so carrying on look why do companies select to main different checking account there are Papaya Global Bolivia organizations out there doing exactly this for specific countries and I have actually worked in a business or many organizations doing precisely that I can state it doesn’t always feel efficient and it does develop more work I know we’re not purposely doing that we’re not producing extra work for anyone where we do not have to and anybody that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I think numerous reasons one is it’s the requirement I believe individuals have got so used to we need a brand-new bank account we open an entity and rightly so you require 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 requirement and the standard individuals have actually adopted and continue to do over years and years passed by to contribute to that people have actually taken a look 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 process that requires taking a look at it needs changing but eventually people are extremely stuck with what they recognize
with ideal um change is a tough thing we all do not like change um so I believe it’s simply kind of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the advantages of having maintaining multiple savings account but there’s a big quantity of intricacy opts for setting up a bank account maintaining it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for individual people so the complexity is big however I believe the truthful answer is modification um individuals have not been able to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions other than opening a checking account I think you have actually struck the nail on the head I believe it is knowledge you understand and there is a component of resistance to change however we have actually constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what might almost be figured out to be the next Century or two there is a lot to keep track of and this approach does posture several difficulties um so Johnny might you inform us about those challenges yeah naturally so there’s a variety right there is so
I just did you switched our Enterprise 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 Worldwide employees you should have a corner office with a more detailed parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Bolivia