Over the last 5 or 6 years …Papaya Global Guyana… functions on the supplier side and likewise on the supplier side from a payroll viewpoint so actually anticipating this discussion today um and yeah thank you very much for your time everyone fine 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 quite interesting and I can see it going on already just to hear where everybody is um it’s nice to to kind 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 sunlight is it it’s not no it’s it’s raining here it’s very very dreary and I want I was somewhere else at this moment in time okay so let’s get started our program for today is as follows um we are going to be looking at the challenge years of handling International payroll why companies keep separate
Virtual payroll accounts are an alternative to standard bank accounts for managing payroll payments. This is especially useful for international organizations with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of maintaining separate savings account for payroll in various nations, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are ending up being a tactical possession 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 properly efficiently safely and on time throughout this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how business precisely anticipate their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in adequate in one country but when you’re doing it globally it’s next level and Beyond it becomes complex for a range of reasons most importantly guidelines compliance information security and banking guidelines then there are the sheer numbers they include further complexity the international Workforce is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the world in the conventional payroll model there’s frequently an overwhelming number of various systems resulting in lengthy manual procedures and silos the number of Integrations could be non-existent in large amounts and or really really fundamental there’s no genuine consistency framework we’re residing 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 frequently with pen and paper and that simply blows my mind whenever I I think
about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite frankly the more a company invests in worldwide payroll the less of a photo they see an absence of visibility likewise extends to payroll payments and failure to accurately track these payments can result in compliance incidents in the last mile of the transaction almost half of international services have revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry errors badly interacted hires and terminations along with absence management and system configurations and then when you round everything off and the data is delivered to the wrong location the average cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money all over the world payroll and payments don’t run efficiently if they rely on the essential several procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges company face when they’re paying to workers or otherwise that’s a great concern I always toss this back and say what is it what does not need to be included best and what does
it require to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per country 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 right ultimately constructing a knowledge base is definitely vital but everywhere 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 believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is permitting us to sort of move on with that it likewise as well to contribute to that payroll and finance require to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is definitely imperative that payroll and finance groups work better together than ever um I’m always astonished when people state I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession would they split the payroll payment from estimation 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 procedure it’s the point of data collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory third parties so with the
The modern world positions a high worth on well-being and the payment landscape is becoming progressively elaborate. Organizations are continuously introducing brand-new benefits and payment alternatives, which contributes to the total complexity. Big corporations often divide their payroll and payment processing into separate teams, which can cause inefficiencies and bottlenecks. In my viewpoint, this doesn’t need to hold true. In today’s technically sophisticated period, there’s no reason for keeping cumbersome procedures. Payroll, the company’s most significant cost, must be processed properly and on time. Even small hold-ups can adversely impact staff members’ well-being and have significant consequences. Therefore, it’s vital to focus on accurate and prompt payments.
payroll group get um so I’m unsure anyone on this kind of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um but eventually payroll is such a crucial cycle all of us find out about it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely vital that all of this things is done properly so leveraging the very first Worldwide Payments very first payroll payment service is an excellent first step um supplying an end-to-end payroll service for your workers globally again I think is another substantial um process once again aligning and ensuring you have standardization Worldwide processes all of those things are definitely key to success success of companies and reducing the number of tools platforms and bank accounts they require for their International payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things have not gone quite where they’re indicated to be um I do not believe any of us are really doing that for for the thanks
anyhow we know how how important 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 just gon na say imagine the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re discussing hundreds of thousands potentially Millions picture getting that many thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating task attempting to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and in fact see what was going on and sort of shot to return to everyone so proceeding look why do companies choose to main separate savings account there are Papaya Global Guyana services out there doing exactly this for specific nations and I have actually operated in an organization or numerous companies doing precisely that I can state it doesn’t always feel efficient and it does create more work I understand we’re not intentionally doing that we’re not creating additional work for anyone where we do not have to and any person that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think numerous factors one is it’s the requirement I believe people have got so used to we require a brand-new bank account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm individuals have actually adopted and continue to do over years and years passed by to contribute to that individuals have actually looked at things like trust accounts and many other ways um to to sort of do it so I think there’s a variety I think this is a process that needs looking at it needs changing but eventually individuals are really stuck to what they’re familiar
with ideal um modification is a hard thing we all don’t like change um so I believe it’s simply sort of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand undoubtedly the benefits of having maintaining numerous checking account but there’s a huge quantity of intricacy chooses establishing a bank account preserving it ensuring it can send International transfers ensuring it’s established with the best user accesses for specific individuals so the complexity is substantial but I believe the truthful answer is modification um people have not been able to alter or haven’t had always the understanding to actually make that change into alternate Solutions aside from opening a bank account I believe 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 genuine reason for not looking at the the benefits and the possibilities of moving on and moving into you know what might almost be identified to be the next Century approximately there is a lot to monitor and this technique does posture a number of obstacles um so Johnny might you inform us about those challenges yeah of course so there’s a range right there is so
I just did you switched 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 office with a better parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Guyana