Over the last 5 or six years …Papaya Global Health Insurance… functions on the service provider side and likewise on the supplier side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very really gloomy and I wish I was somewhere else at this moment in time alright so let’s start our agenda for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why companies keep different
Virtual payroll accounts are an option to standard bank accounts for managing payroll payments. This is particularly helpful for international organizations with dispersed and remote labor forces, as it simplifies the complicated process of cross-border payments. Instead of keeping separate checking account for payroll in various countries, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are becoming a strategic asset 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 effectively safely and on time throughout this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll checking account how companies precisely anticipate their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in sufficient in one nation but when you’re doing it globally it’s next level and Beyond it ends up being complex for a variety of factors most importantly policies compliance data security and banking guidelines then there are the sheer numbers they add further complexity the worldwide Workforce is currently three and a half billion people by 2030 it’s estimated 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 factor in 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 typically an overwhelming variety of various systems leading to lengthy manual procedures and silos the number of Integrations could be non-existent in large quantities and or very extremely 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 often with pen and paper which simply blows my mind whenever I I think
about it to give you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce data in real time that’s another number that gives me sleepless nights and quite honestly the more a business spends on international payroll the less of a photo they see an absence of visibility likewise reaches payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the transaction almost half of global organizations have expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM data data entry errors poorly interacted hires and terminations as well as absence management and system configurations and after that when you round all of it off and the information is shipped to the incorrect location the typical expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the world payroll and payments don’t run smoothly if they count on the necessary multiple processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles service face when they’re making payments to workers or otherwise that’s a great concern I constantly toss this back and state what is it what does not require to be consisted of best and what does
it need to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the client’s own in-country account so there’s complexity any place you look best ultimately building a knowledge base is definitely crucial however all over you look with payroll payment they are like extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely essential and technology is enabling us to sort of progress with that it also too to add to that payroll and finance need to work closer together um with varying Savings account Particulars differing banking requirements and setup processes is absolutely necessary that payroll and financing teams work better together than ever um I’m constantly impressed when individuals say I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work 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 process it’s the point of data collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory third parties so with the
The modern-day world positions a high value on wellness and the compensation landscape is becoming progressively detailed. Services are continually presenting brand-new advantages and payment options, which adds to the overall intricacy. Big corporations typically divide their payroll and payment processing into different teams, which can cause inefficiencies and bottlenecks. In my viewpoint, this doesn’t need to be the case. In today’s technically advanced age, there’s no reason for keeping troublesome procedures. Payroll, the company’s greatest expenditure, should be processed properly and on time. Even slight hold-ups can negatively affect employees’ wellness and have far-reaching effects. Therefore, it’s vital to prioritize precise and prompt payments.
The payroll team may 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 workers or not. Payroll is an important cycle, and people only notice when things go wrong. Nevertheless, when things go right, it’s viewed as simply a routine job. This is how it’s viewed externally too. For that reason, it is necessary to guarantee that jobs like Wi-Fi Worldwide and other essential matters are done correctly. Using the first International Payments very first payroll payment solution is a terrific initial action towards providing a thorough payroll option for workers worldwide. Standardization, international procedures, and minimizing the variety of tools, platforms, and checking account necessary for international payroll are key consider achieving company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of complaints when things don’t go as prepared. Ultimately, we do not do it for the gratitude.
anyhow 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 simple as possible for everybody that’s involved in those procedures and likewise so think of sorry I’m just I was simply gon na state picture the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions imagine getting that lots of thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an interesting job trying to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and really see what was going on and type of shot to return to everybody so carrying on look why do companies choose to primary separate checking account there are Papaya Global Health Insurance services out there doing exactly this for specific countries and I’ve worked in a service or numerous companies doing precisely that I can state it does not constantly feel effective and it does produce more work I know we’re not intentionally doing that we’re not developing additional work for anyone where we don’t 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 amount that we are I think many factors one is it’s the standard I think individuals have actually got so utilized to we require a brand-new checking account we open an entity and appropriately so you need 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 requirement and the standard the people have actually embraced and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a variety I think this is a procedure that needs taking a look at it requires changing but ultimately individuals are really stuck to what they recognize
with right um change is a difficult thing all of us don’t like change um so I think it’s simply type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the benefits of having maintaining numerous bank accounts but there’s a huge amount of intricacy chooses setting up a bank account keeping it guaranteeing it can send International transfers ensuring it’s set up with the ideal user accesses for individual people so the complexity is huge however I believe the sincere response is change um people haven’t been able to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions other than opening a checking account I think you’ve struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to change but we’ve constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might almost be determined to be the next Century approximately there is a lot to track and this method does present a number of difficulties um so Johnny might you inform us about those difficulties yeah obviously 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 handle our payroll and payment jobs on one platform. It feels like our CFO has actually acquired another CFO, and with this boosted capability, I have actually successfully protected payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is closer, considering your achievements. Papaya Global Health Insurance