Over the last 5 or 6 years …Papaya Global Oman… roles on the supplier side and likewise on the supplier side from a payroll viewpoint so truly looking forward to this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply give everyone another couple of uh well among the 30 seconds approximately to join all of us work back to back nowadays 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 everybody is um it’s nice to to kind of like see where everybody comes 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 extremely very bleak and I want I was somewhere else at this moment in time okay so let’s begin our program for today is as follows um we are going to be looking at the obstacle years of managing International payroll why companies keep different
Virtual payroll accounts are an alternative to standard savings account for managing payroll payments. This is especially useful for worldwide companies with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of keeping different bank accounts for payroll in various nations, virtual accounts and digital wallets offer a more structured option. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are ending up being a tactical possession for payroll executives. We will also supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently safely and on time during this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how companies properly anticipate their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in sufficient in one country but when you’re doing it internationally it’s next level and Beyond it becomes complicated for a variety of factors most significantly regulations compliance data security and banking guidelines then there are the sheer numbers they include more complexity the global 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 around the world in the traditional payroll design there’s frequently an overwhelming variety of different systems causing lengthy manual procedures and silos the number of Integrations could be non-existent in big quantities and or very extremely fundamental there’s no real consistency framework we’re residing in an age of tech but payroll has 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 just blows my mind whenever 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 Workforce information in real time that’s another number that provides me sleepless nights and quite honestly the more a service invests in international payroll the less of an image they see an absence of exposure also reaches payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the deal almost half of worldwide companies have revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry errors poorly interacted hires and terminations along with lack management and system setups and after that when you round it all off and the data is delivered to the incorrect location the average cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money all over the world payroll and payments do not run efficiently if they rely on the necessary several processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties business face when they’re paying to employees or otherwise that’s an excellent concern I always throw this back and say what is it what does not need to be consisted of right and what does
it need to be considered there’s varying 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 customer’s own in-country account so there’s intricacy any place you look ideal eventually constructing a knowledge base is absolutely important however all over you look with payroll payment they are like incredibly payments no if but 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 think there’s now a bit more recognition that payroll payments are absolutely fundamental and technology 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 Checking account Details differing banking requirements and setup procedures is definitely essential that payroll and financing teams work more detailed together than ever um I’m constantly impressed when individuals state I’ve split 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 split the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world places a high worth on well-being and the payment landscape is becoming increasingly intricate. Companies are continually introducing brand-new advantages and payment options, which adds to the general intricacy. Big corporations frequently divide their payroll and payment processing into different teams, which can cause inefficiencies and traffic jams. In my viewpoint, this does not have to be the case. In today’s technically innovative age, there’s no justification for preserving cumbersome treatments. Payroll, the company’s greatest expenditure, should be processed correctly and on time. Even small delays can adversely affect staff members’ well-being and have significant consequences. Therefore, it’s crucial to prioritize accurate and timely payments.
The payroll team may not have been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and individuals only notice when things go wrong. Nevertheless, when things go right, it’s seen as simply a routine task. This is how it’s viewed externally also. Therefore, it is necessary to make sure that tasks like Wi-Fi Worldwide and other crucial matters are done correctly. Utilizing the first Worldwide Payments first payroll payment service is a fantastic preliminary action towards offering an extensive payroll service for workers worldwide. Standardization, global processes, and minimizing the number of tools, platforms, and bank accounts necessary for global payroll are crucial factors in attaining business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of problems when things don’t go as prepared. Ultimately, we do not do it for the thankfulness.
anyhow we know how how important a function 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 involved in those procedures and also so envision sorry I’m simply I was just gon na state imagine the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions envision getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting job attempting to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse them and in fact see what was going on and type of shot to return to everyone so proceeding appearance why do business pick to primary separate checking account there are Papaya Global Oman services out there doing precisely this for particular nations and I’ve worked in a business or lots of companies doing precisely that I can state it doesn’t always feel effective and it does produce more work I understand we’re not intentionally doing that we’re not creating additional work for any person where we don’t need to and anybody that’s handling that procedure 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 lots of reasons one is it’s the requirement I believe people have actually got so utilized to we need a brand-new savings account we open an entity and appropriately so you need it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the norm individuals have actually adopted and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and many other methods um to to kind of do it so I believe there’s a variety I believe this is a procedure that needs taking a look at it needs altering but eventually individuals are extremely stuck to what they recognize
with best um change is a tough thing we all don’t like modification um so I believe it’s just sort 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 clearly the advantages of having keeping numerous savings account but there’s a big amount of complexity opts for establishing a bank account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the best user accesses for specific people so the complexity is huge but I believe the sincere answer is modification um people have not been able to change or have not had always the understanding to truly make that change into alternate Solutions aside from opening a checking account I think you’ve struck the nail on the head I believe it is understanding you understand and there is a component of resistance to alter however we have actually always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might practically be figured out to be the next Century approximately there is a lot to keep an eye on and this approach does posture numerous challenges um so Johnny could you tell us about those difficulties yeah of course so there’s a variety right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually gained another CFO, and with this improved ability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is good. You should have a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global Oman