Over the last five or 6 years …Papaya Global Onli.E… functions on the supplier side and likewise on the vendor side from a payroll perspective so really anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just give everyone another couple of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everybody comes from and I truly do hope it’s much sunnier than it remains 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 extremely uninspiring and I want I was somewhere else at this moment in time alright so let’s get going our program for today is as follows um we are going to be looking at the challenge years of handling International payroll why business maintain separate
Virtual payroll accounts are an option to conventional checking account for handling payroll payments. This is particularly helpful for worldwide companies with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of preserving separate checking account for payroll in different 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 strategic property 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 precisely efficiently safely and on time throughout this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how business properly forecast their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in adequate in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a range of factors most notably guidelines compliance data security and banking rules then there are the sheer numbers they include additional complexity the worldwide Labor force is currently three 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 factor in that there are some 230 million businesses and growing all doing their own thing around the globe in the standard payroll design there’s often a frustrating number of different systems leading to time-consuming manual processes and silos the number of Combinations could be non-existent in big amounts and or very extremely basic there’s no real consistency structure we’re residing in an age of tech however payroll has actually 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 just blows my mind whenever I I believe
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force information in real time that’s another number that offers me sleep deprived nights and quite frankly the more a business invests in international payroll the less of an image they see a lack of visibility also encompasses payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the deal nearly half of international businesses have actually expressed 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 due to time reporting poor HCM information data entry mistakes badly communicated hires and terminations as well as absence management and system setups and then when you round it all off and the information is delivered to the wrong place the typical cost of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the globe payroll and payments don’t run efficiently if they count on the essential numerous procedures 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 difficulties organization face when they’re paying to employees or otherwise that’s a great question I always toss this back and say what is it what doesn’t require to be consisted of right and what does
it need to be thought of there’s varying Bank information 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 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 intricacy wherever you look right ultimately constructing a knowledge base is definitely vital however all over you look with payroll payment they are like very payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely basic and technology is enabling us to kind of move forward with that it likewise as well to contribute to that payroll and financing need to work closer together um with differing Savings account Details varying banking requirements and setup processes is absolutely important that payroll and financing groups work better together than ever um I’m constantly surprised when individuals say 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 occupation 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 process it’s the point of information collection all the way through to paying people any place they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more essential to add to kind of the level of complexity there’s more and more benefits being organ or being provided by organizations throughout the world so again you’re just looking to include more and more payments to this currently complex landscape so if you sort of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of genuine obstacles or real challenging type of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a number of years I would certainly say that the larger a business gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are teams feeding details into the next function as it were that’s actually managing the payment side of things however you understand in in my viewpoint and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we require to produce additional handoffs in the processes that we operate in they just make them more prompt they make them less efficient and they do not make them what they require to be in in an age of tech and an era that you understand that we are working in today there is no reason why we are still making this as difficult as it requires to be agreed and rightly as you said payroll is the single greatest liability that any business has from an expense point of view from an effect point of view on workers it is definitely crucial that it’s done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the most significant harmful impact on individuals’s wellness and lots of other factors if people aren’t paid uh I’ve constantly been amazed entering into this Market kind of the last five to ten years is how little thanks the
The payroll group might not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and individuals just notice when things go wrong. Nevertheless, when things go right, it’s seen as just a regular job. This is how it’s perceived externally too. For that reason, it is important to ensure that tasks like Wi-Fi Worldwide and other important matters are done correctly. Using the very first International Payments first payroll payment solution is a terrific preliminary step towards supplying a comprehensive payroll service for workers worldwide. Standardization, international procedures, and decreasing the variety of tools, platforms, and savings account needed for global payroll are crucial consider attaining service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of grievances when things do not go as prepared. Ultimately, we do not do it for the gratitude.
anyhow we understand how how crucial 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 simple as possible for everyone that’s associated with those procedures and likewise so think of sorry I’m simply I was just gon na state envision 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 talking about numerous thousands potentially Millions think of getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating job 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 look through them and really see what was going on and type of try to get back to everybody so proceeding appearance why do business choose to main separate bank accounts there are Papaya Global Onli.E organizations out there doing exactly this for specific countries and I’ve worked in a business or many organizations doing precisely that I can say it does not constantly feel effective and it does develop more work I know we’re not deliberately doing that we’re not developing additional work for anybody where we do not have to and anybody 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 amount that we are I think lots of reasons one is it’s the requirement I believe individuals have actually got so used to we need a new bank 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 think it’s simply 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 looked at things like trust accounts and lots of other ways um to to type of do it so I believe there’s a range I think this is a process that needs looking at it needs altering but eventually individuals are extremely stuck with what they recognize
with ideal um modification is a challenging thing we all do not like modification um so I believe it’s just kind of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand clearly the benefits of having keeping multiple savings account however there’s a big amount of complexity opts for establishing a bank account preserving it ensuring it can send International transfers guaranteeing it’s set up with the ideal user accesses for specific people so the intricacy is huge however I believe the truthful response is modification um people have not been able to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions aside from opening a bank account I believe you’ve struck the nail on the head I think it is understanding you understand and there is a component of resistance to change however we’ve constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could practically be determined to be the next Century or two there is a lot to track and this technique does posture several difficulties um so Johnny could you tell us about those challenges yeah obviously so there’s a range right there is so
I simply 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 staff members you deserve a corner office with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Onli.E