Over the last 5 or six years …Papaya Global Package… functions on the supplier side and likewise on the supplier side from a payroll point of view so actually anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply provide everyone another number of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll sort 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 actually 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 drizzling here it’s very extremely bleak and I wish I was elsewhere at this moment in time alright so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why companies keep different
Virtual payroll accounts are an alternative to traditional bank accounts for handling payroll payments. This is especially beneficial for worldwide companies with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of maintaining different bank accounts for payroll in different countries, virtual accounts and digital wallets provide a more structured option. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are becoming a strategic possession for payroll executives. We will likewise supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively securely and on time throughout this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how companies properly forecast their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in adequate in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a variety of reasons most importantly guidelines compliance data security and banking rules then there are the sheer numbers they include additional complexity the worldwide Labor force is presently 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 companies and growing all doing their own thing all over the world in the standard payroll model there’s frequently a frustrating number of various systems causing time-consuming manual processes and silos the variety of Integrations could be non-existent in big amounts and or extremely extremely standard there’s no genuine consistency structure we’re living 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 each time I I think
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of services say they have Labor force information in real time that’s another number that gives me sleepless nights and quite frankly the more a business invests in global payroll the less of a picture they see a lack of exposure likewise reaches payroll payments and inability to properly track these payments can cause compliance mishaps in the last mile of the transaction almost half of worldwide businesses 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 bad HCM data data entry errors inadequately interacted hires and terminations in addition to absence management and system setups and then when you round everything off and the information is shipped to the wrong place the average cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money worldwide payroll and payments don’t run efficiently if they depend on the needed numerous processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties company face when they’re making payments to employees or otherwise that’s an excellent question I always throw this back and say what is it what does not need to be consisted of best and what does
it require to be thought about there’s differing 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 abilities 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 consumer’s own in-country account so there’s complexity wherever you look ideal eventually building a knowledge base is definitely vital but everywhere you look with payroll payment they are like very payments no if but some infants 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 fundamental and technology is allowing us to type of move on with that it likewise also to add to that payroll and finance need to work closer together um with differing Savings account Details differing banking requirements and setup procedures is absolutely necessary that payroll and financing groups work more detailed together than ever um I’m constantly astonished when people say 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 occupation would they split the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so typically 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 people anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world positions a high value on wellness and the compensation landscape is becoming significantly elaborate. Businesses are continually introducing brand-new advantages and payment options, which adds to the total intricacy. Large corporations often divide their payroll and payment processing into separate groups, which can cause inadequacies and bottlenecks. In my viewpoint, this does not need to hold true. In today’s technologically advanced age, there’s no reason for maintaining troublesome treatments. Payroll, the business’s biggest cost, need to be processed properly and on time. Even small hold-ups can adversely affect staff members’ wellness and have significant consequences. For that reason, it’s important to focus on accurate and timely payments.
payroll team get um so I’m not exactly sure anybody on this kind of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an essential cycle we all find out about it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely vital that all of this things is done properly so leveraging the first Global Payments very first payroll payment option is a fantastic primary step um offering an end-to-end payroll option for your employees worldwide once again I believe is another big um process once again lining up and ensuring you have standardization Global procedures all of those things are definitely key to success success of businesses and decreasing the variety of tools platforms and bank accounts they need 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 ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone rather where they’re meant to be um I do not think any of us are actually doing that for for the thanks
anyway 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 easy as possible for everyone that’s involved in those processes and likewise so picture sorry I’m just I was simply gon na say picture the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions imagine getting that many thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing job trying to clean up all those up for sure oh absolutely I can’t envision 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 actually see what was going on and kind of shot to get back to everybody so moving on appearance why do business pick to primary separate bank accounts there are Papaya Global Package services out there doing precisely this for particular nations and I have actually operated in a service or lots of companies doing precisely that I can say it does not always feel effective and it does create more work I understand we’re not purposely doing that we’re not producing extra work for anyone where we don’t have to and anyone that’s managing that procedure 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 numerous factors one is it’s the requirement I believe individuals have actually got so used to we need a new savings account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals have actually embraced and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a range I think this is a process that requires looking at it needs altering but eventually individuals are really stuck with what they recognize
with right um modification is a hard thing we all do not like modification um so I think it’s just type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand clearly the advantages of having maintaining multiple savings account but there’s a substantial amount of intricacy opts for setting up a checking account preserving it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for specific individuals so the complexity is substantial however I believe the honest answer is modification um people haven’t had the ability to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions aside from opening a checking account I believe you’ve hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter however we have actually always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what could nearly be identified to be the next Century or so there is a lot to keep an eye on and this technique does posture numerous difficulties um so Johnny might you tell us about those challenges yeah naturally so there’s a range right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has gotten another CFO, and with this improved ability, I have successfully protected payments for our 10,000 workers worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is more detailed, considering your achievements. Papaya Global Package