Over the last 5 or six years …Papaya Global Samoa… roles on the company side and also on the vendor side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply provide everybody another couple of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everyone comes 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 raining here it’s very extremely dreary and I want I was elsewhere at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why business preserve different
Virtual payroll accounts are an option to conventional bank accounts for managing payroll payments. This is particularly useful for worldwide organizations with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of maintaining separate bank accounts for payroll in different nations, virtual accounts and digital wallets offer a more structured service. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are ending up being a strategic possession for payroll executives. We will also supply a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently safely and on time throughout this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll bank 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 challenging in enough in one country but when you’re doing it internationally it’s next level and Beyond it becomes intricate for a variety of factors most importantly policies compliance information security and banking guidelines then there are the large numbers they include further intricacy the global Labor force is presently three and a half billion people by 2030 it’s approximated 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 consider that there are some 230 million organizations and growing all doing their own thing around the globe in the conventional payroll model there’s frequently a frustrating number of various systems leading to lengthy manual processes and silos the number of Integrations could be non-existent in large amounts and or very extremely standard there’s no real consistency structure we’re residing in an era of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind whenever I I think
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force data in real time that’s another number that gives me sleep deprived nights and quite honestly the more a company invests in international payroll the less of a photo they see an absence of exposure likewise encompasses payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the transaction nearly half of international services have expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM data information entry mistakes improperly communicated hires and terminations as well as absence management and system configurations and then when you round it all off and the data is shipped to the wrong location the typical expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the globe payroll and payments do not run smoothly if they rely on the essential numerous processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles service face when they’re making payments to staff members or otherwise that’s an excellent concern I always toss this back and state what is it what does not require to be included right and what does
it require to be thought of there’s differing Bank details 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 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 complexity any place you look right eventually building a knowledge base is definitely crucial however all over you look with payroll payment they are like 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 in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely basic and innovation is allowing us to sort of progress with that it likewise as well to contribute to that payroll and financing require to work closer together um with varying Checking account Details varying banking requirements and setup processes is definitely necessary that payroll and finance groups work better together than ever um I’m constantly astonished when people state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from calculation 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 ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern world positions a high value on well-being and the settlement landscape is ending up being progressively detailed. Companies are constantly presenting brand-new advantages and payment choices, which adds to the total complexity. Big corporations often divide their payroll and payment processing into different groups, which can lead to inefficiencies and traffic jams. In my viewpoint, this does not need to be the case. In today’s technologically innovative era, there’s no reason for preserving troublesome treatments. Payroll, the business’s greatest cost, must be processed properly and on time. Even slight delays can negatively impact staff members’ wellness and have significant repercussions. Therefore, it’s crucial to focus on precise and timely payments.
The payroll team might not have been thanked for properly processing payroll throughout a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and people just observe when things go wrong. Nevertheless, when things go right, it’s seen as just a regular task. This is how it’s viewed externally as well. For that reason, it is necessary to ensure that tasks like Wi-Fi Worldwide and other essential matters are done properly. Using the first International Payments first payroll payment service is an excellent preliminary step towards offering an extensive payroll solution for workers worldwide. Standardization, global procedures, and minimizing the variety of tools, platforms, and checking account necessary for worldwide payroll are key factors in achieving business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of problems when things don’t go as prepared. Eventually, we don’t do it for the appreciation.
anyway we know how how crucial a role 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 easy as possible for everyone that’s involved in those processes and also so picture sorry I’m just I was just gon na state envision the amount of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions imagine 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 but it would definitely be an intriguing task trying to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to look through them and in fact see what was going on and kind of shot to get back to everybody so moving on appearance why do business choose to primary different savings account there are Papaya Global Samoa organizations out there doing precisely this for specific nations and I have actually worked in a service or numerous organizations doing exactly that I can say it doesn’t constantly feel effective and it does produce more work I know we’re not deliberately doing that we’re not creating additional work for anyone where we do not need to and anyone 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 believe many reasons one is it’s the standard I believe individuals have got so used to we need a brand-new checking account we open an entity and appropriately so you require it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the standard individuals have actually embraced and continue to do over years and years passed by to add to that people have looked at things like trust accounts and lots of other ways um to to type of do it so I believe there’s a variety I think this is a procedure that needs looking at it requires altering but ultimately individuals are really stuck to what they’re familiar
with right um modification is a tough thing all of us don’t like change um so I think it’s simply kind of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the benefits of having keeping several bank accounts but there’s a big amount of complexity opts for setting up a savings account maintaining it guaranteeing it can send out International transfers guaranteeing it’s established with the ideal user accesses for individual individuals so the complexity is big but I think the truthful answer is change um people have not been able to change or have not had necessarily the knowledge to truly make that change into alternate Solutions other than opening a bank account I believe you have actually hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter but we’ve constantly done it that way is no real 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 identified to be the next Century or two there is a lot to monitor and this method does pose a number of obstacles um so Johnny might you tell us about those obstacles yeah of course so there’s a range right there is so
I just did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International employees you are worthy of a corner workplace with a closer parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Samoa