Over the last 5 or 6 years …Papaya Global Description… roles on the service provider side and likewise on the supplier side from a payroll point of view so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply give everyone another number of uh well among the 30 seconds or so to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everyone comes from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely very gloomy and I wish I was elsewhere at this moment in time alright so let’s start our program for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why business maintain separate
Virtual payroll accounts are an option to traditional savings account for managing payroll payments. This is particularly useful for international companies with dispersed and remote labor forces, as it streamlines the complicated procedure of cross-border payments. Instead of keeping separate savings account for payroll in different countries, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are ending up being a strategic property 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 properly effectively safely and on time throughout this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll bank account how business accurately anticipate their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in enough in one country however when you’re doing it internationally it’s next level and Beyond it becomes complicated for a range of factors most importantly policies compliance data security and banking rules then there are the sheer numbers they add more complexity the global Workforce is currently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people 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 conventional payroll model there’s often an overwhelming number of different systems resulting in lengthy manual procedures and silos the variety of Combinations could be non-existent in big amounts and or really extremely fundamental there’s no real consistency structure we’re living in a period 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 often with pen and paper and that simply 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 only 11 of companies say they have Labor force information in real time that’s another number that provides me sleepless nights and quite honestly the more an organization invests in international payroll the less of an image they see a lack of exposure also encompasses payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the transaction nearly half of international organizations have expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM information information entry errors badly communicated hires and terminations as well as lack management and system configurations and after that when you round all of it off and the information is delivered to the wrong place the typical expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash all over the world payroll and payments do not run efficiently if they count on the needed several 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 obstacles service face when they’re making payments to employees or otherwise that’s a great question I constantly throw this back and say what is it what doesn’t need to be included ideal and what does
it need to be considered there’s differing 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 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 anywhere you look right eventually developing a knowledge base is absolutely critical but everywhere you look with payroll payment they are like extremely payments no if however some children about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is permitting us to kind of move on with that it also too to contribute to that payroll and finance need to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is absolutely essential that payroll and finance groups work better together than ever um I’m constantly amazed when people state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession would they split the payroll payment from estimation 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 procedure 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 3rd parties so with the
The modern-day world places a high worth on well-being and the compensation landscape is ending up being progressively elaborate. Businesses are continuously presenting new benefits and payment options, which contributes to the overall intricacy. Large corporations typically divide their payroll and payment processing into separate teams, which can result in inadequacies and bottlenecks. In my opinion, this does not need to hold true. In today’s technically advanced era, there’s no validation for preserving troublesome procedures. Payroll, the company’s biggest expense, need to be processed correctly and on time. Even small delays can negatively impact employees’ wellness and have far-reaching repercussions. Therefore, it’s important to focus on accurate and prompt payments.
payroll team get um so I’m not exactly sure anyone on this type of webinar has been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um however eventually payroll is such an essential cycle we all find out about it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely essential that all of this things is done properly so leveraging the first Worldwide Payments first payroll payment option is a great initial step um offering an end-to-end payroll service for your staff members worldwide once again I think is another substantial um process once again lining up and ensuring you have standardization International processes all of those things are definitely key to success success of companies and minimizing the number of tools platforms and bank accounts they require for their International payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things have not gone quite where they’re meant to be um I don’t think any of us are actually doing that for for the thanks
anyway we know how how crucial a role 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 everybody that’s associated with those processes and also so think of sorry I’m just I was simply gon na state envision the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions think of getting that lots of thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing job attempting to clean up 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 require days of the week to try to check out them and in fact see what was going on and sort of shot to get back to everybody so moving on appearance why do business choose to main separate bank accounts there are Papaya Global Description businesses out there doing exactly this for specific nations and I have actually operated in a service or numerous companies doing exactly that I can say it does not always feel effective and it does create more work I understand we’re not deliberately doing that we’re not producing additional work for any person where we do not have to and anyone 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 quantity that we are I think numerous reasons one is it’s the requirement I believe individuals have actually got so utilized to we require a brand-new bank account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals have embraced and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and many other ways um to to kind of do it so I think there’s a variety I believe this is a process that needs looking at it requires changing however ultimately people are extremely stuck with what they’re familiar
with ideal um modification is a challenging thing all of us do not like change um so I believe it’s just kind of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having preserving numerous bank accounts but there’s a big amount of intricacy goes with setting up a bank account maintaining it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for specific people so the intricacy is big however I think the truthful answer is modification um individuals have not had the ability to change or have not had always the knowledge to truly make that change into alternate Solutions other than opening a bank account I think you have actually struck the nail on the head I think it is knowledge you understand and there is a component of resistance to change but 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 understand what might almost be figured out to be the next Century or two there is a lot to monitor and this approach does present a number of obstacles um so Johnny could you tell us about those obstacles yeah obviously so there’s a variety right there is so
I just did you changed our Business 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 workers you should have a corner office with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Description