Over the last 5 or six years …The Group Was Not Included Because The Associated Papaya Global… functions on the supplier side and also on the vendor side from a payroll point of view so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll simply provide everyone another number of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I actually 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 raining here it’s really really gloomy and I want I was somewhere else at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why companies maintain different
Virtual payroll accounts are an option to traditional bank accounts for handling payroll payments. This is particularly helpful for global companies with dispersed and remote workforces, as it simplifies the complex process of cross-border payments. Instead of maintaining different bank accounts for payroll in various nations, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are ending up being a tactical asset for payroll executives. We will likewise supply a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently firmly and on time during this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll bank account how business precisely forecast their payroll expenses to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in adequate in one country however when you’re doing it globally it’s next level and Beyond it ends up being complex for a range of reasons most significantly policies compliance information security and banking rules then there are the sheer numbers they include further complexity the global Labor force is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the world in the conventional payroll model there’s typically an overwhelming number of different systems leading to lengthy manual processes and silos the number of Combinations could be non-existent in big amounts and or extremely extremely fundamental there’s no genuine consistency framework we’re living in an era of tech but payroll has actually 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 simply 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 only 11 of businesses say they have Labor force information in real time that’s another number that gives me sleepless nights and rather honestly the more an organization invests in global payroll the less of an image they see a lack of presence also extends to payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the transaction almost half of international organizations have actually expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM data data entry mistakes improperly communicated hires and terminations along with absence management and system setups and after that when you round it all off and the information is shipped to the incorrect place the average cost 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 money around the world payroll and payments do not run efficiently if they depend on the essential several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties company face when they’re paying to workers or otherwise that’s an excellent concern I constantly toss this back and say what is it what does not require to be consisted of right and what does
it require to be thought about there’s varying 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 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 client’s own in-country account so there’s intricacy wherever you look right eventually developing a knowledge base is definitely crucial however all over 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 take a look at the kind of link in 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 innovation is allowing us to type of move on with that it also as well to add to that payroll and financing require to work closer together um with varying Checking account Particulars varying banking requirements and setup procedures is definitely important that payroll and financing teams work better together than ever um I’m always surprised when people say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being a growing number of essential to contribute to kind of the level of intricacy there’s more and more benefits being organ or being used by businesses across the world so once again you’re simply aiming to add increasingly more payments to this currently complex landscape so if you kind of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of real challenges or real difficult kind of pay utilizes to play to pay individuals I believe yeah I mean over the last well yeah a couple of decades I would absolutely say that the larger a business gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are teams feeding info into the next function as it were that’s in fact handling the payment side of things however you understand in in my viewpoint and my experience that doesn’t always require to be the case you know long gone are the times where we need to create extra handoffs while doing sos that we operate in they simply make them more prompt they make them less effective and they do not make them what they require to be in in a period of tech and a period that you know that we are operating in today there is no reason we are still making this as tough as it requires to be concurred and rightly as you stated payroll is the single biggest liability that any business has from an expense perspective from an effect perspective on employees it is absolutely vital that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the most significant destructive result on people’s well-being and lots of other aspects if people aren’t paid uh I’ve always been amazed coming into this Market kind of the last five to ten years is how little thanks the
The payroll team may not have actually been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and individuals just notice when things go wrong. Nevertheless, when things go right, it’s viewed as just a routine task. This is how it’s perceived externally as well. For that reason, it is vital to make sure that tasks like Wi-Fi International and other essential matters are done properly. Using the very first International Payments very first payroll payment option is a terrific initial action towards supplying a comprehensive payroll solution for workers worldwide. Standardization, global procedures, and minimizing the number of tools, platforms, and savings account required for international payroll are crucial factors in achieving service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few complaints when things do not go as prepared. Eventually, we don’t do it for the thankfulness.
anyway we understand how how crucial a function 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 everybody that’s involved in those processes and also so think of sorry I’m simply I was just gon na say think of 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 speaking about numerous thousands possibly Millions imagine getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an intriguing job attempting to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to check out them and really see what was going on and sort of shot to get back to everybody so proceeding look why do business pick to primary different bank accounts there are The Group Was Not Included Because The Associated Papaya Global organizations out there doing exactly this for particular countries and I’ve operated in an organization or numerous companies doing exactly that I can state it doesn’t always feel efficient and it does produce more work I understand we’re not purposely doing that we’re not developing extra work for anybody where we do not need to and anybody that’s dealing with 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 amount that we are I think numerous reasons one is it’s the standard I think people have actually got so used to we need a new bank account we open an entity and appropriately so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the standard the people have actually adopted and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and many other ways um to to sort 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 however eventually individuals are very stuck to what they recognize
with best um modification is a hard thing all of us don’t like change um so I believe it’s simply type of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand certainly the benefits of having keeping multiple savings account however there’s a huge quantity of intricacy opts for establishing a bank account maintaining it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for individual individuals so the intricacy is substantial however I think the honest response is modification um individuals haven’t been able to alter or have not had always the knowledge to really make that change into alternate Solutions aside from opening a savings account I think you’ve struck the nail on the head I believe it is understanding you know and there is an element of resistance to alter however we’ve always done it that way is no real excuse for not looking at the the benefits and the possibilities of carrying on and moving into you understand what could nearly be determined to be the next Century or so there is a lot to keep track of and this method does posture several obstacles um so Johnny could you inform us about those difficulties yeah of course so there’s a range right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has gotten another CFO, and with this enhanced capability, I have actually effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is more detailed, considering your accomplishments. The Group Was Not Included Because The Associated Papaya Global