Over the last five or six years …Latest Version Papaya Global… functions on the company side and likewise on the supplier side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just give everyone another couple of uh well one of the 30 seconds or so 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 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 everybody comes from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very very uninspiring and I wish I was somewhere else at this moment in time all right so let’s start our program for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why companies maintain separate
Virtual payroll accounts are an option to traditional checking account for managing payroll payments. This is particularly useful for worldwide organizations with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of keeping different checking account for payroll in different countries, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are becoming a strategic asset for payroll executives. We will also supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently firmly and on time throughout this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll bank account how companies properly forecast their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in adequate in one country but when you’re doing it globally it’s next level and Beyond it ends up being intricate for a variety of factors most significantly guidelines compliance information security and banking guidelines then there are the large numbers they include further intricacy the international Workforce is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing worldwide in the standard payroll model there’s often a frustrating number of various systems leading to lengthy manual processes and silos the variety of Integrations could be non-existent in big amounts and or extremely very fundamental there’s no genuine consistency structure we’re residing in an age of tech but payroll has 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 offer you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Workforce information in real time that’s another number that offers me sleepless nights and rather honestly the more an organization spends on international payroll the less of a photo they see an absence of exposure also reaches payroll payments and inability to accurately track these payments can result in compliance mishaps in the last mile of the deal nearly half of worldwide organizations have revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry mistakes poorly communicated hires and terminations in addition to lack management and system configurations and then when you round all of it off and the information is delivered to the wrong location the average expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the globe payroll and payments don’t run efficiently if they rely on the necessary multiple processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties business face when they’re making payments to employees or otherwise that’s a great concern I always toss this back and say what is it what doesn’t require to be included best and what does
it require to be considered 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 need to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s complexity wherever you look best eventually building a knowledge base is definitely crucial but everywhere you look with payroll payment they resemble incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the kind of link 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 technology is allowing us to kind of move forward with that it likewise too to add to that payroll and finance need to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is absolutely important that payroll and financing groups work better together than ever um I’m always amazed when people say I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not 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 typically 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 wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern world puts a high value on well-being and the payment landscape is ending up being increasingly elaborate. Companies are continually introducing brand-new benefits and payment choices, which contributes to the general intricacy. Big corporations often divide their payroll and payment processing into different groups, which can cause ineffectiveness and bottlenecks. In my viewpoint, this does not have to hold true. In today’s highly innovative age, there’s no justification for maintaining troublesome treatments. Payroll, the business’s biggest expenditure, should be processed properly and on time. Even slight delays can negatively impact workers’ wellness and have significant repercussions. For that reason, it’s critical to focus on accurate and prompt payments.
The payroll team might not have actually been thanked for properly processing payroll during a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and individuals only 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 important to make sure that tasks like Wi-Fi International and other important matters are done properly. Utilizing the first Worldwide Payments first payroll payment service is a great preliminary action towards supplying a detailed payroll solution for workers worldwide. Standardization, international processes, and minimizing the variety of tools, platforms, and savings account required for worldwide payroll are crucial factors in attaining service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few problems when things don’t go as prepared. Ultimately, we do not do it for the thankfulness.
anyhow we understand how how important 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 simple as possible for everybody that’s involved in those processes and also so think of sorry I’m just I was simply gon na state imagine the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions imagine getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting job attempting to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to look through them and actually see what was going on and kind of try to return to everyone so proceeding look why do companies select to main separate bank accounts there are Latest Version Papaya Global businesses out there doing exactly this for specific nations and I’ve worked in an organization or lots of organizations doing precisely that I can say it does not constantly feel effective and it does develop more work I know we’re not purposely doing that we’re not developing additional work for any person where we don’t need to and anyone that’s dealing with 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 lots of reasons one is it’s the requirement I believe individuals have got so used to we require a new checking account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the standard and the norm the people have actually embraced and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and numerous other methods 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 requires altering but ultimately individuals are very stuck to what they recognize
with ideal um change is a challenging thing we all don’t like modification um so I think it’s simply sort of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the benefits of having maintaining multiple checking account however there’s a huge amount of intricacy opts for setting up a bank account keeping it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for individual people so the intricacy is substantial but I believe the sincere answer is modification um individuals have not been able to alter or haven’t had always the understanding to truly make that change into alternate Solutions besides opening a checking account I believe you have actually struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to change however we have actually always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what might practically be identified to be the next Century approximately there is a lot to track and this approach does posture numerous obstacles um so Johnny might you inform us about those difficulties yeah naturally 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International workers you should have a corner office with a more detailed parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Latest Version Papaya Global