Over the last five or 6 years …P46 Car Papaya Global… functions on the provider side and likewise 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 all right thanks Johnny uh we’ll just provide everybody another couple of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everybody is um it’s nice to to kind 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 raining here it’s very extremely bleak and I want I was elsewhere at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be looking at the challenge years of managing International payroll why companies keep separate
Virtual payroll accounts are an alternative to conventional bank accounts for handling payroll payments. This is particularly useful for international companies with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of keeping different bank accounts for payroll in different countries, virtual accounts and digital wallets use a more structured option. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a strategic possession for payroll executives. We will also provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently firmly and on time throughout this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll savings account how companies accurately anticipate their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in adequate in one nation but when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a variety of reasons most significantly policies compliance information security and banking guidelines then there are the large numbers they add more complexity the worldwide Workforce is presently 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 currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing worldwide in the traditional payroll model there’s often a frustrating variety of various systems resulting in lengthy manual procedures and silos the number of Integrations could be non-existent in large quantities and or really really basic there’s no real consistency framework we’re residing 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 typically with pen and paper and that simply blows my mind every time I I think
about it to give you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force data in real time that’s another number that provides me sleepless nights and rather honestly the more a business spends on international payroll the less of a picture they see an absence of visibility also extends to payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the deal nearly half of international organizations have revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM information information entry errors inadequately interacted hires and terminations in addition to absence management and system setups and after that when you round all of it off and the information is shipped to the incorrect place the typical cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money worldwide payroll and payments don’t run smoothly if they count on the required multiple processes 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 obstacles service face when they’re paying to staff members or otherwise that’s a great question I constantly throw this back and say what is it what doesn’t require to be included right and what does
it need to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s complexity anywhere you look ideal ultimately developing a knowledge base is absolutely vital however all over you look with payroll payment they are like very payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely essential and technology is permitting us to type of progress with that it also as well to contribute to that payroll and financing require to work closer together um with varying Checking account Particulars varying banking requirements and setup procedures is definitely crucial that payroll and financing teams work better together than ever um I’m always amazed when individuals say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as a market 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 information collection all the way through to paying people anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
The contemporary world puts a high worth on wellness and the settlement landscape is ending up being increasingly intricate. Organizations are continuously introducing brand-new benefits and payment choices, which adds to the general intricacy. Big corporations frequently divide their payroll and payment processing into separate groups, which can result in ineffectiveness and bottlenecks. In my opinion, this does not have to hold true. In today’s technologically innovative era, there’s no justification for keeping cumbersome treatments. Payroll, the company’s greatest expense, should be processed properly and on time. Even minor delays can negatively affect employees’ wellness and have significant consequences. Therefore, it’s crucial to prioritize accurate and timely payments.
payroll group get um so I’m not sure anybody on this kind of webinar has actually 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 employees or not um however eventually payroll is such an essential cycle all of us hear about it when it fails everyone jumps up and down when it fails but when it goes right it’s simply a tick box workout and I think 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 things is definitely essential that all of this things is done properly so leveraging the very first Worldwide Payments very first payroll payment service is a great initial step um supplying an end-to-end payroll service for your workers globally once again I believe is another substantial um procedure again aligning and ensuring you have standardization International processes all of those things are definitely crucial to success success of services and lowering the number of tools platforms and checking account 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 had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re suggested to be um I don’t believe any of us are really doing that for for the thanks
anyhow we understand how how essential 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 associated with those procedures and likewise so imagine sorry I’m simply I was just gon na state picture the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions envision getting that many 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 interesting job attempting to clean all those up for sure oh definitely 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 try to look through them and in fact see what was going on and kind of try to return to everybody so proceeding appearance why do companies select to main different checking account there are P46 Car Papaya Global organizations out there doing precisely this for particular countries and I have actually operated in a company or many organizations doing exactly that I can state it doesn’t always feel effective and it does produce more work I understand we’re not purposely doing that we’re not developing additional work for anyone where we don’t have to and anyone that’s handling 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 quantity that we are I think numerous reasons one is it’s the requirement I think people have actually got so used to we need a brand-new bank 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 believe it’s just been the requirement and the norm individuals have actually adopted and continue to do over years and years passed by to add to that people have looked at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a variety I believe this is a procedure that needs looking at it needs altering but eventually individuals are extremely stuck with what they recognize
with right um change is a hard thing all of us do not like modification um so I believe it’s just kind of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand obviously the advantages of having keeping multiple bank accounts but there’s a huge amount of intricacy chooses setting up a bank account maintaining it ensuring it can send International transfers ensuring it’s established with the right user accesses for specific individuals so the complexity is substantial but I believe the honest answer is modification um individuals haven’t had the ability to change or have not had necessarily the understanding to really make that change into alternate Solutions besides opening a savings account I think 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 always done it that way is no real reason for not looking at the the advantages and the possibilities of proceeding and moving into you understand what could almost be figured out to be the next Century approximately there is a lot to monitor and this technique does posture numerous challenges um so Johnny could you tell us about those difficulties yeah naturally so there’s a variety right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually acquired another CFO, and with this boosted ability, I have actually effectively secured payments for our 10,000 employees worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is more detailed, considering your achievements. P46 Car Papaya Global