Over the last five or six years …Papaya Global Bangladesh… roles on the service provider side and also on the supplier side from a payroll point of view so really anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply give everybody another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everybody comes from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very very bleak and I want I was somewhere else at this moment in time alright so let’s get going our program for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why companies preserve separate
Virtual payroll accounts are an alternative to standard bank accounts for managing payroll payments. This is especially useful for worldwide organizations with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of maintaining different savings 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 discuss why they are ending up being a strategic property for payroll executives. We will also offer a wrap-up 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 during this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how companies accurately anticipate their payroll expenses to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in enough in one nation but when you’re doing it internationally it’s next level and Beyond it becomes complex for a variety of factors most significantly policies compliance information security and banking guidelines then there are the sheer numbers they add additional intricacy the global Labor force is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 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 worldwide in the conventional payroll model there’s often a frustrating variety of various systems resulting in time-consuming manual procedures and silos the number of Integrations could be non-existent in big quantities and or extremely extremely basic there’s no real consistency framework we’re living in a period of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which simply blows my mind every time I I think
about it to provide 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 frankly the more a service spends on worldwide payroll the less of a picture they see a lack of exposure also reaches payroll payments and inability to properly track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of worldwide organizations have revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM data data entry mistakes inadequately communicated hires and terminations in addition to absence management and system configurations and then when you round everything off and the data is delivered to the incorrect location the typical cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments do not run smoothly if they count on the needed numerous processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges organization face when they’re making payments to workers or otherwise that’s a good concern I constantly toss this back and say what is it what doesn’t need to be included ideal and what does
it require to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment timespan 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 consumer’s own in-country account so there’s intricacy wherever you look best eventually building a knowledge base is absolutely crucial however all over you look with payroll payment they resemble extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the type 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 definitely basic and innovation is permitting us to type of move forward with that it likewise also to add to that payroll and finance require to work closer together um with differing Bank Account Details differing banking requirements and setup procedures is absolutely vital that payroll and financing groups work better together than ever um I’m always surprised when individuals say 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 profession would they split 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 procedure it’s the point of information collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world positions a high value on well-being and the payment landscape is ending up being progressively complex. Services are continuously introducing brand-new advantages and payment choices, which contributes to the overall intricacy. Large corporations typically divide their payroll and payment processing into different teams, which can result in inefficiencies and bottlenecks. In my viewpoint, this doesn’t need to be the case. In today’s highly advanced period, there’s no justification for keeping troublesome procedures. Payroll, the company’s biggest cost, need to be processed correctly and on time. Even minor hold-ups can adversely impact staff members’ well-being and have far-reaching consequences. For that reason, it’s vital to focus on accurate and timely payments.
The payroll team may not have been thanked for properly processing payroll during a webinar. If anyone has actually 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 only see when things fail. Nevertheless, when things go right, it’s viewed as just a regular task. This is how it’s perceived externally also. For that reason, it is important to guarantee that tasks like Wi-Fi International and other important matters are done correctly. Using the very first Worldwide Payments first payroll payment solution is a fantastic initial action towards offering a detailed payroll solution for staff members worldwide. Standardization, worldwide procedures, and decreasing the variety of tools, platforms, and checking account essential for worldwide payroll are essential consider achieving company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few problems when things don’t go as planned. Eventually, we do not do it for the appreciation.
anyhow we understand how how important a function 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 everyone that’s involved in those processes and likewise so envision sorry I’m just I was just gon na state picture the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions think of getting that many thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting task 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 require days of the week to try to look through them and in fact see what was going on and sort of shot to return to everybody so carrying on appearance why do companies choose to primary separate savings account there are Papaya Global Bangladesh services out there doing precisely this for particular nations and I have actually worked in a company or lots of services doing precisely that I can state it doesn’t constantly feel efficient and it does create more work I understand we’re not intentionally doing that we’re not creating additional work for anybody where we don’t have to and anyone that’s handling that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think lots of factors one is it’s the standard I believe people have got so utilized to we need a new checking account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm the people have embraced and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and lots of other methods um to to type of do it so I think there’s a variety I believe this is a procedure that needs looking at it requires changing however eventually people are extremely stuck with what they’re familiar
with ideal um change is a difficult thing all of us don’t like change um so I think it’s simply type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand certainly the advantages of having preserving several savings account however there’s a substantial quantity of intricacy goes with establishing a bank account preserving it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for specific individuals so the intricacy is big however I think the truthful response is change um people haven’t been able to change or have not had always the understanding to really make that change into alternate Solutions besides opening a bank account I think you have actually struck the nail on the head I think it is understanding you understand and there is an element of resistance to alter however we’ve constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of proceeding and moving into you understand what could almost be determined to be the next Century approximately there is a lot to keep track of and this method does position a number of difficulties um so Johnny might you inform us about those challenges yeah obviously so there’s a variety right there is so
I recently made a modification 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 gained another CFO, and with this enhanced capability, I have successfully protected payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Bangladesh