Over the last five or 6 years …Papaya Globals… roles on the provider side and likewise on the supplier side from a payroll perspective so really eagerly anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply offer everybody another number 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 fascinating and I can see it going on already just to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I truly do hope it’s much sunnier than it is 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 very really dreary and I want I was somewhere else at this moment in time okay so let’s get started our program for today is as follows um we are going to be looking at the challenge years of handling Global payroll why business preserve different
Virtual payroll accounts are an option to conventional bank accounts for managing payroll payments. This is particularly helpful for global companies with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of preserving separate bank accounts for payroll in various countries, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are becoming a tactical possession for payroll executives. We will also provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively safely and on time during this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll checking account how business accurately anticipate their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic possession 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 complicated for a variety of factors most notably regulations compliance information security and banking guidelines then there are the sheer numbers they include more intricacy the international Workforce is presently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing all over the world in the traditional payroll model there’s frequently an overwhelming variety of various systems resulting in lengthy manual procedures and silos the variety of Integrations could be non-existent in large amounts and or very very standard there’s no genuine consistency framework we’re living in an age of tech however 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 just blows my mind each time I I believe
about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Workforce data in real time that’s another number that offers me sleep deprived nights and quite honestly the more a business invests in global payroll the less of an image they see an absence of exposure also extends to payroll payments and inability to accurately track these payments can result in compliance incidents in the last mile of the transaction nearly half of worldwide companies have expressed 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 improperly interacted hires and terminations in addition to absence management and system setups and after that when you round it all off and the information is shipped to the incorrect place the typical expense 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 worldwide payroll and payments don’t run smoothly if they rely on the required numerous 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 obstacles organization face when they’re making payments to staff members or otherwise that’s a great question I always toss this back and say what is it what doesn’t require to be included best and what does
it need to be considered 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 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 anywhere you look ideal eventually developing a knowledge base is absolutely important but everywhere 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 type of link 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 allowing us to type of move forward with that it likewise too to contribute to that payroll and financing require to work closer together um with differing Bank Account Particulars varying banking requirements and setup procedures is definitely necessary that payroll and finance teams work more detailed together than ever um I’m always amazed when people say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory third parties so with the
The modern world places a high worth on well-being and the payment landscape is becoming significantly detailed. Services are continually presenting new benefits and payment options, which contributes to the overall intricacy. Large corporations frequently divide their payroll and payment processing into separate groups, which can lead to ineffectiveness and bottlenecks. In my viewpoint, this does not have to be the case. In today’s highly advanced era, there’s no justification for maintaining troublesome treatments. Payroll, the company’s biggest expense, must be processed properly and on time. Even small hold-ups can negatively impact employees’ wellness and have far-reaching consequences. Therefore, it’s crucial to prioritize accurate and prompt payments.
payroll group get um so I’m uncertain anybody on this kind of webinar has been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such a crucial cycle all of us hear about it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely important that all of this things is done correctly so leveraging the very first Worldwide Payments very first payroll payment option is a fantastic first step um supplying an end-to-end payroll solution for your employees globally once again I think is another big um process once again lining up and ensuring you have standardization International processes all of those things are absolutely crucial to success success of businesses and reducing the number of tools platforms and savings account they require for their Worldwide 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 thousand of them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re implied to be um I do not think any of us are in fact doing that for for the thanks
anyway we understand how how essential 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 simple as possible for everybody that’s associated with those procedures and also so envision sorry I’m simply I was just gon na say envision the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions imagine getting that many thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating job trying to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and actually see what was going on and type of shot to return to everyone so proceeding look why do business select to primary different bank accounts there are Papaya Globals businesses out there doing exactly this for particular countries and I have actually operated in a business or many services doing exactly that I can say it does not constantly feel efficient and it does develop more work I understand we’re not purposely doing that we’re not developing additional work for any person where we don’t need to and anybody that’s handling that procedure I ‘d be interested to hear your ideas 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 got so utilized to we require a brand-new bank account we open an entity and rightly so you require it for payroll purposes however 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 embraced and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and many other methods um to to kind of do it so I believe there’s a variety I believe this is a process that needs looking at it needs changing but eventually people are very stuck to what they’re familiar
with ideal um change is a hard thing we all don’t like change um so I believe it’s simply kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand undoubtedly the benefits of having keeping multiple savings account but there’s a huge quantity of intricacy chooses establishing a checking account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for specific people so the intricacy is substantial however I believe the honest response is change um individuals haven’t been able to change or haven’t had always the knowledge to truly make that change into alternate Solutions aside from opening a checking account I think you have actually hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter but 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 proceeding and moving into you understand what might practically be identified to be the next Century approximately there is a lot to track and this approach does posture several challenges um so Johnny could you inform us about those obstacles yeah of course so there’s a variety right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has acquired another CFO, and with this enhanced capability, I have effectively secured payments for our 10,000 employees worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is better, considering your achievements. Papaya Globals