Over the last 5 or six years …Papaya Global Education… roles on the service provider side and also on the supplier side from a payroll point of view so actually anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just provide everyone another number of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather fascinating 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 originates from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely extremely bleak and I want I was elsewhere at this moment in time okay so let’s start 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 business maintain separate
Virtual payroll accounts are an option to traditional checking account for handling payroll payments. This is particularly beneficial for international companies with dispersed and remote labor forces, as it simplifies the complicated process of cross-border payments. Instead of preserving separate savings account for payroll in various countries, virtual accounts and digital wallets use a more structured option. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a tactical property for payroll executives. We will also provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively safely and on time throughout this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how companies precisely anticipate their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in enough in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes complex for a range of reasons most significantly regulations compliance information security and banking rules then there are the sheer numbers they include further intricacy the global Labor force is presently three 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 around the globe in the traditional payroll design there’s often an overwhelming number of various systems leading to time-consuming manual processes and silos the number of Combinations could be non-existent in big quantities and or very really standard there’s no genuine consistency structure we’re living in an era of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which simply blows my mind every time I I believe
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force information in real time that’s another number that offers me sleepless nights and quite frankly the more a business spends on global payroll the less of a picture they see a lack of exposure likewise reaches payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the deal nearly half of global companies have actually revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry errors improperly communicated hires and terminations as well as absence management and system configurations and after that when you round it all off and the data is delivered to the incorrect place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash worldwide payroll and payments don’t run efficiently if they rely on the needed multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges organization face when they’re making payments to workers or otherwise that’s a great question I constantly toss this back and say what is it what doesn’t need to be consisted of ideal and what does
it require to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per country 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 have to pay from the client’s own in-country account so there’s complexity any place you look ideal ultimately constructing a knowledge base is definitely vital however all over you look with payroll payment they are like extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and technology is enabling us to kind of move on with that it also also to contribute to that payroll and finance require to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is absolutely vital that payroll and finance groups work more detailed together than ever um I’m constantly amazed when people say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation 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 often 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 also paying statutory authorities and on statutory third parties so with the
The modern world puts a high value on wellness and the settlement landscape is ending up being progressively intricate. Organizations are continuously presenting new advantages and payment options, which contributes to the total complexity. Big corporations often divide their payroll and payment processing into separate groups, which can result in inefficiencies and bottlenecks. In my opinion, this does not need to be the case. In today’s highly innovative period, there’s no justification for keeping cumbersome procedures. Payroll, the company’s biggest expenditure, should be processed properly and on time. Even minor delays can adversely affect workers’ wellness and have significant repercussions. Therefore, it’s critical to prioritize accurate and prompt payments.
payroll group get um so I’m not exactly sure anyone on this type of webinar has been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an important cycle all of us become aware of it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely essential that all of this stuff is done correctly so leveraging the very first Global Payments very first payroll payment service is a fantastic initial step um supplying an end-to-end payroll service for your employees internationally again I believe is another big um process again lining up and ensuring you have standardization Worldwide procedures all of those things are definitely essential to success success of services and lowering the variety of tools platforms and bank accounts they require for their International payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone rather where they’re implied to be um I do not believe any of us are in fact doing that for for the thanks
anyway we know 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 everyone that’s associated with those procedures and also so imagine sorry I’m just I was simply gon na state envision the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions picture getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating job attempting to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and really see what was going on and type of try to return to everyone so proceeding look why do business pick to main different checking account there are Papaya Global Education services out there doing precisely this for specific nations and I’ve worked in a company or many services doing exactly that I can state it doesn’t 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 do not have to and any person 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 amount that we are I think many factors one is it’s the requirement I think individuals have actually got so used to we need a new checking account we open an entity and rightly so you need 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 adopted and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and lots of other ways um to to kind of do it so I think there’s a variety I believe this is a process that needs looking at it requires altering but eventually individuals are extremely stuck to what they recognize
with ideal um change is a tough thing all of us don’t like change um so I think it’s just kind of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend clearly the advantages of having keeping numerous savings account but there’s a huge amount of intricacy opts for setting up a savings account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the ideal user accesses for specific individuals so the complexity is substantial but I believe the sincere response is change um individuals haven’t been able to change or have not had necessarily the knowledge to really make that change into alternate Solutions other than opening a checking account I believe you have actually struck the nail on the head I think it is knowledge you know and there is an aspect of resistance to change however we’ve always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might practically be determined to be the next Century or so there is a lot to keep track of and this method does position a number of obstacles um so Johnny might you inform us about those difficulties yeah obviously so there’s a range right there is so
I just did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide staff members you should have a corner office with a more detailed parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Education