Over the last five or six years …Papaya Global Tiger… roles on the company side and also on the vendor side from a payroll perspective so really eagerly anticipating this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just give everybody another couple of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll type 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 everyone originates from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very extremely uninspiring and I want I was somewhere else at this moment in time alright 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 Worldwide payroll why companies maintain different
Virtual payroll accounts are an option to standard bank accounts for handling payroll payments. This is especially useful for international companies with dispersed and remote workforces, as it simplifies the complex procedure of cross-border payments. Instead of maintaining separate checking account for payroll in different nations, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a strategic asset for payroll executives. We will likewise supply a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly effectively securely 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 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 asset so payroll can be challenging in adequate in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being complex for a variety of reasons most significantly policies compliance data security and banking guidelines then there are the sheer numbers they include further complexity the global Workforce is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing worldwide in the standard payroll model there’s often a frustrating variety of various systems leading to time-consuming manual processes and silos the variety of Combinations could be non-existent in large quantities and or very really fundamental there’s no real consistency framework we’re residing in a period of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind each time I I believe
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force data in real time that’s another number that gives me sleepless nights and quite honestly the more a service spends on worldwide payroll the less of a picture they see a lack of presence likewise encompasses payroll payments and failure to properly track these payments can lead to compliance incidents in the last mile of the transaction nearly half of worldwide companies have actually expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM information data entry mistakes badly communicated hires and terminations as well as lack management and system configurations and after that when you round all of it off and the data is shipped to the incorrect place the average expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the globe payroll and payments do not run efficiently if they rely on the required several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties organization face when they’re paying to workers or otherwise that’s an excellent concern I constantly toss this back and say what is it what doesn’t need to be included best 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 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 have to pay from the customer’s own in-country account so there’s complexity anywhere you look best eventually constructing a knowledge base is absolutely important but everywhere you look with payroll payment they are like incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely fundamental and technology is permitting us to kind of move forward with that it also also to add to that payroll and finance need to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is absolutely vital that payroll and financing teams work more detailed together than ever um I’m always impressed when individuals say I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from estimation 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 eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory third parties so with the
The modern world positions a high worth on well-being and the settlement landscape is becoming progressively detailed. Businesses are continually introducing brand-new benefits and payment options, which contributes to the overall intricacy. Big corporations typically divide their payroll and payment processing into different teams, which can lead to inadequacies and traffic jams. In my viewpoint, this does not have to be the case. In today’s highly advanced age, there’s no validation for maintaining troublesome treatments. Payroll, the business’s greatest expenditure, need to be processed correctly and on time. Even slight hold-ups can adversely affect workers’ well-being and have far-reaching consequences. Therefore, it’s vital to focus on precise and timely payments.
The payroll group might not have been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and people only observe when things go wrong. Nevertheless, when things go right, it’s seen as just a routine job. This is how it’s viewed externally also. For that reason, it is necessary to ensure that jobs like Wi-Fi International and other important matters are done correctly. Utilizing the very first Worldwide Payments very first payroll payment service is a terrific initial action towards providing a thorough payroll option for employees worldwide. Standardization, international processes, and reducing the number of tools, platforms, and savings account necessary for global payroll are crucial factors in achieving business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a few complaints when things don’t go as planned. Ultimately, we do not do it for the thankfulness.
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 easy as possible for everybody that’s involved in those processes and also so imagine sorry I’m just I was simply gon na say imagine 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 talking about numerous thousands possibly Millions envision getting that lots of thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing job trying to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and actually see what was going on and sort of try to return to everyone so moving on look why do companies select to primary different bank accounts there are Papaya Global Tiger businesses out there doing precisely this for particular countries and I have actually operated in a service or many companies doing precisely that I can state it does not always feel effective and it does develop more work I know we’re not intentionally doing that we’re not creating additional work for anybody where we don’t need to and anyone that’s managing 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 amount that we are I think lots of reasons one is it’s the standard I think people have got so used to we need a new savings account we open an entity and rightly 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 simply been the standard and the norm the people have actually adopted and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a variety I think this is a procedure that needs looking at it needs altering but eventually individuals are really stuck to what they’re familiar
with right um modification is a hard thing all of us don’t like modification um so I believe it’s just type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend clearly the advantages of having preserving several bank accounts but there’s a big amount of complexity goes with setting up a checking account keeping it ensuring it can send International transfers ensuring it’s established with the right user accesses for specific people so the intricacy is huge however I believe the honest response is modification um people have not been able to alter or haven’t had necessarily the understanding to truly make that change into alternate Solutions other than opening a bank account I believe you have actually hit the nail on the head I think it is understanding you know and there is an element of resistance to alter but we’ve always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of moving on and moving into you understand what could practically be identified to be the next Century approximately there is a lot to keep track of and this technique does position several obstacles um so Johnny could you inform us about those challenges yeah of course so there’s a variety right there is so
I just did you switched our Enterprise 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 employees you should have a corner workplace with a better parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Tiger