Over the last 5 or 6 years …Papaya Global Legislation Updates… functions on the supplier side and also on the supplier side from a payroll perspective so really looking forward to this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply give everyone another number of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to kind of like see where everyone originates from and I really 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 raining here it’s very really uninspiring and I want I was elsewhere at this moment in time all right so let’s start our agenda for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why companies keep different
Virtual payroll accounts are an option to conventional savings account for managing payroll payments. This is especially beneficial for international companies with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of maintaining separate checking account for payroll in different nations, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are becoming a tactical property for payroll executives. We will also offer a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively firmly and on time during this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll checking account how business accurately forecast their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in enough in one country however when you’re doing it globally it’s next level and Beyond it ends up being complicated for a range of reasons most notably policies compliance information security and banking guidelines then there are the sheer numbers they add further complexity the global Workforce is currently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing worldwide in the conventional payroll model there’s often a frustrating variety of different systems leading to lengthy manual processes and silos the variety of Integrations could be non-existent in large amounts and or extremely extremely basic there’s no real consistency structure we’re residing 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 typically with pen and paper which simply blows my mind every time I I believe
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Workforce information in real time that’s another number that offers me sleepless nights and quite honestly the more a business invests in international payroll the less of an image they see a lack of presence likewise reaches payroll payments and failure to properly track these payments can cause compliance accidents in the last mile of the deal almost half of international companies have expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information data entry mistakes improperly communicated hires and terminations as well as lack management and system configurations and after that when you round it all off and the information is delivered to the incorrect location the average expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money worldwide payroll and payments do not run efficiently if they depend on the essential numerous procedures systems and partners it is simply not possible so Johnny from a payments point of view 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 good concern I always throw this back and say what is it what doesn’t require to be consisted of ideal 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 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 customer’s own in-country account so there’s complexity any place you look best eventually constructing a knowledge base is absolutely important but all over you look with payroll payment they resemble extremely payments no if but some babies 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 recognition that payroll payments are definitely fundamental and innovation is allowing us to type of move on with that it likewise as well to add to that payroll and financing require to work closer together um with differing Savings account Details differing banking requirements and setup processes is definitely crucial that payroll and finance groups work more detailed together than ever um I’m always astonished when people say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession would they split 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 individuals any place they are however likewise paying statutory authorities and on statutory third parties so with the
The contemporary world puts a high value on wellness and the payment landscape is becoming progressively detailed. Businesses are constantly presenting new advantages and payment choices, which adds to the overall complexity. Big corporations typically divide their payroll and payment processing into separate groups, which can lead to inefficiencies and bottlenecks. In my opinion, this doesn’t need to be the case. In today’s technologically advanced era, there’s no reason for keeping troublesome procedures. Payroll, the business’s greatest expense, should be processed correctly and on time. Even minor hold-ups can negatively affect employees’ wellness and have significant consequences. Therefore, it’s crucial to focus on accurate and timely payments.
payroll group get um so I’m not sure anybody on this type 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 but eventually payroll is such an essential cycle we all hear about it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely essential that all of this things is done correctly so leveraging the very first Worldwide Payments first payroll payment option is a great first step um supplying an end-to-end payroll solution for your staff members globally once again I believe is another big um process once again aligning and ensuring you have standardization Global processes all of those things are absolutely key to success success of companies and reducing the number of tools platforms and savings account they require for their Worldwide payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never ever had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re suggested to be um I do not 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 processes and likewise so picture sorry I’m just I was just gon na state envision the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions think of 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 definitely be a fascinating task attempting to clean up 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 require days of the week to try to browse them and actually see what was going on and type of try to get back to everybody so carrying on look why do companies select to main different bank accounts there are Papaya Global Legislation Updates services out there doing precisely this for particular nations and I have actually worked in a business or many organizations doing precisely that I can say it doesn’t constantly feel effective and it does produce more work I know we’re not deliberately doing that we’re not creating extra work for anyone where we don’t have to and anyone that’s managing 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 believe numerous factors one is it’s the standard I believe people have got so used to we need a new savings account we open an entity and appropriately so you require 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 requirement and the standard the people have actually embraced and continue to do over years and years passed by to add to that individuals have taken a look at things like trust accounts and many other methods um to to kind of do it so I think there’s a range I believe this is a procedure that needs taking a look at it needs changing however eventually individuals are really stuck to what they’re familiar
with ideal um modification is a tough thing all of us don’t like change um so I believe it’s just type of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend certainly the benefits of having maintaining numerous bank accounts but there’s a substantial amount of complexity chooses establishing a savings account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the ideal user accesses for private people so the complexity is substantial but I think the sincere response is change um people haven’t been able to change or haven’t had necessarily the understanding to really make that change into alternate Solutions other than opening a checking account I believe you’ve hit the nail on the head I believe it is understanding you know and there is a component of resistance to change however we have actually constantly done it that way is no real reason for not looking at the the advantages and the possibilities of moving on and moving into you understand what could nearly be figured out to be the next Century or two there is a lot to keep an eye on and this technique does pose several challenges um so Johnny could you inform us about those challenges yeah obviously so there’s a range right there is so
I simply 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 Global staff members you should have a corner workplace with a closer parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Legislation Updates