Over the last 5 or six years …Papaya Global Haiti… roles on the provider side and also on the vendor side from a payroll viewpoint so really eagerly anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just offer everybody another couple of uh well among the 30 seconds approximately to join we all 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 already simply to hear where everybody is um it’s nice to to type of like see where everybody comes from and I truly 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 drizzling here it’s very really bleak and I wish I was elsewhere at this moment in time fine so let’s get going our program for today is as follows um we are going to be looking at the difficulty years of managing International payroll why business maintain separate
Virtual payroll accounts are an alternative to traditional checking account for handling payroll payments. This is particularly useful for global organizations with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of keeping separate bank accounts for payroll in various nations, virtual accounts and digital wallets offer 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 strategic asset for payroll executives. We will likewise supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently firmly and on time throughout this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how companies properly anticipate their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be difficult in adequate in one country but when you’re doing it globally it’s next level and Beyond it becomes complicated for a range of factors most significantly policies compliance data security and banking rules then there are the large numbers they include additional complexity the global Labor force is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the world in the traditional payroll design there’s frequently an overwhelming number of various systems leading to lengthy manual procedures and silos the number of Integrations could be non-existent in big amounts and or extremely really basic there’s no real consistency structure we’re residing in an age 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 simply blows my mind whenever I I believe
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of services say they have Workforce data in real time that’s another number that gives me sleep deprived nights and quite honestly the more a company spends on global payroll the less of a photo they see a lack of exposure also extends to payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the transaction almost half of global organizations have revealed that they don’t 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 data information entry mistakes inadequately interacted hires and terminations along with absence management and system configurations and after that when you round everything off and the information is shipped to the incorrect location the average cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money all over the world payroll and payments don’t run efficiently if they rely on the needed several processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles business face when they’re paying to employees or otherwise that’s a good concern I always toss this back and say what is it what doesn’t require to be consisted of ideal and what does
it require 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 have to pay from the client’s own in-country account so there’s intricacy wherever you look best eventually developing a knowledge base is definitely crucial but everywhere you look with payroll payment they are like very payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the sort of link 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 innovation is enabling us to sort of move on with that it likewise as well to add to that payroll and finance require to work closer together um with varying Savings account Details differing banking requirements and setup processes is definitely essential that payroll and financing groups work better together than ever um I’m always astonished when individuals state I have actually divided 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 estimation 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 eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more crucial to contribute to kind of the level of intricacy there’s increasingly more advantages being organ or being offered by businesses throughout the world so again you’re simply aiming to include more and more payments to this currently complex landscape so if you kind of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of real obstacles or genuine challenging kind of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a couple of years I would definitely state that the bigger an organization gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are teams feeding information into the next function as it were that’s actually handling the payment side of things but you know in in my viewpoint and my experience that doesn’t always require to be the case you know long gone are the times where we need to create additional handoffs in the processes that we operate in they simply make them more timely they make them less efficient and they do not make them what they need to be in in an age of tech and a period that you know that we are working in today there is no reason that we are still making this as tough as it requires to be concurred and appropriately as you said payroll is the single most significant liability that any service has from a cost perspective from an effect viewpoint on staff members it is absolutely critical that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the greatest harmful result on people’s well-being and numerous other aspects if individuals aren’t paid uh I’ve always been astonished coming into this Market type of the last five to 10 years is how little thanks the
The payroll group may not have been thanked for properly processing payroll during a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and people only discover when things fail. Nevertheless, when things go right, it’s seen as just a regular job. This is how it’s viewed externally too. For that reason, it is essential to make sure that tasks like Wi-Fi Global and other crucial matters are done correctly. Using the very first International Payments first payroll payment solution is a fantastic preliminary action towards providing a comprehensive payroll solution for employees worldwide. Standardization, worldwide procedures, and decreasing the variety of tools, platforms, and bank accounts needed for global payroll are crucial factors in accomplishing organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of complaints when things do not go as prepared. Eventually, we do not do it for the thankfulness.
anyway we know how how crucial 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 associated with those procedures and likewise so imagine sorry I’m simply I was simply gon na state imagine the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions picture getting that many thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting task attempting to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and in fact see what was going on and kind of try to get back to everybody so moving on appearance why do companies choose to main different checking account there are Papaya Global Haiti services out there doing precisely this for particular countries and I have actually worked in an organization or many services doing exactly that I can state it does not constantly feel effective and it does create more work I understand we’re not intentionally doing that we’re not developing extra work for anyone where we don’t need to and anyone that’s handling that process 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 believe many reasons one is it’s the standard I think people have got so used to we need a brand-new savings account we open an entity and appropriately 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 norm individuals have adopted and continue to do over years and years gone past 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 believe there’s a variety I believe this is a process that needs looking at it needs altering however ultimately individuals are really stuck to what they’re familiar
with ideal um modification is a hard thing we all don’t like change um so I believe it’s just type of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend obviously the benefits of having maintaining multiple checking account but there’s a substantial quantity of intricacy goes with establishing a savings account keeping it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for private people so the complexity is huge but I think the sincere answer is modification um individuals have not been able to alter or have not had necessarily the knowledge to really make that change into alternate Solutions other than opening a savings account I believe you’ve hit the nail on the head I believe it is understanding you understand and there is an aspect of resistance to alter however we have actually always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what could almost be identified to be the next Century or two there is a lot to keep track of and this technique does position numerous challenges um so Johnny might you inform us about those challenges yeah of course so there’s a variety right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has actually gained another CFO, and with this enhanced ability, I have successfully secured payments for our 10,000 staff members worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Haiti