Over the last five or 6 years …Papaya Global Iraq… functions on the provider side and also on the supplier side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply offer everybody another couple of uh well among the 30 seconds or so to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everyone originates from and I actually do hope it’s much sunnier than it is 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 really very uninspiring and I wish I was elsewhere at this moment in time fine 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 Worldwide payroll why companies preserve different
Virtual payroll accounts are an alternative to conventional checking account for handling payroll payments. This is particularly beneficial for international companies with dispersed and remote workforces, as it simplifies the complex process of cross-border payments. Instead of maintaining different bank accounts for payroll in different nations, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are ending up being a strategic possession for payroll executives. We will also provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently safely and on time during this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll checking account how companies precisely anticipate their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in adequate in one nation but when you’re doing it globally it’s next level and Beyond it becomes intricate for a range of factors most significantly guidelines compliance information security and banking rules then there are the sheer numbers they include additional intricacy the global Workforce is currently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the globe in the standard payroll design there’s typically a frustrating variety of different systems causing lengthy manual processes and silos the variety of Integrations could be non-existent in large quantities and or extremely really basic there’s no real consistency framework we’re residing in a period of tech however 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 every time I I think
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce information in real time that’s another number that gives me sleep deprived nights and rather honestly the more a company spends on global payroll the less of a picture they see a lack of presence also reaches payroll payments and failure to precisely track these payments can lead to compliance mishaps in the last mile of the deal almost half of international organizations have expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry errors poorly interacted hires and terminations in addition to lack management and system setups and after that when you round everything off and the information is shipped to the incorrect location the typical expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash worldwide payroll and payments don’t run efficiently if they count on the needed numerous procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties business face when they’re paying to employees or otherwise that’s a great question I always toss this back and state what is it what does not need to be included best and what does
it require to be thought of 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 wherever you look best ultimately developing a knowledge base is absolutely critical but everywhere you look with payroll payment they resemble incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely basic and innovation is allowing us to kind of move forward with that it also as well to contribute to that payroll and financing require to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is definitely crucial that payroll and financing teams work more detailed together than ever um I’m constantly surprised when individuals state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so often 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 individuals any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being more and more crucial to add to type of the level of intricacy there’s increasingly more advantages being organ or being offered by companies across the world so again you’re simply seeking to include more and more payments to this already intricate landscape so if you sort of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of genuine difficulties or real difficult kind of pay uses to play to pay people I think yeah I indicate over the last well yeah a number of decades I would absolutely say that the bigger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are teams feeding details into the next function as it were that’s in fact handling the payment side of things but you understand in in my opinion and my experience that does not necessarily require to be the case you know long gone are the times where we require to develop additional handoffs at the same times that we operate in they simply make them more timely they make them less effective and they don’t make them what they require to be in in a period of tech and an age that you know that we are operating in today there is no reason that we are still making this as challenging as it requires to be concurred and appropriately as you stated payroll is the single biggest liability that any business has from a cost viewpoint from an effect perspective on employees it is absolutely crucial that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the biggest detrimental impact on individuals’s well-being and many other elements if individuals aren’t paid uh I’ve always been impressed coming into this Market type of the last 5 to 10 years is how little thanks the
The payroll team may not have been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and people just notice when things go wrong. Nevertheless, when things go right, it’s viewed as just a regular task. This is how it’s viewed externally too. For that reason, it is essential to ensure that tasks like Wi-Fi Global and other crucial matters are done correctly. Utilizing the first International Payments very first payroll payment solution is an excellent preliminary step towards offering a thorough payroll service for workers worldwide. Standardization, worldwide processes, and minimizing the variety of tools, platforms, and checking account required for global payroll are crucial consider attaining organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few problems when things don’t go as prepared. Ultimately, we do not do it for the appreciation.
anyway we understand how how important 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 simple as possible for everyone that’s associated with those processes and also so envision sorry I’m just I was simply gon na state imagine the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re discussing hundreds of thousands potentially Millions picture getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating job attempting to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to check out them and in fact see what was going on and kind of shot to get back to everybody so moving on appearance why do companies select to main different bank accounts there are Papaya Global Iraq organizations out there doing exactly this for particular nations and I have actually worked in an organization or many businesses doing exactly that I can say it does not always feel efficient and it does develop more work I know we’re not deliberately doing that we’re not producing extra work for anyone where we don’t have to and any person 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 amount that we are I think many reasons one is it’s the requirement I believe individuals have actually got so utilized to we need a brand-new savings account we open an entity and appropriately so you need it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm individuals have adopted and continue to do over years and years passed by to add to that people 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 think this is a process that needs taking a look at it needs altering however eventually individuals are extremely stuck to what they recognize
with right um change is a challenging thing all of us don’t like change um so I think it’s simply type of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend clearly the benefits of having maintaining multiple checking account but there’s a huge quantity of intricacy chooses establishing a savings account preserving it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for specific people so the complexity is huge however I think the sincere response is modification um people haven’t had the ability to change or haven’t had always the understanding to actually make that change into alternate Solutions aside from opening a checking account I think you’ve hit the nail on the head I think it is understanding you understand 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 benefits and the possibilities of moving on and moving into you understand what might almost be identified to be the next Century approximately there is a lot to track and this method does present a number of difficulties um so Johnny might you inform us about those difficulties 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 manage our payroll and payment jobs on one platform. It feels like our CFO has gained another CFO, and with this boosted capability, I have effectively secured payments for our 10,000 staff members worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global Iraq