Over the last five or six years …Papaya Global Test Drive… roles on the service provider side and also on the supplier side from a payroll point of view so really anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just provide everyone another number of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everyone comes from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely very dreary 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 looking at the obstacle years of handling International payroll why companies preserve different
Virtual payroll accounts are an option to traditional savings account for managing payroll payments. This is particularly helpful for international companies with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of keeping different bank accounts for payroll in various countries, virtual accounts and digital wallets provide a more structured option. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are ending up being a tactical asset for payroll executives. We will likewise offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently firmly and on time throughout this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how companies accurately anticipate their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in enough 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 data security and banking guidelines then there are the large numbers they include further complexity the international Workforce is currently three 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 presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing all over the world in the standard payroll model there’s frequently an overwhelming number of various systems leading to time-consuming manual processes and silos the number of Integrations could be non-existent in large amounts and or really really basic there’s no genuine consistency framework we’re living in an age of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply blows my mind every time I I think
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Labor force information in real time that’s another number that provides me sleep deprived nights and rather frankly the more a company spends on international payroll the less of a picture they see a lack of visibility likewise reaches payroll payments and failure to properly track these payments can cause compliance accidents in the last mile of the deal nearly half of international companies have expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry mistakes poorly interacted hires and terminations along with absence management and system setups and then when you round it all off and the data 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 need to move the cash around the world payroll and payments do not run efficiently if they count on the necessary numerous procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles company face when they’re paying to staff members or otherwise that’s a good question I constantly throw this back and say what is it what doesn’t require to be included ideal and what does
it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s complexity anywhere you look right ultimately building a knowledge base is definitely important but all over you look with payroll payment they resemble very payments no if however some children about it you are all superheroes processing payments for payroll if you look at the kind 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 absolutely fundamental and innovation is enabling us to kind of move forward with that it also as well to add to that payroll and financing need to work closer together um with differing Checking account Particulars varying banking requirements and setup processes is absolutely necessary that payroll and financing teams work better together than ever um I’m always amazed when individuals state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll profession would they split the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory third parties so with the
The modern world places a high worth on well-being and the compensation landscape is ending up being increasingly detailed. Companies are continually presenting brand-new benefits and payment alternatives, which adds to the overall complexity. Large corporations often divide their payroll and payment processing into different teams, which can lead to inadequacies and bottlenecks. In my viewpoint, this does not have to hold true. In today’s technically innovative period, there’s no justification for preserving troublesome treatments. Payroll, the business’s most significant cost, need to be processed correctly and on time. Even small delays can negatively impact staff members’ well-being and have far-reaching repercussions. Therefore, it’s vital to prioritize precise and timely payments.
The payroll team may not have actually been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and people just discover when things fail. However, when things go right, it’s seen as simply a routine job. This is how it’s viewed externally also. Therefore, it is essential to ensure that tasks like Wi-Fi Worldwide and other important matters are done correctly. Using the very first Worldwide Payments first payroll payment service is a fantastic initial action towards providing a detailed payroll solution for employees worldwide. Standardization, global procedures, and reducing the variety of tools, platforms, and savings account necessary for international payroll are crucial consider accomplishing company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a few problems when things do not go as planned. Eventually, we do not do it for the thankfulness.
anyhow we know how how important 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 everybody that’s involved in those procedures and likewise so envision sorry I’m just I was simply gon na say picture the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions imagine getting that many thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting task attempting to clean all those up for sure oh definitely 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 check out them and in fact see what was going on and kind of shot to return to everybody so proceeding appearance why do business choose to main different savings account there are Papaya Global Test Drive companies out there doing exactly this for specific nations and I’ve operated in a company or many companies doing precisely 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 producing additional work for any person where we don’t have to and any person that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think numerous factors one is it’s the standard I think people have got so used to we require a 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 think it’s simply been the standard and the standard the people have actually embraced and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and lots of other methods um to to sort of do it so I think there’s a variety I think this is a procedure that requires taking a look at it needs altering however eventually individuals are extremely stuck with what they recognize
with ideal um modification is a challenging thing all of us do not like modification um so I believe it’s simply type of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand obviously the benefits of having preserving numerous bank accounts but there’s a big amount of complexity goes with setting up a bank account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for private people so the complexity is big however I think the honest answer is change um individuals have not had the ability to change or have not had necessarily the understanding to really make that change into alternate Solutions besides opening a bank account I think you’ve hit the nail on the head I believe it is understanding you understand and there is an element of resistance to change however we have actually always done it that way is no genuine reason for not looking at the the benefits and the possibilities of proceeding and moving into you know what could practically be identified to be the next Century or so there is a lot to keep track of and this approach does posture several obstacles um so Johnny might you inform us about those challenges yeah of course so there’s a variety 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International staff members you should have a corner workplace with a closer parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Test Drive