Over the last 5 or 6 years …Papaya Global Uruguay… functions on the supplier side and also on the vendor side from a payroll perspective so actually looking forward to this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I actually do hope it’s much sunnier than it is 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 really really dreary and I wish 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 challenge years of handling Global payroll why business maintain separate
Virtual payroll accounts are an option to standard checking account for handling payroll payments. This is especially beneficial for worldwide companies with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of keeping different bank accounts for payroll in different 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 ending up being a strategic asset for payroll executives. We will likewise offer a wrap-up 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 walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll checking account how companies precisely anticipate their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in sufficient in one country but when you’re doing it internationally it’s next level and Beyond it becomes intricate for a range of factors most significantly regulations compliance information security and banking rules then there are the large numbers they add further intricacy the global Workforce is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing all over the world in the traditional payroll model there’s typically an overwhelming variety of various systems resulting in lengthy manual procedures and silos the number of Integrations could be non-existent in large quantities and or really very basic there’s no real consistency framework we’re residing in an era of tech but payroll has been sluggish 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 each 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 services state they have Workforce information in real time that’s another number that gives me sleepless nights and rather frankly the more a business invests in international payroll the less of a picture they see an absence of exposure 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 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 errors are due to time reporting bad HCM information information entry mistakes badly communicated hires and terminations as well as absence management and system setups and after that when you round everything off and the data is shipped to the wrong place the average cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments do not run smoothly if they count on the needed several processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges organization face when they’re paying to employees or otherwise that’s an excellent concern I constantly toss this back and say what is it what doesn’t need to be consisted of ideal and what does
it require to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per nation 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 need to pay from the customer’s own in-country account so there’s complexity any place you look ideal ultimately building a knowledge base is absolutely important however everywhere you look with payroll payment they are like super payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is permitting us to kind of move forward with that it likewise also to contribute to that payroll and financing need to work closer together um with varying Savings account Details varying banking requirements and setup procedures is definitely crucial that payroll and financing groups work better together than ever um I’m constantly surprised when individuals say I’ve 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 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 ultimately it’s payroll is an end-to-end procedure it’s the point of information 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-day world positions a high worth on well-being and the payment landscape is becoming progressively detailed. Businesses are continuously presenting new advantages and payment alternatives, which adds to the total intricacy. Big corporations frequently divide their payroll and payment processing into different teams, which can lead to ineffectiveness and bottlenecks. In my viewpoint, this does not need to hold true. In today’s highly innovative era, there’s no validation for keeping troublesome treatments. Payroll, the company’s biggest expense, need to be processed properly and on time. Even minor hold-ups can negatively impact workers’ well-being and have far-reaching consequences. Therefore, it’s critical to focus on precise and timely payments.
payroll group get um so I’m not sure anyone on this sort of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um but eventually payroll is such a crucial 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 think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely crucial that all of this stuff is done correctly so leveraging the very first International Payments first payroll payment option is a terrific primary step um offering an end-to-end payroll option for your workers globally again I believe is another huge um process again lining up and guaranteeing you have standardization International procedures all of those things are definitely essential to success success of companies and decreasing the number of tools platforms and bank accounts they need 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 have actually never had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things have not gone quite where they’re indicated to be um I do not think any of us are in fact doing that for for the thanks
anyhow we know how how crucial 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 everybody that’s associated with those processes and also so picture sorry I’m just I was just gon na state think of the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re talking about numerous thousands potentially Millions picture getting that lots of thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting job attempting to clean up 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 look through them and actually see what was going on and sort of shot to get back to everyone so moving on appearance why do business pick to primary different bank accounts there are Papaya Global Uruguay services out there doing precisely this for particular nations and I have actually operated in an organization or numerous organizations doing precisely that I can state it doesn’t constantly feel efficient and it does create more work I know we’re not deliberately doing that we’re not producing extra work for any person where we do not have to and anyone that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I believe numerous factors one is it’s the standard I believe people have actually got so used to we need a new bank account we open an entity and rightly so you require 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 standard and the standard the people have adopted and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a variety I think this is a process that requires taking a look at it requires changing but ultimately people are really stuck with what they’re familiar
with right um modification is a hard thing all of us do not like modification um so I believe it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand certainly the advantages of having keeping numerous bank accounts but there’s a substantial amount of intricacy opts for setting up a checking account keeping it ensuring it can send out International transfers ensuring it’s established with the best user accesses for specific people so the complexity is substantial but I think the truthful answer is change um people have not had the ability to alter or haven’t had necessarily the understanding to really make that change into alternate Solutions other than opening a bank 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 change however we have actually always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what might nearly be determined to be the next Century or so there is a lot to keep track of and this approach does position a number of obstacles um so Johnny might you tell us about those difficulties yeah obviously so there’s a range right there is so
I simply did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you deserve a corner office with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Uruguay