Over the last five or six years …Papaya Global Uzbekistan… roles on the supplier side and also on the vendor side from a payroll perspective so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply give everybody 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 sort of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everybody originates from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely extremely bleak and I wish I was somewhere else at this moment in time alright so let’s start our program for today is as follows um we are going to be looking at the difficulty years of handling International payroll why business maintain different
Virtual payroll accounts are an option to conventional bank accounts for handling payroll payments. This is especially beneficial for global organizations with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of maintaining different checking account for payroll in different nations, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are ending up being a strategic property for payroll executives. We will also offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently securely and on time throughout this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how business properly forecast their payroll expenses to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in adequate in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a range of reasons most significantly regulations compliance data security and banking guidelines then there are the sheer numbers they add more complexity the worldwide Labor force is presently 3 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 companies and growing all doing their own thing worldwide in the conventional payroll design there’s typically a frustrating number of various systems causing time-consuming manual procedures and silos the number of Combinations could be non-existent in large quantities and or extremely very standard there’s no real consistency structure we’re living in an era of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which just blows my mind every time I I believe
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force information in real time that’s another number that provides me sleepless nights and quite frankly the more a service spends on global payroll the less of an image they see an absence of exposure also extends to payroll payments and inability to precisely track these payments can result in compliance mishaps in the last mile of the transaction nearly half of international businesses have expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry mistakes badly interacted hires and terminations in addition to lack management and system configurations and after that when you round all of it off and the data is shipped to the wrong location the average cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money all over the world payroll and payments do not run efficiently if they depend on the essential multiple processes 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 organization face when they’re paying to workers or otherwise that’s a good concern I constantly throw this back and state what is it what does not require to be included best and what does
it need to be considered there’s varying Bank information 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 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 right eventually building a knowledge base is absolutely important but all over you look with payroll payment they resemble incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely basic and innovation is allowing us to sort of progress with that it also also to contribute to that payroll and financing need to work closer together um with differing Checking account Details differing banking requirements and setup procedures is definitely imperative that payroll and finance teams work closer together than ever um I’m constantly astonished when people say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate 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 typically 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 any place they are however also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world places a high value on well-being and the payment landscape is ending up being significantly elaborate. Businesses are continually presenting brand-new advantages and payment options, which adds to the overall complexity. Big corporations often divide their payroll and payment processing into separate teams, which can cause inadequacies and bottlenecks. In my opinion, this does not have to hold true. In today’s highly innovative period, there’s no justification for keeping cumbersome procedures. Payroll, the business’s biggest cost, should be processed correctly and on time. Even minor delays can negatively affect workers’ well-being and have far-reaching repercussions. Therefore, it’s critical to prioritize accurate and prompt payments.
payroll group get um so I’m unsure anybody on this type of webinar has been informed 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 ultimately payroll is such an important cycle all of us hear about it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely crucial that all of this stuff is done properly so leveraging the first International Payments first payroll payment solution is a great initial step um supplying an end-to-end payroll service for your employees globally once again I believe is another substantial um procedure again aligning and guaranteeing you have standardization International procedures all of those things are absolutely key to success success of businesses and decreasing the variety of tools platforms and savings account they need for their International 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 had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things have not gone rather where they’re indicated to be um I don’t believe any of us are actually 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 simple as possible for everybody that’s involved in those procedures and also so picture sorry I’m just I was just gon na say imagine the quantity 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 hundreds of thousands potentially Millions think of getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting job trying to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and really see what was going on and type of shot to get back to everybody so moving on look why do business choose to main different bank accounts there are Papaya Global Uzbekistan businesses out there doing exactly this for particular countries and I’ve worked in a company or lots of companies doing precisely that I can state it does not always feel efficient and it does produce more work I understand we’re not purposely doing that we’re not creating additional work for anybody where we do not need to and any person that’s handling 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 amount that we are I believe many reasons one is it’s the standard I think individuals have got so utilized to we require a new savings account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm the people have embraced and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a range I believe this is a procedure that requires looking at it requires changing however ultimately individuals are very stuck to what they recognize
with right um change is a tough thing all of us do not like change um so I believe it’s just kind of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the advantages of having maintaining several checking account however there’s a huge amount of intricacy chooses establishing a savings account preserving it ensuring it can send International transfers ensuring it’s established with the right user accesses for private people so the complexity is huge but I believe the sincere answer is change um individuals have not been able to change or haven’t had necessarily the understanding to actually make that change into alternate Solutions aside from opening a bank account I believe you’ve hit the nail on the head I believe it is understanding you understand and there is a component of resistance to alter but we have actually constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could nearly be figured out to be the next Century approximately there is a lot to track and this technique does present a number of obstacles 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 Business 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 International staff members you should have a corner office with a more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Uzbekistan