Over the last five or six years …Paye Portal Papaya Global… functions on the company side and likewise on the supplier side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll simply give everybody another number of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everybody is um it’s nice to to sort 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 sunshine is it it’s not no it’s it’s raining here it’s very really gloomy and I want I was elsewhere at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Worldwide payroll why business preserve separate
Virtual payroll accounts are an alternative to standard checking account for managing payroll payments. This is particularly beneficial for worldwide companies with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of preserving different bank accounts for payroll in different nations, virtual accounts and digital wallets provide 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 property for payroll executives. We will also supply a recap 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 stroll you through the international pros and cons of a payroll wallet versus a payroll checking account how business properly forecast their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in adequate in one nation but when you’re doing it globally it’s next level and Beyond it becomes intricate for a variety of factors most significantly policies compliance data security and banking rules then there are the sheer numbers they include further complexity the global Labor force is presently 3 and a half billion people by 2030 it’s approximated 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 factor in that there are some 230 million companies and growing all doing their own thing around the world in the standard payroll model there’s typically a frustrating number of different systems resulting in time-consuming manual procedures and silos the variety of Combinations could be non-existent in large amounts and or extremely very basic there’s no real consistency structure we’re residing in an age 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 whenever I I believe
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce information in real time that’s another number that gives me sleep deprived nights and quite honestly the more an organization spends on global payroll the less of an image they see an absence of presence likewise encompasses payroll payments and inability to precisely track these payments can result in compliance incidents in the last mile of the transaction almost half of worldwide organizations have expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry errors inadequately interacted hires and terminations in addition to absence management and system setups and then when you round all of it off and the data is shipped to the wrong place the typical expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe payroll and payments don’t run smoothly if they count on the necessary multiple procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties service face when they’re paying to employees or otherwise that’s an excellent question I constantly toss this back and state what is it what does not require to be included best and what does
it need to be thought about there’s differing Bank details 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 need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy any place you look right eventually developing a knowledge base is absolutely important but all over you look with payroll payment they are like super payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the type 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 technology is permitting us to kind of move forward with that it also as well to contribute to that payroll and financing need to work closer together um with varying Savings account Particulars varying banking requirements and setup procedures is definitely vital that payroll and financing teams work closer together than ever um I’m constantly astonished when people say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t 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 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 anywhere 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 becoming significantly elaborate. Services are constantly presenting new advantages and payment choices, which adds to the overall intricacy. Big corporations frequently divide their payroll and payment processing into separate teams, which can result in inefficiencies and bottlenecks. In my opinion, this does not have to be the case. In today’s highly innovative era, there’s no justification for maintaining troublesome procedures. Payroll, the business’s greatest expense, should be processed properly and on time. Even minor hold-ups can negatively affect employees’ well-being and have significant effects. For that reason, it’s critical to focus on accurate and timely payments.
payroll group get um so I’m not exactly sure anybody on this sort of webinar has been told 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 staff members or not um but eventually payroll is such an essential cycle we all hear about it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely important that all of this stuff is done properly so leveraging the first Worldwide Payments very first payroll payment service is an excellent first step um offering an end-to-end payroll option for your workers internationally again I believe is another big um process once again aligning and ensuring you have standardization Worldwide procedures all of those things are definitely essential to success success of organizations and decreasing the number of tools platforms and savings account 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 ever had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the problems where things have not gone quite where they’re implied to be um I do not believe any of us are really doing that for for the thanks
anyhow we know how how essential a function 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 likewise so imagine sorry I’m simply I was simply gon na say imagine the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions think of getting that numerous thank you notes um I mean 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 absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to look through them and really see what was going on and sort of try to return to everyone so carrying on appearance why do business pick to main separate bank accounts there are Paye Portal Papaya Global businesses out there doing exactly this for particular nations and I have actually operated in a business or lots of businesses doing exactly that I can state it does not constantly feel effective and it does develop more work I know we’re not intentionally doing that we’re not creating additional work for anybody where we do not need to and anybody that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I think numerous reasons one is it’s the requirement I think individuals have got so used to we need a brand-new bank account we open an entity and appropriately so you need it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the requirement 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 taken a look at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a variety I think this is a procedure that requires taking a look at it requires changing but eventually individuals are really stuck with what they recognize
with best um change is a challenging thing we all don’t like modification um so I think it’s simply sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand clearly the benefits of having preserving numerous bank accounts however there’s a substantial amount of intricacy chooses establishing a checking account maintaining it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for individual people so the complexity is big but I think the sincere answer is modification um individuals have not had the ability to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions besides opening a savings account I think you have actually hit the nail on the head I think 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 genuine excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what could almost be figured out to be the next Century approximately there is a lot to keep track of and this method does posture several obstacles um so Johnny might you tell us about those challenges yeah obviously so there’s a range right there is so
I just did you changed 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 office with a better parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Paye Portal Papaya Global