Over the last five or six years …Papaya Global Paraguay… roles on the service provider side and likewise on the supplier side from a payroll point of view so really eagerly anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just give everyone another number of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everybody originates from and I truly do hope it’s much sunnier than it is 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 uninspiring and I want I was somewhere else at this moment in time all right so let’s start our program for today is as follows um we are going to be looking at the challenge years of managing International payroll why companies preserve different
Virtual payroll accounts are an option to conventional bank accounts for handling payroll payments. This is particularly helpful for worldwide organizations with dispersed and remote workforces, as it streamlines the complicated process of cross-border payments. Instead of preserving different bank accounts for payroll in various nations, virtual accounts and digital wallets provide a more structured service. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are ending up being a strategic possession for payroll executives. We will likewise provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently safely and on time throughout this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll savings account how business accurately forecast their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in adequate in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a range of reasons most notably guidelines compliance information security and banking guidelines then there are the sheer numbers they add further complexity the global Workforce is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then factor in 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 different systems leading to time-consuming manual procedures and silos the variety of Combinations could be non-existent in large amounts and or extremely very standard there’s no real consistency structure we’re residing in an era of tech however 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 which simply blows my mind every time I I believe
about it to give you a concept of how far there still is to come according to Deloitte just 11 of services state they have Workforce data in real time that’s another number that gives me sleep deprived nights and rather frankly the more a business spends on worldwide payroll the less of a picture they see an absence of exposure also encompasses payroll payments and failure to properly track these payments can lead to compliance mishaps in the last mile of the deal nearly half of global companies have expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM data information entry mistakes improperly interacted 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 expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash worldwide payroll and payments do not run smoothly if they depend on the essential several procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges organization face when they’re paying to employees or otherwise that’s a great concern I constantly toss this back and state what is it what doesn’t require to be consisted of right and what does
it require to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per nation 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 client’s own in-country account so there’s complexity anywhere you look ideal ultimately developing a knowledge base is absolutely vital however all over you look with payroll payment they resemble extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you 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 fundamental and technology is allowing us to sort of move forward with that it also too to add to that payroll and finance require to work closer together um with varying Bank 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 impressed when individuals state I have actually divided 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 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 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 worth on wellness and the payment landscape is becoming progressively elaborate. Organizations are continually introducing new advantages and payment choices, which contributes to the general complexity. Large corporations frequently divide their payroll and payment processing into separate groups, which can cause inadequacies and bottlenecks. In my viewpoint, this doesn’t need to be the case. In today’s technologically innovative age, there’s no validation for maintaining troublesome procedures. Payroll, the business’s most significant cost, should be processed correctly and on time. Even small delays can negatively affect employees’ well-being and have significant effects. For that reason, it’s important to prioritize precise and timely payments.
payroll team get um so I’m not sure anybody on this type of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an essential cycle all of us find out about it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely vital that all of this things is done properly so leveraging the very first International Payments first payroll payment option is a terrific initial step um supplying an end-to-end payroll solution for your employees worldwide again I think is another substantial um procedure again lining up and guaranteeing you have standardization International processes all of those things are absolutely crucial to success success of services and lowering the variety of tools platforms and checking account they require for their Global payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the complaints where things have not gone rather where they’re implied to be um I do not believe any of us are really doing that for for the thanks
anyhow 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 easy as possible for everyone that’s associated with those procedures and likewise so envision sorry I’m just I was simply gon na state imagine 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 speaking about numerous thousands possibly Millions imagine getting that numerous thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating task attempting to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and actually see what was going on and kind of shot to get back to everyone so carrying on appearance why do business pick to main different bank accounts there are Papaya Global Paraguay organizations out there doing precisely this for specific nations and I have actually operated in a service or many companies doing precisely 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 any person where we don’t have to and any person that’s managing that process 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 many factors one is it’s the standard I believe individuals have actually got so utilized to we need a brand-new bank account we open an entity and appropriately so you require it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the standard individuals have embraced and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a range I think this is a procedure that needs looking at it needs altering but ultimately individuals are extremely stuck to what they recognize
with right um change is a tough thing all of us do not like modification um so I believe it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the benefits of having maintaining multiple bank accounts however there’s a huge amount of intricacy goes with establishing a checking account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the ideal user accesses for specific individuals so the intricacy is big but I believe the sincere answer is modification um individuals have not been able to alter or have not had always the understanding to actually make that change into alternate Solutions aside from opening a checking account I believe you have actually struck the nail on the head I believe 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 advantages and the possibilities of proceeding and moving into you understand what might nearly be determined to be the next Century approximately there is a lot to keep an eye on and this method does position a number of challenges um so Johnny could you inform us about those challenges yeah of course so there’s a variety right there is so
I simply 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 Worldwide staff members you should have a corner office with a better parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Paraguay