Over the last 5 or 6 years …Completely Remove Papaya Global… roles on the service provider side and likewise on the supplier side from a payroll viewpoint so really looking forward to this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just offer everyone another couple of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to kind of like see where everyone 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 raining here it’s very really bleak and I want I was elsewhere at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be looking at the difficulty years of handling International payroll why companies preserve separate
Virtual payroll accounts are an alternative to standard checking account for managing payroll payments. This is particularly useful for worldwide companies with dispersed and remote labor forces, as it simplifies the intricate process of cross-border payments. Instead of keeping different bank accounts for payroll in different countries, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a strategic possession for payroll executives. We will likewise supply a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively firmly and on time during this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how companies accurately anticipate their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in sufficient in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes complex for a range of reasons most significantly regulations compliance data security and banking rules then there are the sheer numbers they add additional intricacy the worldwide Labor force 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 people that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing around the globe in the standard payroll model there’s frequently a frustrating number of various systems causing lengthy manual procedures and silos the variety of Integrations could be non-existent in big amounts and or extremely very fundamental there’s no real consistency structure we’re living in a period 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 which just blows my mind whenever I I think
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce information in real time that’s another number that gives me sleep deprived nights and rather honestly the more a service spends on international payroll the less of a picture they see a lack of presence also encompasses payroll payments and failure to accurately track these payments can result in compliance incidents in the last mile of the deal almost half of global services have expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry mistakes badly communicated hires and terminations in addition to absence management and system configurations and then when you round everything off and the data is shipped to the incorrect location the average cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the world payroll and payments don’t run efficiently if they depend on the required several procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles company face when they’re making payments to employees or otherwise that’s a good concern I always toss this back and state what is it what doesn’t require to be included ideal 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 nation there’s payment time frames there’s payment capabilities 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 intricacy any place you look right ultimately constructing a knowledge base is absolutely crucial but all over you look with payroll payment they are like very 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 believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is allowing us to type of move forward with that it likewise as well to add to that payroll and finance need to work closer together um with varying Savings account Details differing banking requirements and setup processes is definitely imperative that payroll and financing teams work more detailed together than ever um I’m always surprised when people state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation 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 process it’s the point of information collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being more and more important to add to kind of the level of complexity there’s more and more advantages being organ or being provided by services across the world so once again you’re simply wanting to add a growing number of payments to this currently complicated landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of genuine obstacles or genuine challenging kind of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a number of years I would absolutely state that the larger a business gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are groups feeding info into the next function as it were that’s really handling the payment side of things but you understand in in my opinion and my experience that doesn’t always require to be the case you know long gone are the times where we need to develop additional handoffs in the processes that we operate in they just make them more prompt they make them less effective and they don’t make them what they need to be in in an era of tech and a period that you know that we are working in today there is no reason why we are still making this as challenging as it requires to be agreed and appropriately as you said payroll is the single biggest liability that any organization has from an expense viewpoint from an impact viewpoint on workers it is definitely vital that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the most significant harmful effect on people’s well-being and lots of other elements if people aren’t paid uh I’ve always been surprised coming into this Market kind of the last 5 to 10 years is how little thanks the
The payroll group might not have been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and individuals only see when things fail. Nevertheless, when things go right, it’s seen as just a regular task. This is how it’s perceived externally too. Therefore, it is vital to make sure that tasks like Wi-Fi International and other crucial matters are done correctly. Utilizing the very first Global Payments first payroll payment solution is a great preliminary action towards offering an extensive payroll solution for employees worldwide. Standardization, global processes, and reducing the variety of tools, platforms, and checking account required for international payroll are key consider attaining organization success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few grievances when things do not go as prepared. Ultimately, we don’t do it for the thankfulness.
anyhow we know how how crucial 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 easy as possible for everybody that’s involved in those procedures and also so envision sorry I’m simply I was simply gon na state picture the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re discussing numerous thousands potentially Millions imagine getting that many thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting task attempting to clean up 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 need days of the week to try to browse them and actually see what was going on and sort of shot to get back to everybody so moving on appearance why do business select to primary separate savings account there are Completely Remove Papaya Global companies out there doing exactly this for particular countries and I’ve operated in an organization or numerous services doing precisely that I can say it does not always feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not producing additional work for anyone where we do not need to and anybody that’s dealing with 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 quantity that we are I believe numerous reasons one is it’s the requirement I believe individuals have actually got so utilized to we need a brand-new bank account we open an entity and rightly so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the norm the people have actually embraced and continue to do over years and years passed by to add to that individuals have taken a look at things like trust accounts and many other methods um to to kind of do it so I think there’s a variety I believe this is a procedure that needs looking at it requires altering however ultimately individuals are extremely stuck with what they recognize
with right um change is a challenging thing we all do not like change 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 comprehend certainly the benefits of having preserving several bank accounts however there’s a substantial amount of intricacy opts for establishing a bank account maintaining it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for specific people so the intricacy is substantial but I believe the sincere response is modification um people haven’t been able to change or have not had always the knowledge to really make that change into alternate Solutions besides opening a bank account I believe you have actually hit the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to change however we’ve always done it that way is no real excuse for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could almost be identified to be the next Century or two there is a lot to keep track of and this method does pose several difficulties um so Johnny could you tell us about those obstacles yeah of course so there’s a variety 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global workers you deserve a corner workplace with a better parking space since I mastered Global payroll and payments with Papaya payroll OS did you Completely Remove Papaya Global