Over the last 5 or six years …Papaya Global Cannot Find The File Specified… roles on the supplier side and likewise on the supplier side from a payroll point of view so actually anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply offer everybody another number of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everybody originates from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely extremely uninspiring and I wish I was elsewhere at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be looking at the difficulty years of managing International payroll why business preserve separate
Virtual payroll accounts are an option to conventional savings account for handling payroll payments. This is particularly beneficial for international organizations with dispersed and remote labor forces, as it streamlines the complicated process of cross-border payments. Instead of maintaining different bank accounts for payroll in different countries, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are becoming a strategic asset for payroll executives. We will also offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively safely and on time throughout this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll bank account how business precisely anticipate their payroll costs 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 challenging in adequate in one nation but when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a variety of reasons most importantly guidelines compliance information security and banking guidelines then there are the large numbers they add 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 more 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing around the globe in the standard payroll design there’s often an overwhelming variety of various systems leading to lengthy manual procedures and silos the number of Combinations could be non-existent in large quantities and or very really standard there’s no real consistency structure we’re living in a period of tech but payroll has been sluggish 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 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 organizations state they have Workforce data in real time that’s another number that provides me sleep deprived nights and quite honestly the more a business invests in international payroll the less of a picture they see a lack of presence also encompasses payroll payments and inability to properly track these payments can lead to compliance accidents in the last mile of the transaction almost half of worldwide companies have revealed 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 errors poorly communicated hires and terminations along with absence management and system configurations and after that when you round everything off and the data is delivered to the incorrect location the average cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash all over the world payroll and payments do not run smoothly if they count on the needed numerous 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 service face when they’re paying to workers or otherwise that’s a good question I always throw this back and say what is it what doesn’t need to be consisted of right and what does
it require 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 timespan there’s payment capabilities 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 intricacy wherever you look right eventually developing a knowledge base is absolutely important however everywhere you look with payroll payment they are like extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is allowing us to kind of move on with that it also also to add to that payroll and financing require to work closer together um with varying Checking account Particulars differing banking requirements and setup processes is definitely imperative that payroll and financing groups work more detailed together than ever um I’m always amazed when individuals state I have actually divided 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 divide the payroll payment from computation 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more crucial to contribute to sort of the level of intricacy there’s a growing number of advantages being organ or being offered by businesses throughout the world so once again you’re just looking to add a growing number of payments to this already intricate landscape so if you type of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of real obstacles or real tough sort of pay utilizes to play to pay people I think yeah I suggest over the last well yeah a couple of decades I would absolutely say that the larger a service gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are groups feeding details into the next function as it were that’s actually managing the payment side of things however you know in in my viewpoint and my experience that does not necessarily need to be the case you know long gone are the times where we need to create extra handoffs while doing sos that we operate in they just make them more timely 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 operating in today there is no reason why we are still making this as tough as it requires to be agreed and rightly as you said payroll is the single greatest liability that any company has from a cost point of view from an impact point of view on employees it is absolutely crucial that it’s done properly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the greatest damaging impact on people’s wellness and numerous other aspects if individuals aren’t paid uh I have actually always been impressed entering into this Market sort of the last 5 to ten years is how little thanks the
payroll team get um so I’m uncertain anybody on this sort of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um but eventually payroll is such a crucial cycle we all become aware of it when it goes wrong everyone jumps up and down when it goes wrong however 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 likewise like why WI-Fi Global why all of this stuff is definitely crucial that all of this stuff is done properly so leveraging the very first International Payments first payroll payment solution is a terrific first step um providing an end-to-end payroll solution for your workers globally again I think is another big um procedure again aligning and guaranteeing you have standardization Worldwide processes all of those things are definitely essential to success success of companies and reducing the variety of tools platforms and savings account they need for their Worldwide payroll too could not 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 expect to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things haven’t gone quite where they’re indicated to be um I do not think any of us are actually doing that for for the thanks
anyway we know 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 everyone that’s involved in those procedures and also so imagine sorry I’m simply I was just gon na say think of the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions imagine getting that many thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting job attempting to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and really see what was going on and kind of shot to return to everybody so carrying on appearance why do companies pick to main separate bank accounts there are Papaya Global Cannot Find The File Specified companies out there doing exactly this for specific nations and I have actually operated in a business or many organizations doing precisely that I can say it does not constantly feel efficient and it does create more work I understand we’re not purposely doing that we’re not developing additional work for anybody where we don’t need to and anyone that’s handling 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 amount that we are I think many reasons one is it’s the requirement I think individuals have got so utilized to we need a brand-new bank account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard 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 type of do it so I think there’s a range I think this is a procedure that needs taking a look at it needs altering however ultimately people are really stuck with what they’re familiar
with right um modification is a challenging thing we all do not like change um so I believe it’s simply type of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand obviously the benefits of having keeping several savings account however there’s a substantial amount of complexity chooses setting up a checking account maintaining it guaranteeing it can send out International transfers guaranteeing it’s established with the ideal user accesses for private individuals so the intricacy is big however I think the sincere response is change um people have not been able to alter or have not had always the knowledge to really make that change into alternate Solutions other than opening a checking account I think you’ve struck the nail on the head I believe it is understanding you know and there is an element of resistance to change but we’ve constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what might almost be identified to be the next Century approximately there is a lot to keep an eye on and this method does pose a number of challenges um so Johnny could you inform us about those obstacles yeah naturally so there’s a range 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 International employees you are worthy of a corner office with a better parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Cannot Find The File Specified