Over the last five or six years …Papaya Global Demo Data… roles on the provider side and likewise on the supplier side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply provide everybody another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather 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 everybody comes from and I truly do hope it’s much sunnier than it remains 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 extremely extremely dreary and I wish I was elsewhere at this moment in time alright so let’s get going our program for today is as follows um we are going to be taking a look at the obstacle years of managing International payroll why business preserve separate
Virtual payroll accounts are an option to traditional bank accounts for managing payroll payments. This is particularly helpful for international companies with dispersed and remote labor forces, as it streamlines the complex procedure of cross-border payments. Instead of keeping different bank accounts for payroll in various countries, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are becoming a strategic possession for payroll executives. We will also supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly effectively firmly and on time during this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how companies precisely anticipate their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in sufficient in one country however when you’re doing it internationally it’s next level and Beyond it becomes complex for a range of factors most notably guidelines compliance information security and banking guidelines then there are the large numbers they add additional intricacy the worldwide Workforce is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing worldwide in the conventional payroll design there’s frequently a frustrating variety of various systems resulting in lengthy manual processes and silos the number of Integrations could be non-existent in large quantities and or extremely extremely standard there’s no real consistency structure we’re residing in an era 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 and that just blows my mind every time I I think
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 offers me sleep deprived nights and quite honestly the more a company spends on worldwide payroll the less of an image they see an absence of exposure also extends to payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the deal nearly half of international companies have actually revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry errors inadequately communicated hires and terminations in addition to absence management and system setups and then when you round all of it off and the data is delivered to the wrong location the average expense of a worldwide 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 do not run smoothly if they rely on the necessary numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles organization face when they’re paying to staff members or otherwise that’s an excellent concern I constantly throw this back and state what is it what doesn’t require to be consisted of ideal and what does
it require to be thought of there’s differing 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 need to pay from the consumer’s own in-country account so there’s complexity anywhere you look ideal ultimately building a knowledge base is absolutely crucial but all over you look with payroll payment they are like extremely payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the type of link 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 enabling us to sort of progress with that it likewise as well to add to that payroll and financing need to work closer together um with differing Bank Account Details differing banking requirements and setup processes is absolutely necessary that payroll and financing teams work better together than ever um I’m constantly amazed when people state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll occupation 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 frequently 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 wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more crucial to add to sort of the level of complexity there’s a growing number of benefits being organ or being used by services throughout the world so once again you’re just looking to include more and more payments to this already complex landscape so if you kind of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of genuine obstacles or genuine challenging sort of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a couple of years I would definitely state that the bigger an organization 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 teams feeding info into the next function as it were that’s actually managing the payment side of things but you understand in in my opinion and my experience that does not necessarily need to be the case you understand long gone are the times where we need to produce additional handoffs at the same times that we operate in they simply make them more prompt they make them less effective and they do not make them what they need to be in in an age of tech and an age 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 rightly as you stated payroll is the single greatest liability that any service has from a cost perspective from an effect point of view on staff members it is absolutely critical that it’s done properly and on time so what we indicate 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 impact on people’s wellness and lots of other factors if individuals aren’t paid uh I have actually always been amazed coming into this Market kind of the last 5 to ten years is how little thanks the
The payroll team may not have actually been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and people just observe when things go wrong. Nevertheless, when things go right, it’s viewed as just a regular task. This is how it’s perceived externally too. For that reason, it is necessary to guarantee that jobs like Wi-Fi Worldwide and other important matters are done correctly. Utilizing the very first Worldwide Payments first payroll payment solution is a great initial action towards offering an extensive payroll service for staff members worldwide. Standardization, global procedures, and minimizing the number of tools, platforms, and checking account necessary for worldwide payroll are key consider achieving company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of grievances when things do not go as prepared. Ultimately, we do not do it for the gratitude.
anyhow we understand how how important 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 simple as possible for everybody that’s involved in those procedures and likewise so picture sorry I’m just I was just gon na say think of the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands potentially Millions think of getting that numerous 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 intriguing job attempting to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to check out them and in fact see what was going on and sort of shot to get back to everyone so proceeding appearance why do companies pick to main separate savings account there are Papaya Global Demo Data companies out there doing exactly this for particular nations and I have actually worked in a business or many companies doing exactly that I can state it doesn’t constantly feel effective and it does produce more work I know we’re not deliberately doing that we’re not producing additional work for anybody where we do not have to and any person 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 amount that we are I think many factors 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 appropriately so you need 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 requirement and the standard individuals have adopted and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and lots of 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 needs altering however ultimately individuals are really stuck with what they recognize
with best um modification is a challenging thing we all don’t like change um so I think it’s simply sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having maintaining several savings account but there’s a substantial amount of intricacy opts for setting up a checking account keeping it guaranteeing it can send International transfers ensuring it’s set up with the right user accesses for private people so the intricacy is big however I think the truthful response is change um people have not had the ability to alter or have not had always the knowledge to truly make that change into alternate Solutions other than opening a savings account I believe you have actually hit the nail on the head I think it is knowledge you understand and there is a component of resistance to change however we’ve always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you know what could nearly be determined to be the next Century approximately there is a lot to track and this technique does position numerous obstacles um so Johnny could you inform us about those difficulties yeah obviously so there’s a variety right there is so
I just did you switched 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 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 Demo Data