Over the last 5 or 6 years …Papaya Global History Report By Employee… roles on the service provider side and also on the supplier side from a payroll perspective so really anticipating this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply offer everyone another couple of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everybody is um it’s nice to to sort 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 raining here it’s very extremely uninspiring and I want I was somewhere else at this moment in time alright so let’s start our program for today is as follows um we are going to be looking at the challenge years of handling International payroll why companies keep separate
Virtual payroll accounts are an alternative to conventional checking account for handling payroll payments. This is especially beneficial for international companies with dispersed and remote workforces, as it simplifies the complex procedure of cross-border payments. Instead of keeping different checking account for payroll in various countries, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are ending up being a strategic asset for payroll executives. We will also offer a recap 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 during this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how companies accurately anticipate their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in enough in one nation but when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a range of factors most notably policies compliance information security and banking guidelines then there are the sheer numbers they include further complexity the worldwide Labor force is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the globe in the traditional payroll model there’s typically a frustrating number of various systems leading to time-consuming manual procedures and silos the variety of Combinations could be non-existent in large quantities and or really extremely basic there’s no genuine consistency structure we’re living in an age of tech however payroll has actually 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 just blows my mind whenever I I believe
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce information in real time that’s another number that offers me sleepless nights and quite frankly the more a service spends on worldwide payroll the less of a picture they see a lack of exposure likewise encompasses payroll payments and inability to properly track these payments can result in compliance mishaps in the last mile of the transaction nearly half of global companies have revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM data information entry errors improperly interacted hires and terminations along with lack management and system setups and after that when you round all of it off and the information is delivered to the wrong place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments do not run efficiently if they count on the required numerous procedures systems and partners it is simply 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 staff members or otherwise that’s an excellent concern I always toss this back and state what is it what doesn’t require to be consisted of right and what does
it need to be considered there’s differing 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 abilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s complexity anywhere you look ideal ultimately constructing a knowledge base is definitely vital however all over you look with payroll payment they resemble very payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the kind 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 enabling us to type of move on with that it likewise also to contribute to that payroll and financing need to work closer together um with varying Bank Account Particulars varying banking requirements and setup procedures is absolutely necessary that payroll and financing groups work more detailed together than ever um I’m always astonished when people state I have actually split 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 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 any place they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being increasingly more important to contribute to kind of the level of complexity there’s increasingly more advantages being organ or being offered by companies throughout the world so again you’re just wanting to add more and more payments to this already complex landscape so if you type of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of genuine challenges or genuine tough type of pay uses to play to pay people I believe yeah I imply over the last well yeah a couple of decades I would certainly say that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding information into the next function as it were that’s actually handling the payment side of things but you understand in in my opinion and my experience that does not always require to be the case you know long gone are the times where we require to create extra handoffs in the processes that we operate in they simply make them more prompt they make them less efficient and they don’t make them what they need to be in in an era of tech and an era that you know that we are operating in today there is no reason we are still making this as difficult as it needs to be concurred and appropriately as you said payroll is the single greatest liability that any business has from an expense point of view from an impact perspective on workers it is definitely crucial 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 damaging effect on people’s well-being and numerous other aspects if people aren’t paid uh I’ve always been astonished entering this Market kind of the last 5 to 10 years is how little thanks the
payroll team get um so I’m uncertain anyone on this sort of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an essential cycle we all hear about it when it fails everybody 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 deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely important that all of this things is done correctly so leveraging the first Global Payments very first payroll payment service is a fantastic initial step um supplying an end-to-end payroll solution for your workers worldwide again I think is another substantial um process again lining up and guaranteeing you have standardization Global procedures all of those things are absolutely essential to success success of services and lowering the variety of tools platforms and checking account they require for their International 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’ve never 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 rather where they’re suggested to be um I don’t think any of us are in fact doing that for for the thanks
anyway 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 everybody that’s involved in those procedures and likewise so envision sorry I’m simply I was simply gon na state imagine the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions imagine getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an interesting task trying to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and actually see what was going on and type of shot to return to everyone so proceeding appearance why do companies choose to main separate savings account there are Papaya Global History Report By Employee organizations out there doing exactly this for specific nations and I have actually operated in a business or lots of organizations doing exactly that I can say it doesn’t always feel efficient and it does produce more work I understand we’re not purposely doing that we’re not producing extra work for any person where we don’t need to and any person that’s dealing with 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 numerous factors one is it’s the requirement I believe individuals have got so utilized to we need a brand-new checking 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 standard and the norm the people have embraced and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and many other methods um to to type of do it so I believe there’s a range I believe this is a procedure that needs taking a look at it needs changing however eventually people are very stuck with what they recognize
with right um modification is a difficult thing all of us do not like modification um so I believe it’s simply kind of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand undoubtedly the advantages of having preserving several savings account but there’s a substantial quantity of complexity goes with establishing a checking account preserving it ensuring it can send out International transfers ensuring it’s set up with the ideal user accesses for specific people so the complexity is huge but I think the honest response is change um individuals have not had the ability to alter or have not had always the knowledge to actually make that change into alternate Solutions other than opening a savings account I think you have actually struck the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter but we’ve always done it that way is no real reason for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what could almost be determined to be the next Century or two there is a lot to track and this method does posture numerous challenges um so Johnny could you inform us about those challenges yeah of course so there’s a variety right there is so
I just did you switched 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 workplace with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global History Report By Employee