Over the last 5 or 6 years …Papaya Global Mark Leaver… roles on the service provider side and also on the vendor side from a payroll perspective so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply offer everyone another number of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather intriguing 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 everyone originates from and I truly 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 drizzling here it’s really extremely uninspiring and I want I was somewhere else at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why companies maintain separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts streamlining papaya International payroll payments as a strategic asset uh we’ll also review a recap which ought to leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become a growing number of common and handling them becomes more and more complicated Global organizations are wanting to find Solutions and brand-new methods to simplify procedures specifically from a payroll and cross-border payment perspective lots of companies preserve different savings account just for payroll while some have numerous accounts in various nations does it make good sense for business to maintain different bank accounts often in various countries it does but just for payroll is there a much better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational business enhance the episode complex processes of
making payroll payments properly efficiently firmly and on time during this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how business properly anticipate 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 challenging in adequate in one country but when you’re doing it internationally it’s next level and Beyond it becomes complicated for a range of factors most significantly guidelines compliance information security and banking guidelines then there are the large numbers they include further complexity the worldwide Workforce is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing worldwide in the conventional payroll design there’s typically an overwhelming variety of different systems causing lengthy manual processes and silos the number of Combinations could be non-existent in large quantities and or very extremely standard there’s no real consistency framework we’re residing in an era of tech but payroll has actually 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 offer you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Workforce data in real time that’s another number that gives me sleepless nights and quite frankly the more a company invests in worldwide payroll the less of a picture they see an absence of visibility likewise extends to payroll payments and failure to accurately track these payments can lead to compliance accidents in the last mile of the transaction nearly half of global services have actually revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM information data entry mistakes badly communicated hires and terminations as well as lack management and system configurations and then when you round all of it off and the information is delivered to the incorrect location the typical expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money all over the world payroll and payments don’t run efficiently if they count on the necessary several procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges business face when they’re paying to employees or otherwise that’s a great concern I constantly toss this back and say what is it what doesn’t need to be consisted of ideal and what does
it require to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan 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 customer’s own in-country account so there’s complexity anywhere you look right eventually building a knowledge base is definitely crucial however all over you look with payroll payment they are like very payments no if but some infants 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 believe there’s now a bit more recognition that payroll payments are absolutely basic and technology is enabling us to sort of move on with that it likewise too to contribute to that payroll and financing need to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is absolutely important that payroll and financing groups work closer together than ever um I’m always impressed when people state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work 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 often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high worth on wellness and the settlement landscape is becoming significantly detailed. Companies are continuously introducing brand-new benefits and payment alternatives, which adds to the total complexity. Large corporations typically divide their payroll and payment processing into different teams, which can result in inadequacies and bottlenecks. In my opinion, this doesn’t have to be the case. In today’s highly advanced period, there’s no validation for maintaining cumbersome treatments. Payroll, the business’s greatest expense, should be processed correctly and on time. Even small hold-ups can adversely affect employees’ well-being and have far-reaching effects. For that reason, it’s vital to focus on accurate and timely payments.
payroll group get um so I’m unsure anyone on this sort of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such a crucial cycle all of us hear about it when it fails everybody jumps up and down when it fails however when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely crucial that all of this things is done correctly so leveraging the first International Payments first payroll payment service is a terrific primary step um supplying an end-to-end payroll service for your staff members globally again I believe is another big um process once again aligning and guaranteeing you have standardization International procedures all of those things are definitely essential to success success of companies and minimizing the number of tools platforms and savings account they need for their Global payroll too could not 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 don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone rather where they’re suggested to be um I do not think any of us are actually doing that for for the thanks
anyhow we know how how essential a role 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 processes and likewise so picture sorry I’m simply I was just gon na say think of the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions envision getting that lots of thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating job 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 need days of the week to try to check out them and in fact see what was going on and type of shot to return to everybody so moving on look why do companies choose to primary different savings account there are Papaya Global Mark Leaver companies out there doing precisely this for particular nations and I have actually operated in a company or lots of services doing precisely that I can say it doesn’t always feel effective and it does produce more work I understand we’re not deliberately doing that we’re not developing additional work for anybody where we don’t have to and anybody that’s managing that procedure 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 believe lots of reasons one is it’s the standard I think people 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 however there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the norm individuals have embraced and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and lots of other ways um to to type of do it so I think there’s a variety I think this is a procedure that requires looking at it requires altering however ultimately individuals are really stuck with what they’re familiar
with ideal um change is a tough thing we all don’t like modification 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 things um I understand obviously the benefits of having keeping several savings account however there’s a huge quantity of intricacy opts for establishing a bank account keeping it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for private individuals so the complexity is substantial but I believe the truthful response is modification um people have not been able to alter or have not had necessarily the knowledge to really make that change into alternate Solutions besides opening a bank account I think you’ve struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter however we have actually always done it that way is no real excuse for not looking at the the benefits and the possibilities of carrying on and moving into you understand what could nearly be identified to be the next Century or two there is a lot to monitor and this approach does pose numerous difficulties um so Johnny could you tell us about those difficulties yeah naturally so there’s a variety right there is so
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