Over the last 5 or 6 years …Papaya Global New 2019 Pay Gap… functions on the supplier side and also on the vendor side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll simply provide everyone another couple of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I actually do hope it’s much sunnier than it is 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 really extremely uninspiring and I want I was somewhere else at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why companies preserve different
Virtual payroll accounts are an option to traditional checking account for managing payroll payments. This is especially helpful for international organizations with dispersed and remote workforces, as it simplifies the complex procedure of cross-border payments. Instead of preserving different savings account for payroll in various nations, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a tactical asset for payroll executives. We will also offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly effectively securely and on time during this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll savings account how companies properly anticipate their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in sufficient in one country but when you’re doing it internationally 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 large numbers they include additional intricacy the global Labor force is presently three and a half billion individuals by 2030 it’s estimated 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 consider that there are some 230 million businesses and growing all doing their own thing around the globe in the conventional payroll design there’s typically an overwhelming variety of various systems resulting in lengthy manual processes and silos the number of Integrations could be non-existent in big amounts and or extremely extremely standard there’s no real consistency framework we’re residing 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 just blows my mind every time I I think
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of services state they have Labor force information in real time that’s another number that gives me sleep deprived nights and rather frankly the more an organization invests in international payroll the less of an image they see a lack of presence also reaches payroll payments and inability to precisely track these payments can result in compliance incidents in the last mile of the deal almost half of worldwide organizations have actually expressed 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 poor HCM data data entry mistakes inadequately communicated 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 incorrect 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 need to move the cash around the globe payroll and payments do not run efficiently if they depend on the essential multiple processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges business face when they’re making payments to workers or otherwise that’s a great concern I always throw this back and state what is it what does not require to be consisted of best and what does
it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per nation 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 have to pay from the client’s own in-country account so there’s intricacy any place you look right eventually building a knowledge base is absolutely critical however all over you look with payroll payment they are like incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely basic and technology is enabling us to type of move forward with that it likewise as well to contribute to that payroll and finance need to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is absolutely necessary that payroll and finance teams work more detailed together than ever um I’m constantly surprised when people say I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um ultimately 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
world we live in and wellness being more and more essential to contribute to kind of the level of intricacy there’s more and more advantages being organ or being used by businesses throughout the world so once again you’re just seeking to add increasingly more payments to this currently complicated landscape so if you type 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 difficulties or genuine difficult type of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a number of years I would absolutely state that the larger a company gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are teams feeding information into the next function as it were that’s really handling the payment side of things but you understand in in my viewpoint and my experience that does not always require to be the case you know long gone are the times where we need to produce extra handoffs in the processes that we operate in they just make them more prompt they make them less efficient and they do not make them what they require to be in in a period of tech and an era that you know that we are operating in today there is no reason we are still making this as tough as it requires to be concurred and rightly as you stated payroll is the single most significant liability that any business has from a cost viewpoint from an effect perspective on workers 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 have to be done right it has the biggest detrimental impact on people’s wellness and numerous other aspects if people aren’t paid uh I have actually constantly been surprised coming into this Market type of the last 5 to 10 years is how little thanks the
payroll team get um so I’m unsure anybody on this type of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an essential cycle all of us become aware of it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s just 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 things is absolutely important that all of this stuff is done correctly so leveraging the very first International Payments first payroll payment option is a great initial step um offering an end-to-end payroll option for your workers globally again I believe is another big um procedure once again lining up and guaranteeing you have standardization International processes all of those things are absolutely crucial to success success of organizations and minimizing the number of tools platforms and bank accounts 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 ever had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things haven’t gone quite where they’re implied to be um I do not believe any of us are in fact doing that for for the thanks
anyhow we understand how how crucial a function 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 just I was simply gon na say picture the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions imagine getting that many thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating task trying to clean 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 try to check out them and in fact see what was going on and sort of try to get back to everybody so moving on look why do companies select to primary different checking account there are Papaya Global New 2019 Pay Gap services out there doing precisely this for particular countries and I have actually operated in a company or numerous businesses doing exactly that I can say it does not constantly feel effective and it does produce more work I know we’re not purposely doing that we’re not creating extra work for anyone where we don’t have to and anyone 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 believe numerous factors one is it’s the requirement I believe individuals have actually got so utilized to we need a new bank account we open an entity and appropriately 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 standard individuals have embraced and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and lots of other methods um to to sort of do it so I think there’s a range I think this is a process that requires looking at it needs altering but ultimately individuals are extremely stuck to what they recognize
with ideal um modification is a tough thing all of us do not like change um so I believe it’s simply type of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the advantages of having maintaining multiple bank accounts however there’s a substantial amount of intricacy goes with setting up a savings account maintaining it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for individual people so the intricacy is substantial but I think the sincere answer 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 besides opening a checking account I think you’ve struck the nail on the head I think it is understanding you understand and there is an aspect of resistance to change but we’ve always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of proceeding and moving into you know what might practically be determined to be the next Century or two there is a lot to monitor and this approach does present several difficulties um so Johnny might you inform us about those obstacles yeah naturally so there’s a range right there is so
I just did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide workers you deserve a corner workplace with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global New 2019 Pay Gap