Over the last 5 or 6 years …Papaya Global P60 Template… functions on the service provider side and also on the vendor side from a payroll point of view so actually anticipating this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply offer everyone another number of uh well among the 30 seconds or two to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I really 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 drizzling here it’s extremely very dreary and I wish I was elsewhere 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 obstacle years of handling Worldwide payroll why companies keep different
Virtual payroll accounts are an option to conventional bank accounts for handling payroll payments. This is especially useful for global companies with dispersed and remote labor forces, as it simplifies the complicated procedure of cross-border payments. Instead of maintaining separate checking account for payroll in various countries, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are ending up being a tactical asset for payroll executives. We will likewise supply a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively firmly and on time throughout this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how business precisely forecast their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical possession 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 complicated for a range of factors most notably policies compliance data security and banking rules then there are the sheer numbers they add more 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 factor in that there are some 230 million businesses and growing all doing their own thing all over the world in the conventional payroll design there’s frequently an overwhelming number of various systems causing time-consuming manual processes and silos the number of Combinations could be non-existent in large amounts and or really extremely fundamental there’s no genuine consistency framework we’re living 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 and that simply blows my mind every time I I think
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force data in real time that’s another number that gives me sleepless nights and quite honestly the more a business spends on worldwide payroll the less of a picture they see an absence of visibility likewise encompasses payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the deal almost half of international businesses have expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM information information entry errors inadequately interacted hires and terminations in addition to absence management and system configurations and after that when you round everything off and the data is shipped to the wrong place the typical cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money all over the world payroll and payments do not run smoothly if they rely on the necessary several 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 obstacles service face when they’re paying to staff members or otherwise that’s an excellent question I constantly toss this back and state what is it what does not require to be included best and what does
it need to be thought of there’s varying 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 need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy anywhere you look best ultimately constructing a knowledge base is definitely important however everywhere you look with payroll payment they are like incredibly 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 in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is enabling us to type of move forward with that it also too to add to that payroll and finance need to work closer together um with varying Checking account Details differing banking requirements and setup procedures is absolutely necessary that payroll and financing teams work more detailed together than ever um I’m constantly surprised when individuals say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll profession 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 individuals wherever they are however likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being increasingly more crucial to contribute to kind of the level of intricacy there’s increasingly more benefits being organ or being offered by companies throughout the world so once again you’re simply aiming to include more and more payments to this currently complicated landscape so if you kind of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of real obstacles or real challenging sort of pay uses to play to pay people I think yeah I imply over the last well yeah a number of decades I would absolutely state that the larger an organization 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 groups feeding info into the next function as it were that’s really managing the payment side of things but you understand in in my opinion and my experience that doesn’t 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 prompt they make them less efficient and they don’t make them what they need to be in in an age of tech and an age that you know that we are operating in today there is no reason we are still making this as hard as it needs to be concurred and appropriately as you stated payroll is the single biggest liability that any business has from an expense perspective from an impact point of view on employees it is definitely critical that it’s done correctly 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 destructive result on people’s well-being and many other elements if individuals aren’t paid uh I have actually constantly been astonished coming into this Market sort of the last five to ten years is how little thanks the
The payroll group might not have been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and people just observe when things fail. Nevertheless, when things go right, it’s seen as just a regular task. This is how it’s perceived externally also. Therefore, it is essential to make sure that tasks like Wi-Fi International and other essential matters are done properly. Utilizing the very first Global Payments very first payroll payment option is an excellent initial step towards supplying an extensive payroll solution for staff members worldwide. Standardization, international processes, and decreasing the variety of tools, platforms, and checking account needed for global payroll are crucial factors in attaining organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of problems when things don’t go as planned. Eventually, we do not do it for the thankfulness.
anyway we understand how how crucial 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 easy as possible for everybody that’s involved in those processes and also so think of sorry I’m just I was just gon na say think of the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions imagine getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing 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 need days of the week to try to browse them and actually see what was going on and type of try to get back to everybody so moving on look why do business choose to main different checking account there are Papaya Global P60 Template businesses out there doing precisely this for particular nations and I have actually worked in an organization or lots of services doing precisely that I can say it does not always feel efficient and it does develop more work I understand we’re not purposely doing that we’re not producing additional work for anybody where we don’t need to and anyone that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe numerous reasons one is it’s the requirement I believe individuals have got so used to we need a brand-new savings account we open an entity and rightly so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard the people have embraced and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a range I think this is a process that needs taking a look at it requires altering but eventually people are very stuck to what they’re familiar
with best um change is a hard thing we all do not like change um so I think it’s simply type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand obviously the benefits of having maintaining multiple bank accounts but there’s a substantial quantity of complexity opts for setting up a bank account keeping it ensuring it can send out International transfers guaranteeing it’s established with the best user accesses for specific people so the complexity is huge however I think the sincere answer is change um individuals have not had the ability to alter or have not had necessarily the understanding to truly make that change into alternate Solutions other than opening a checking account I believe you’ve hit the nail on the head I think it is knowledge you know and there is an element of resistance to change but we’ve always done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might nearly be figured out to be the next Century or two there is a lot to track and this method does pose several obstacles um so Johnny might you tell us about those challenges 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International staff members you are worthy of a corner workplace with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global P60 Template