Over the last 5 or six years …Download Papaya Global Software Free… roles on the company side and also on the vendor side from a payroll viewpoint so really looking forward to this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply provide everybody another number 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 simply to hear where everyone is um it’s nice to to type 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 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 started our agenda for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why business maintain separate
Virtual payroll accounts are an alternative to traditional bank accounts for handling payroll payments. This is particularly helpful for international organizations with dispersed and remote labor forces, as it streamlines the complicated process of cross-border payments. Instead of preserving different savings account for payroll in various countries, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are becoming 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 properly efficiently firmly and on time throughout this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll savings account how companies accurately anticipate their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in sufficient in one country but when you’re doing it globally it’s next level and Beyond it becomes complicated for a range of factors most significantly policies compliance data security and banking rules then there are the sheer numbers they add further intricacy the international 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 currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing all over the world in the conventional payroll model there’s often a frustrating number of different systems causing time-consuming manual processes and silos the variety of Integrations could be non-existent in large quantities and or very really fundamental there’s no genuine consistency structure we’re residing in a period of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which just blows my mind every time I I believe
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force information in real time that’s another number that gives me sleepless nights and quite honestly the more a business invests in worldwide payroll the less of a photo they see an absence of presence likewise reaches payroll payments and failure to precisely track these payments can lead to compliance mishaps in the last mile of the deal almost half of global organizations have revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry errors inadequately communicated hires and terminations as well as lack management and system configurations and then when you round all of it off and the data is shipped to the incorrect location the average cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments do not run efficiently if they depend on the required numerous processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles company face when they’re making payments to staff members or otherwise that’s a great concern I always throw this back and say what is it what does not require to be consisted of best and what does
it require to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time 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 consumer’s own in-country account so there’s intricacy any place you look right eventually developing a knowledge base is absolutely critical but everywhere you look with payroll payment they are like incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the sort 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 fundamental and innovation is allowing us to type of move on with that it also as well to contribute to that payroll and finance require to work closer together um with varying Checking account Particulars varying banking requirements and setup procedures is definitely vital that payroll and financing teams work more detailed together than ever um I’m constantly impressed when individuals state I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll occupation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being more and more important to contribute to kind of the level of intricacy there’s more and more advantages being organ or being used by companies across the world so again you’re just seeking to include increasingly more payments to this already intricate landscape so if you sort 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 difficulties or genuine tough type of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a number of decades I would absolutely state that the larger a service gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding information into the next function as it were that’s really handling the payment side of things but you understand in in my opinion and my experience that does not necessarily require to be the case you understand long gone are the times where we need to create extra handoffs while doing sos that we operate in they simply make them more prompt they make them less efficient and they do not make them what they require to be in in an era of tech and an era that you know that we are working in today there is no reason that we are still making this as hard as it requires to be concurred and rightly as you stated payroll is the single greatest liability that any company has from an expense perspective from an impact point of view on employees it is definitely critical that it’s done properly and on time so what we imply 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 effect on people’s well-being and lots of other factors if individuals aren’t paid uh I’ve constantly been amazed coming into this Market sort of the last five to ten years is how little thanks the
The payroll team may not have actually been thanked for correctly processing payroll throughout 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 an important cycle, and individuals only observe when things go wrong. However, when things go right, it’s viewed as simply a regular task. This is how it’s viewed externally as well. Therefore, it is necessary to ensure that jobs like Wi-Fi Global and other essential matters are done correctly. Utilizing the very first International Payments very first payroll payment option is an excellent initial step towards offering a detailed payroll solution for workers worldwide. Standardization, global procedures, and minimizing the number of tools, platforms, and checking account necessary for international payroll are key consider attaining business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a few grievances when things do not go as planned. Ultimately, we do not do it for the gratitude.
anyhow we know how how important 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 associated with those procedures and also so picture sorry I’m just I was just gon na say picture the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re discussing numerous thousands potentially Millions think of getting that numerous thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an intriguing task attempting to clean up all those up for sure oh definitely I can’t think of 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 really see what was going on and type of shot to return to everyone so carrying on look why do companies pick to main separate bank accounts there are Download Papaya Global Software Free businesses out there doing precisely this for particular nations and I have actually worked in a service or lots of businesses doing precisely that I can say it doesn’t always feel efficient and it does produce more work I know we’re not deliberately doing that we’re not developing extra work for anyone where we do not need to and anyone that’s dealing with that process 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 think lots of factors one is it’s the requirement I think people have actually got so used to we require a brand-new savings account we open an entity and rightly so you need it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm individuals have adopted and continue to do over years and years gone past to add to that people have looked at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a variety I believe this is a procedure that requires looking at it needs changing however ultimately people are extremely stuck with what they’re familiar
with right um change is a challenging thing all of us do not like change um so I think it’s simply sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand certainly the advantages of having keeping multiple bank accounts however there’s a substantial quantity of intricacy goes with establishing a bank account preserving it ensuring it can send International transfers ensuring it’s set up with the right user accesses for specific people so the complexity is huge however I believe the sincere response is modification um individuals haven’t been able to change or haven’t had necessarily the knowledge to truly make that change into alternate Solutions other than opening a checking account I think you’ve struck the nail on the head I think it is knowledge you know and there is an element of resistance to alter but we’ve always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might nearly be determined to be the next Century approximately there is a lot to monitor and this method does position several obstacles um so Johnny could you inform us about those obstacles yeah naturally so there’s a range right there is so
I simply did you switched our Enterprise 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 should have a corner office with a more detailed parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Download Papaya Global Software Free