Over the last 5 or six years …Papaya Global 5 Not Calculating Directors Ni… functions on the provider side and likewise on the supplier side from a payroll viewpoint so really eagerly anticipating this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply provide everybody another couple of uh well among 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 rather fascinating and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everyone comes from and I really 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 drizzling here it’s extremely really dreary and I want I was elsewhere at this moment in time alright so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of managing International payroll why business maintain separate
Virtual payroll accounts are an alternative to traditional checking account for handling payroll payments. This is especially helpful for global companies with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of preserving separate savings account for payroll in various nations, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are becoming a tactical 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 properly efficiently securely and on time throughout this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll checking account how companies precisely forecast their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in sufficient in one country but when you’re doing it internationally it’s next level and Beyond it becomes complex for a variety of reasons most significantly regulations compliance information security and banking guidelines then there are the sheer numbers they include further complexity the worldwide Labor force is currently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing all over the world in the standard payroll model there’s typically an overwhelming number of various systems resulting in time-consuming manual processes and silos the variety of Integrations could be non-existent in large quantities and or very extremely basic there’s no genuine consistency structure we’re residing in an era of tech however 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 just blows my mind whenever I I think
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force data in real time that’s another number that provides me sleep deprived nights and rather honestly the more a service invests in worldwide payroll the less of a photo they see an absence of exposure likewise reaches payroll payments and failure to precisely track these payments can lead to compliance incidents in the last mile of the deal almost half of global companies have revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM information information entry errors poorly interacted hires and terminations along with lack management and system configurations and then when you round all of it off and the information is shipped to the incorrect location the average expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the world payroll and payments don’t run smoothly if they count on the necessary multiple processes 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 company face when they’re paying to staff members or otherwise that’s a great question I constantly throw this back and state what is it what doesn’t need 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 amount of time there’s payment capabilities 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 consumer’s own in-country account so there’s intricacy any place you look ideal eventually developing a knowledge base is absolutely critical but all over you look with payroll payment they resemble incredibly 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 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 technology is permitting us to sort of move on with that it also as well to contribute to that payroll and finance need to work closer together um with varying Bank Account Details varying banking requirements and setup processes is definitely crucial that payroll and finance teams work closer together than ever um I’m always astonished when people say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll profession would they split the payroll payment from computation 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 procedure it’s the point of information collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being increasingly more essential to contribute to type of the level of complexity there’s a growing number of advantages being organ or being used by companies across the world so once again you’re simply wanting to add more and more payments to this currently complex landscape so if you sort of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of genuine obstacles or genuine challenging sort of pay utilizes to play to pay people I believe yeah I mean over the last well yeah a couple of decades I would certainly state that the larger an organization 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 teams feeding details into the next function as it were that’s in fact handling the payment side of things but you understand in in my opinion and my experience that doesn’t always need to be the case you understand long gone are the times where we need to develop additional handoffs while doing sos that we run in they simply make them more timely they make them less effective and they do not make them what they require to be in in an era of tech and an era that you understand that we are working in today there is no reason that we are still making this as tough as it needs to be agreed and rightly as you said payroll is the single greatest liability that any company has from a cost point of view from an impact point of view on employees it is definitely critical that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the most significant detrimental result on individuals’s well-being and numerous other aspects if people aren’t paid uh I’ve constantly been astonished entering into this Market sort of the last 5 to 10 years is how little thanks the
The payroll team might not have actually been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and individuals just notice when things go wrong. Nevertheless, when things go right, it’s seen as simply a regular job. This is how it’s viewed externally too. For that reason, it is important to ensure that jobs like Wi-Fi International and other crucial matters are done correctly. Using the first Global Payments first payroll payment solution is a great preliminary step towards supplying a thorough payroll option for staff members worldwide. Standardization, international processes, and decreasing the variety of tools, platforms, and checking account necessary for global payroll are essential factors in attaining company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a few problems when things do not go as prepared. Ultimately, we do not do it for the gratitude.
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 everyone that’s involved in those processes and also so think of sorry I’m simply I was simply gon na state envision the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re speaking about hundreds of thousands possibly Millions picture getting that numerous thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating task trying to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and really see what was going on and type of try to get back to everybody so moving on appearance why do business choose to main different savings account there are Papaya Global 5 Not Calculating Directors Ni companies out there doing exactly this for specific countries and I’ve operated in a company or numerous services doing exactly that I can say it doesn’t always feel effective and it does develop more work I know we’re not deliberately doing that we’re not creating additional work for anybody where we don’t need to and anybody that’s handling that procedure 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 believe many factors one is it’s the standard I believe people have actually got so used to we require a new bank account we open an entity and rightly so you require 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 individuals have embraced and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and lots of other ways um to to kind of do it so I believe there’s a range I believe this is a procedure that needs looking at it requires changing but ultimately people are really stuck with what they’re familiar
with ideal um change is a hard thing we all don’t like modification um so I believe it’s just sort of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the benefits of having maintaining numerous checking account however there’s a huge amount of intricacy chooses setting up a savings account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the right user accesses for specific people so the complexity is substantial however I believe the truthful answer is change um individuals haven’t been able to change or have not had necessarily the understanding to really make that change into alternate Solutions aside from opening a savings account I believe you have actually hit the nail on the head I think it is knowledge you know and there is an element of resistance to alter however we have actually always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of moving on and moving into you understand what might practically be identified to be the next Century approximately there is a lot to keep track of and this method does posture a number of challenges um so Johnny might you inform us about those obstacles yeah obviously so there’s a variety right there is so
I simply 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 International employees you are worthy of a corner office with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global 5 Not Calculating Directors Ni