Over the last 5 or 6 years …Papaya Global Chat… functions on the provider side and also on the supplier side from a payroll perspective so really eagerly anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply give everybody another couple of uh well one of the 30 seconds or so to join we all work back to back nowadays 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 everybody is um it’s nice to to type of like see where everyone 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 drizzling here it’s extremely extremely bleak and I wish I was elsewhere at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be looking at the difficulty years of managing International payroll why companies preserve different
Virtual payroll accounts are an alternative to standard savings account for handling payroll payments. This is especially helpful for international organizations with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of maintaining separate checking account for payroll in different countries, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are becoming a strategic possession for payroll executives. We will also supply a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively firmly and on time during this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll checking account how companies properly forecast their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in enough in one country but when you’re doing it internationally it’s next level and Beyond it becomes complicated for a range of reasons most importantly guidelines compliance data security and banking guidelines then there are the large numbers they add further complexity the worldwide Workforce is currently 3 and a half billion people by 2030 it’s approximated 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 factor in that there are some 230 million organizations and growing all doing their own thing around the globe in the traditional payroll model there’s typically a frustrating number of various systems causing time-consuming manual processes and silos the variety of Combinations could be non-existent in big quantities and or extremely really standard there’s no genuine consistency structure we’re residing in a period of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which simply blows my mind each time I I think
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce data in real time that’s another number that provides me sleepless nights and quite honestly the more a service invests in worldwide payroll the less of a photo they see a lack of visibility likewise encompasses payroll payments and failure to precisely track these payments can cause compliance accidents in the last mile of the deal nearly half of global organizations have actually expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM information data entry errors badly interacted hires and terminations along with absence management and system configurations and then when you round all of it off and the information is shipped to the incorrect place the typical cost of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash all over the world payroll and payments do not run smoothly if they depend on the needed multiple procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles business face when they’re paying to workers or otherwise that’s a great concern I constantly throw this back and say what is it what does not require to be included 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 time frames there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s intricacy wherever you look right eventually building a knowledge base is absolutely important however everywhere you look with payroll payment they are like extremely payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is permitting us to type of progress with that it likewise also to contribute to that payroll and financing need to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is absolutely vital that payroll and financing teams work closer together than ever um I’m always astonished when people state I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as a market 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 information collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being a growing number of important to contribute to kind of the level of intricacy there’s more and more benefits being organ or being offered by businesses across the world so once again you’re just wanting to include more and more payments to this currently intricate landscape so if you type of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of real challenges or real challenging type of pay utilizes to play to pay people I believe yeah I imply over the last well yeah a couple of years I would absolutely say that the bigger 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 groups feeding info into the next function as it were that’s in fact managing the payment side of things however you understand in in my viewpoint and my experience that does not always need to be the case you understand long gone are the times where we need to create additional handoffs in the processes that we run in they simply 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 understand that we are working in today there is no reason that we are still making this as challenging as it requires to be concurred and appropriately as you stated payroll is the single biggest liability that any service has from a cost perspective from an impact point of view on workers it is definitely vital 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 need to be done right it has the most significant harmful impact on people’s well-being and lots of other factors if individuals aren’t paid uh I’ve always been amazed entering into this Market type of the last 5 to 10 years is how little thanks the
The payroll team may not have actually been thanked for properly processing payroll during a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and individuals just discover when things fail. Nevertheless, when things go right, it’s viewed as simply a routine job. This is how it’s viewed externally also. For that reason, it is essential to ensure that jobs like Wi-Fi International and other important matters are done correctly. Using the first Worldwide Payments very first payroll payment service is an excellent initial action towards supplying a thorough payroll solution for staff members worldwide. Standardization, international processes, and lowering the variety of tools, platforms, and bank accounts essential for worldwide payroll are key 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 do not go as planned. Eventually, we don’t do it for the appreciation.
anyhow we know how how important a role 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 also so think of sorry I’m simply I was just gon na say think of the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re discussing hundreds of thousands potentially Millions picture getting that lots of thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing job trying 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 require days of the week to attempt to look through them and actually see what was going on and kind of shot to return to everyone so carrying on appearance why do companies choose to main different savings account there are Papaya Global Chat companies out there doing precisely this for specific nations and I have actually worked in a service or lots of organizations doing precisely that I can state it doesn’t constantly feel effective and it does create more work I know we’re not deliberately doing that we’re not producing extra work for anyone where we do not have to and anybody that’s managing 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 think numerous factors one is it’s the standard I believe people have actually got so used to we need a new checking account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have embraced and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and lots of other ways um to to sort of do it so I believe there’s a range I think this is a procedure that needs taking a look at it requires altering however ultimately individuals are extremely stuck to what they recognize
with ideal um modification is a tough thing we all do not like modification um so I believe it’s just type of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand clearly the advantages of having preserving several checking account however there’s a substantial amount of intricacy goes with establishing a bank account maintaining it ensuring it can send International transfers guaranteeing it’s established with the best user accesses for individual people so the complexity is huge but I think the truthful response is change um people haven’t been able to alter or haven’t had always the understanding to truly make that change into alternate Solutions other than opening a bank account I think you have actually hit the nail on the head I think it is understanding you understand and there is a component of resistance to change however we’ve always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could nearly be determined to be the next Century approximately there is a lot to keep an eye on and this approach does present a number of difficulties um so Johnny could you inform us about those challenges yeah of course so there’s a range right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has actually gained another CFO, and with this improved ability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner office with a parking space that is better, considering your achievements. Papaya Global Chat