Over the last 5 or 6 years …Converting Booked Holidays To Taken In Papaya Global… functions on the company side and likewise on the vendor side from a payroll viewpoint so actually anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply offer everyone another couple of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everybody comes from and I truly 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 very extremely dreary and I want I was somewhere else at this moment in time alright so let’s begin our program for today is as follows um we are going to be looking at the challenge years of handling Global payroll why business keep different
Virtual payroll accounts are an alternative to standard checking account for managing payroll payments. This is particularly helpful for worldwide companies with dispersed and remote labor forces, as it simplifies the complicated procedure of cross-border payments. Instead of preserving separate bank accounts for payroll in different countries, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are becoming a tactical property 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 properly efficiently securely and on time during this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll bank account how companies precisely anticipate their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in sufficient in one country however when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a range of reasons most significantly guidelines compliance information security and banking guidelines then there are the sheer numbers they add more complexity the international Labor force is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 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 standard payroll design there’s frequently a frustrating variety of different systems causing time-consuming manual procedures and silos the variety of Combinations could be non-existent in large quantities and or extremely very standard there’s no real consistency structure we’re living in a period of tech however 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 provide you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Workforce data in real time that’s another number that offers 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 visibility also reaches payroll payments and failure to accurately track these payments can lead to compliance accidents in the last mile of the deal nearly half of global businesses have revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM data information entry mistakes 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 typical cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the globe payroll and payments do not run efficiently if they depend on the essential several procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties organization face when they’re making payments to workers or otherwise that’s a great question I constantly toss this back and state what is it what does not require to be consisted of best and what does
it require to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per country 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 need to pay from the client’s own in-country account so there’s complexity any place you look ideal ultimately building a knowledge base is definitely critical however all over you look with payroll payment they resemble incredibly payments no if however some babies 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 acknowledgment that payroll payments are definitely essential and technology is permitting us to type of progress 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 processes is absolutely imperative that payroll and financing teams work closer together than ever um I’m constantly astonished when people state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll profession would they divide the payroll payment from estimation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being more and more crucial to add to kind of the level of intricacy there’s more and more benefits being organ or being provided by services throughout the world so again you’re simply aiming to include a growing number of payments to this already complicated landscape so if you kind 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 real challenges or genuine difficult sort of pay uses to play to pay people I believe yeah I mean over the last well yeah a couple of decades I would definitely say that the larger a business gets the more it tends to segregate the payroll and the payments functions 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 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 while doing sos that we operate in they simply make them more timely they make them less efficient and they don’t make them what they need to be in in a period of tech and a period that you understand that we are working in today there is no reason we are still making this as difficult as it requires to be concurred and appropriately as you said payroll is the single biggest liability that any business has from a cost point of view from an impact point of view on workers it is definitely important that it’s done properly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the greatest destructive result on people’s wellness and many other factors if people aren’t paid uh I have actually always been surprised coming into this Market type of the last five to 10 years is how little thanks the
payroll group get um so I’m not sure anyone on this kind of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an essential cycle we all find out about it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely important that all of this things is done properly so leveraging the very first International Payments very first payroll payment service is a great first step um offering an end-to-end payroll option for your staff members globally again I believe is another substantial um process once again lining up and guaranteeing you have standardization Global processes all of those things are definitely crucial to success success of businesses and reducing the number of tools platforms and savings account they require for their Global payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred countless them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the complaints where things have not gone quite where they’re suggested to be um I don’t think any of us are in fact doing that for for the thanks
anyway we know how how essential 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 simple as possible for everybody that’s associated with those processes and also so think of sorry I’m just I was simply gon na say picture the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions picture getting that many thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing job 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 attempt to browse them and really see what was going on and type of shot to get back to everybody so proceeding appearance why do business pick to primary different savings account there are Converting Booked Holidays To Taken In Papaya Global companies out there doing precisely this for specific countries and I’ve worked in a company or numerous companies doing precisely that I can state it does not constantly feel effective and it does develop more work I understand we’re not deliberately doing that we’re not creating extra work for anybody where we do not need to and any person that’s handling 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 quantity that we are I believe numerous reasons one is it’s the requirement I believe individuals have got so utilized to we need a new bank account we open an entity and appropriately so you need it for payroll purposes but there are a variety 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 contribute to that people have looked at things like trust accounts and lots of other ways um to to kind of do it so I think there’s a range I think this is a procedure that needs looking at it requires changing however eventually individuals are very stuck with what they’re familiar
with right um change is a challenging thing we all don’t like change um so I believe it’s just type of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the benefits of having preserving multiple bank accounts but there’s a huge quantity of intricacy opts for setting up a savings account preserving it ensuring it can send International transfers guaranteeing it’s established with the ideal user accesses for private individuals so the intricacy is big but I believe the honest answer is modification um individuals haven’t had the ability to change or haven’t had necessarily the knowledge to truly make that change into alternate Solutions besides opening a bank account I think you’ve struck the nail on the head I believe it is knowledge you know and there is an element of resistance to change however we have actually always done it that way is no real reason for not looking at the the advantages and the possibilities of moving on and moving into you know what might almost be figured out to be the next Century approximately there is a lot to monitor and this method does position numerous challenges um so Johnny might you inform us about those difficulties yeah obviously so there’s a range right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually acquired another CFO, and with this boosted ability, I have effectively protected payments for our 10,000 staff members worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is more detailed, considering your achievements. Converting Booked Holidays To Taken In Papaya Global