Over the last 5 or six years …Director National Insurance Papaya Global… roles on the provider side and likewise on the vendor side from a payroll point of view so really looking forward to this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just give everybody another number of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everyone is um it’s nice to to type 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 sunlight is it it’s not no it’s it’s raining here it’s extremely very dreary and I wish I was elsewhere at this moment in time all right so let’s start our program for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why companies preserve different
Virtual payroll accounts are an option to standard checking account for managing payroll payments. This is particularly helpful for global companies with dispersed and remote workforces, as it streamlines the complicated process of cross-border payments. Instead of keeping different bank accounts for payroll in different nations, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are becoming a strategic property 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 accurately efficiently safely and on time during this webinar we’ll stroll you through the worldwide 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 streamlining International payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in enough in one country however when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a variety of reasons most importantly regulations compliance information security and banking rules then there are the large numbers they include further intricacy the global Labor force is presently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing around the world in the conventional payroll design there’s typically a frustrating variety of various systems leading to lengthy manual processes and silos the variety of Combinations could be non-existent in large quantities and or very really standard there’s no real consistency structure we’re residing in an age 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 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 only 11 of services say they have Workforce data in real time that’s another number that offers me sleep deprived nights and quite honestly the more an organization spends on worldwide payroll the less of a picture they see a lack of visibility also extends to payroll payments and failure to accurately track these payments can lead to compliance accidents in the last mile of the deal nearly half of worldwide businesses have actually revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM data information entry mistakes improperly communicated hires and terminations as well as absence management and system configurations and then when you round everything off and the information is delivered to the wrong location the average expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash worldwide payroll and payments don’t run efficiently if they rely on the essential numerous processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles company face when they’re paying to workers or otherwise that’s an excellent question I constantly throw this back and say what is it what does not require to be consisted of right 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 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 complexity any place you look best eventually building a knowledge base is absolutely crucial but all over you look with payroll payment they are like super payments no if but some children about it you are all superheroes processing payments for payroll if you 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 definitely fundamental and innovation is allowing us to type of progress with that it also also to add to that payroll and finance need to work closer together um with varying Checking account Details varying banking requirements and setup procedures is absolutely vital that payroll and financing groups work closer together than ever um I’m always surprised when people say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate 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 frequently split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being more and more essential to add to sort of the level of intricacy there’s increasingly more advantages being organ or being provided by services across the world so once again you’re simply aiming to add more and more payments to this already 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 real obstacles or real tough kind of pay uses to play to pay individuals I think yeah I suggest over the last well yeah a number 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 actually managing the payment side of things but you know in in my viewpoint and my experience that does not always need to be the case you know long gone are the times where we require to create extra handoffs while doing sos that we operate in they just make them more timely they make them less effective and they don’t make them what they need to be in in an era of tech and a period that you understand that we are operating in today there is no reason why we are still making this as challenging as it needs to be agreed and rightly as you said payroll is the single most significant liability that any organization has from a cost point of view from an impact perspective on employees it is absolutely vital that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the biggest detrimental impact on people’s well-being and numerous other aspects if individuals aren’t paid uh I’ve constantly been impressed coming into this Market kind of the last 5 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 anyone has actually been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals only observe when things fail. However, when things go right, it’s viewed as simply a regular task. This is how it’s viewed externally too. Therefore, it is important to make sure that tasks like Wi-Fi Worldwide and other important matters are done properly. Utilizing the first International Payments first payroll payment option is a fantastic initial step towards providing an extensive payroll solution for employees worldwide. Standardization, worldwide processes, and reducing the variety of tools, platforms, and checking account essential for worldwide payroll are crucial consider attaining company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a few grievances when things do not go as prepared. Ultimately, we don’t do it for the gratitude.
anyhow 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 involved in those processes and likewise so envision sorry I’m simply I was just gon na say think of the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions picture getting that lots of 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 a fascinating job trying to clean up 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 require days of the week to try to check out them and in fact see what was going on and sort of try to return to everyone so proceeding look why do companies select to main separate bank accounts there are Director National Insurance Papaya Global businesses out there doing exactly this for particular countries and I have actually worked in a company or lots of services doing precisely that I can say it doesn’t constantly feel effective and it does produce more work I understand we’re not deliberately doing that we’re not developing additional work for any person where we do not need to and anyone that’s handling that procedure 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 think lots of reasons one is it’s the requirement I believe people have got so utilized to we require a new bank account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals have adopted and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and many other methods um to to type of do it so I believe there’s a variety I think this is a process that requires taking a look at it requires altering but eventually people are really stuck to what they recognize
with best um change is a tough thing we all don’t like change um so I think it’s simply sort of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend certainly the benefits of having keeping multiple checking account but there’s a substantial amount of complexity chooses setting up a bank account preserving it guaranteeing it can send out International transfers guaranteeing it’s established with the ideal user accesses for individual people so the complexity is huge however I think the sincere response is change um people have not had the ability to change or have not had necessarily the knowledge to truly make that change into alternate Solutions other than opening a bank account I believe you have actually hit the nail on the head I think it is understanding you understand and there is an element of resistance to alter but 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 know what could practically be determined to be the next Century approximately there is a lot to monitor and this approach does position several obstacles um so Johnny could you inform us about those challenges yeah naturally so there’s a variety 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International staff members you deserve a corner workplace with a closer parking space since I mastered International payroll and payments with Papaya payroll OS did you Director National Insurance Papaya Global