Over the last 5 or 6 years …Entering Employee Assesment Pension Scheme In To Papaya Global… functions on the service provider side and likewise on the vendor side from a payroll point of view so really eagerly anticipating this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just give everyone another couple of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everybody originates 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 raining here it’s extremely really gloomy and I want I was elsewhere at this moment in time all right so let’s get going our program for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why business preserve separate
Virtual payroll accounts are an option to conventional bank accounts for handling payroll payments. This is particularly beneficial for global companies with dispersed and remote workforces, as it simplifies the intricate procedure of cross-border payments. Instead of keeping separate savings account for payroll in various countries, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss 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 precisely effectively safely and on time throughout this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how business properly anticipate their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical possession 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 variety of reasons most notably policies compliance data security and banking guidelines then there are the sheer numbers they add more complexity the international Workforce is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the globe in the conventional payroll model there’s typically a frustrating variety of various systems causing time-consuming manual procedures and silos the variety of Combinations could be non-existent in large quantities and or really very fundamental there’s no real consistency framework we’re living in an age 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 which just blows my mind every time I I believe
about it to give you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Labor force information in real time that’s another number that gives me sleepless nights and quite frankly the more a business spends on global payroll the less of a picture they see an absence of exposure likewise extends to payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the deal nearly half of global services have revealed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM data information entry errors badly communicated hires and terminations as well as lack management and system setups and then when you round all of it off and the data is delivered to the incorrect location the average cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash worldwide payroll and payments do not run efficiently if they rely on the essential several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties business face when they’re paying to employees or otherwise that’s a great concern I always throw this back and state what is it what does not require to be consisted of ideal and what does
it require to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment abilities 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 customer’s own in-country account so there’s complexity any place you look best ultimately building a knowledge base is definitely critical however all over you look with payroll payment they are like extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely basic and innovation is permitting us to sort of move forward with that it likewise too to add to that payroll and finance require to work closer together um with varying Checking account Particulars differing banking requirements and setup processes is definitely necessary that payroll and finance groups work better together than ever um I’m always surprised when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um ultimately 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 but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being a growing number of important to add to kind of the level of intricacy there’s more and more advantages being organ or being offered by businesses throughout the world so again you’re simply looking to include increasingly more payments to this already complex landscape so if you type of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of genuine challenges or real tough kind of pay uses to play to pay people I believe yeah I imply over the last well yeah a number of decades I would certainly say that the bigger an organization 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 info into the next function as it were that’s really handling the payment side of things however you know in in my opinion and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we need to develop extra handoffs in the processes that we run in they just make them more prompt they make them less effective and they do not make them what they require to be in in a period of tech and an age that you understand that we are operating in today there is no reason we are still making this as tough as it requires to be agreed and appropriately as you said payroll is the single greatest liability that any company has from an expense perspective from an impact viewpoint on staff members it is absolutely 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 have to be done right it has the most significant destructive impact on individuals’s wellness and many other elements if individuals aren’t paid uh I have actually always been astonished coming into this Market kind of the last five to 10 years is how little thanks the
The payroll group may not have actually been thanked for correctly processing payroll during 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 essential cycle, and individuals just see when things fail. However, when things go right, it’s viewed as just a routine task. This is how it’s perceived externally as well. Therefore, it is essential to ensure that tasks like Wi-Fi Worldwide and other essential matters are done correctly. Utilizing the very first Global Payments first payroll payment service is an excellent preliminary step towards providing an extensive payroll option for staff members worldwide. Standardization, international processes, and minimizing the number of tools, platforms, and checking account essential for international payroll are key factors in 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 don’t go as prepared. Ultimately, we do not do it for the gratitude.
anyway we understand 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 easy as possible for everyone that’s associated with those processes and also so picture sorry I’m simply I was just gon na say imagine the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re speaking about numerous thousands potentially Millions think of getting that lots of thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting job trying to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to browse them and in fact see what was going on and type of shot to return to everyone so carrying on look why do companies pick to main separate savings account there are Entering Employee Assesment Pension Scheme In To Papaya Global organizations out there doing precisely this for particular countries and I have actually worked in a service or numerous companies doing exactly that I can state it does not constantly feel efficient and it does develop more work I know we’re not intentionally doing that we’re not producing additional work for any person where we don’t need to and anyone that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I think many factors one is it’s the requirement I believe people have got so utilized to we need a new savings 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 norm individuals have adopted and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and lots of other methods um to to kind of do it so I believe there’s a range I believe this is a process that needs looking at it requires changing but ultimately individuals are extremely stuck with what they recognize
with ideal um change is a hard thing we all do not like modification um so I believe it’s simply kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend obviously the benefits of having keeping multiple checking account but there’s a substantial quantity of intricacy opts for establishing a bank account keeping it ensuring it can send International transfers ensuring it’s established with the right user accesses for private people so the intricacy is substantial but I believe the honest answer is modification um people haven’t had the ability to alter or have not had necessarily the knowledge to actually make that change into alternate Solutions besides opening a bank account I think you’ve hit the nail on the head I think it is understanding you know and there is a component of resistance to change but we have actually always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might almost be identified to be the next Century or two there is a lot to keep track of and this method does posture several difficulties um so Johnny might you tell us about those difficulties yeah naturally so there’s a range right there is so
I simply did you changed our Business 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 International employees you are worthy of a corner workplace with a more detailed parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Entering Employee Assesment Pension Scheme In To Papaya Global