Over the last 5 or 6 years …Papaya Global גיקטיים… roles on the supplier 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 alright thanks Johnny uh we’ll simply provide 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 sort of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everyone originates 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 drizzling here it’s extremely extremely gloomy and I wish I was somewhere else 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 obstacle years of handling Worldwide payroll why business preserve different
Virtual payroll accounts are an option to traditional checking account for managing payroll payments. This is particularly beneficial for worldwide companies with dispersed and remote labor forces, as it streamlines the complex procedure of cross-border payments. Instead of maintaining separate savings account for payroll in different countries, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are ending up being a strategic possession for payroll executives. We will likewise provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently securely and on time throughout this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll bank account how business accurately forecast their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in sufficient in one country however when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a variety of reasons most importantly regulations compliance data security and banking guidelines then there are the sheer numbers they add additional complexity the global Workforce is presently 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 factor in that there are some 230 million organizations and growing all doing their own thing all over the world in the traditional payroll design there’s often an overwhelming number of different systems leading to time-consuming manual procedures and silos the variety of Combinations could be non-existent in big amounts and or really really basic there’s no genuine consistency framework we’re residing in an era of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which just blows my mind every time I I think
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce data in real time that’s another number that gives me sleep deprived nights and rather honestly the more a service invests in global payroll the less of a picture they see a lack of presence also reaches payroll payments and inability to precisely track these payments can lead to compliance incidents in the last mile of the transaction nearly half of international organizations have actually expressed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry mistakes improperly communicated hires and terminations along with lack management and system configurations and after that when you round everything off and the data is shipped to the wrong place the average expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the globe payroll and payments do not run smoothly if they depend on the needed several processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges company face when they’re making payments to workers or otherwise that’s a great question I always throw this back and state what is it what does not need to be included best and what does
it require to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment timespan 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 consumer’s own in-country account so there’s complexity any place you look ideal ultimately developing a knowledge base is definitely crucial but all over you look with payroll payment they resemble very payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the sort 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 allowing us to kind of move on with that it also too to add to that payroll and finance require to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is absolutely crucial that payroll and finance teams work better together than ever um I’m always amazed when people say I have actually divided payroll and payment um if you walk 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 an industry 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 individuals anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more important to contribute to type of the level of intricacy there’s a growing number of benefits being organ or being provided by companies throughout the world so again you’re just wanting to include increasingly more payments to this already complex landscape so if you type of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of genuine obstacles or genuine difficult type of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a couple of years I would certainly say that the bigger a business gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are teams feeding details into the next function as it were that’s actually managing the payment side of things but you know in in my opinion and my experience that doesn’t always require to be the case you know long gone are the times where we require to create extra handoffs at the same times that we run in they just make them more prompt they make them less efficient and they do not make them what they require to be in in an age of tech and an age that you know that we are operating in today there is no reason that we are still making this as hard as it requires to be agreed and rightly as you said payroll is the single greatest liability that any service has from an expense perspective from an impact point of view on employees it is absolutely vital that it’s done properly 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 biggest destructive impact on individuals’s well-being and many other factors if individuals aren’t paid uh I’ve constantly been impressed entering this Market sort of the last five to 10 years is how little thanks the
The payroll team may not have actually been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and individuals only discover when things go wrong. Nevertheless, when things go right, it’s viewed as simply a routine job. This is how it’s viewed externally too. Therefore, it is necessary to make sure that jobs like Wi-Fi Worldwide and other essential matters are done properly. Utilizing the first International Payments first payroll payment service is a terrific initial action towards providing a comprehensive payroll solution for staff members worldwide. Standardization, global procedures, and reducing the number of tools, platforms, and savings account required for international payroll are essential factors in accomplishing business success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of grievances when things do not go as planned. Eventually, we do not do it for the gratitude.
anyhow we understand how how crucial 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 simple as possible for everybody that’s associated with those processes and also so envision sorry I’m simply I was just gon na state envision the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions think of getting that many thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an intriguing task attempting 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 attempt to check out them and in fact see what was going on and sort of shot to return to everyone so proceeding look why do business choose to main different checking account there are Papaya Global גיקטיים organizations out there doing precisely this for specific countries and I have actually operated in a company or many businesses doing precisely that I can state it does not always feel effective and it does produce more work I know we’re not intentionally doing that we’re not creating additional work for anybody where we don’t need to and anyone that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I believe lots of reasons one is it’s the standard I believe people have actually got so utilized to we require a new bank account we open an entity and appropriately so you need it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the norm the people have adopted and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and numerous 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 needs changing but ultimately individuals are really stuck to what they’re familiar
with right um modification is a hard thing all of us don’t like change 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 lot of track of things um I understand obviously the benefits of having preserving numerous savings account however there’s a big quantity of complexity goes with establishing a checking account maintaining it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for individual individuals so the intricacy is huge however I think the sincere response is modification um individuals haven’t had the ability to change or haven’t had always the knowledge to truly make that change into alternate Solutions other than opening a checking account I think you’ve struck the nail on the head I believe it is understanding you understand and there is a component of resistance to change however we have actually always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might nearly be figured out to be the next Century approximately there is a lot to keep track of and this technique does position numerous obstacles um so Johnny could you tell us about those obstacles yeah naturally so there’s a variety right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has actually gained another CFO, and with this enhanced capability, I have actually effectively secured payments for our 10,000 workers worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global גיקטיים