Over the last five or 6 years …Papaya Global Auto Enrolment Opt Out… roles on the supplier side and likewise on the supplier side from a payroll perspective so really anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just give everybody another couple of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I really do hope it’s much sunnier than it remains 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 really extremely bleak and I want I was elsewhere at this moment in time all right so let’s get started our program for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why business maintain different
Virtual payroll accounts are an option to conventional savings account for managing payroll payments. This is particularly useful for worldwide organizations with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of keeping separate bank accounts for payroll in different countries, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are becoming a strategic property for payroll executives. We will also offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly effectively safely and on time throughout this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll checking account how business precisely forecast their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in adequate in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a variety of factors most significantly guidelines compliance data security and banking rules then there are the sheer numbers they include more intricacy the international Workforce is currently 3 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 presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing worldwide in the traditional payroll model there’s often an overwhelming variety of different systems causing time-consuming manual procedures and silos the number of Combinations could be non-existent in big amounts and or really really fundamental there’s no genuine consistency framework we’re residing in a period of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that just blows my mind each time I I believe
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force data in real time that’s another number that provides me sleepless nights and rather honestly the more a business invests in global payroll the less of a photo they see a lack of presence also encompasses payroll payments and failure to properly track these payments can result in compliance mishaps in the last mile of the transaction almost half of international businesses have expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM data data entry mistakes badly communicated hires and terminations as well as lack management and system configurations and then when you round everything off and the data is delivered to the wrong place the average expense of a global 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 don’t run smoothly if they depend on the essential several procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles organization face when they’re making payments to employees or otherwise that’s a good concern I constantly throw this back and say what is it what does not require to be consisted of ideal and what does
it require to be considered there’s varying Bank details 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 capabilities 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 intricacy anywhere you look ideal ultimately developing a knowledge base is definitely critical but all over you look with payroll payment they are like extremely payments no if but some infants 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 acknowledgment that payroll payments are absolutely essential and technology is allowing us to kind of move on with that it likewise also to contribute to that payroll and financing require to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is definitely important that payroll and finance groups work more detailed together than ever um I’m always impressed when individuals say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not 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 frequently split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being more and more essential to add to kind of the level of intricacy there’s increasingly more benefits being organ or being offered by companies across the world so again you’re simply seeking to include increasingly more payments to this already complicated 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 kind of pay uses to play to pay people I think yeah I mean over the last well yeah a couple of years I would definitely say that the bigger a business gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are groups feeding information into the next function as it were that’s in fact handling the payment side of things however you know in in my opinion and my experience that doesn’t always need to be the case you understand long gone are the times where we need to produce additional handoffs at the same times 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 an age of tech and an era 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 agreed and rightly as you said payroll is the single greatest liability that any company has from an expense viewpoint from an effect perspective on staff members it is definitely crucial that it’s done correctly and on time so what we imply 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 damaging result on individuals’s wellness and many other aspects if people aren’t paid uh I have actually always been surprised coming into this Market type of the last 5 to ten years is how little thanks the
payroll team get um so I’m not exactly sure anybody on this type of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an essential cycle all of us find out about it when it fails everybody jumps up and down when it fails but when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely vital that all of this stuff is done properly so leveraging the very first Worldwide Payments first payroll payment option is a terrific primary step um providing an end-to-end payroll solution for your workers worldwide again I believe is another big um process again lining up and ensuring you have standardization International processes all of those things are definitely key to success success of companies and minimizing the variety of tools platforms and bank accounts 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 had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone rather where they’re meant to be um I do not think any of us are actually doing that for for the thanks
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 easy as possible for everyone that’s involved in those procedures and also so picture sorry I’m simply I was simply gon na state picture the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions envision getting that many thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting job trying to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and really see what was going on and sort of shot to get back to everyone so moving on look why do business select to main separate savings account there are Papaya Global Auto Enrolment Opt Out companies out there doing precisely this for specific countries and I’ve worked in a company or many services doing exactly that I can state it does not always feel effective and it does create more work I know we’re not deliberately doing that we’re not developing extra work for any person where we don’t have to and anybody that’s managing 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 think many reasons one is it’s the requirement I believe individuals have got so used to we need a new checking account we open an entity and appropriately 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 standard and the norm the people have actually embraced and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a variety I think this is a procedure that needs taking a look at it requires changing but eventually individuals are really stuck to what they’re familiar
with ideal um change is a difficult thing all of us do not like modification um so I believe it’s just type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand clearly the benefits of having keeping multiple savings account however there’s a big quantity of intricacy opts for establishing a bank account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for specific individuals so the complexity is huge but I think the honest answer is modification um people haven’t had the ability to change or have not had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a savings account I think you have actually hit the nail on the head I think it is understanding you know and there is a component of resistance to alter but we’ve always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might almost be determined to be the next Century or so there is a lot to track and this approach does pose numerous difficulties um so Johnny could you inform us about those challenges yeah obviously so there’s a range 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 office with a more detailed parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Auto Enrolment Opt Out