Over the last 5 or 6 years …Papaya Global End Of Year 2019… functions on the provider side and likewise on the supplier side from a payroll point of view so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll simply give everyone another number of uh well among 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 rather interesting and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I really do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very extremely dreary and I want I was somewhere else at this moment in time okay so let’s get started our program for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why companies keep different
Virtual payroll accounts are an alternative to standard bank accounts for handling payroll payments. This is particularly beneficial for worldwide organizations with dispersed and remote labor forces, as it streamlines the complicated 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 ending up being a strategic asset for payroll executives. We will also 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 stroll you through the international pros and cons of a payroll wallet versus a payroll savings account how companies accurately anticipate their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in enough in one country however when you’re doing it globally it’s next level and Beyond it ends up being complex for a range of factors most importantly regulations compliance information security and banking guidelines then there are the sheer numbers they add further intricacy the worldwide Labor force is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the world in the traditional payroll model there’s typically a frustrating variety of various systems causing time-consuming manual processes and silos the number of Combinations could be non-existent in big quantities and or extremely extremely basic there’s no genuine consistency framework we’re residing in a period 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 typically with pen and paper and that simply blows my mind every time I I believe
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Workforce data in real time that’s another number that provides me sleep deprived nights and quite honestly the more a service invests in international payroll the less of a picture they see a lack of exposure likewise reaches payroll payments and inability to properly track these payments can result in compliance incidents in the last mile of the deal almost half of global companies have actually expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM information data entry errors badly communicated hires and terminations as well as lack management and system configurations and then when you round it all off and the data is shipped to the incorrect place the typical cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the globe payroll and payments do not run efficiently if they rely on the needed numerous processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles business face when they’re making payments to employees or otherwise that’s an excellent concern I always throw this back and state what is it what does not need to be included ideal and what does
it need to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment capabilities 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 customer’s own in-country account so there’s intricacy wherever you look ideal ultimately developing a knowledge base is definitely vital however everywhere you look with payroll payment they resemble extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the kind 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 absolutely essential and technology is allowing us to type of move forward with that it likewise also to add to that payroll and finance need to work closer together um with varying Savings account Details varying banking requirements and setup processes is absolutely essential that payroll and financing teams work closer together than ever um I’m constantly impressed when people state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll occupation 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 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 likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more essential to contribute to kind of the level of intricacy there’s a growing number of benefits being organ or being provided by businesses across the world so again you’re just wanting to add a growing number of payments to this already intricate landscape so if you type of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of real challenges or genuine challenging type of pay uses to play to pay people I believe yeah I mean over the last well yeah a couple of decades I would certainly say that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are groups feeding info into the next function as it were that’s actually handling the payment side of things but you understand in in my opinion and my experience that does not always require to be the case you know long gone are the times where we need to develop extra handoffs while doing sos that we operate in they just make them more prompt they make them less efficient and they do not make them what they need to be in in a period of tech and an era that you know that we are operating in today there is no reason why we are still making this as hard as it requires to be agreed and appropriately as you stated payroll is the single biggest liability that any organization has from a cost perspective from an impact viewpoint on workers it is definitely vital that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the greatest damaging effect on people’s wellness and many other factors if individuals aren’t paid uh I have actually constantly been impressed coming into this Market kind of the last 5 to 10 years is how little thanks the
The payroll group may not have been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and people just observe when things go wrong. Nevertheless, when things go right, it’s viewed as simply a regular task. This is how it’s perceived externally also. Therefore, it is vital to ensure that tasks like Wi-Fi Global and other crucial matters are done properly. Using the first International Payments first payroll payment option is an excellent initial step towards offering a thorough payroll option for staff members worldwide. Standardization, global processes, and minimizing the number of tools, platforms, and bank accounts essential for worldwide payroll are crucial factors in achieving business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of complaints when things do not go as prepared. Eventually, we do not do it for the gratitude.
anyhow we understand how how crucial 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 everyone that’s involved in those processes and also so envision sorry I’m simply I was simply gon na state imagine the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re speaking about numerous thousands possibly Millions think of getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating job trying to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and in fact see what was going on and kind of shot to return to everybody so proceeding look why do companies select to main different bank accounts there are Papaya Global End Of Year 2019 services out there doing precisely this for specific countries and I’ve worked in an organization or many businesses doing exactly that I can state it doesn’t always feel effective and it does create more work I understand we’re not purposely doing that we’re not developing additional work for anyone where we do not have to and anybody that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I think numerous reasons one is it’s the standard I think individuals have actually got so used to we require a new savings account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have actually adopted and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and many other ways um to to type of do it so I think there’s a variety I believe this is a procedure that requires looking at it needs altering but ultimately people are very stuck with what they recognize
with right um modification is a challenging thing we all don’t like change um so I think it’s simply type of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand certainly the advantages of having keeping numerous bank accounts but there’s a big quantity of intricacy goes with setting up a checking account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for specific individuals so the intricacy is huge however I think the sincere response is change um individuals have not been able to change or have not had necessarily the understanding to really 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 knowledge 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 taking a look at the the benefits and the possibilities of moving on and moving into you know what might nearly be determined to be the next Century or two there is a lot to keep track of and this technique does position several challenges um so Johnny might you tell us about those challenges yeah obviously so there’s a range right there is so
I just did you switched our Business 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 better parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global End Of Year 2019