Over the last five or six years …Papaya Global Froze On Printing Payslips… functions on the provider side and likewise on the supplier side from a payroll perspective so really eagerly anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply give everybody another number of uh well among the 30 seconds or so 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 fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really really dreary and I wish I was elsewhere at this moment in time okay so let’s start our agenda for today is as follows um we are going to be looking at the difficulty years of handling International payroll why companies maintain different
Virtual payroll accounts are an option to conventional bank accounts for handling payroll payments. This is especially helpful for global companies with dispersed and remote labor forces, as it streamlines the complicated procedure of cross-border payments. Instead of maintaining different bank accounts for payroll in various 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 discuss why they are ending up being a strategic possession for payroll executives. We will likewise offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively firmly and on time during this webinar we’ll stroll you through the global 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 simplifying Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in enough in one country but when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a variety of reasons most significantly regulations compliance data security and banking guidelines then there are the sheer numbers they add more complexity the worldwide Labor force is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 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 standard payroll design there’s often a frustrating variety of different systems leading to time-consuming manual processes and silos the number of Integrations could be non-existent in large quantities and or very extremely standard there’s no real consistency structure we’re living in an age of tech but payroll has 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 give you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force data in real time that’s another number that provides me sleep deprived nights and quite frankly the more a service invests in worldwide payroll the less of an image they see an absence of presence likewise encompasses payroll payments and inability to precisely track these payments can cause compliance incidents in the last mile of the transaction almost half of international 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 mistakes are due to time reporting poor HCM information information entry mistakes inadequately interacted hires and terminations in addition to absence management and system configurations and after that when you round all of it off and the data is shipped to the incorrect location the average cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash worldwide payroll and payments don’t run smoothly if they count on the required numerous processes systems and partners it is simply 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 good concern I always throw this back and state what is it what doesn’t need to be included best and what does
it require to be thought about there’s differing 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 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 intricacy wherever you look right eventually building a knowledge base is absolutely crucial but everywhere you look with payroll payment they are like incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you 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 definitely fundamental and technology is permitting us to kind of move forward with that it also too to contribute to that payroll and finance require to work closer together um with varying Checking account Details differing banking requirements and setup processes is definitely important that payroll and finance teams work closer together than ever um I’m always surprised when people state I’ve 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 estimation I would say no so why do we as an industry accept that why our payroll and payments so frequently 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 people anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being more and more crucial to contribute to kind of the level of complexity there’s increasingly more advantages being organ or being offered by businesses across the world so again you’re just seeking to include increasingly more 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 certain however have you got any experience in kind of real obstacles or real tough sort of pay uses to play to pay people I believe yeah I mean over the last well yeah a couple of decades I would definitely say that the bigger a company 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 groups feeding information 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 require to be the case you understand long gone are the times where we require to create extra handoffs at the same times that we operate in they just make them more prompt they make them less effective and they don’t make them what they require to be in in a period of tech and an era that you understand that we are operating in today there is no reason we are still making this as difficult as it needs to be concurred and appropriately as you stated payroll is the single most significant liability that any organization has from a cost perspective from an effect perspective on staff members it is absolutely important 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 need to be done right it has the biggest destructive effect on individuals’s well-being and numerous other factors if individuals aren’t paid uh I’ve constantly been amazed coming into this Market type of the last 5 to 10 years is how little thanks the
payroll group get um so I’m not exactly sure anyone on this kind of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such a crucial cycle we all become aware of it when it goes wrong 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 likewise like why WI-Fi Global why all of this things is definitely crucial that all of this things is done properly so leveraging the very first Global Payments first payroll payment service is an excellent first step um providing an end-to-end payroll service for your staff members globally once again I believe is another substantial um process again aligning and guaranteeing you have standardization Worldwide procedures all of those things are definitely essential to success success of organizations and minimizing the variety of tools platforms and bank accounts they need for their International 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 ever had a hundred thousand of 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 problems where things haven’t gone rather where they’re indicated to be um I don’t believe any of us are in fact doing that for for the thanks
anyway we understand how how essential a role it is and that’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 envision sorry I’m simply I was simply gon na state imagine the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re discussing numerous thousands potentially Millions envision getting that lots of thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an interesting job attempting to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and really see what was going on and kind of try to get back to everybody so proceeding look why do companies choose to main separate savings account there are Papaya Global Froze On Printing Payslips companies out there doing exactly this for specific nations and I have actually worked in an organization or lots of services doing precisely that I can say it does not constantly feel efficient and it does produce more work I know we’re not intentionally doing that we’re not creating additional work for anyone where we don’t 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 amount that we are I think many factors one is it’s the requirement I believe individuals have actually got so utilized to we require a brand-new bank account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the standard individuals have embraced and continue to do over years and years passed by to add to that people have looked at things like trust accounts and numerous other methods um to to type of do it so I believe there’s a range I think this is a procedure that needs taking a look at it needs changing however ultimately people are extremely stuck with what they recognize
with right um change is a tough thing all of us do not like change um so I think it’s simply sort of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the advantages of having keeping multiple bank accounts but there’s a big amount of complexity goes with setting up a savings account preserving it ensuring it can send International transfers guaranteeing it’s established with the best user accesses for specific people so the intricacy is substantial however I believe the honest response is modification um people have not been able to alter or haven’t had necessarily the understanding to actually make that change into alternate Solutions other than opening a checking account I think you have actually hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to change however we’ve constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could nearly be figured out to be the next Century approximately there is a lot to keep track of and this method does present numerous challenges um so Johnny could you tell us about those difficulties yeah of course so there’s a variety right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has actually gained another CFO, and with this enhanced ability, I have actually effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Froze On Printing Payslips