Over the last 5 or 6 years …Papaya Global Help Webchat… roles on the service provider side and likewise on the vendor side from a payroll perspective so actually anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply give everyone another number of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite interesting 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 actually 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 raining here it’s very very gloomy and I want I was somewhere else 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 difficulty years of handling Global payroll why business keep different
Virtual payroll accounts are an alternative to standard savings account for managing payroll payments. This is especially helpful for worldwide organizations with dispersed and remote labor forces, as it simplifies the intricate procedure of cross-border payments. Instead of maintaining different checking account for payroll in different nations, virtual accounts and digital wallets use a more structured solution. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are becoming a strategic possession for payroll executives. We will likewise supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly effectively firmly and on time during this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll savings account how business accurately anticipate their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in enough in one country however when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a range of reasons most notably regulations compliance information security and banking rules then there are the large numbers they include additional intricacy the global Labor force is presently 3 and a half billion individuals by 2030 it’s approximated 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 worldwide in the traditional payroll model there’s often a frustrating number of various systems resulting in lengthy manual procedures and silos the number of Integrations could be non-existent in big quantities and or very really fundamental there’s no real consistency structure we’re living in an age of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which simply blows my mind each time I I believe
about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Workforce data in real time that’s another number that offers me sleepless nights and quite honestly the more a company spends on worldwide payroll the less of a photo they see a lack of presence also extends to payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the deal nearly half of international companies have expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry errors poorly communicated hires and terminations as well as absence management and system setups and then when you round everything off and the data is delivered to the wrong place the average expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash all over the world payroll and payments do not run smoothly if they depend on the required multiple processes 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 difficulties business face when they’re paying to workers or otherwise that’s a great question I always toss this back and state what is it what does not need to be included right 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 nation there’s payment amount of time 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 consumer’s own in-country account so there’s intricacy anywhere you look right eventually constructing a knowledge base is absolutely vital however everywhere you look with payroll payment they are like incredibly 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 believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and technology is enabling us to type of move on with that it likewise as well to add to that payroll and financing need to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is definitely crucial that payroll and financing teams work more detailed together than ever um I’m always surprised when people state 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 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 often 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 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 crucial to contribute to kind of the level of intricacy there’s increasingly more advantages being organ or being offered by services throughout the world so once again you’re simply looking to add more and more payments to this already complicated landscape so if you kind 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 genuine challenges or genuine difficult type of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a number of years I would absolutely state that the bigger a business gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are groups feeding information into the next function as it were that’s really handling the payment side of things but you understand in in my opinion and my experience that does not necessarily need to be the case you know long gone are the times where we require to produce additional handoffs in the processes that we run in they simply make them more timely they make them less efficient and they don’t make them what they require to be in in an age of tech and an era that you know that we are operating in today there is no reason that we are still making this as difficult as it needs to be concurred and rightly as you said payroll is the single most significant liability that any organization has from an expense point of view from an effect perspective on workers it is absolutely crucial 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 need to be done right it has the most significant destructive effect on people’s well-being and numerous other elements if people aren’t paid uh I have actually constantly been amazed entering into this Market type of the last five to 10 years is how little thanks the
The payroll group might not have actually been thanked for properly processing payroll throughout a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and people just see when things fail. Nevertheless, when things go right, it’s viewed as just a routine job. This is how it’s perceived externally too. Therefore, it is necessary to make sure that jobs like Wi-Fi Global and other essential matters are done correctly. Using the first International Payments very first payroll payment solution is a fantastic preliminary step towards providing an extensive payroll service for workers worldwide. Standardization, international procedures, and decreasing the number of tools, platforms, and bank accounts necessary for worldwide payroll are essential consider accomplishing service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few problems when things do not go as prepared. Ultimately, we don’t do it for the gratitude.
anyway we understand how how important a function 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 simple as possible for everyone that’s involved in those procedures and also so imagine sorry I’m just I was simply gon na say envision the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions imagine getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would certainly 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 was the case um you ‘d require days of the week to try to browse them and actually see what was going on and sort of shot to return to everybody so moving on look why do companies pick to primary separate bank accounts there are Papaya Global Help Webchat services out there doing exactly this for specific nations and I’ve operated in an organization or many organizations doing exactly that I can say it doesn’t always feel effective and it does create more work I know we’re not purposely doing that we’re not developing extra work for anyone where we don’t need to and anybody that’s managing 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 quantity that we are I think numerous reasons one is it’s the standard I believe people have actually got so used to we need a brand-new savings account we open an entity and appropriately so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals have embraced and continue to do over years and years gone past to contribute to that people have actually 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 process that needs taking a look at it needs changing but eventually people are very stuck to what they’re familiar
with best um change is a difficult thing all of us don’t like modification um so I believe it’s simply type of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the advantages of having keeping multiple savings account however there’s a big amount of complexity goes with establishing a bank account keeping it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for individual individuals so the intricacy is substantial but I believe the honest response is modification um people haven’t been able to change or haven’t had always the knowledge to truly make that change into alternate Solutions aside from opening a checking account I think you’ve struck the nail on the head I believe it is understanding you understand and there is an element of resistance to alter but we have actually constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might almost be figured out to be the next Century or so there is a lot to track and this method does present a number of difficulties um so Johnny might you inform us about those obstacles yeah of course so there’s a range right there is so
I just did you changed 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 Worldwide employees 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 Help Webchat