Over the last 5 or six years …Papaya Global How To Process A Leaver… functions on the provider side and also on the vendor side from a payroll viewpoint so actually anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply provide everybody another couple of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everybody originates from and I truly 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 extremely really bleak and I wish I was somewhere else at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why companies keep separate
Virtual payroll accounts are an alternative to conventional bank accounts for managing payroll payments. This is especially beneficial for global organizations with dispersed and remote workforces, as it simplifies the complex procedure of cross-border payments. Instead of preserving different checking account for payroll in different countries, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are becoming a tactical asset 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 properly efficiently safely and on time during this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll bank account how business precisely anticipate their payroll expenses to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in enough in one nation however when you’re doing it globally it’s next level and Beyond it ends up being intricate for a variety of factors most notably regulations compliance information security and banking rules then there are the large numbers they add additional complexity the global Labor force is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals 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 all over the world in the traditional payroll model there’s frequently an overwhelming number of various systems resulting in time-consuming manual procedures and silos the number of Combinations could be non-existent in large quantities and or extremely really fundamental there’s no real consistency framework we’re living in a period 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 whenever I I think
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services say they have Labor force data in real time that’s another number that provides me sleepless nights and quite frankly the more an organization spends on worldwide payroll the less of an image they see an absence of visibility also encompasses payroll payments and inability to accurately track these payments can cause compliance incidents in the last mile of the transaction nearly half of international businesses have actually revealed 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 bad HCM data data entry errors inadequately communicated hires and terminations along with absence management and system setups and after that when you round everything off and the information is delivered to the incorrect 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 world payroll and payments don’t run efficiently if they depend on the needed several 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 difficulties company face when they’re paying to workers or otherwise that’s a good concern I always throw this back and state what is it what does not require to be included ideal 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 country 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 customer’s own in-country account so there’s complexity wherever you look right eventually building a knowledge base is absolutely crucial however all over you look with payroll payment they resemble very payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the sort 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 permitting us to kind of move forward with that it also also to contribute to that payroll and finance need to work closer together um with differing Bank Account Details differing banking requirements and setup procedures is definitely important that payroll and financing groups work more detailed together than ever um I’m always astonished when people state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so typically 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 wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being a growing number of important to contribute to kind of the level of complexity there’s more and more benefits being organ or being offered by services across the world so again you’re simply seeking to include a growing number of payments to this already complex landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of genuine obstacles or real tough type of pay utilizes to play to pay people I think yeah I imply over the last well yeah a couple of years I would certainly say that the bigger an organization 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 teams feeding details into the next function as it were that’s actually managing the payment side of things however you understand in in my opinion and my experience that doesn’t always require to be the case you understand long gone are the times where we need to develop extra handoffs while doing sos that we operate in they just make them more timely they make them less efficient and they don’t make them what they require to be in in a period of tech and a period that you understand that we are operating in today there is no reason why we are still making this as hard as it needs to be agreed and rightly as you said payroll is the single greatest liability that any service has from an expense point of view from an impact perspective on employees it is definitely 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 have to be done right it has the greatest damaging result on individuals’s wellness and many other elements if individuals aren’t paid uh I have actually constantly been impressed entering this Market kind of the last five to 10 years is how little thanks the
payroll group get um so I’m not sure anyone on this sort of webinar has been informed 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 employees or not um but eventually payroll is such a crucial cycle all of us hear about it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external view 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 stuff is done correctly so leveraging the very first Global Payments very first payroll payment service is a great primary step um offering an end-to-end payroll solution for your employees internationally once again I believe is another substantial um process once again lining up and ensuring you have standardization Worldwide processes all of those things are definitely key to success success of companies and decreasing the variety of tools platforms and savings account they require for their Worldwide 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 have actually never ever had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things have not gone rather where they’re indicated to be um I do not believe any of us are really doing that for for the thanks
anyhow 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 easy as possible for everyone that’s involved in those procedures and likewise so envision sorry I’m just I was just gon na say picture the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions think of getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting job attempting to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and actually see what was going on and type of shot to get back to everybody so carrying on look why do business select to primary different checking account there are Papaya Global How To Process A Leaver companies out there doing exactly this for particular nations and I’ve worked in a business or many organizations doing precisely that I can state it doesn’t constantly feel efficient and it does create more work I understand we’re not deliberately doing that we’re not developing extra work for any person where we don’t have to and any person that’s managing that procedure 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 believe many factors one is it’s the requirement I think individuals have got so used to we require a new checking account we open an entity and rightly 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 embraced and continue to do over years and years gone past 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 process that needs looking at it needs changing but ultimately people are really stuck with what they recognize
with right um modification is a challenging thing we all don’t like modification um so I think it’s simply type of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the benefits of having keeping multiple savings account however there’s a big amount of intricacy goes with setting up a bank account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for specific people so the intricacy is huge but I think the truthful answer is modification um individuals haven’t had the ability to alter or have not had necessarily the knowledge to actually make that change into alternate Solutions other than opening a savings account I believe you’ve struck the nail on the head I think it is understanding you know and there is an element of resistance to change however we have actually constantly done it that way is no real reason for not looking at the the advantages and the possibilities of carrying on and moving into you know what might nearly be determined to be the next Century or two there is a lot to keep an eye on and this method does position a number of obstacles um so Johnny might you tell us about those difficulties yeah of course so there’s a range right there is so
I simply did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International workers you deserve a corner office with a better parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global How To Process A Leaver