Over the last five or 6 years …Papaya Global News… functions on the provider side and likewise on the vendor side from a payroll viewpoint so actually anticipating this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just offer everyone another couple of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite intriguing 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 is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very extremely uninspiring and I want I was somewhere else at this moment in time fine so let’s begin 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 business maintain different
Virtual payroll accounts are an option to standard savings account for handling payroll payments. This is particularly beneficial for international organizations with dispersed and remote workforces, as it simplifies the complicated process of cross-border payments. Instead of preserving separate savings account for payroll in various nations, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a strategic property for payroll executives. We will also offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely 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 savings account how business accurately forecast their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in adequate in one country however when you’re doing it globally it’s next level and Beyond it becomes intricate for a range of reasons most significantly policies compliance data security and banking rules then there are the large numbers they add further intricacy the global Workforce is presently three 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 currently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing all over the world in the conventional payroll model there’s typically an overwhelming variety of various systems leading to lengthy manual procedures and silos the variety of Integrations could be non-existent in large amounts and or very really standard there’s no real consistency structure we’re living in an era of tech but payroll has 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 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 businesses state they have Workforce data in real time that’s another number that offers me sleepless nights and quite honestly the more an organization spends on international payroll the less of a photo they see an absence of presence also encompasses payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the deal almost half of international businesses have expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM information information entry errors inadequately interacted hires and terminations in addition to lack management and system configurations and then when you round everything off and the information is shipped to the incorrect location the average expense of an international data 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 count on the required numerous 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 staff members or otherwise that’s a good question I always toss this back and say what is it what does not need to be included right and what does
it need 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 capabilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity anywhere you look right ultimately constructing a knowledge base is definitely crucial however everywhere you look with payroll payment they resemble incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link 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 innovation is allowing us to sort of move on with that it likewise as well to contribute to that payroll and financing need to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is definitely crucial that payroll and finance groups work better together than ever um I’m constantly astonished when people say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from computation 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more crucial to add to kind of the level of intricacy there’s a growing number of benefits being organ or being used by services throughout the world so again you’re just wanting to include more and more payments to this already complicated landscape so if you kind of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of genuine challenges or genuine challenging kind of pay uses to play to pay people I think yeah I suggest over the last well yeah a couple of years I would definitely state 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 task there are teams feeding details 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 extra handoffs in the processes that we run in they just make them more prompt 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 know that we are operating in today there is no reason why we are still making this as difficult as it requires to be concurred and rightly as you said payroll is the single biggest liability that any business has from a cost point of view from an effect point of view on staff members it is definitely critical 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 need to be done right it has the biggest harmful result on individuals’s wellness and lots of other aspects if people aren’t paid uh I have actually always been astonished entering this Market kind 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 sort of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such an essential cycle we all become aware of it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I believe 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 absolutely important that all of this stuff is done correctly so leveraging the very first Global Payments first payroll payment service is a terrific initial step um supplying an end-to-end payroll service for your workers globally once again I think is another big um procedure again lining up and guaranteeing you have standardization International procedures all of those things are absolutely essential to success success of services and decreasing the variety of tools platforms and bank accounts they need for their Global payroll too couldn’t 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 countless them within a payroll cycle don’t anticipate to you do get the odd five or 10 or whatever it might be with the with the the problems where things have not gone quite where they’re suggested to be um I don’t think any of us are really doing that for for the thanks
anyway we know how how crucial 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 everybody that’s involved in those procedures and likewise so picture sorry I’m simply I was simply gon na state think of the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions envision getting that lots of thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would definitely be an intriguing task trying to clean up all those up for sure oh absolutely I can’t picture 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 checking account there are Papaya Global News organizations out there doing precisely this for particular countries and I have actually operated in a business or numerous companies doing precisely 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 anybody where we don’t need to and anybody that’s handling 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 amount that we are I think many reasons one is it’s the requirement I believe individuals have actually got so used to we require a brand-new checking account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have actually adopted 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 methods um to to kind of do it so I believe there’s a range I think this is a procedure that requires taking a look at it needs changing but eventually people are extremely stuck to what they’re familiar
with right um change is a hard thing we all don’t like modification um so I think it’s simply sort of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the advantages of having maintaining multiple bank accounts but there’s a huge amount of complexity opts for establishing a bank account preserving it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for individual individuals so the complexity is huge but I think the sincere answer is modification um individuals haven’t had the ability to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a savings account I believe you’ve hit the nail on the head I think it is knowledge you understand and there is an element of resistance to alter however we have actually always done it that way is no real reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what could practically be identified to be the next Century or two there is a lot to keep an eye on and this technique does posture a number of difficulties um so Johnny might you tell us about those challenges 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 tasks on one platform. It feels like our CFO has acquired another CFO, and with this enhanced ability, I have actually successfully secured payments for our 10,000 employees worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is better, considering your achievements. Papaya Global News