Over the last 5 or six years …Papaya Global Payroll Reports… roles on the service provider side and likewise on the supplier side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply provide everyone another number of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everyone comes 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 very gloomy and I want I was somewhere else at this moment in time alright so let’s start our program for today is as follows um we are going to be looking at the obstacle years of handling International payroll why business keep different
Virtual payroll accounts are an alternative to conventional savings account for managing payroll payments. This is especially beneficial for global companies with dispersed and remote workforces, as it streamlines the complex process of cross-border payments. Instead of preserving different checking account for payroll in different nations, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are becoming a tactical asset for payroll executives. We will also provide a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively safely and on time during this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll bank account how business accurately anticipate their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in enough in one country however when you’re doing it internationally it’s next level and Beyond it ends up being complex for a variety of factors most importantly policies compliance information security and banking guidelines then there are the large numbers they include more complexity the international Workforce is presently three 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 factor in that there are some 230 million companies and growing all doing their own thing all over the world in the traditional payroll design there’s frequently an overwhelming number of different systems resulting in time-consuming manual procedures and silos the variety of Integrations could be non-existent in large amounts and or very really fundamental there’s no real consistency framework we’re residing in an age of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which simply blows my mind every time I I believe
about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Workforce information in real time that’s another number that offers me sleep deprived nights and quite honestly the more a business invests in worldwide payroll the less of a photo they see an absence of visibility likewise encompasses payroll payments and inability to accurately track these payments can result in compliance accidents in the last mile of the transaction almost half of global businesses have actually expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry errors improperly interacted hires and terminations in addition to lack management and system configurations and then when you round it all off and the data is delivered to the wrong location the average expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash all over the world payroll and payments do not run efficiently if they depend on the required several procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles company face when they’re making payments to employees or otherwise that’s a good question I always throw this back and state what is it what doesn’t require to be consisted of ideal and what does
it require to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per nation 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 complexity any place you look best ultimately constructing a knowledge base is absolutely critical however everywhere you look with payroll payment they resemble very payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely basic and innovation is enabling us to type of progress with that it likewise too to add to that payroll and financing need to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is definitely crucial that payroll and finance groups work more detailed together than ever um I’m constantly amazed when people state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being more and more important to contribute to sort of the level of intricacy there’s a growing number of benefits being organ or being offered by companies throughout the world so once again you’re simply seeking to include a growing number of payments to this currently complicated landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of real obstacles or real challenging sort of pay uses to play to pay people I believe yeah I indicate over the last well yeah a number of decades I would absolutely say that the bigger a service 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 in fact managing the payment side of things but you understand in in my viewpoint and my experience that doesn’t always need to be the case you understand long gone are the times where we require to produce extra handoffs while doing sos that we operate 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 an age of tech and an age that you understand that we are operating in today there is no reason why 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 business has from an expense point of view from an effect point of view on employees it is definitely vital 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 have to be done right it has the biggest harmful effect on people’s wellness and lots of other aspects if people aren’t paid uh I’ve constantly been impressed coming into this Market type of the last five to ten years is how little thanks the
payroll group get um so I’m not exactly sure anybody on this kind of webinar has been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an important cycle all of us 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 deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely essential that all of this stuff is done correctly so leveraging the first Worldwide Payments first payroll payment solution is a terrific first step um offering an end-to-end payroll service for your workers globally once again I think is another substantial um procedure once again aligning and ensuring you have standardization Worldwide processes all of those things are definitely essential to success success of organizations and decreasing the number of tools platforms and bank accounts they need for their International 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’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 suggested to be um I do not think any of us are in fact doing that for for the thanks
anyway we understand 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 simple as possible for everyone that’s involved in those processes and likewise so envision sorry I’m just I was simply gon na state picture the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions picture getting that lots of thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would definitely be an intriguing task trying to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and really see what was going on and sort of shot to get back to everyone so moving on look why do companies pick to primary different savings account there are Papaya Global Payroll Reports organizations out there doing precisely this for particular nations and I’ve operated in a company or lots of services doing exactly that I can state it does not always feel effective and it does produce more work I know we’re not purposely doing that we’re not producing extra work for anybody where we don’t have to and anyone that’s dealing with that procedure 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 factors one is it’s the requirement I think individuals have got so used to we need a brand-new bank account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the standard the people have adopted and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and numerous other ways 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 requires changing but ultimately people are very stuck to what they recognize
with best um modification is a tough thing all of us don’t like change um so I believe it’s just kind of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the benefits of having keeping several bank accounts however there’s a big quantity of intricacy chooses setting up a savings account keeping it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for individual individuals so the intricacy is huge but I believe the honest response is change um people have not had the ability to alter or have not had necessarily the understanding to truly make that change into alternate Solutions other than opening a bank account I think you’ve hit the nail on the head I think it is knowledge you know and there is an aspect of resistance to change but we’ve 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 could practically be figured out to be the next Century or so there is a lot to monitor and this approach does pose a number of obstacles um so Johnny could you tell us about those challenges 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 staff members you should have a corner office with a closer parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Payroll Reports