Over the last five or 6 years …Papaya Global This Data Cannot Be Opened In Your Software… roles on the service provider side and likewise on the vendor side from a payroll viewpoint so actually anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply offer everyone another number of uh well among the 30 seconds or so 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 already simply to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I truly do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very very gloomy and I want I was somewhere else at this moment in time okay so let’s get going our program for today is as follows um we are going to be looking at the difficulty years of managing International payroll why companies maintain different
Virtual payroll accounts are an option to traditional bank accounts for managing payroll payments. This is especially beneficial for global companies with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of preserving separate bank accounts for payroll in various countries, virtual accounts and digital wallets offer a more structured option. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are ending up being a tactical asset for payroll executives. We will likewise provide a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively securely and on time throughout this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll savings account how business accurately forecast their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in adequate in one country however when you’re doing it internationally it’s next level and Beyond it ends up being complex for a range of reasons most notably regulations compliance information security and banking guidelines then there are the large numbers they include more intricacy the worldwide Labor force is presently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the world in the traditional payroll design there’s often an overwhelming variety of different systems resulting in lengthy manual procedures and silos the number of Integrations could be non-existent in large amounts and or very really fundamental there’s no real consistency structure we’re residing in an age of tech but 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 think
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce data in real time that’s another number that offers me sleepless nights and rather frankly the more a service spends on worldwide payroll the less of a picture they see a lack of exposure likewise encompasses payroll payments and failure to precisely track these payments can result in compliance accidents in the last mile of the transaction almost half of global businesses have actually revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry mistakes poorly communicated hires and terminations along with absence management and system configurations and after that when you round everything off and the data is delivered to the wrong location the average cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money all over the world payroll and payments do not run smoothly if they count on the required multiple processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges company face when they’re making payments to employees or otherwise that’s a great concern I always throw this back and state what is it what doesn’t require to be consisted of best and what does
it need to be thought about there’s varying 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 need to pay from the consumer’s own in-country account so there’s intricacy anywhere you look ideal eventually building a knowledge base is definitely vital however everywhere you look with payroll payment they are like very payments no if however some children about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is allowing us to kind of progress with that it likewise too to add to that payroll and finance need to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is definitely vital that payroll and financing teams work better together than ever um I’m constantly surprised 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 work in the payroll occupation would they divide the payroll payment from computation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of important to add to sort of the level of intricacy there’s more and more benefits being organ or being provided by companies throughout the world so once again you’re simply looking to include increasingly more payments to this currently complicated landscape so if you sort of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of genuine challenges or genuine tough kind of pay utilizes to play to pay people I think yeah I suggest over the last well yeah a number of years I would certainly say that the bigger a business gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are groups feeding details into the next function as it were that’s actually handling the payment side of things but you know in in my opinion and my experience that doesn’t necessarily require to be the case you know long gone are the times where we need to produce extra handoffs in the processes that we operate in they simply make them more timely they make them less effective and they do not make them what they require to be in in a period of tech and an era that you understand that we are working in today there is no reason we are still making this as challenging as it requires to be agreed and rightly as you stated payroll is the single greatest liability that any service has from an expense perspective from an effect viewpoint on staff members it is definitely vital that it’s done correctly and on time so what we imply 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 harmful result on people’s wellness and lots of other factors if people aren’t paid uh I have actually constantly been amazed coming into this Market type of the last five to ten years is how little thanks the
The payroll team might not have been thanked for properly processing payroll during a webinar. If anybody has been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and people just notice when things go wrong. Nevertheless, when things go right, it’s viewed as just a regular job. This is how it’s perceived externally as well. For that reason, it is vital to make sure that jobs like Wi-Fi Global and other essential matters are done properly. Using the very first International Payments first payroll payment solution is a fantastic preliminary step towards providing a thorough payroll solution for employees worldwide. Standardization, global procedures, and lowering the number of tools, platforms, and bank accounts necessary for international payroll are essential factors in achieving organization success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of problems when things don’t go as planned. Eventually, we don’t do it for the appreciation.
anyway we understand how how essential a role it is which’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 picture sorry I’m simply I was just gon na state think of the amount of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions think of getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting job trying to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to check out them and really see what was going on and sort of shot to get back to everyone so carrying on appearance why do business select to primary different savings account there are Papaya Global This Data Cannot Be Opened In Your Software businesses out there doing exactly this for particular countries and I have actually operated in a service or numerous companies doing exactly that I can state it doesn’t constantly feel efficient and it does produce more work I know we’re not deliberately doing that we’re not producing extra work for anybody where we don’t have to and any person 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 amount that we are I believe numerous reasons one is it’s the requirement I think individuals have got so utilized to we require a new checking account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply 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 think there’s a range I think this is a procedure that needs looking at it requires changing but ultimately people are really 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 just type of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having maintaining numerous savings account but there’s a big quantity of intricacy chooses establishing a checking account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for private people so the complexity is huge but I believe the truthful response is modification um individuals haven’t been able to alter or have not had always the understanding 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 believe it is knowledge you know and there is a component of resistance to change but we have actually always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might practically be determined to be the next Century approximately there is a lot to keep an eye on and this technique does pose a number of difficulties um so Johnny might you tell us about those obstacles yeah naturally so there’s a range right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has gotten another CFO, and with this boosted capability, I have actually effectively protected payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global This Data Cannot Be Opened In Your Software