Over the last 5 or 6 years …Pharmacy Payroll Papaya Global… functions on the service provider side and also on the supplier side from a payroll point of view so actually looking forward to this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply provide everybody another number of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I really do hope it’s much sunnier than it is 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 extremely really uninspiring and I want I was somewhere else at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why companies preserve different
Virtual payroll accounts are an option to standard savings account for handling payroll payments. This is especially helpful for worldwide 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 use a more streamlined solution. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are becoming a tactical possession for payroll executives. We will also provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively safely and on time during this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how companies precisely forecast their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in enough in one country but when you’re doing it worldwide it’s next level and Beyond it becomes complex for a range of reasons most notably regulations compliance information security and banking guidelines then there are the large numbers they include additional intricacy the worldwide Workforce is currently 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 currently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the globe in the conventional payroll model there’s typically an overwhelming variety of various systems leading to time-consuming manual processes and silos the variety of Combinations could be non-existent in big amounts and or very really fundamental there’s no real consistency framework we’re living in a period of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply blows my mind whenever I I think
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Workforce information in real time that’s another number that provides me sleep deprived nights and rather frankly the more an organization spends on global payroll the less of a picture they see a lack of presence likewise reaches payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the deal almost half of worldwide 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 bad HCM data data entry errors badly communicated hires and terminations along with lack management and system setups and then when you round everything off and the data is delivered to the incorrect place the average cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the globe payroll and payments do not run smoothly if they count on the needed several processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles company face when they’re paying to workers or otherwise that’s an excellent question I constantly toss this back and state what is it what does not require to be included best and what does
it require 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 amount of time there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy anywhere you look ideal eventually building a knowledge base is absolutely vital but everywhere you look with payroll payment they resemble very payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and innovation is allowing us to kind of move forward with that it likewise too to add to that payroll and financing require to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is definitely necessary that payroll and finance groups work better together than ever um I’m always impressed when people say I have actually split payroll and payment um if you stroll 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 an industry accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more crucial to add to type of the level of intricacy there’s more and more advantages being organ or being provided by companies across the world so once again you’re just seeking to add increasingly more payments to this currently complicated landscape so if you type of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of genuine challenges or genuine challenging kind of pay utilizes to play to pay people I believe yeah I mean over the last well yeah a number of years I would absolutely state that the bigger a service gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are groups feeding details into the next function as it were that’s really handling the payment side of things however you know in in my opinion and my experience that does not always require 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 effective and they don’t make them what they require to be in in an era 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 tough as it requires to be concurred and appropriately as you said payroll is the single most significant liability that any service has from a cost perspective from an effect point of view on staff members it is definitely vital that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the greatest damaging impact on people’s well-being and lots of other aspects if people aren’t paid uh I have actually constantly been surprised entering this Market type of the last 5 to ten years is how little thanks the
The payroll team might not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and people just notice when things go wrong. However, when things go right, it’s seen as simply a routine job. This is how it’s perceived externally too. For that reason, it is vital to guarantee that jobs like Wi-Fi International and other crucial matters are done correctly. Using the first Global Payments first payroll payment solution is a great preliminary step towards providing an extensive payroll service for employees worldwide. Standardization, global processes, and minimizing the variety of tools, platforms, and savings account needed for international payroll are essential factors in attaining service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few grievances when things don’t go as planned. Eventually, we don’t do it for the gratitude.
anyway we know 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 everybody that’s involved in those procedures and likewise so picture sorry I’m simply I was just gon na state envision the quantity 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 numerous thousands possibly Millions picture getting that many thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting task attempting to clean up all those up for sure oh definitely I can’t picture 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 kind of try to get back to everyone so proceeding appearance why do business select to main separate bank accounts there are Pharmacy Payroll Papaya Global services out there doing precisely this for specific nations and I have actually worked in an organization or lots of companies doing exactly that I can say it does not constantly feel efficient and it does produce more work I know we’re not purposely doing that we’re not producing extra work for any person where we don’t need to and any person that’s handling 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 numerous reasons one is it’s the standard I think individuals have got so used to we require a brand-new bank account we open an entity and appropriately so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the standard the people have actually embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a range I think this is a procedure that needs looking at it requires changing but ultimately individuals are very stuck to what they’re familiar
with right um change is a challenging thing we all don’t like change um so I think it’s just type of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the benefits of having maintaining multiple bank accounts however there’s a huge quantity of intricacy chooses establishing a savings account maintaining it ensuring it can send out International transfers ensuring it’s established with the right user accesses for individual people so the intricacy is big however I believe the honest response is modification um individuals have not had the ability to change or haven’t had always the knowledge to truly make that change into alternate Solutions aside from opening a checking account I believe you’ve hit the nail on the head I believe it is understanding you understand and there is a component of resistance to alter however we’ve always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you know what could almost be determined to be the next Century or two there is a lot to keep an eye on and this technique does posture a number of challenges um so Johnny might you inform us about those obstacles yeah naturally so there’s a range right there is so
I simply did you switched our Enterprise 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 Global workers you deserve a corner workplace with a better parking space since I mastered Global payroll and payments with Papaya payroll OS did you Pharmacy Payroll Papaya Global