Over the last 5 or six years …Processing Maternity Pay In Papaya Global… functions on the service provider side and likewise on the supplier side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply give everyone another couple of uh well one of 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 fascinating 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 everyone originates from and I really 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 very very dreary and I want I was elsewhere at this moment in time fine so let’s start our program for today is as follows um we are going to be looking at the challenge years of handling Global payroll why business keep separate
Virtual payroll accounts are an option to conventional checking account for managing payroll payments. This is particularly helpful for worldwide companies with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of keeping different bank accounts for payroll in various countries, virtual accounts and digital wallets provide a more structured option. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are becoming a strategic asset for payroll executives. We will also provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently firmly and on time during this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll bank account how companies accurately forecast their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in enough in one country but when you’re doing it internationally it’s next level and Beyond it becomes complex for a variety of reasons most significantly policies compliance information security and banking guidelines then there are the sheer numbers they include more intricacy the worldwide Workforce 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 individuals that number is currently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the world in the standard payroll design there’s frequently an overwhelming variety of different systems causing lengthy manual processes and silos the variety of Integrations could be non-existent in large quantities and or very very standard 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 simply blows my mind whenever I I believe
about it to offer 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 sleep deprived nights and quite honestly the more an organization spends on global payroll the less of a photo they see an absence of presence also reaches payroll payments and failure to precisely track these payments can lead to compliance incidents in the last mile of the deal nearly half of global services 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 mistakes are due to time reporting poor HCM data data entry errors improperly interacted hires and terminations along with lack management and system setups and then when you round everything off and the information is delivered to the incorrect location the typical cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world payroll and payments don’t run smoothly if they rely on the needed multiple procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties company face when they’re making payments to workers or otherwise that’s a great concern I constantly throw this back and say what is it what doesn’t require to be consisted of best 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 nation there’s payment amount of time there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity any place you look ideal eventually building a knowledge base is definitely vital however all over you look with payroll payment they resemble super payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely basic and innovation is allowing us to kind of move on with that it likewise too 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 absolutely vital that payroll and finance teams work more detailed together than ever um I’m always amazed when people say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work 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 often split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being increasingly more essential to contribute to sort of the level of complexity there’s a growing number of benefits being organ or being offered by services throughout the world so once again you’re simply aiming to add increasingly more payments to this already complicated landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of real challenges or real tough sort of pay uses to play to pay people I believe 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 groups doing one part of the job there are groups feeding info into the next function as it were that’s actually handling the payment side of things however you know in in my opinion and my experience that doesn’t always need to be the case you know long gone are the times where we require to create additional handoffs at the same times that we operate in they simply make them more prompt they make them less effective and they don’t make them what they require to be in in a period of tech and an era that you understand that we are operating in today there is no reason that we are still making this as tough as it needs to be agreed and appropriately as you said payroll is the single most significant liability that any organization has from an expense viewpoint from an effect viewpoint on workers it is absolutely critical 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 have to be done right it has the most significant detrimental result on individuals’s wellness and lots of other factors if people aren’t paid uh I’ve always been amazed entering this Market sort of the last 5 to 10 years is how little thanks the
The payroll group might not have been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and individuals only observe when things go wrong. Nevertheless, when things go right, it’s viewed as just a routine task. This is how it’s perceived externally too. For that reason, it is essential to make sure that tasks like Wi-Fi Global and other essential matters are done correctly. Using the very first International Payments very first payroll payment option is an excellent preliminary action towards offering an extensive payroll option for staff members worldwide. Standardization, global procedures, and minimizing the variety of tools, platforms, and savings account required for international payroll are crucial consider accomplishing service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a few grievances when things do not go as prepared. Eventually, we don’t do it for the thankfulness.
anyhow we understand how how crucial 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 associated with those processes and also so envision sorry I’m just I was simply gon na state imagine the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions envision getting that many thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating job attempting 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 try to browse them and really see what was going on and sort of shot to return to everybody so moving on look why do companies pick to main separate savings account there are Processing Maternity Pay In Papaya Global businesses out there doing exactly this for particular nations and I’ve worked in a company or many services doing exactly that I can say it doesn’t constantly feel effective and it does produce more work I know we’re not intentionally doing that we’re not developing extra work for any person where we do not need to and anyone that’s dealing with 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 lots of 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 appropriately so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals have actually embraced and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and lots of other ways um to to sort of do it so I believe there’s a range I think this is a process that requires taking a look at it needs altering but ultimately people are really stuck with what they recognize
with best um modification is a challenging thing we all don’t like change um so I believe it’s simply kind of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand undoubtedly the advantages of having keeping multiple bank accounts however there’s a huge quantity of intricacy opts for setting up a checking account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for individual individuals so the complexity is substantial but I think the truthful answer is modification um individuals have not had the ability to change or have not had always the understanding to really make that change into alternate Solutions other than opening a savings account I think you’ve struck the nail on the head I think it is understanding you know and there is an aspect 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 carrying on and moving into you know what could nearly be determined to be the next Century approximately there is a lot to keep track of and this method does pose numerous difficulties um so Johnny could you tell us about those obstacles yeah of course so there’s a variety right there is so
I just did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International employees you deserve a corner workplace with a more detailed parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Processing Maternity Pay In Papaya Global