Over the last five or six years …Tier 3 Pension Papaya Global… roles on the service provider side and also on the vendor side from a payroll point of view so actually anticipating this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I truly do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely really dreary and I want I was elsewhere 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 Worldwide payroll why companies keep different
Virtual payroll accounts are an option to standard checking account for managing payroll payments. This is particularly useful for global companies with dispersed and remote workforces, as it simplifies the complex process of cross-border payments. Instead of maintaining separate checking account for payroll in various countries, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a tactical property for payroll executives. We will also offer a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently safely 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 companies accurately anticipate their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in adequate in one country but when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a range of factors most notably guidelines compliance data security and banking rules then there are the sheer numbers they include additional intricacy the international Labor force is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing all over the world in the standard payroll model there’s frequently a frustrating variety of different systems resulting in time-consuming manual processes and silos the number of Integrations could be non-existent in big amounts and or very extremely fundamental there’s no real consistency framework we’re living in a period of tech however payroll has been sluggish 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 each time I I believe
about it to give you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force data in real time that’s another number that offers me sleep deprived nights and quite frankly the more a business invests in global payroll the less of an image they see a lack of exposure also reaches payroll payments and inability to precisely track these payments can cause compliance accidents in the last mile of the transaction almost half of worldwide businesses have revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry errors badly communicated hires and terminations in addition to absence management and system setups and then when you round it all off and the information is shipped to the wrong location the average cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money all over the world payroll and payments don’t run efficiently if they count on the required 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 challenges business face when they’re making payments to workers or otherwise that’s a good question I always toss this back and say what is it what does not require to be included best 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 need to pay from the client’s own in-country account so there’s complexity any place you look ideal ultimately developing a knowledge base is definitely crucial however all over you look with payroll payment they are like incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the kind 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 fundamental and technology is allowing us to type of move forward with that it likewise also to add to that payroll and finance require to work closer together um with differing Checking account Details differing banking requirements and setup procedures is absolutely essential that payroll and financing groups work closer together than ever um I’m always astonished when people state I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory third parties so with the
The modern-day world puts a high value on well-being and the settlement landscape is becoming significantly complex. Companies are constantly presenting brand-new benefits and payment alternatives, which adds to the general intricacy. Big corporations typically divide their payroll and payment processing into different teams, which can cause inefficiencies and bottlenecks. In my viewpoint, this doesn’t need to be the case. In today’s highly advanced era, there’s no validation for keeping cumbersome procedures. Payroll, the business’s biggest expenditure, need to be processed properly and on time. Even minor delays can negatively affect staff members’ well-being and have far-reaching effects. Therefore, it’s crucial to prioritize accurate and prompt payments.
The payroll group might not have been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and people just see when things go wrong. However, when things go right, it’s seen as simply a routine job. This is how it’s viewed externally also. Therefore, it is vital to make sure that tasks like Wi-Fi Worldwide and other vital matters are done correctly. Using the first Worldwide Payments very first payroll payment service is a terrific initial step towards supplying a thorough payroll service for employees worldwide. Standardization, international processes, and decreasing the number of tools, platforms, and checking account required for global payroll are crucial consider attaining organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of complaints when things don’t go as planned. Ultimately, we don’t do it for the appreciation.
anyhow 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 easy as possible for everybody that’s involved in those procedures and also so imagine sorry I’m simply I was simply gon na state imagine the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re discussing hundreds of thousands potentially Millions picture getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting job trying to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and actually see what was going on and type of shot to get back to everybody so proceeding appearance why do business choose to primary separate bank accounts there are Tier 3 Pension Papaya Global businesses out there doing exactly this for specific countries and I have actually operated in a service or lots of businesses doing precisely 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 developing additional work for anybody where we do not have 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 many reasons one is it’s the requirement I believe people have actually got so utilized to we require a new savings account we open an entity and rightly so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard the people have adopted and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and numerous other methods um to to type of do it so I think there’s a range I think this is a process that needs looking at it requires altering but ultimately individuals are extremely stuck to what they’re familiar
with ideal um modification is a tough thing all of us do not like change um so I think it’s just sort of moving away 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 numerous checking account but there’s a huge amount of intricacy chooses setting up a checking account maintaining it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for individual people so the intricacy is big but I think the sincere response is modification um people have not had the ability to alter or haven’t had always the understanding to truly make that change into alternate Solutions aside from opening a checking account I think you’ve struck the nail on the head I think it is knowledge you know and there is a component of resistance to alter however we’ve constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what could practically be identified to be the next Century approximately there is a lot to track and this method does present a number of difficulties um so Johnny could you inform us about those challenges yeah of course so there’s a range right there is so
I simply did you changed 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 International workers you deserve a corner office with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you Tier 3 Pension Papaya Global