Over the last 5 or six years …Kb4023057 Papaya Global… functions on the provider side and likewise on the supplier side from a payroll point of view so really looking forward to this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply provide everyone another couple of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I actually 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 uninspiring and I want I was elsewhere at this moment in time all right 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 preserve separate
Virtual payroll accounts are an alternative to standard checking account for managing payroll payments. This is especially helpful for international organizations with dispersed and remote labor forces, as it simplifies the intricate procedure of cross-border payments. Instead of preserving different checking account for payroll in various countries, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are becoming a strategic asset for payroll executives. We will likewise offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently firmly and on time during this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll bank account how companies properly forecast their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in enough in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a range of factors most significantly guidelines compliance data security and banking guidelines then there are the sheer numbers they include further complexity the worldwide Workforce is currently 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 presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing worldwide in the traditional payroll model there’s frequently an overwhelming variety of various systems resulting in time-consuming manual processes and silos the number of Combinations could be non-existent in big amounts and or really really basic there’s no genuine consistency framework we’re residing 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 often with pen and paper and that just blows my mind whenever I I believe
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Workforce data in real time that’s another number that offers me sleepless nights and rather honestly the more a business spends on worldwide payroll the less of a picture they see a lack of presence likewise reaches payroll payments and inability to accurately track these payments can result in compliance accidents in the last mile of the transaction nearly half of global services have actually revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry errors poorly interacted hires and terminations as well as absence management and system setups and after that when you round all of it off and the information is delivered to the incorrect location the typical cost 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 rely on the needed numerous 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 business face when they’re paying to staff members or otherwise that’s a great concern I constantly throw this back and state what is it what does not need to be included ideal and what does
it require to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment abilities 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 client’s own in-country account so there’s intricacy anywhere you look best eventually constructing a knowledge base is definitely important but everywhere you look with payroll payment they resemble very payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the type 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 fundamental and technology is permitting us to kind of move on with that it also too to add to that payroll and finance need to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is absolutely essential that payroll and financing groups work better together than ever um I’m constantly impressed when people say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll occupation 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 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 people any place they are however also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being a growing number of crucial to contribute to type of the level of intricacy there’s a growing number of advantages being organ or being used by services throughout the world so once again you’re simply aiming to add increasingly more payments to this currently complicated landscape so if you type of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of real challenges or genuine challenging kind of pay uses to play to pay individuals I think yeah I suggest over the last well yeah a number of decades I would definitely say that the larger a business gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are teams feeding information 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 develop extra handoffs in the processes that we run in they simply make them more timely they make them less efficient 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 working in today there is no reason why we are still making this as tough as it requires to be agreed and rightly as you stated payroll is the single biggest liability that any service has from an expense perspective from an effect viewpoint on employees it is absolutely vital that it’s done properly 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 harmful effect on people’s well-being and numerous other aspects if people aren’t paid uh I have actually always been impressed entering into this Market kind of the last five to ten years is how little thanks the
payroll team get um so I’m uncertain anybody on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an important cycle all of us become aware of it when it fails everybody jumps up and down when it fails however when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely important that all of this stuff is done properly so leveraging the first Global Payments first payroll payment option is a terrific first step um supplying an end-to-end payroll option for your employees globally again I believe is another big um procedure again aligning and guaranteeing you have standardization Global processes all of those things are absolutely crucial to success success of businesses and minimizing the variety of tools platforms and bank accounts they require for their Global payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the grievances where things have not gone quite where they’re implied to be um I don’t think any of us are in fact doing that for for the thanks
anyway we understand how how crucial 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 associated with those procedures and also so envision sorry I’m just I was just gon na say picture the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions picture getting that many thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating task attempting to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to check out them and in fact see what was going on and kind of try to return to everyone so moving on appearance why do business pick to main different checking account there are Kb4023057 Papaya Global companies out there doing exactly this for specific countries and I have actually worked in a business or lots of businesses doing exactly that I can say it doesn’t constantly feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not producing extra work for anybody where we don’t need to and anyone that’s managing 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 quantity that we are I think lots of factors one is it’s the requirement I think individuals have actually got so used to we need a new checking account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm individuals have adopted and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and lots of other methods um to to sort of do it so I think there’s a range I believe this is a process that needs looking at it requires changing but eventually individuals are very stuck with what they’re familiar
with right um change is a tough thing we all don’t like modification um so I believe it’s just type of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend obviously the advantages of having preserving multiple checking account however there’s a substantial quantity of complexity chooses setting up a savings account preserving it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for individual people so the complexity is substantial but I think the honest response is change um individuals have not had the ability to change or haven’t had always the understanding to actually make that change into alternate Solutions besides opening a savings account I believe you’ve hit the nail on the head I think it is knowledge you know and there is a component of resistance to change however we have actually constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could practically be identified to be the next Century or so there is a lot to monitor and this technique does position several difficulties um so Johnny might you inform us about those challenges yeah of course so there’s a variety right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has actually acquired another CFO, and with this boosted capability, I have actually effectively secured payments for our 10,000 workers worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is more detailed, considering your accomplishments. Kb4023057 Papaya Global