Over the last five or 6 years …Learn Papaya Global Free… functions on the supplier side and also on the vendor side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just offer everyone another number of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everyone originates from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very very dreary and I wish I was elsewhere at this moment in time all right so let’s start our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Worldwide payroll why companies preserve separate
Virtual payroll accounts are an option to conventional savings account for handling payroll payments. This is particularly useful for international organizations with dispersed and remote labor forces, as it streamlines the complicated process of cross-border payments. Instead of preserving different savings account for payroll in different countries, virtual accounts and digital wallets offer a more structured service. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are becoming a tactical asset for payroll executives. We will likewise supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently safely and on time during this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll checking account how business properly 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 difficult in enough in one nation however when you’re doing it internationally it’s next level and Beyond it becomes intricate for a variety of reasons most notably regulations compliance information security and banking rules then there are the sheer numbers they add additional complexity the worldwide Labor force is presently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing around the world in the standard payroll model there’s frequently an overwhelming number 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 really basic there’s no real consistency structure 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 often with pen and paper and that just blows my mind every time I I believe
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of services say they have Workforce data in real time that’s another number that provides me sleep deprived nights and quite frankly the more a company invests in worldwide payroll the less of a picture they see a lack of exposure likewise reaches payroll payments and inability to properly track these payments can cause compliance incidents in the last mile of the deal almost half of global businesses have expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM information information entry mistakes badly communicated hires and terminations as well as absence management and system configurations and then when you round all of it off and the data is shipped to the wrong place the average cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash worldwide payroll and payments do not run efficiently if they rely on the required several procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties organization face when they’re paying to staff members or otherwise that’s a good question I always toss this back and say what is it what doesn’t need to be included ideal and what does
it require to be thought of there’s differing 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 capabilities 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 intricacy anywhere you look best ultimately building a knowledge base is absolutely vital but everywhere you look with payroll payment they resemble incredibly payments no if but some babies 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 also too to add to that payroll and finance need to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is absolutely imperative that payroll and financing groups work better together than ever um I’m always impressed when individuals say I’ve split payroll and payment um if you stroll down the street and asked anyone 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 frequently split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being increasingly more important to add to type of the level of intricacy there’s more and more benefits being organ or being used by services across the world so once again you’re simply seeking to add a growing number of payments to this currently intricate landscape so if you type of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of genuine challenges or genuine difficult type of pay uses to play to pay people I believe yeah I imply over the last well yeah a couple of years I would definitely say that the larger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are groups feeding details into the next function as it were that’s really handling the payment side of things but you understand in in my opinion 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 just make them more prompt they make them less effective and they do not make them what they require to be in in an age of tech and an age that you know that we are working in today there is no reason that we are still making this as hard as it needs to be agreed and appropriately as you stated payroll is the single biggest liability that any business has from an expense perspective from an effect point of view on staff members it is absolutely critical that it’s done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the biggest detrimental effect on individuals’s well-being and lots of other aspects if people aren’t paid uh I’ve constantly been surprised entering into this Market sort of the last 5 to 10 years is how little thanks the
The payroll team might not have actually been thanked for properly processing payroll during a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and people just observe when things fail. Nevertheless, when things go right, it’s viewed as simply a regular job. This is how it’s perceived externally also. For that reason, it is essential to guarantee that jobs like Wi-Fi International and other vital matters are done correctly. Utilizing the first Global Payments very first payroll payment solution is an excellent preliminary step towards supplying a detailed payroll service for staff members worldwide. Standardization, worldwide processes, and reducing the number of tools, platforms, and checking account necessary for worldwide payroll are key factors in attaining service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of problems when things don’t go as planned. Ultimately, we do not do it for the thankfulness.
anyway we understand how how important a function 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 simple as possible for everyone that’s involved in those processes and likewise so envision sorry I’m just I was just gon na state envision the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions picture getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing job attempting to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and in fact see what was going on and type of try to get back to everybody so carrying on look why do business select to main separate savings account there are Learn Papaya Global Free organizations out there doing precisely this for particular countries and I have actually operated in a company or many businesses doing exactly that I can say it doesn’t constantly feel efficient and it does create more work I know we’re not deliberately doing that we’re not producing 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 think that we’re doing that in in the in the quantity that we are I believe many factors one is it’s the standard I believe people have actually got so used to we need a new bank account we open an entity and rightly so you need 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 the people have embraced and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a range I think this is a process that requires looking at it requires changing but eventually individuals are really stuck to what they’re familiar
with ideal um change is a challenging thing all of us do not like modification um so I think it’s just type of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand clearly the benefits of having maintaining multiple checking account however there’s a substantial amount of intricacy opts for establishing a bank account keeping it ensuring it can send out International transfers ensuring it’s set up with the best user accesses for private people so the intricacy is big but I believe the truthful response is modification um people haven’t been able to alter or haven’t had always the understanding to actually make that change into alternate Solutions other than opening a savings account I think you have actually hit the nail on the head I think it is understanding you understand and there is a component of resistance to alter however we have actually always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what could almost be determined to be the next Century or two there is a lot to keep track of and this technique does present a number of obstacles um so Johnny could you inform us about those obstacles yeah obviously so there’s a range 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’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 because I mastered Worldwide payroll and payments with Papaya payroll OS did you Learn Papaya Global Free