Over the last 5 or 6 years …Online Payroll Service Papaya Global… roles on the service provider side and also on the vendor side from a payroll viewpoint so actually looking forward to this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply offer everybody another number of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite intriguing 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 actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely extremely dreary and I wish I was elsewhere at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why companies preserve different
Virtual payroll accounts are an option to conventional checking account for handling payroll payments. This is particularly helpful for global organizations with dispersed and remote labor forces, as it simplifies the intricate process of cross-border payments. Instead of maintaining separate bank accounts for payroll in various nations, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are becoming a tactical possession 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 accurately efficiently firmly and on time throughout this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how companies accurately anticipate their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in sufficient in one country however when you’re doing it globally it’s next level and Beyond it ends up being complicated for a range of factors most significantly policies compliance data security and banking rules then there are the large 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 more 1.1 billion people 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 around the globe in the traditional payroll model there’s frequently a frustrating variety of various systems causing lengthy manual processes and silos the variety of Combinations could be non-existent in big quantities and or extremely very fundamental there’s no genuine consistency structure we’re residing in an era 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 every time I I think
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce data in real time that’s another number that offers me sleepless nights and quite frankly the more a business spends on global payroll the less of an image they see an absence of visibility likewise reaches payroll payments and inability to precisely track these payments can cause compliance accidents in the last mile of the transaction nearly half of worldwide companies have expressed that they do not 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 information information entry mistakes poorly communicated hires and terminations as well as absence management and system setups and then when you round all of it off and the information is shipped 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 require to move the cash all over the world payroll and payments don’t run smoothly if they rely on the required several 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 obstacles business face when they’re paying to employees or otherwise that’s a great 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 about there’s differing 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 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 wherever you look ideal eventually developing a knowledge base is absolutely vital but all over you look with payroll payment they are like extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link in 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 permitting us to kind of progress with that it also also to contribute to that payroll and finance need to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is definitely vital that payroll and financing teams work better together than ever um I’m always surprised when people state I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from calculation 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 eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people any place they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more essential to add to type of the level of complexity there’s a growing number of benefits being organ or being provided by organizations across the world so again you’re simply looking to add a growing number of payments to this already complicated landscape so if you sort of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of real challenges or real challenging sort of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a number of decades I would certainly say that the larger a company 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 teams feeding information into the next function as it were that’s actually managing the payment side of things however you understand in in my opinion and my experience that doesn’t always require to be the case you know long gone are the times where we need to develop additional handoffs in the processes that we operate 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 an era that you know that we are working in today there is no reason that we are still making this as difficult as it requires to be agreed and rightly as you said payroll is the single biggest liability that any organization has from a cost viewpoint from an effect point of view on employees it is absolutely critical 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 biggest harmful effect on individuals’s wellness and lots of other factors if individuals aren’t paid uh I have actually always been astonished coming into this Market kind of the last five to ten years is how little thanks the
payroll group get um so I’m not exactly sure anybody on this sort of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um however eventually payroll is such an important cycle all of us find out about it when it fails everybody jumps up and down when it fails however when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely important that all of this things is done correctly so leveraging the very first International Payments very first payroll payment option is a great first step um providing an end-to-end payroll option for your workers internationally once again I believe is another big um procedure once again lining up and guaranteeing you have standardization International procedures all of those things are absolutely crucial to success success of businesses and minimizing the number of tools platforms and checking account they require for their International payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the problems where things have not gone rather where they’re suggested to be um I don’t think any of us are actually doing that for for the thanks
anyway we know how how essential 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 simple as possible for everybody that’s involved in those processes and also so picture sorry I’m just I was just gon na say think of the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions envision getting that many thank you notes 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 all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to check out them and in fact see what was going on and type of shot to return to everybody so carrying on look why do business select to main different bank accounts there are Online Payroll Service Papaya Global companies out there doing exactly this for particular countries and I have actually operated in an organization or lots of organizations doing precisely that I can say it doesn’t constantly feel efficient and it does develop more work I know we’re not deliberately doing that we’re not creating extra work for anyone where we do not have to and anyone 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 quantity that we are I think lots of reasons one is it’s the standard I think individuals have actually got so utilized to we require a new checking account we open an entity and appropriately so you need it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the standard the people have adopted and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and many other methods um to to kind of do it so I think there’s a range I think this is a procedure that needs looking at it requires altering but ultimately people are very stuck with what they’re familiar
with ideal um change is a hard thing all of us do not like change um so I think it’s simply sort of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand obviously the advantages of having keeping several checking account but there’s a huge quantity of complexity chooses establishing a checking account preserving it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for private individuals so the intricacy is huge however I think the truthful answer is modification um people haven’t been able to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions besides opening a savings account I think you have actually struck the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter however we have actually constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of carrying on and moving into you know what could almost be identified to be the next Century or so there is a lot to monitor and this technique does posture several obstacles um so Johnny could you inform us about those obstacles yeah obviously so there’s a variety 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 Global staff members you deserve a corner office with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you Online Payroll Service Papaya Global