Over the last 5 or 6 years …Papaya Global Auto Enrolment Guide… functions on the supplier side and also on the supplier side from a payroll point of view so truly anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everyone comes from and I really do hope it’s much sunnier than it is 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 uninspiring 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 difficulty years of managing Worldwide payroll why business preserve different
Virtual payroll accounts are an alternative to standard savings account for handling payroll payments. This is particularly beneficial for international companies with dispersed and remote labor forces, as it simplifies the complicated procedure of cross-border payments. Instead of keeping separate savings account for payroll in various nations, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are ending up being a strategic asset for payroll executives. We will also supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently securely 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 properly forecast their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in enough in one nation however when you’re doing it internationally it’s next level and Beyond it becomes complicated for a range of reasons most significantly policies compliance information security and banking rules then there are the sheer numbers they include additional intricacy the global Labor force is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing worldwide in the traditional payroll model there’s typically a frustrating number of various systems leading to lengthy manual processes and silos the number of Combinations could be non-existent in big amounts and or really extremely standard there’s no genuine consistency structure we’re living in a period of tech however 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 every time I I think
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of services state they have Workforce information in real time that’s another number that offers me sleepless nights and quite frankly the more a company invests in international payroll the less of a photo they see a lack of presence likewise extends to payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the deal almost half of international companies have actually expressed 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 because of time reporting poor HCM data data entry errors inadequately communicated hires and terminations in addition to lack management and system configurations and then when you round everything off and the data is delivered to the wrong place the average expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash worldwide payroll and payments do not run efficiently if they depend on the needed multiple processes 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 an excellent question I constantly throw this back and say what is it what does not require to be consisted of right and what does
it need 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 consumer’s own in-country account so there’s intricacy any place you look right eventually building a knowledge base is absolutely vital however all over you look with payroll payment they are like super payments no if but some children 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 think there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is allowing us to sort of progress with that it likewise as well 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 important that payroll and financing teams work better together than ever um I’m constantly amazed when people say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from estimation 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 process it’s the point of data collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of crucial to contribute to kind of the level of intricacy there’s increasingly more advantages being organ or being used by organizations across the world so once again you’re simply looking to include more and more payments to this already intricate landscape so if you kind 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 real challenges or genuine challenging type of pay utilizes to play to pay people I think yeah I mean over the last well yeah a number of years I would absolutely state that the bigger a service 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 groups feeding info into the next function as it were that’s actually handling the payment side of things but you know in in my viewpoint and my experience that does not always need to be the case you know long gone are the times where we need to create additional handoffs while doing sos that we operate in they simply make them more prompt they make them less efficient and they don’t make them what they require to be in in a period of tech and a period that you understand that we are working in today there is no reason that we are still making this as hard as it needs to be concurred and rightly as you stated payroll is the single greatest liability that any service has from an expense perspective from an effect perspective on workers it is definitely important that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the most significant harmful effect on people’s wellness and many other elements if individuals aren’t paid uh I have actually always been astonished entering into this Market sort of the last 5 to 10 years is how little thanks the
The payroll team might not have been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals just see when things fail. Nevertheless, when things go right, it’s seen as just a routine job. This is how it’s perceived externally too. For that reason, it is necessary to make sure that tasks like Wi-Fi Global and other crucial matters are done properly. Utilizing the first International Payments first payroll payment option is a great preliminary step towards offering a comprehensive payroll option for workers worldwide. Standardization, global procedures, and reducing the number of tools, platforms, and checking account required for international payroll are essential factors in accomplishing business success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few problems when things don’t go as planned. Eventually, we don’t do it for the thankfulness.
anyway we know 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 simple as possible for everybody that’s involved in those procedures and also so imagine sorry I’m just I was just gon na state think of the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re talking about numerous thousands potentially Millions envision getting that numerous thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating job attempting to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and really see what was going on and sort of try to get back to everyone so proceeding look why do companies pick to main separate bank accounts there are Papaya Global Auto Enrolment Guide services out there doing precisely this for specific nations and I’ve operated in a service or many services doing precisely that I can say it does not always feel effective and it does create more work I understand we’re not intentionally doing that we’re not producing additional work for any person where we do not need to and anyone that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe many factors one is it’s the requirement I believe people have actually got so used to we need a new savings account we open an entity and appropriately 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 requirement and the standard individuals have embraced and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a range I think this is a process that needs taking a look at it requires changing however eventually individuals are very stuck to what they recognize
with ideal um change is a difficult thing we all don’t like change um so I believe it’s simply type of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand obviously the benefits of having maintaining several bank accounts however there’s a huge amount of complexity goes with establishing a bank account preserving it ensuring it can send out International transfers ensuring it’s established with the best user accesses for individual people so the intricacy is huge however I think the honest response is change um individuals have not been able to alter or haven’t had always the understanding to actually make that change into alternate Solutions aside from opening a bank account I believe you’ve struck 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 reason for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what might practically be identified to be the next Century or two there is a lot to keep track of and this method does present a number of obstacles um so Johnny could you tell us about those obstacles 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global employees you should have a corner workplace with a more detailed parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Auto Enrolment Guide