Over the last five or six years …Papaya Global Company Holiday Year Has Expired… roles on the company side and also on the supplier side from a payroll viewpoint so actually anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just provide everyone another number of uh well among 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 quite intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to type 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 really very gloomy and I want I was somewhere else at this moment in time alright so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of managing International payroll why business maintain separate
Virtual payroll accounts are an option to traditional checking account for managing payroll payments. This is especially beneficial for global organizations with dispersed and remote labor forces, as it simplifies the intricate procedure of cross-border payments. Instead of keeping separate savings account for payroll in various countries, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a tactical asset for payroll executives. We will likewise provide a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly effectively firmly and on time during this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll checking account how companies properly anticipate their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in sufficient in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a range of factors most importantly regulations compliance information security and banking rules then there are the large numbers they include additional complexity the global Labor force is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the world in the traditional payroll design there’s typically an overwhelming variety of various systems leading to lengthy manual procedures and silos the number of Combinations could be non-existent in large quantities and or very really standard there’s no genuine consistency framework we’re residing in an era of tech but 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 which simply blows my mind whenever I I believe
about it to give you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce information in real time that’s another number that gives me sleep deprived nights and quite honestly the more a service invests in global payroll the less of an image they see a lack of exposure likewise encompasses payroll payments and failure to precisely track these payments can result in compliance mishaps in the last mile of the transaction nearly half of worldwide businesses have actually expressed that they do not 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 poorly interacted hires and terminations along with lack management and system setups and after that when you round it all off and the data is shipped to the incorrect location the typical expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money worldwide payroll and payments don’t run efficiently if they depend on the necessary several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles organization face when they’re paying to employees or otherwise that’s a good question I constantly throw this back and say what is it what does not require to be included ideal and what does
it need to be considered 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 have to pay from the client’s own in-country account so there’s intricacy anywhere you look ideal eventually building a knowledge base is absolutely important but everywhere you look with payroll payment they are like super payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and technology is allowing us to type of progress with that it likewise also to contribute to that payroll and finance require to work closer together um with varying Checking account Details differing banking requirements and setup processes is definitely important that payroll and finance groups work better together than ever um I’m always astonished when individuals state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession would they divide the payroll payment from computation 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 people any place they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more essential to contribute to type of the level of complexity there’s more and more advantages being organ or being used by businesses throughout the world so again you’re just seeking to include more and more 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 certain however have you got any experience in kind of real obstacles or genuine tough kind of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a number of years I would definitely state 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 in fact managing the payment side of things but you know in in my viewpoint and my experience that doesn’t always need to be the case you know long gone are the times where we need to develop extra handoffs at the same times that we run in they just make them more timely they make them less effective and they don’t make them what they need to be in in an age 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 tough as it requires to be concurred and appropriately as you stated payroll is the single biggest liability that any company has from an expense perspective from an impact viewpoint on staff members it is absolutely critical that it’s done correctly 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 biggest damaging impact on individuals’s wellness and numerous other elements if individuals aren’t paid uh I’ve constantly been amazed entering into this Market kind of the last 5 to 10 years is how little thanks the
payroll group get um so I’m unsure anybody on this type 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 staff members or not um however eventually payroll is such a crucial cycle all of us hear about it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s just a tick box workout and I think 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 vital that all of this stuff is done correctly so leveraging the very first Global Payments very first payroll payment option is a fantastic initial step um providing an end-to-end payroll solution for your employees globally again I believe is another big um procedure again aligning and guaranteeing you have standardization International processes all of those things are definitely essential to success success of companies and lowering the number of tools platforms and checking account they need for their Worldwide 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 ever had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re indicated to be um I do not think any of us are in fact doing that for for the thanks
anyway we know how how crucial 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 easy as possible for everyone that’s involved in those processes and likewise so imagine sorry I’m simply I was simply gon na state envision the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions picture getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating job attempting to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and actually see what was going on and kind of shot to get back to everyone so carrying on appearance why do companies select to primary separate checking account there are Papaya Global Company Holiday Year Has Expired organizations out there doing precisely this for particular countries and I’ve operated in a company or many businesses doing exactly that I can say it doesn’t constantly feel effective and it does produce more work I know we’re not purposely doing that we’re not creating extra work for anybody where we do not need to and anyone that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think numerous factors one is it’s the standard I believe people have actually got so utilized to we need a new checking account we open an entity and rightly so you need it for payroll functions 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 actually embraced and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and lots of other methods um to to kind of do it so I believe there’s a variety I think this is a process that needs taking a look at it requires changing but eventually individuals are extremely stuck to what they recognize
with ideal um modification is a hard thing all of us don’t like change um so I think it’s simply kind of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand clearly the advantages of having keeping numerous checking account but there’s a big quantity of intricacy chooses setting up a checking account maintaining it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for individual people so the intricacy is huge however I think the honest answer is modification um people haven’t had the ability to change or have not had necessarily the knowledge to actually make that change into alternate Solutions other than opening a bank account I believe you have actually struck the nail on the head I think it is knowledge you understand and there is an aspect of resistance to alter but we have actually always 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 know what could nearly be identified to be the next Century or two there is a lot to monitor and this approach does pose numerous obstacles um so Johnny could you inform us about those challenges yeah naturally so there’s a variety right there is so
I just did you switched 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 Worldwide employees you should have a corner office with a more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Company Holiday Year Has Expired