Over the last 5 or 6 years …Papaya Global Help Telephone Number… functions on the supplier side and also on the vendor side from a payroll perspective so really eagerly anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply offer everybody another couple of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely really dreary and I wish I was elsewhere at this moment in time alright so let’s begin our program for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why companies maintain different
Virtual payroll accounts are an option to standard savings account for handling payroll payments. This is especially useful for global companies with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of maintaining different checking account for payroll in different countries, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are ending up being a tactical possession for payroll executives. We will also provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively securely and on time during this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll checking account how companies accurately anticipate their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be tough in adequate in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a variety of reasons most significantly guidelines compliance data security and banking rules then there are the sheer numbers they include further complexity the international Workforce is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 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 world in the conventional payroll design there’s often a frustrating number of various systems causing time-consuming manual procedures and silos the variety of Integrations could be non-existent in big quantities and or very extremely standard there’s no real consistency framework we’re living in an age of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply blows my mind whenever I I believe
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of services state they have Labor force data in real time that’s another number that offers me sleep deprived nights and quite honestly the more a business spends on global payroll the less of an image they see an absence of visibility also reaches payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the transaction nearly half of international organizations have revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM information data entry errors badly communicated hires and terminations along with lack management and system configurations and after that when you round all of it off and the information is shipped to the incorrect location the typical cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money all over the world payroll and payments don’t run smoothly if they rely on the necessary numerous processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges business face when they’re making payments to employees or otherwise that’s a good question I constantly throw this back and state what is it what doesn’t need to be included ideal and what does
it need to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy any place you look best ultimately building a knowledge base is absolutely critical but all over you look with payroll payment they are like incredibly payments no if however some infants 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 believe there’s now a bit more recognition that payroll payments are absolutely essential and technology is permitting us to kind of move on with that it also too to contribute to that payroll and financing require to work closer together um with differing Checking account Details differing banking requirements and setup processes is definitely imperative that payroll and finance teams work closer together than ever um I’m always amazed when people say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they divide 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 ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being increasingly more essential to add to kind of the level of complexity there’s increasingly more advantages being organ or being used by companies across the world so once again you’re just wanting to include increasingly more payments to this currently complicated landscape so if you kind of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of real obstacles or genuine difficult type of pay uses to play to pay individuals I think yeah I imply over the last well yeah a couple of years I would definitely say that the larger a service gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are teams 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 doesn’t necessarily require to be the case you understand long gone are the times where we require to produce additional handoffs while doing sos that we run in they simply make them more timely they make them less efficient and they don’t make them what they need to be in in an age of tech and a period that you know that we are working in today there is no reason we are still making this as tough as it requires to be agreed and appropriately as you stated payroll is the single greatest liability that any service has from an expense point of view from an impact viewpoint on employees it is definitely important that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the greatest detrimental result on individuals’s wellness and many other aspects if individuals aren’t paid uh I have actually constantly been astonished entering this Market sort of the last five to 10 years is how little thanks the
payroll group get um so I’m unsure anybody on this sort of webinar has been informed thank you for processing my payroll properly 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 essential cycle all of us become aware of it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely essential that all of this stuff is done correctly so leveraging the very first Worldwide Payments first payroll payment service is a great initial step um offering an end-to-end payroll service for your employees internationally again I believe is another huge um process again lining up and guaranteeing you have standardization Global procedures all of those things are definitely essential to success success of services and reducing the variety of tools platforms and checking account 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 do not expect to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t gone quite where they’re implied to be um I do not think any of us are actually doing that for for the thanks
anyway we understand how how important 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 everybody that’s associated with those procedures and likewise so imagine sorry I’m simply I was just gon na state picture the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions imagine getting that many thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing job trying 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 browse them and in fact see what was going on and type of try to get back to everyone so moving on look why do companies pick to primary separate checking account there are Papaya Global Help Telephone Number businesses out there doing exactly this for specific countries and I have actually operated in a company or many companies doing exactly that I can state it doesn’t always feel effective and it does create more work I know we’re not purposely doing that we’re not developing extra work for anyone where we don’t have 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 reasons one is it’s the standard I think individuals have got so utilized to we need a new bank account we open an entity and appropriately so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s simply 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 many other methods um to to kind of do it so I think there’s a variety I think this is a procedure that requires looking at it requires changing but ultimately individuals are really stuck with what they recognize
with ideal um modification is a challenging thing we all don’t like change um so I believe it’s simply kind of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the advantages of having keeping numerous checking account however there’s a big amount of intricacy opts for establishing a bank account keeping it ensuring it can send out International transfers ensuring it’s established with the right user accesses for specific people so the complexity is big however I believe the truthful response is change um individuals haven’t had the ability to alter or haven’t had necessarily the understanding to truly make that change into alternate Solutions other than opening a checking account I believe you’ve hit the nail on the head I believe it is understanding you understand and there is an element of resistance to alter but we have actually constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of moving on and moving into you understand what might nearly be determined to be the next Century or two there is a lot to keep track of and this approach does position several difficulties um so Johnny might you tell us about those challenges yeah of course 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you are worthy of a corner workplace with a more detailed parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Help Telephone Number