Over the last 5 or six years …Papaya Global Nyc Office… roles on the service provider side and also on the vendor side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just give everybody another number of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everyone is um it’s nice to to kind 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 sunshine is it it’s not no it’s it’s raining here it’s very extremely bleak and I want I was elsewhere at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why business keep different
Virtual payroll accounts are an option to conventional savings account for managing payroll payments. This is especially useful for international companies with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of keeping different bank accounts for payroll in different nations, virtual accounts and digital wallets provide a more structured option. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are ending up being a tactical property for payroll executives. We will also offer a recap of the main points 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 global advantages and disadvantages of a payroll wallet versus a payroll bank account how companies accurately anticipate their payroll expenses to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in sufficient in one nation but when you’re doing it globally it’s next level and Beyond it ends up being intricate for a range of factors most significantly policies compliance data security and banking guidelines then there are the sheer numbers they add more intricacy the global Labor force is presently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals 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 worldwide in the standard payroll model there’s often an overwhelming variety of various systems causing time-consuming manual procedures and silos the number of Integrations could be non-existent in large quantities and or very extremely standard there’s no real consistency structure we’re residing in a period of tech but 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 every time I I think
about it to give you a concept of how far there still is to come according to Deloitte just 11 of services say they have Workforce information in real time that’s another number that gives me sleepless nights and rather frankly the more a business invests in international payroll the less of a photo they see a lack of visibility also reaches payroll payments and failure to precisely track these payments can lead to compliance incidents in the last mile of the deal nearly half of worldwide businesses have actually expressed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM data information entry mistakes poorly interacted hires and terminations in addition to absence management and system configurations and after that when you round everything off and the information is shipped to the incorrect location the average cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash worldwide payroll and payments don’t run smoothly if they depend on the needed numerous processes 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 obstacles company face when they’re making payments to workers or otherwise that’s a great question I constantly toss this back and state what is it what doesn’t require to be included best and what does
it require to be thought of there’s varying Bank details 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 customer’s own in-country account so there’s intricacy anywhere you look ideal ultimately constructing a knowledge base is definitely crucial but everywhere you look with payroll payment they are like very payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is permitting us to type of move on with that it also too to contribute to that payroll and finance require to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is definitely necessary that payroll and finance groups work closer together than ever um I’m constantly surprised when individuals say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as a market 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 people wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more crucial to add to kind of the level of complexity there’s a growing number of advantages being organ or being offered by companies throughout the world so once again you’re simply aiming to include a growing number of payments to this already 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 difficulties or genuine difficult kind of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a number of years I would definitely state that the larger a service gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are teams feeding information into the next function as it were that’s really managing the payment side of things however you know in in my viewpoint and my experience that doesn’t necessarily require to be the case you know long gone are the times where we require to develop extra handoffs while doing sos that we operate in they just make them more prompt they make them less effective and they do not make them what they need to be in in a period of tech and a period that you understand that we are operating in today there is no reason why we are still making this as challenging as it requires to be concurred and rightly as you stated payroll is the single most significant liability that any business has from an expense perspective from an impact perspective on workers it is definitely important that it’s done properly and on time so what we imply 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 result on people’s wellness and numerous other factors if individuals aren’t paid uh I’ve always been surprised coming into this Market type of the last five to ten years is how little thanks the
payroll team get um so I’m not exactly sure anyone on this sort of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an important cycle all of us become aware of it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely essential that all of this stuff is done properly so leveraging the very first Global Payments very first payroll payment service is a great primary step um offering an end-to-end payroll solution for your staff members internationally once again I think is another big um process again lining up and guaranteeing you have standardization International processes all of those things are absolutely essential to success success of services and minimizing the number of tools platforms and bank accounts 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 countless them within a payroll cycle don’t 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 rather where they’re implied to be um I do not believe any of us are actually doing that for for the thanks
anyway we understand how how essential 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 envision sorry I’m simply I was simply gon na state think of the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions picture getting that numerous thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting task trying to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to look through them and really see what was going on and type of shot to return to everyone so proceeding look why do companies select to main separate savings account there are Papaya Global Nyc Office services out there doing exactly this for specific countries and I’ve operated in a business or numerous services doing exactly that I can say it doesn’t constantly feel effective and it does create more work I understand we’re not intentionally doing that we’re not creating additional work for anyone where we don’t have to and anybody that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I believe numerous reasons one is it’s the standard I think individuals have actually got so used to we need a new checking account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have actually embraced and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and many other ways um to to kind of do it so I believe there’s a variety I believe this is a process that needs taking a look at it needs altering but ultimately individuals are really stuck with what they’re familiar
with best um modification is a difficult thing all of us don’t like modification um so I think it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand clearly the benefits of having preserving numerous bank accounts however there’s a huge amount of complexity chooses establishing a checking account preserving 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 substantial however I think the sincere answer is change um individuals haven’t been able to change or haven’t had necessarily the knowledge to really make that change into alternate Solutions other than opening a checking account I think you have actually struck the nail on the head I think it is knowledge you know and there is an element of resistance to alter but we have actually constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of proceeding and moving into you understand what might practically be determined to be the next Century or two there is a lot to track and this approach does position a number of challenges um so Johnny could you inform us about those difficulties yeah naturally so there’s a variety right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has acquired another CFO, and with this improved capability, I have effectively protected payments for our 10,000 employees worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Nyc Office