Over the last 5 or 6 years …Papaya Global Payroll Canada… functions on the service provider side and likewise on the vendor side from a payroll point of view so really eagerly anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply offer everyone another number of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everybody comes from and I truly do hope it’s much sunnier than it remains 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 really extremely uninspiring and I wish I was somewhere else at this moment in time fine so let’s get going our program for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why companies keep different
Virtual payroll accounts are an alternative to traditional savings account for managing payroll payments. This is particularly useful for global organizations with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of preserving separate bank accounts for payroll in various countries, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are becoming a strategic possession for payroll executives. We will likewise supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively safely and on time during this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll savings account how business properly anticipate their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in enough in one country however when you’re doing it internationally it’s next level and Beyond it becomes complex for a variety of factors most importantly regulations compliance information security and banking rules then there are the sheer numbers they include additional intricacy the worldwide Workforce is currently 3 and a half billion individuals 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 factor in that there are some 230 million organizations and growing all doing their own thing all over the world in the standard payroll design there’s typically an overwhelming variety of various systems causing lengthy manual procedures and silos the number of Integrations could be non-existent in big amounts and or extremely very basic there’s no genuine consistency framework we’re living in an era of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind each time I I believe
about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Workforce information in real time that’s another number that offers me sleep deprived nights and rather frankly the more a business spends on international payroll the less of a photo they see an absence of visibility likewise reaches payroll payments and failure to accurately track these payments can result in compliance incidents in the last mile of the transaction almost half of international organizations have expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM data data entry mistakes improperly 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 delivered to the incorrect place the typical cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money worldwide payroll and payments don’t run smoothly if they depend on the essential 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 obstacles service face when they’re paying to staff members or otherwise that’s a good question I constantly throw this back and state what is it what doesn’t require to be included best 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 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 client’s own in-country account so there’s complexity wherever you look ideal eventually developing a knowledge base is definitely crucial however all over you look with payroll payment they resemble super payments no if however some children about it you are all superheroes processing payments for payroll if you look at the kind 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 basic and innovation is permitting us to type of move on with that it also as well to add to that payroll and financing require to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is definitely vital that payroll and finance teams work closer together than ever um I’m constantly amazed when individuals say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they divide 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 ultimately it’s payroll is an end-to-end process 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 third parties so with the
world we reside in and well-being being more and more essential to contribute to sort of the level of complexity there’s a growing number of benefits being organ or being used by businesses across the world so once again you’re just seeking to include more and more payments to this already complicated landscape so if you type of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of real obstacles or real tough type of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a couple of decades I would absolutely say that the larger an organization 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 groups feeding information into the next function as it were that’s in fact handling the payment side of things however you know in in my opinion and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we require to create additional handoffs at the same times 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 an era that you know that we are working in today there is no reason why we are still making this as challenging as it needs to be concurred and rightly as you stated payroll is the single biggest liability that any organization has from a cost point of view from an impact point of view on staff members it is absolutely vital that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the biggest damaging impact on people’s well-being and many other factors if people aren’t paid uh I have actually always been astonished entering this Market type of the last 5 to 10 years is how little thanks the
payroll group get um so I’m uncertain anyone on this sort of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such a crucial cycle all of us hear about it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely vital that all of this things is done correctly so leveraging the first Global Payments first payroll payment solution is a great primary step um offering an end-to-end payroll service for your staff members globally again I believe is another huge um process once again lining up and ensuring you have standardization International procedures all of those things are absolutely key to success success of businesses and lowering the variety of tools platforms and checking account they need 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 ever had a hundred thousand of 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 have not gone rather where they’re indicated to be um I do not believe any of us are actually doing that for for the thanks
anyway we understand how how important a role it is and that’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 also so envision sorry I’m simply I was just gon na state picture the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions imagine getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating job attempting to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and really see what was going on and kind of try to return to everyone so proceeding look why do companies choose to main different checking account there are Papaya Global Payroll Canada services out there doing exactly this for specific nations and I have actually worked in a service or lots of companies doing precisely that I can state it does not constantly feel effective and it does create more work I know we’re not deliberately doing that we’re not creating additional work for anybody where we don’t need to and any person that’s managing that process 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 think lots of reasons one is it’s the requirement I think people have got so used to we require a new savings account we open an entity and appropriately so you need it for payroll functions but 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 actually 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 many other ways um to to kind of do it so I believe there’s a variety I believe this is a process that requires looking at it needs changing but eventually individuals are extremely stuck to what they recognize
with right um modification is a challenging thing all of us do not like change um so I believe it’s just sort of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend clearly the advantages of having maintaining multiple bank accounts however there’s a substantial quantity of intricacy opts for establishing a savings account maintaining it guaranteeing it can send International transfers ensuring it’s set up with the right user accesses for private individuals so the intricacy is huge but I think the honest answer is change um individuals haven’t had the ability to change or have not had necessarily the understanding to truly make that change into alternate Solutions besides opening a checking account I believe you’ve hit the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change however we’ve constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what could nearly be determined to be the next Century or two there is a lot to keep track of and this method does pose several obstacles um so Johnny might you inform us about those difficulties yeah obviously so there’s a variety right there is so
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