Over the last five or 6 years …Send Information To Nest Papaya Global… functions on the service provider side and likewise on the supplier side from a payroll point of view so actually anticipating this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply offer everybody another number of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everybody 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 raining here it’s very very gloomy and I want I was elsewhere at this moment in time okay so let’s begin our program for today is as follows um we are going to be looking at the difficulty years of handling International payroll why business keep separate
Virtual payroll accounts are an alternative to standard savings account for handling payroll payments. This is especially helpful for worldwide companies with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of maintaining different savings account for payroll in different nations, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are becoming a strategic asset for payroll executives. We will likewise offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly effectively securely and on time during this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll bank account how companies accurately anticipate their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in sufficient in one nation but when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a range of factors most significantly regulations compliance information security and banking guidelines then there are the large numbers they add additional intricacy the global Labor force is presently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing around the world in the conventional payroll model there’s frequently a frustrating number of various systems leading to time-consuming manual procedures and silos the variety of Integrations could be non-existent in big quantities and or really very fundamental there’s no genuine consistency structure we’re living in a period of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just blows my mind every time I I think
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force information in real time that’s another number that gives me sleep deprived nights and quite honestly the more a company spends on international payroll the less of a picture they see a lack of exposure likewise reaches payroll payments and failure to precisely track these payments can cause compliance accidents in the last mile of the deal almost half of international companies have revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry errors poorly communicated hires and terminations as well as lack management and system setups and then when you round everything off and the data is delivered to the wrong location the average cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the world payroll and payments don’t run efficiently if they count on the required several procedures 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 company face when they’re paying to staff members or otherwise that’s an excellent question I constantly throw this back and say what is it what does not need to be included ideal and what does
it require to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment abilities 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 consumer’s own in-country account so there’s intricacy anywhere you look ideal eventually constructing a knowledge base is absolutely critical but everywhere 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 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 allowing us to type of move on with that it also as well to contribute to that payroll and finance need to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is definitely necessary that payroll and finance teams work better together than ever um I’m always astonished when individuals state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as a market 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 wherever they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more crucial to add to sort of the level of intricacy there’s a growing number of benefits being organ or being used by businesses throughout the world so once again you’re just looking to add more and more payments to this currently complicated landscape so if you sort of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of genuine difficulties or genuine challenging sort of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a number of years I would absolutely state that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are teams feeding information into the next function as it were that’s in fact managing the payment side of things however you understand in in my viewpoint and my experience that does not necessarily require to be the case you know long gone are the times where we require to produce additional handoffs while doing sos that we run in they simply make them more prompt they make them less effective and they don’t make them what they require to be in in an era of tech and an age that you know that we are working in today there is no reason why we are still making this as difficult as it needs to be agreed and rightly as you stated payroll is the single greatest liability that any service has from a cost point of view from an effect perspective on employees it is definitely critical that it’s done correctly and on time so what we mean 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 harmful result on people’s well-being and lots of other aspects if people aren’t paid uh I’ve constantly been astonished entering into this Market kind of the last 5 to ten years is how little thanks the
payroll team get um so I’m unsure anyone on this type 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 however ultimately payroll is such an important cycle we all hear about it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely crucial that all of this things is done correctly so leveraging the very first International Payments very first payroll payment service is a fantastic primary step um offering an end-to-end payroll solution for your workers globally again I think is another big um process once again lining up and guaranteeing you have standardization International procedures all of those things are definitely essential to success success of companies and minimizing the number of tools platforms and checking account they need for their Worldwide 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 have actually never had a hundred thousand of them within a payroll cycle don’t anticipate 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 meant to be um I do not believe any of us are in fact doing that for for the thanks
anyhow we know how how essential a function 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 simple as possible for everyone that’s associated with those processes and also so envision sorry I’m simply I was just gon na state envision the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions envision getting that many thank you notes um I indicate 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 was the case um you ‘d require days of the week to attempt to look through them and really see what was going on and kind of shot to get back to everybody so moving on appearance why do companies choose to primary separate bank accounts there are Send Information To Nest Papaya Global organizations out there doing exactly this for particular nations and I’ve worked in a business or numerous organizations doing exactly 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 producing additional work for anyone where we do not have to and anyone that’s dealing with 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 believe numerous factors one is it’s the requirement I think people have got so utilized to we need a new checking account we open an entity and rightly so you require 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 standard and the standard individuals have actually adopted and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a range I believe this is a procedure that requires taking a look at it requires altering however ultimately individuals are extremely stuck to what they recognize
with right um change is a challenging thing all of us don’t like change um so I believe it’s just 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 bank accounts but there’s a substantial amount of complexity chooses setting up a checking account preserving it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for specific people so the complexity is huge however I believe the truthful response is modification um individuals have not been able to alter or haven’t had always the knowledge to actually make that change into alternate Solutions aside from opening a savings account I think you have actually hit the nail on the head I believe it is knowledge you know and there is an element of resistance to alter but we’ve constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of proceeding 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 pose numerous difficulties um so Johnny could you tell us about those difficulties yeah of course so there’s a variety right there is so
I just did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide staff members you are worthy of a corner office with a closer parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Send Information To Nest Papaya Global