Over the last five or six years …Papaya Global Default New Company Path Setting… functions on the service provider side and likewise on the supplier side from a payroll point of view so actually anticipating this discussion 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 approximately to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely really dreary and I want I was elsewhere at this moment in time all right so let’s get going our program for today is as follows um we are going to be looking at the obstacle years of handling International payroll why companies keep separate
Virtual payroll accounts are an alternative to standard savings account for managing payroll payments. This is particularly beneficial for international companies with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of keeping different bank accounts for payroll in different nations, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are becoming a tactical possession for payroll executives. We will likewise offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly effectively securely and on time throughout this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how companies accurately anticipate their payroll costs to increase working capital and how improving International payroll payments can turn them from a siled pane into a tactical property so payroll can be difficult in adequate in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being complex for a range of factors most importantly policies compliance data security and banking rules then there are the sheer numbers they include additional intricacy the international Labor force is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing around the world in the conventional payroll design there’s typically an overwhelming variety of different systems resulting in time-consuming manual processes and silos the number of Integrations could be non-existent in large amounts and or really extremely basic there’s no real consistency structure we’re residing in an age 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 a concept of how far there still is to come according to Deloitte only 11 of companies say they have Labor force information in real time that’s another number that provides me sleep deprived nights and quite frankly the more a business invests in international payroll the less of a picture they see a lack of visibility likewise extends to payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the deal almost half of international businesses 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 mistakes are because of time reporting bad HCM information data entry errors poorly communicated hires and terminations in addition to absence management and system configurations and then when you round it all off and the data is shipped to the incorrect place the average cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the world payroll and payments don’t run efficiently if they count on the necessary multiple 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 difficulties company face when they’re paying to staff members or otherwise that’s a great question I always throw this back and state what is it what does not 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 timespan there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s complexity wherever you look ideal eventually constructing a knowledge base is definitely critical however everywhere you look with payroll payment they are like super payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is enabling us to sort of progress with that it also also to add to that payroll and finance need to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is absolutely imperative that payroll and financing groups work better together than ever um I’m always astonished when individuals say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation 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 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 individuals any place they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more crucial to contribute to type of the level of intricacy there’s increasingly more benefits being organ or being provided by companies across the world so once again you’re just aiming to add increasingly more payments to this already complex landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of genuine challenges or real tough sort of pay uses to play to pay people I believe yeah I mean over the last well yeah a number of decades I would absolutely state that the larger a business 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 teams feeding info into the next function as it were that’s actually managing the payment side of things but you understand in in my viewpoint and my experience that does not always require to be the case you understand long gone are the times where we need to create extra handoffs in the processes that we operate in they just make them more timely they make them less efficient and they don’t make them what they require 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 requires to be agreed and rightly as you stated payroll is the single most significant liability that any business has from an expense viewpoint from an impact point of view on workers it is absolutely crucial 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 have to be done right it has the most significant damaging impact on individuals’s wellness and numerous other aspects if individuals aren’t paid uh I’ve always been surprised entering into this Market sort of the last 5 to 10 years is how little thanks the
The payroll team might not have actually been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and people just discover when things fail. Nevertheless, when things go right, it’s viewed as just a regular job. This is how it’s viewed externally as well. Therefore, it is vital to ensure that jobs like Wi-Fi International and other essential matters are done correctly. Using the first Worldwide Payments very first payroll payment service is a terrific preliminary step towards offering an extensive payroll solution for workers worldwide. Standardization, worldwide processes, and minimizing the variety of tools, platforms, and checking account required for worldwide payroll are crucial consider attaining service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically get a few grievances when things don’t go as planned. Ultimately, we do not do it for the thankfulness.
anyway we understand how how important 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 everybody that’s associated with those procedures and also so think of sorry I’m just I was just gon na state imagine the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re speaking about hundreds of thousands potentially Millions imagine getting that numerous 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 absolutely 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 check out them and in fact see what was going on and kind of try to get back to everybody so moving on look why do companies choose to main different bank accounts there are Papaya Global Default New Company Path Setting companies out there doing precisely this for particular countries and I’ve worked in a business or numerous companies doing exactly that I can say it doesn’t always feel effective and it does create more work I know we’re not intentionally doing that we’re not producing extra work for anyone where we do not need to and anyone that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I believe lots of reasons one is it’s the requirement I believe people have got so utilized to we need a new savings account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the standard individuals have 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 numerous other ways um to to sort of do it so I think there’s a variety I believe this is a procedure that needs looking at it needs altering however eventually people are very stuck with what they recognize
with best um change is a challenging thing we all don’t like change um so I believe it’s simply kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand obviously the advantages of having maintaining several checking account however there’s a substantial quantity of complexity goes with establishing a savings account maintaining it guaranteeing it can send International transfers ensuring it’s set up with the right user accesses for private people so the complexity is substantial but I believe the truthful response is change um people have not had the ability to change or haven’t had necessarily the understanding to really make that change into alternate Solutions other than opening a bank account I believe you’ve 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 constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what could practically be determined to be the next Century approximately there is a lot to track and this approach does pose a number of obstacles um so Johnny might you tell us about those challenges yeah obviously so there’s a variety right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has actually acquired another CFO, and with this improved ability, I have successfully protected payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Default New Company Path Setting