Over the last 5 or six years …Processed A Leaver Too Soon On Papaya Global… functions on the company side and likewise on the supplier side from a payroll perspective so really looking forward to this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply provide everybody another number of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I really 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 really bleak and I wish I was somewhere else at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of handling International payroll why companies keep separate
Virtual payroll accounts are an alternative to traditional checking account for handling payroll payments. This is particularly useful for worldwide organizations with dispersed and remote workforces, as it streamlines the complicated procedure of cross-border payments. Instead of preserving different bank accounts for payroll in various nations, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a strategic asset 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 accurately efficiently firmly and on time throughout this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll bank account how business properly anticipate their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in adequate in one country but when you’re doing it globally it’s next level and Beyond it becomes intricate for a range of factors most importantly regulations compliance information security and banking guidelines then there are the sheer numbers they add further intricacy the international Labor force is presently 3 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 presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the globe in the standard payroll model there’s typically an overwhelming number of various systems causing lengthy manual processes and silos the variety of Integrations could be non-existent in large amounts and or very really standard there’s no genuine consistency framework we’re residing 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 which simply blows my mind whenever I I think
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 rather honestly the more a service invests in international payroll the less of a photo they see a lack of visibility likewise encompasses payroll payments and inability to precisely track these payments can cause compliance mishaps in the last mile of the deal almost half of global organizations have revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry errors poorly communicated hires and terminations as well as absence management and system configurations and after that when you round all of it off and the data is delivered to the incorrect location the typical expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the world payroll and payments don’t run efficiently if they depend on the essential multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges organization face when they’re making payments to staff members or otherwise that’s an excellent concern I constantly throw this back and state what is it what doesn’t require to be consisted of right and what does
it require to be considered there’s differing Bank details 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 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 ultimately developing a knowledge base is absolutely crucial but everywhere you look with payroll payment they resemble extremely 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 in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is allowing us to sort of move forward with that it likewise also to add to that payroll and finance need to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is definitely imperative that payroll and financing teams work more detailed together than ever um I’m always surprised when people say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t 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 often split and cut up um eventually it’s payroll is an end-to-end process 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 3rd parties so with the
world we live in and well-being being more and more important to add to sort of the level of complexity there’s a growing number of advantages being organ or being used by services throughout the world so again you’re just seeking to include more and more payments to this currently complicated landscape so if you kind of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of genuine challenges or real difficult type 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 bigger a business gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are teams feeding info into the next function as it were that’s in fact handling the payment side of things but you understand 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 need to create extra handoffs in the processes that we run in they just make them more timely they make them less efficient and they don’t make them what they need to be in in an era of tech and an age that you know that we are working in today there is no reason we are still making this as tough as it needs to be agreed and appropriately as you stated payroll is the single most significant liability that any business has from a cost point of view from an effect perspective on workers it is definitely critical that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the biggest damaging result on people’s well-being and numerous other factors if people aren’t paid uh I have actually constantly been amazed entering into this Market type of the last five to ten years is how little thanks the
payroll team get um so I’m uncertain anybody on this kind of webinar has been informed 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 workers or not um however eventually payroll is such an essential cycle we all find out about it when it fails everybody jumps up and down when it fails but when it goes right it’s simply 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 absolutely important that all of this stuff is done properly so leveraging the very first Global Payments first payroll payment service is an excellent primary step um providing an end-to-end payroll solution for your employees globally again I think is another huge um procedure once again aligning and guaranteeing you have standardization Global procedures all of those things are absolutely key to success success of organizations and lowering the variety of tools platforms and savings 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 expect to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things have not gone quite where they’re indicated to be um I do not believe any of us are in fact doing that for for the thanks
anyway we know how how essential 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 procedures and also so envision sorry I’m simply I was simply gon na say picture the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re talking about numerous thousands potentially Millions think of getting that many thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting task 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 try to check out them and in fact see what was going on and sort of try to get back to everybody so moving on appearance why do business select to primary different bank accounts there are Processed A Leaver Too Soon On Papaya Global services out there doing precisely this for particular nations and I have actually operated in a service or many businesses doing exactly that I can say it doesn’t constantly feel effective and it does produce more work I understand we’re not purposely doing that we’re not developing additional work for anyone where we don’t have to and any person 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 amount that we are I think numerous factors one is it’s the standard I think individuals have got so used to we require a new savings 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 standard and the standard the people have actually embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and many other ways um to to sort of do it so I believe there’s a variety I think this is a procedure that requires taking a look at it needs altering however ultimately individuals are extremely stuck to what they recognize
with best um modification is a challenging thing we all don’t like modification um so I think it’s simply sort of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the advantages of having maintaining multiple bank accounts however there’s a substantial amount of complexity goes with setting up a checking account preserving it ensuring it can send out International transfers ensuring it’s established with the right user accesses for private individuals so the intricacy is big but I think the honest response is change um individuals have not had the ability to change or have not had necessarily the knowledge to actually make that change into alternate Solutions other than opening a savings account I believe you have actually hit the nail on the head I believe it is understanding you understand and there is an element of resistance to change but we’ve always done it that way is no real reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what might almost be figured out to be the next Century approximately there is a lot to track and this method does position a number of obstacles um so Johnny could you tell us about those challenges yeah of course so there’s a range right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has gotten another CFO, and with this improved ability, I have successfully protected payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is more detailed, considering your achievements. Processed A Leaver Too Soon On Papaya Global