Over the last 5 or six years …Smp Report Papaya Global… roles on the supplier side and also on the vendor side from a payroll viewpoint so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply give everybody another couple of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everybody originates 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 very dreary and I wish I was elsewhere at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why companies keep different
Virtual payroll accounts are an alternative to traditional checking account for handling payroll payments. This is particularly useful for international organizations with dispersed and remote workforces, as it simplifies the intricate procedure of cross-border payments. Instead of keeping different checking account for payroll in various countries, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are becoming a strategic possession for payroll executives. We will likewise supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively safely and on time during this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how companies properly forecast their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in sufficient in one country however when you’re doing it globally it’s next level and Beyond it ends up being intricate for a range of reasons most importantly regulations compliance data security and banking guidelines then there are the large numbers they add more complexity the worldwide Workforce is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals 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 globe in the traditional payroll model there’s often a frustrating variety of various systems resulting in lengthy manual processes and silos the variety of Combinations could be non-existent in big amounts and or really extremely fundamental there’s no genuine consistency framework we’re living in an age of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which simply blows my mind each time I I believe
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Workforce information in real time that’s another number that gives me sleep deprived nights and rather honestly the more an organization spends on worldwide payroll the less of a picture they see a lack of exposure likewise extends to payroll payments and failure to precisely track these payments can cause compliance accidents in the last mile of the deal almost half of worldwide services have actually revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry mistakes poorly communicated hires and terminations along with absence management and system setups and after that when you round all of it off and the data is shipped to the incorrect location the average cost of a global information 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 count on the essential multiple processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties organization face when they’re making payments to workers or otherwise that’s an excellent question I constantly toss this back and state what is it what does not require to be consisted of ideal and what does
it need to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment abilities 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 right eventually developing a knowledge base is definitely important however everywhere you look with payroll payment they are like incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is permitting us to kind of move forward with that it likewise too to add to that payroll and finance need to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is absolutely vital that payroll and finance teams work more detailed together than ever um I’m constantly impressed when people say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so typically 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 individuals anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being increasingly more crucial to contribute to type of the level of complexity there’s more and more benefits being organ or being offered by companies across the world so again you’re simply aiming to add a growing number of payments to this already complex landscape so if you type of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of real obstacles or real tough type of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a couple of decades I would absolutely state that the larger 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 groups feeding info into the next function as it were that’s actually handling the payment side of things however you know in in my opinion and my experience that doesn’t always need to be the case you understand long gone are the times where we require to develop extra handoffs in the processes that we run in they simply make them more timely they make them less effective and they do not make them what they require to be in in an era of tech and an era that you understand that we are working in today there is no reason we are still making this as hard as it needs to be concurred and appropriately as you stated payroll is the single greatest liability that any service has from an expense perspective from an impact viewpoint on employees it is definitely vital that it’s done properly 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 most significant harmful result on individuals’s well-being and lots of other aspects if people aren’t paid uh I’ve constantly been amazed coming into this Market kind of the last five to 10 years is how little thanks the
payroll group get um so I’m uncertain anyone on this kind of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um but eventually payroll is such an important cycle all of us find out about it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I believe 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 absolutely important that all of this things is done properly so leveraging the very first Worldwide Payments first payroll payment service is a great initial step um offering an end-to-end payroll solution for your employees globally once again I believe is another huge um process again aligning and ensuring you have standardization International procedures all of those things are absolutely key to success success of companies and reducing the variety of tools platforms and bank accounts they require for their Global 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 thousand of them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the grievances where things haven’t 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
anyhow we understand how how important a role 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 simple as possible for everyone that’s associated with those procedures and likewise so picture sorry I’m simply I was just gon na state picture the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions imagine getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting task attempting to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and really see what was going on and kind of shot to return to everyone so proceeding look why do business choose to primary different checking account there are Smp Report Papaya Global services out there doing precisely this for particular countries and I have actually operated in a company or lots of organizations doing exactly that I can say it does not always feel effective and it does develop more work I know we’re not purposely doing that we’re not producing additional work for any person where we don’t need to and any person that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I believe many reasons one is it’s the requirement I believe individuals have actually got so used to we need a brand-new bank account we open an entity and rightly so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have embraced and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a variety I believe this is a procedure that needs looking at it requires changing but ultimately individuals are extremely stuck with what they recognize
with right um modification is a tough thing we all don’t like modification um so I think it’s simply kind of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand certainly the benefits of having maintaining multiple savings account however there’s a substantial amount of complexity opts for establishing a savings account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for specific individuals so the complexity is big however I believe the sincere answer is change um individuals haven’t had the ability to change or haven’t had always the understanding to truly make that change into alternate Solutions besides opening a bank account I believe you’ve hit the nail on the head I believe it is knowledge you know and there is a component of resistance to alter however we have actually constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of carrying on and moving into you understand what might nearly be figured out to be the next Century or so there is a lot to keep track of and this technique does posture a number of challenges um so Johnny might you inform us about those challenges yeah of course so there’s a range right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now manage 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 staff members worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is more detailed, considering your accomplishments. Smp Report Papaya Global