Over the last 5 or six years …Default Papaya Global Login… functions on the company side and also on the vendor side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply give everybody another number of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll type 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 sort of like see where everyone comes 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 extremely 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 taking a look at the difficulty years of handling International payroll why business maintain separate
Virtual payroll accounts are an option to conventional bank accounts for managing payroll payments. This is particularly useful for international companies with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of keeping different bank accounts for payroll in different countries, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a tactical possession for payroll executives. We will also provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently securely and on time throughout this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll checking account how business properly forecast their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in adequate in one nation but when you’re doing it globally it’s next level and Beyond it becomes complex for a range of reasons most notably policies compliance data security and banking rules then there are the sheer numbers they add further intricacy the worldwide Workforce is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing all over the world in the traditional payroll model there’s typically an overwhelming number of different systems causing lengthy manual processes and silos the variety of Integrations could be non-existent in large amounts and or really really basic there’s no real consistency framework we’re residing 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 and that just blows my mind whenever I I believe
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of services say they have Labor force data in real time that’s another number that provides me sleep deprived nights and quite frankly the more an organization invests in international payroll the less of an image they see a lack of exposure also reaches payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the transaction nearly half of global businesses have expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM data data entry mistakes badly communicated hires and terminations as well as lack management and system configurations and after that when you round all of it off and the information is delivered to the incorrect location the average expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money all over the world payroll and payments do not run smoothly if they count on the necessary multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles business face when they’re paying to staff members or otherwise that’s a great question I constantly toss this back and state what is it what does not need to be included ideal and what does
it require to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per country 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 client’s own in-country account so there’s intricacy any place you look ideal ultimately developing a knowledge base is absolutely important but all over you look with payroll payment they are like super payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely basic and innovation is allowing us to sort of move on with that it likewise as well to add to that payroll and financing need to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is definitely essential that payroll and financing teams work better together than ever um I’m always amazed when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation would they split the payroll payment from calculation 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being more and more crucial to contribute to kind of the level of complexity there’s a growing number of benefits being organ or being used by organizations across the world so once again you’re just wanting to include more and more payments to this already complex landscape so if you kind of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of real difficulties or real difficult kind of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a number of decades I would definitely say that the larger a company gets the more it tends to segregate the payroll and the payments functions 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 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 understand long gone are the times where we require to produce extra handoffs in the processes that we run in they just make them more prompt they make them less efficient and they don’t make them what they require to be in in an age of tech and a period that you understand 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 said payroll is the single greatest liability that any organization has from an expense viewpoint from an effect perspective on employees it is definitely crucial that it’s done properly 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 most significant damaging impact on individuals’s wellness and numerous other aspects if individuals aren’t paid uh I’ve always been impressed entering this Market type of the last five to ten years is how little thanks the
payroll team get um so I’m not exactly sure anyone on this kind of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such a crucial cycle we all hear about it when it goes wrong everybody jumps up and down when it goes wrong but 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 also like why WI-Fi Global why all of this things is definitely important that all of this stuff is done correctly so leveraging the very first Global Payments very first payroll payment solution is an excellent initial step um supplying an end-to-end payroll service for your employees internationally again I think is another big um procedure once again aligning and guaranteeing you have standardization Worldwide procedures all of those things are definitely essential to success success of organizations and decreasing the variety of tools platforms and checking account they require for their International payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle don’t anticipate 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 rather where they’re meant to be um I do not think any of us are really doing that for for the thanks
anyway 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 easy as possible for everyone that’s involved in 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 quantity of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions think of getting that many 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 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 in fact see what was going on and kind of shot to return to everybody so moving on look why do business select to main different bank accounts there are Default Papaya Global Login organizations out there doing precisely this for specific countries and I have actually operated in an organization or many organizations doing precisely that I can say it doesn’t constantly feel efficient and it does create more work I know we’re not deliberately doing that we’re not developing additional work for any person where we do not have to and anybody that’s managing that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe many factors one is it’s the requirement I believe individuals have got so utilized to we require a new bank account we open an entity and rightly so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm the people have actually embraced and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and many other methods um to to sort of do it so I believe there’s a range I believe this is a procedure that requires taking a look at it needs changing however ultimately people are very stuck with what they recognize
with best um modification is a hard thing we all don’t like modification 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 clearly the advantages of having keeping several savings account however there’s a huge amount of complexity chooses setting up a savings account maintaining it ensuring it can send out International transfers ensuring it’s established with the right user accesses for specific people so the intricacy is big however I believe the honest response is change um individuals haven’t had the ability to alter or have not had necessarily the understanding to truly make that change into alternate Solutions aside from opening a bank account I think you have actually struck the nail on the head I think it is knowledge you understand and there is an aspect of resistance to alter however we have actually always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could nearly be identified to be the next Century approximately there is a lot to keep track of and this technique does posture a number of difficulties um so Johnny could you inform us about those difficulties yeah obviously so there’s a range right there is so
I just did you switched 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 Global workers you deserve a corner workplace with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you Default Papaya Global Login