Over the last 5 or six years …Papaya Global Features… functions on the company side and likewise on the vendor side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply provide everyone another couple of uh well one of the 30 seconds or so to join all of us work back to back nowadays 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 everyone is um it’s nice to to sort of like see where everybody originates from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very very gloomy and I wish I was somewhere else at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be looking at the obstacle years of handling International payroll why companies preserve separate
Virtual payroll accounts are an option to traditional checking account for handling payroll payments. This is especially beneficial for international organizations with dispersed and remote labor forces, as it streamlines the complicated process of cross-border payments. Instead of maintaining separate savings account for payroll in various countries, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are ending up being a tactical asset for payroll executives. We will also supply a recap 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 during this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll savings account how business properly forecast their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in adequate in one country but when you’re doing it internationally it’s next level and Beyond it becomes intricate for a variety of reasons most importantly regulations compliance data security and banking rules then there are the large numbers they add further complexity the international Workforce is currently 3 and a half billion people by 2030 it’s approximated 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 companies and growing all doing their own thing around the globe in the conventional payroll model there’s typically an overwhelming variety of different systems causing lengthy manual procedures and silos the variety of Integrations could be non-existent in large quantities and or very extremely standard there’s no genuine consistency structure we’re living in an era 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 frequently with pen and paper which just blows my mind each time I I think
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce information in real time that’s another number that offers me sleep deprived nights and rather honestly the more a business invests in international payroll the less of an image they see a lack of visibility also encompasses payroll payments and inability to properly track these payments can result in compliance mishaps in the last mile of the deal nearly half of international businesses have expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM data data entry errors poorly interacted hires and terminations as well as absence management and system configurations and then when you round all of it off and the information is delivered to the wrong place the average expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments do not run efficiently if they count on the required numerous processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges company face when they’re paying to employees or otherwise that’s an excellent concern I constantly throw this back and state what is it what doesn’t need to be consisted of ideal and what does
it need to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment capabilities 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 consumer’s own in-country account so there’s intricacy any place you look ideal ultimately building a knowledge base is definitely important however everywhere you look with payroll payment they are like extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the kind 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 also too to add to that payroll and finance require to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is absolutely crucial that payroll and financing teams work better together than ever um I’m always astonished when people state I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession would they divide 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 procedure it’s the point of information collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being a growing number of important to contribute to kind of the level of complexity there’s increasingly more advantages being organ or being offered by companies throughout the world so once again you’re just aiming to add increasingly more payments to this already complicated landscape so if you sort of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of genuine challenges or real challenging type of pay uses to play to pay people I believe yeah I imply over the last well yeah a number of years I would definitely state that the larger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are teams feeding info into the next function as it were that’s really handling 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 develop extra handoffs at the same times that we run in they just make them more prompt they make them less effective and they don’t make them what they require to be in in a period of tech and an era that you understand that we are operating in today there is no reason we are still making this as tough as it requires to be concurred and rightly as you said payroll is the single most significant liability that any organization has from a cost perspective from an impact perspective on staff members it is definitely vital that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the most significant harmful result on people’s wellness and many other aspects if people aren’t paid uh I’ve constantly been amazed entering this Market type of the last five to ten years is how little thanks the
The payroll team may not have been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and people just see when things fail. However, when things go right, it’s viewed as simply a routine task. This is how it’s viewed externally too. For that reason, it is vital to ensure that jobs like Wi-Fi Global and other essential matters are done properly. Utilizing the very first Global Payments very first payroll payment service is a fantastic initial action towards providing a thorough payroll solution for staff members worldwide. Standardization, worldwide processes, and lowering the number of tools, platforms, and bank accounts necessary for worldwide payroll are essential consider attaining company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few problems when things don’t go as prepared. Eventually, we don’t do it for the gratitude.
anyway we know 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 involved in those procedures and also so think of sorry I’m just I was simply gon na say picture the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re discussing numerous thousands possibly 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 certainly be an interesting job attempting to clean all those up for sure oh absolutely I can’t envision 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 actually see what was going on and type of shot to get back to everybody so carrying on appearance why do business choose to main different checking account there are Papaya Global Features companies out there doing precisely this for specific nations and I have actually worked in a business or numerous organizations doing exactly that I can say it does not always feel effective and it does create more work I know we’re not deliberately doing that we’re not creating additional work for anybody where we don’t need to and anyone that’s dealing with 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 amount that we are I believe many factors one is it’s the standard I think individuals have actually got so utilized to we require a brand-new checking account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard the people have actually adopted and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and many other methods um to to type of do it so I think there’s a variety I believe this is a process that needs taking a look at it needs altering but eventually people are really stuck to what they’re familiar
with best um modification is a difficult thing all of us don’t like change um so I think it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the advantages of having maintaining multiple checking account but there’s a substantial amount of intricacy chooses setting up a savings account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for individual individuals so the intricacy is huge but I think the honest response is change um people have not been able to alter or have not had always the understanding to truly make that change into alternate Solutions aside from opening a savings account I believe you’ve hit the nail on the head I think it is understanding you understand and there is an element of resistance to alter however we’ve always done it that way is no real reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what might practically be identified to be the next Century approximately there is a lot to keep an eye on and this technique does posture several obstacles um so Johnny could you tell us about those challenges yeah of course so there’s a variety 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 seems like our CFO has gained another CFO, and with this enhanced capability, I have actually effectively protected payments for our 10,000 workers 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 more detailed, considering your accomplishments. Papaya Global Features