Over the last five or 6 years …Papaya Global Payroll Philippines… functions on the provider side and likewise on the supplier side from a payroll viewpoint so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply offer everyone another number of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I really do hope it’s much sunnier than it remains 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 very very dreary and I wish I was elsewhere at this moment in time okay so let’s get started our program for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why business keep separate
Virtual payroll accounts are an option to traditional bank accounts for handling payroll payments. This is especially useful for worldwide companies with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of maintaining different savings account for payroll in various countries, virtual accounts and digital wallets offer a more structured service. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a strategic asset for payroll executives. We will likewise supply a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively 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 expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in sufficient in one country but when you’re doing it internationally it’s next level and Beyond it ends up being complex for a range of factors most significantly guidelines compliance data security and banking rules then there are the sheer numbers they add additional complexity the worldwide Workforce is presently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 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 all over the world in the conventional payroll model there’s typically an overwhelming variety of various systems resulting in time-consuming manual processes and silos the variety of Integrations could be non-existent in large quantities and or very very basic there’s no real consistency structure we’re living in an era of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which simply blows my mind whenever I I believe
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force information in real time that’s another number that provides me sleep deprived nights and rather honestly the more a service spends on international payroll the less of a picture they see an absence of visibility likewise extends to payroll payments and failure to accurately track these payments can lead to compliance accidents in the last mile of the deal nearly half of international companies have actually expressed that they don’t 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 poor HCM data information entry errors inadequately communicated hires and terminations as well as lack management and system setups and then when you round everything off and the data is shipped to the wrong location the typical cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the world payroll and payments don’t run efficiently if they rely on the needed numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles company face when they’re paying to workers or otherwise that’s a good question I constantly throw this back and state what is it what does not need to be included best and what does
it require to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s complexity anywhere you look best ultimately developing a knowledge base is definitely important however everywhere you look with payroll payment they resemble very payments no if however some children about it you are all superheroes processing payments for payroll if you take a 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 essential and technology is enabling us to kind of move forward with that it also as well to add to that payroll and financing need to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is definitely imperative that payroll and finance groups work closer together than ever um I’m always amazed when people say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll occupation 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 eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being a growing number of crucial to add to kind of the level of intricacy there’s a growing number of benefits being organ or being used by organizations throughout the world so once again you’re just wanting to add a growing number of payments to this already complicated landscape so if you type of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of genuine difficulties or real challenging sort of pay uses to play to pay people I believe yeah I suggest over the last well yeah a number of years I would certainly state that the larger a service 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 details 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 does not necessarily require to be the case you know long gone are the times where we require to produce additional handoffs while doing sos that we operate in they simply make them more prompt they make them less effective and they do not make them what they need to be in in an era of tech and an age that you know that we are operating in today there is no reason why we are still making this as hard as it needs to be agreed and appropriately as you stated payroll is the single biggest liability that any service has from a cost perspective from an impact point of view on staff members it is definitely critical 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 need to be done right it has the greatest harmful impact on people’s wellness and lots of other elements if individuals aren’t paid uh I have actually constantly been amazed entering this Market type of the last 5 to ten years is how little thanks the
The payroll team may not have been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals just notice when things fail. Nevertheless, when things go right, it’s viewed as just a regular task. This is how it’s viewed externally as well. For that reason, it is essential to ensure that jobs like Wi-Fi International and other crucial matters are done correctly. Utilizing the first Global Payments very first payroll payment solution is a great initial action towards offering a detailed payroll service for workers worldwide. Standardization, worldwide processes, and reducing the number of tools, platforms, and checking account needed for worldwide payroll are crucial consider accomplishing service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of problems when things do not go as prepared. Ultimately, we don’t do it for the thankfulness.
anyhow we know how how essential 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 simple as possible for everybody that’s involved in those procedures and likewise so think of sorry I’m simply I was just gon na state envision 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 discussing numerous thousands possibly Millions think of getting that many thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an interesting job attempting to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and in fact see what was going on and type of shot to return to everyone so moving on look why do business choose to primary separate bank accounts there are Papaya Global Payroll Philippines services out there doing exactly this for particular countries and I have actually operated in a business or lots of businesses doing precisely that I can say it does not constantly feel effective and it does produce more work I know we’re not deliberately doing that we’re not producing extra work for anybody where we do not have to and any person that’s dealing with that process 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 believe numerous factors one is it’s the requirement I believe individuals have got so utilized to we require a new checking account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard individuals 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 numerous other ways um to to kind of do it so I think there’s a variety I believe this is a process that needs taking a look at it requires altering but eventually individuals are very stuck with what they recognize
with ideal um modification is a hard thing we all do not like change um so I think it’s simply type of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the benefits of having preserving several bank accounts but there’s a big quantity of complexity goes with establishing a bank account maintaining it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for private individuals so the complexity is big but I believe the truthful answer is change um people have not had the ability to change or have not had necessarily the understanding to truly make that change into alternate Solutions besides opening a bank account I believe you have actually hit the nail on the head I believe it is understanding you know and there is a component of resistance to change but we have actually always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of proceeding and moving into you understand what might practically be determined to be the next Century or so there is a lot to monitor and this approach does position several difficulties um so Johnny could you tell us about those challenges yeah of course so there’s a variety right there is so
I just recently made a change 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 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 using Papaya payroll OS is commendable. You should have a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global Payroll Philippines