Over the last 5 or six years …Papaya Global Year End 2019… functions on the supplier 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 quite for your time everyone okay thanks Johnny uh we’ll just give everybody another number of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I actually do hope it’s much sunnier than it remains 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 extremely extremely dreary and I wish I was somewhere else at this moment in time okay so let’s get going our program for today is as follows um we are going to be looking at the difficulty years of handling International payroll why business keep separate
Virtual payroll accounts are an alternative to conventional bank accounts for handling payroll payments. This is especially useful for international organizations with dispersed and remote workforces, as it simplifies the intricate procedure of cross-border payments. Instead of preserving separate checking account for payroll in different nations, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are ending up being a tactical asset for payroll executives. We will also offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively firmly and on time during this webinar we’ll walk you through the worldwide 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 improving Global payroll payments can turn them from a siled pane into a tactical property so payroll can be difficult in enough in one nation however when you’re doing it globally it’s next level and Beyond it ends up being intricate for a range of reasons most notably policies compliance data security and banking rules then there are the sheer numbers they include additional complexity the international Workforce is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing all over the world in the standard payroll design there’s frequently an overwhelming number of various systems causing lengthy manual procedures and silos the number of Integrations could be non-existent in large amounts and or very very fundamental there’s no real consistency framework we’re residing in a period 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 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 only 11 of companies say they have Labor force information in real time that’s another number that offers me sleepless nights and rather honestly the more a service invests in international payroll the less of a photo they see an absence of presence likewise extends to payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the deal almost half of global organizations have revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM data data entry mistakes improperly communicated hires and terminations in addition to lack management and system setups and after that when you round it all off and the data is shipped to the wrong location the typical cost 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 around the globe payroll and payments do not run smoothly if they depend on the necessary several processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles company face when they’re paying to employees or otherwise that’s a great question I always toss this back and say what is it what doesn’t require to be consisted of right and what does
it need to be considered 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 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 consumer’s own in-country account so there’s complexity anywhere you look right eventually developing a knowledge base is definitely important but everywhere you look with payroll payment they resemble super payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely basic and technology is enabling us to type of move on with that it likewise also to contribute to that payroll and financing need to work closer together um with differing Checking account Details differing banking requirements and setup procedures is absolutely crucial that payroll and financing teams work better together than ever um I’m always surprised when individuals say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t 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 procedure it’s the point of data collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory third parties so with the
The contemporary world places a high value on well-being and the settlement landscape is ending up being increasingly intricate. Businesses are constantly introducing new advantages and payment choices, which adds to the total intricacy. Big corporations often divide their payroll and payment processing into separate teams, which can lead to inefficiencies and bottlenecks. In my viewpoint, this doesn’t need to be the case. In today’s technologically advanced age, there’s no validation for preserving troublesome treatments. Payroll, the business’s greatest expenditure, should be processed properly and on time. Even slight delays can negatively impact workers’ well-being and have far-reaching consequences. Therefore, it’s critical to focus on precise and timely payments.
payroll team get um so I’m unsure anyone on this kind of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such a crucial cycle all of us become aware of 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 think 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 things is absolutely crucial that all of this things is done correctly so leveraging the first International Payments very first payroll payment option is an excellent primary step um providing an end-to-end payroll option for your workers worldwide again I believe is another big um process once again aligning and guaranteeing you have standardization International processes all of those things are absolutely essential to success success of businesses and decreasing the variety of tools platforms and checking account they require for their Global 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 countless 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 complaints where things have not gone rather where they’re meant to be um I do not believe any of us are in fact doing that for for the thanks
anyway we understand how how crucial 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 everybody that’s involved in those procedures and also so think of sorry I’m simply I was just gon na state picture the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re talking 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 definitely be a fascinating job attempting to clean all those up for sure oh absolutely 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 type of shot to return to everyone so moving on look why do companies pick to main separate checking account there are Papaya Global Year End 2019 businesses out there doing precisely this for particular nations and I have actually worked in a company or lots of businesses doing exactly that I can say it does not constantly feel efficient and it does create more work I know we’re not deliberately doing that we’re not creating additional work for any person where we don’t need to and anyone that’s managing 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 many factors one is it’s the standard I think people have got so utilized to we require a new savings account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have actually embraced and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and lots of other methods um to to sort of do it so I think there’s a variety I believe this is a procedure that requires taking a look at it requires altering but ultimately individuals are extremely stuck with what they’re familiar
with ideal um modification is a hard thing we all don’t like change um so I think it’s just kind of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend clearly the benefits of having maintaining several bank accounts but there’s a huge amount of complexity opts for setting up a bank account keeping it ensuring it can send International transfers ensuring it’s established with the best user accesses for specific people so the intricacy is huge however I think the sincere response is change um individuals haven’t been able to change or have not had necessarily the knowledge to really make that change into alternate Solutions other than opening a bank account I believe you have actually hit the nail on the head I think it is knowledge you know and there is an aspect of resistance to alter however we have actually always done it that way is no genuine reason for not looking at the the advantages and the possibilities of moving on and moving into you understand what might nearly be identified to be the next Century approximately there is a lot to track and this technique does position several challenges um so Johnny could you inform us about those challenges yeah of course so there’s a variety right there is so
I just did you changed our Business 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 International workers you should have a corner office with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Year End 2019