Over the last five or six years …Papaya Global Year End Reports… functions on the service provider side and also on the supplier side from a payroll perspective so actually looking forward to this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll simply offer everyone another couple of uh well among the 30 seconds approximately to join all of us work back to back these days 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 everyone comes 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 really dreary and I want I was somewhere else at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why companies preserve separate
Virtual payroll accounts are an alternative to conventional checking account for handling payroll payments. This is especially beneficial for global organizations with dispersed and remote workforces, as it simplifies the complicated process of cross-border payments. Instead of keeping separate savings account for payroll in various countries, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a strategic possession for payroll executives. We will likewise offer a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively safely and on time during this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll savings account how business precisely anticipate their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in enough in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a variety of factors most importantly guidelines compliance information security and banking rules then there are the sheer numbers they include more intricacy the worldwide Workforce is currently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the world in the standard payroll model there’s often an overwhelming variety of different systems resulting in lengthy manual procedures and silos the variety 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 frequently with pen and paper which just blows my mind each time I I think
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce information in real time that’s another number that offers me sleep deprived nights and quite frankly the more an organization invests in global payroll the less of a photo they see a lack of visibility likewise extends to payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the deal almost half of worldwide businesses have expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM data data entry mistakes improperly interacted hires and terminations along with absence management and system setups and after that when you round everything off and the data is shipped to the incorrect place the typical cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash worldwide payroll and payments don’t run efficiently if they depend on the needed multiple processes 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 business face when they’re making payments to employees or otherwise that’s an excellent concern I constantly throw this back and state what is it what doesn’t require to be included best and what does
it need to be thought about there’s varying Bank information 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 need to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s complexity wherever you look best eventually developing a knowledge base is absolutely critical but everywhere 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 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 acknowledgment that payroll payments are definitely basic and innovation is allowing us to kind of progress with that it also also to add to that payroll and finance need to work closer together um with differing Bank Account Details varying banking requirements and setup processes is absolutely important that payroll and financing groups work more detailed together than ever um I’m always impressed when individuals say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll profession would they split the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being a growing number of important to add to kind of the level of intricacy there’s a growing number of benefits being organ or being provided by businesses throughout the world so once again you’re just wanting to add increasingly more payments to this currently complicated landscape so if you type of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of real difficulties or genuine tough type of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a couple of years I would definitely state that the bigger a business 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 information into the next function as it were that’s in fact managing the payment side of things but you understand in in my viewpoint and my experience that does not necessarily require to be the case you know long gone are the times where we need to develop extra handoffs at the same times that we operate in they just make them more prompt they make them less efficient and they do not make them what they require to be in in a period of tech and a period that you understand that we are operating in today there is no reason we are still making this as challenging as it requires to be concurred and rightly as you said payroll is the single biggest liability that any service has from an expense viewpoint from an effect viewpoint on workers it is definitely critical that it’s done properly and on time so what we indicate 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 destructive impact on people’s well-being and many other factors if individuals aren’t paid uh I have actually constantly been impressed coming into this Market type of the last five to 10 years is how little thanks the
The payroll group may not have actually been thanked for properly processing payroll during a webinar. If anyone has been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and people only observe when things fail. Nevertheless, when things go right, it’s viewed as simply a regular job. This is how it’s viewed externally too. Therefore, it is vital to make sure that tasks like Wi-Fi Worldwide and other essential matters are done correctly. Using the first Global Payments first payroll payment solution is a terrific initial step towards supplying a comprehensive payroll solution for staff members worldwide. Standardization, worldwide procedures, and reducing the number of tools, platforms, and savings account needed for global payroll are crucial factors in accomplishing company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of complaints when things do not go as planned. Ultimately, we don’t do it for the gratitude.
anyway we understand how how crucial 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 associated with those processes and likewise so envision sorry I’m simply I was simply gon na say picture the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions think of getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing job attempting to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to look through them and really see what was going on and type of shot to get back to everyone so moving on look why do companies select to primary separate savings account there are Papaya Global Year End Reports organizations out there doing exactly this for particular countries and I’ve operated in a service or lots of companies doing exactly that I can state it doesn’t always feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not creating extra work for anyone where we don’t need to and any person that’s handling 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 think many reasons one is it’s the standard I believe individuals have got so utilized to we need a brand-new savings account we open an entity and rightly so you need 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 standard and the norm individuals have embraced and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and lots of other ways um to to kind of do it so I believe there’s a range I think this is a procedure that requires looking at it requires changing but ultimately individuals are very stuck with what they’re familiar
with ideal um modification is a hard thing all of us do not like modification um so I believe it’s simply type of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend certainly the benefits of having preserving numerous bank accounts however there’s a huge quantity of complexity goes with setting up a savings account preserving it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for specific people so the intricacy is big however I think the honest response is change um people have not had the ability to change or have not had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a savings account I believe you’ve struck the nail on the head I think it is understanding you understand and there is an aspect of resistance to change but we’ve always done it that way is no real reason for not looking at the the benefits and the possibilities of carrying on and moving into you understand what could almost be figured out to be the next Century or so there is a lot to keep track of and this method does position a number of obstacles um so Johnny might you tell us about those challenges yeah of course so there’s a variety right there is so
I simply did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles 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 Reports