Over the last five or 6 years …My Papaya Global Customer Care Number… roles on the service provider side and also on the vendor side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply provide everybody another couple of uh well among the 30 seconds or so 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 intriguing and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everybody comes from and I really do hope it’s much sunnier than it remains 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 extremely extremely gloomy and I wish I was elsewhere at this moment in time alright so let’s get started our program for today is as follows um we are going to be taking a look at the obstacle years of managing Worldwide payroll why business preserve separate
Virtual payroll accounts are an alternative to traditional checking account for handling payroll payments. This is especially useful for international organizations with dispersed and remote labor forces, as it streamlines the complicated procedure of cross-border payments. Instead of maintaining different bank accounts for payroll in different nations, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are becoming a strategic property for payroll executives. We will likewise offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively firmly and on time during this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll checking account how business accurately anticipate their payroll expenses to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in sufficient in one country however when you’re doing it internationally it’s next level and Beyond it ends up being complex for a range of factors most significantly policies compliance information security and banking guidelines then there are the large numbers they add more intricacy the global Labor force is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing all over the world in the conventional payroll model there’s frequently an overwhelming variety of various systems causing lengthy manual processes and silos the number of Combinations could be non-existent in big quantities and or really extremely standard there’s no genuine consistency framework we’re residing in a period 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 and that simply blows my mind whenever I I believe
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 Labor force information in real time that’s another number that provides me sleepless nights and rather honestly the more an organization spends on global payroll the less of a photo they see a lack of visibility likewise encompasses payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the transaction nearly half of international companies have actually expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM information data entry errors badly interacted hires and terminations along with lack management and system configurations and then when you round it all off and the information is delivered to the incorrect 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 require to move the cash worldwide payroll and payments don’t run smoothly if they depend 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 requires to be factored into the difficulties service face when they’re making payments to workers or otherwise that’s a great concern I constantly toss this back and state what is it what doesn’t require to be consisted of best and what does
it require 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 wherever you look right eventually building a knowledge base is absolutely vital however all over you look with payroll payment they resemble incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is enabling us to type of move forward with that it also as well to contribute to that payroll and finance need to work closer together um with differing Bank Account Details differing banking requirements and setup processes is definitely essential that payroll and finance teams work closer together than ever um I’m always amazed when people say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession 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 often 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 individuals any place they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being increasingly more essential to add to sort of the level of complexity there’s more and more advantages being organ or being offered by services throughout the world so once again you’re simply looking to include a growing number of payments to this already intricate landscape so if you kind of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of genuine difficulties or real challenging kind of pay utilizes to play to pay people I believe yeah I mean over the last well yeah a couple of decades I would absolutely state 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 task there are teams feeding details into the next function as it were that’s actually managing the payment side of things however you know 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 additional handoffs while doing sos that we run in they just make them more timely they make them less efficient and they don’t make them what they require to be in in an era of tech and an era that you know that we are working in today there is no reason why we are still making this as challenging as it requires to be agreed and appropriately as you said payroll is the single greatest liability that any service has from an expense viewpoint from an effect point of view on workers it is definitely critical 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 have to be done right it has the biggest detrimental result on people’s wellness and numerous other factors if people aren’t paid uh I’ve constantly been astonished entering into this Market type of the last 5 to ten years is how little thanks the
payroll group get um so I’m unsure anybody on this type of webinar has been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an important cycle all of us become aware of it when it fails everybody jumps up and down when it fails however when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely vital that all of this stuff is done correctly so leveraging the first Global Payments very first payroll payment solution is a fantastic first step um offering an end-to-end payroll solution for your workers globally once again I think is another big um procedure again lining up and guaranteeing you have standardization Worldwide processes all of those things are absolutely crucial to success success of businesses and decreasing the number of tools platforms and savings account they require for their International 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’ve never 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 complaints where things haven’t gone rather where they’re suggested to be um I do not think any of us are actually doing that for for the thanks
anyhow we know how how important a role it is and that’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 associated with those procedures and likewise so envision sorry I’m just I was simply gon na say picture the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions picture 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 absolutely be a fascinating job attempting to clean up 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 browse them and in fact see what was going on and type of shot to return to everyone so carrying on look why do business pick to primary different bank accounts there are My Papaya Global Customer Care Number organizations out there doing exactly this for particular nations and I’ve operated in a service or numerous services doing exactly that I can say it does not constantly feel efficient and it does develop more work I understand we’re not purposely doing that we’re not producing extra work for anyone where we don’t have to and anyone that’s handling that process 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 think lots of factors one is it’s the requirement I believe people have got so used to we require a brand-new checking account we open an entity and rightly so you need it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have adopted and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a variety I think this is a process that needs taking a look at it needs changing but eventually people are extremely stuck with what they’re familiar
with best um modification is a tough thing all of us don’t like modification um so I believe it’s just kind of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand undoubtedly the benefits of having preserving multiple checking account but there’s a huge quantity of intricacy goes with establishing a savings account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for private individuals so the intricacy is huge however I think the honest answer is change um individuals have not had the ability to alter or haven’t had necessarily the understanding to actually make that change into alternate Solutions other than opening a savings account I believe you’ve 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 constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of moving on and moving into you know what might nearly be determined to be the next Century or so there is a lot to keep track of and this technique does position numerous obstacles um so Johnny could you tell us about those challenges yeah obviously so there’s a variety right there is so
I just did you switched 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 Worldwide staff members you should have a corner workplace with a closer parking space since I mastered International payroll and payments with Papaya payroll OS did you My Papaya Global Customer Care Number