Over the last five or 6 years …Papaya Global 50 Import Ssp Qd… functions on the service provider side and likewise on the supplier side from a payroll point of view so really eagerly anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just provide everyone another couple of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everyone is um it’s nice to to kind of like see where everybody originates 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 drizzling here it’s extremely extremely bleak and I want I was somewhere else at this moment in time all right 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 Global payroll why business maintain different
Virtual payroll accounts are an alternative to conventional bank accounts for managing payroll payments. This is particularly useful for global organizations with dispersed and remote workforces, as it simplifies the intricate procedure of cross-border payments. Instead of preserving different bank accounts for payroll in various countries, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a tactical possession for payroll executives. We will also provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively securely and on time throughout this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how business properly anticipate their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in enough in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a range of factors most notably regulations compliance information security and banking guidelines then there are the large numbers they include further intricacy the global Labor force is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the world in the traditional payroll design there’s typically a frustrating number of various systems leading to lengthy manual processes and silos the variety of Integrations could be non-existent in large quantities and or very really basic there’s no genuine consistency framework we’re residing in an era of tech but payroll has actually 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 every 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 state they have Labor force data in real time that’s another number that offers me sleep deprived nights and quite frankly the more a service spends on worldwide payroll the less of a photo they see a lack of visibility also encompasses payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the transaction nearly half of worldwide companies have expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry errors improperly interacted hires and terminations along with absence management and system setups and then when you round all of it off and the information is shipped to the wrong location the typical expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world payroll and payments do not run efficiently if they depend on the required numerous procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles company face when they’re paying to staff members or otherwise that’s an excellent concern I constantly throw this back and state what is it what does not need to be consisted of ideal 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 customer’s own in-country account so there’s intricacy wherever you look best eventually building a knowledge base is absolutely important but everywhere you look with payroll payment they are like very payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely fundamental and technology is permitting us to type of progress with that it likewise as well to add to that payroll and financing require to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is definitely essential that payroll and finance groups work closer together than ever um I’m constantly surprised when individuals say I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from computation 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people wherever 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 contribute to kind of the level of complexity there’s a growing number of advantages being organ or being provided by services across the world so once again you’re simply aiming to add more and more payments to this already intricate landscape so if you kind of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of real challenges or genuine difficult type of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a number of decades I would definitely state that the larger a business gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are teams feeding info into the next function as it were that’s really handling the payment side of things but you understand in in my viewpoint and my experience that doesn’t always need to be the case you understand long gone are the times where we require to produce extra handoffs at the same times that we run in they just make them more timely they make them less effective and they don’t make them what they require to be in in an age of tech and a period that you understand that we are working in today there is no reason that we are still making this as challenging as it needs to be agreed and rightly as you said payroll is the single biggest liability that any service has from a cost perspective from an effect point of view on staff members it is absolutely crucial that it’s done correctly and on time so what we imply 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 detrimental result on people’s well-being and numerous other aspects if individuals aren’t paid uh I have actually constantly been amazed entering this Market kind of the last five to 10 years is how little thanks the
The payroll group might not have actually been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and individuals only notice when things fail. Nevertheless, when things go right, it’s seen as simply a regular job. This is how it’s viewed externally as well. For that reason, it is vital to make sure that tasks like Wi-Fi Global and other crucial matters are done properly. Using the first Worldwide Payments first payroll payment option is a fantastic initial step towards offering a thorough payroll option for employees worldwide. Standardization, international processes, and decreasing the variety of tools, platforms, and savings account needed for global payroll are essential consider attaining business success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of problems when things don’t go as prepared. Eventually, we don’t do it for the gratitude.
anyway 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 easy as possible for everyone that’s associated with those processes and likewise so picture sorry I’m simply I was just gon na state imagine the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions think of getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating job trying 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 check out them and actually see what was going on and type of shot to get back to everybody so moving on appearance why do companies select to primary separate checking account there are Papaya Global 50 Import Ssp Qd organizations out there doing precisely this for specific countries and I’ve operated in a service or numerous companies doing precisely that I can state it doesn’t always feel effective and it does produce more work I understand we’re not intentionally doing that we’re not creating extra work for any person where we do not have to and any person that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you believe 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 think people have got so used to we need a brand-new savings account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the standard the people have actually adopted and continue to do over years and years passed by to add to that individuals have taken a look at things like trust accounts and numerous other ways um to to type of do it so I think there’s a variety I think this is a process that needs looking at it needs changing however eventually individuals are very stuck with what they’re familiar
with best um change is a challenging thing all of us do not like change um so I think it’s just kind of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand undoubtedly the benefits of having preserving several savings account but there’s a huge quantity of complexity goes with establishing a checking account keeping it ensuring it can send International transfers ensuring it’s established with the right user accesses for private individuals so the intricacy is huge however I believe the sincere answer is modification um people haven’t been able to alter or haven’t had always the knowledge to truly make that change into alternate Solutions aside from opening a bank account I think you’ve hit the nail on the head I think it is understanding you understand and there is a component of resistance to alter however we’ve always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could practically be determined to be the next Century or two there is a lot to track and this approach does pose several difficulties um so Johnny could you inform us about those difficulties yeah obviously so there’s a variety right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has gained another CFO, and with this boosted capability, I have effectively protected payments for our 10,000 staff members worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is good. You deserve a corner office with a parking space that is better, considering your achievements. Papaya Global 50 Import Ssp Qd