Over the last 5 or 6 years …Papaya Global Change Pension To Calendar Monthly… roles on the service provider side and also on the vendor side from a payroll perspective so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just provide everybody another couple of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everybody 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 extremely uninspiring and I wish I was elsewhere at this moment in time all right so let’s start 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 savings account for managing payroll payments. This is especially helpful for global organizations with dispersed and remote workforces, as it simplifies the intricate procedure of cross-border payments. Instead of keeping different bank accounts for payroll in different nations, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are becoming a tactical possession for payroll executives. We will also offer a wrap-up 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 advantages and disadvantages of a payroll wallet versus a payroll bank account how business properly anticipate their payroll costs 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 hard in adequate in one nation however when you’re doing it internationally it’s next level and Beyond it becomes complex for a variety of reasons most importantly regulations compliance data security and banking rules then there are the large numbers they include more intricacy the worldwide Labor force is currently three and a half billion people 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 services and growing all doing their own thing around the world in the conventional payroll design there’s often an overwhelming number of various systems causing lengthy manual procedures and silos the variety of Integrations could be non-existent in big amounts and or really extremely basic there’s no real consistency structure we’re living 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 which just blows my mind every time I I think
about it to give you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce data in real time that’s another number that offers me sleepless nights and rather frankly the more a company invests in global payroll the less of a photo they see an absence of presence also extends to payroll payments and failure to precisely track these payments can lead to compliance accidents in the last mile of the deal almost half of global companies 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 because of time reporting poor HCM data information entry errors inadequately interacted hires and terminations along with lack management and system setups and then when you round everything off and the data is delivered to the wrong place the typical cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash worldwide payroll and payments do not run smoothly if they depend on the needed several procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles service face when they’re making payments to employees or otherwise that’s a great concern I constantly throw this back and state what is it what doesn’t need to be included ideal and what does
it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy anywhere you look ideal ultimately constructing a knowledge base is absolutely important however everywhere you look with payroll payment they are like super payments no if but some children about it you are all superheroes processing payments for payroll if you look at the kind 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 innovation is allowing us to sort of progress with that it also as well to contribute to that payroll and financing require to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is definitely necessary that payroll and finance groups work more detailed together than ever um I’m constantly astonished when individuals say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate 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 typically split and cut up um ultimately 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 likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being more and more crucial to contribute to type of the level of complexity there’s a growing number of advantages being organ or being provided by businesses across the world so once again you’re just seeking to add more and more payments to this currently intricate landscape so if you type of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of genuine challenges or real difficult type of pay utilizes to play to pay people I believe yeah I mean over the last well yeah a number of decades I would absolutely say that the larger an organization 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 details into the next function as it were that’s actually managing the payment side of things but you understand in in my opinion and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we need to produce extra handoffs at the same times that we run in they just make them more prompt they make them less effective and they do not make them what they require to be in in an age of tech and a period that you know that we are operating in today there is no reason we are still making this as challenging as it requires to be concurred and appropriately as you said payroll is the single biggest liability that any business has from an expense viewpoint from an effect viewpoint on workers it is absolutely critical that it’s done properly and on time so what we suggest 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 destructive result on individuals’s wellness and numerous other factors if individuals aren’t paid uh I have actually constantly been astonished coming into this Market kind of the last 5 to ten years is how little thanks the
payroll team get um so I’m uncertain anybody on this type of webinar has been told thank you for processing my payroll properly 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 an essential cycle all of us hear about 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 believe 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 definitely important that all of this things is done properly so leveraging the first Global Payments first payroll payment service is a great first step um providing an end-to-end payroll solution for your employees internationally once again I believe is another big um process once again lining up and guaranteeing you have standardization Worldwide procedures all of those things are absolutely crucial to success success of businesses and lowering the variety of tools platforms and checking account they need for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred countless 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 problems where things haven’t gone rather where they’re meant to be um I don’t think any of us are in fact doing that for for the thanks
anyhow we understand how how essential 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 everyone that’s associated with those processes and likewise so envision sorry I’m just I was simply gon na state imagine the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re discussing hundreds of thousands potentially Millions envision getting that numerous thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing task trying to clean all those up for sure oh definitely 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 actually see what was going on and kind of try to return to everybody so proceeding look why do companies select to primary different bank accounts there are Papaya Global Change Pension To Calendar Monthly services out there doing exactly this for particular nations and I’ve operated in an organization or many services doing exactly that I can state it doesn’t constantly feel efficient and it does produce more work I know we’re not purposely doing that we’re not creating extra work for anyone where we do not need to and anyone 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 numerous reasons one is it’s the requirement I believe people have actually got so utilized to we require a new savings account we open an entity and rightly so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm the people have actually adopted and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a range I believe this is a procedure that requires looking at it requires altering however ultimately people are very stuck to what they recognize
with ideal um change is a challenging thing we all don’t like change um so I believe it’s simply kind of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand certainly the benefits of having preserving multiple savings account but there’s a substantial quantity of complexity chooses establishing a bank account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the ideal user accesses for individual individuals so the complexity is huge but I believe the truthful answer is change um people have not been able to alter or haven’t had necessarily the understanding to really make that change into alternate Solutions aside from opening a savings account I believe you’ve hit the nail on the head I think it is knowledge you know and there is a component of resistance to alter but we’ve constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what might practically be identified to be the next Century approximately there is a lot to keep track of and this approach does posture several obstacles um so Johnny could you tell us about those difficulties yeah obviously so there’s a range 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 staff members you should have a corner office with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Change Pension To Calendar Monthly