Over the last five or six years …Papaya Global Features 2015… roles on the supplier side and also on the vendor side from a payroll viewpoint so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply give everybody another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really very bleak and I wish I was elsewhere at this moment in time fine so let’s start our program for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why business keep different
Virtual payroll accounts are an option to traditional bank accounts for managing payroll payments. This is particularly beneficial for international companies with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of maintaining separate checking account for payroll in various nations, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a tactical asset 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 efficiently firmly and on time during this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll checking 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 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 guidelines compliance data security and banking rules then there are the sheer numbers they include additional complexity the worldwide Labor force is presently 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 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 conventional payroll design there’s frequently a frustrating variety of various systems causing lengthy manual procedures and silos the variety of Combinations could be non-existent in large amounts and or very very standard there’s no real consistency framework we’re residing in an era of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that just blows my mind every time I I believe
about it to provide you an idea 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 sleep deprived nights and rather honestly the more a company spends on worldwide payroll the less of a picture they see a lack of presence likewise extends to payroll payments and failure to precisely track these payments can cause compliance accidents in the last mile of the deal nearly half of global services have actually expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry mistakes inadequately communicated hires and terminations along with lack management and system setups and after that when you round all of it off and the information is delivered to the wrong location the average expense of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments do not run efficiently if they count on the necessary numerous processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties service face when they’re making payments to employees or otherwise that’s a good concern I always throw this back and say what is it what does not need to be consisted of best and what does
it require to be thought of there’s differing 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 have to pay from an in-country account do you need to pay from the client’s own in-country account so there’s intricacy wherever you look right ultimately constructing a knowledge base is absolutely crucial but everywhere you look with payroll payment they are like incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the type 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 absolutely basic and technology is allowing us to sort of progress with that it also as well to contribute to that payroll and finance require to work closer together um with varying Bank Account Particulars varying banking requirements and setup procedures is definitely imperative that payroll and finance groups work closer together than ever um I’m constantly astonished when individuals state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation would they divide the payroll payment from computation 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being a growing number of important to contribute to sort of the level of intricacy there’s more and more advantages being organ or being offered by businesses throughout the world so once again you’re simply wanting to add increasingly more payments to this currently complex landscape so if you sort of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of genuine challenges or real difficult sort of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a couple of decades I would certainly state that the larger a business gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are groups feeding details into the next function as it were that’s actually handling the payment side of things but you know in in my viewpoint and my experience that doesn’t always need to be the case you know long gone are the times where we require to create extra handoffs while doing sos that we run in they simply make them more prompt they make them less effective and they do not make them what they require to be in in a period of tech and an era that you understand that we are operating in today there is no reason we are still making this as tough as it requires to be concurred and rightly as you said payroll is the single most significant liability that any business has from a cost perspective from an impact perspective on staff members it is absolutely 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 most significant detrimental impact on people’s well-being and numerous other aspects if individuals aren’t paid uh I’ve constantly been amazed entering this Market kind of the last 5 to 10 years is how little thanks the
payroll team get um so I’m not sure anybody on this type of webinar has actually 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 employees or not um however eventually payroll is such an essential cycle we all become aware of it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely essential that all of this things is done properly so leveraging the first Global Payments very first payroll payment option is a fantastic initial step um providing an end-to-end payroll solution for your workers worldwide once again I think is another huge um process again aligning and guaranteeing you have standardization International processes all of those things are absolutely key to success success of organizations and minimizing the number of tools platforms and savings account they need for their Worldwide payroll too could not 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 countless them within a payroll cycle don’t 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 quite where they’re meant to be um I do not believe any of us are in fact doing that for for the thanks
anyhow 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 easy as possible for everybody that’s associated with those processes and also so envision sorry I’m simply I was simply gon na state envision the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions imagine getting that many thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting job trying to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and actually see what was going on and type of try to get back to everyone so moving on appearance why do business pick to main different bank accounts there are Papaya Global Features 2015 organizations out there doing precisely this for specific nations and I’ve worked in a service or numerous companies doing exactly that I can state it does not always feel efficient and it does create more work I know we’re not intentionally doing that we’re not developing extra work for anyone where we do not have to and anybody that’s managing that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I think many factors one is it’s the standard I believe people have actually got so used to we require a brand-new checking account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals have actually adopted and continue to do over years and years gone past to contribute to that individuals have 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 range I think this is a process that needs taking a look at it needs altering but eventually people are extremely stuck with what they recognize
with right um change is a hard thing all of us don’t like modification um so I think it’s simply sort of moving far from the norm 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 numerous bank accounts however there’s a substantial quantity of intricacy goes with setting up a savings account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the ideal user accesses for private individuals so the intricacy is huge but I believe the sincere answer is modification um individuals haven’t been able to alter or have not had necessarily the knowledge to really make that change into alternate Solutions besides opening a bank account I think you’ve struck the nail on the head I believe it is understanding you know and there is an element of resistance to alter but we’ve always done it that way is no real reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what could almost be determined to be the next Century or so there is a lot to keep an eye on and this method does present several obstacles um so Johnny could you inform us about those difficulties yeah of course so there’s a variety right there is so
I just did you changed our Enterprise 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 are worthy of a corner office with a better parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Features 2015