Over the last five or 6 years …Papaya Global Manager Password Reset… functions on the company side and likewise on the supplier side from a payroll point of view so really anticipating this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just offer everybody another couple of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on currently simply to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I truly do hope it’s much sunnier than it is 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 very extremely uninspiring and I want I was elsewhere at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing International payroll why business preserve separate
Virtual payroll accounts are an option to traditional savings account for managing payroll payments. This is especially beneficial for worldwide organizations with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of maintaining different bank accounts for payroll in different countries, 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 talk about why they are becoming a strategic asset for payroll executives. We will also offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly effectively safely and on time throughout this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll savings account how business properly anticipate their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in sufficient in one country but when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a variety of factors most significantly regulations compliance information security and banking guidelines then there are the large numbers they include more complexity the worldwide Workforce 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 factor in that there are some 230 million services and growing all doing their own thing all over the world in the standard payroll design there’s frequently an overwhelming variety of various systems leading to lengthy manual processes and silos the number of Combinations could be non-existent in big quantities and or very really basic there’s no genuine consistency structure we’re living in an era of tech however payroll has actually 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 think
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Labor force data in real time that’s another number that gives me sleep deprived nights and quite frankly the more a service spends on global payroll the less of an image they see an absence of exposure likewise reaches payroll payments and failure to precisely track these payments can lead to compliance mishaps in the last mile of the deal almost half of global businesses have revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry errors badly interacted hires and terminations as well as absence management and system configurations and after that when you round everything off and the data is shipped to the wrong place 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 cash around the world payroll and payments do not run smoothly if they rely on the essential several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles service face when they’re paying to employees or otherwise that’s an excellent concern I always toss this back and state what is it what doesn’t need to be included ideal and what does
it need to be thought about there’s differing Bank information 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 capabilities 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 consumer’s own in-country account so there’s complexity wherever you look right ultimately developing a knowledge base is definitely important but all over 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 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 absolutely fundamental and technology is allowing us to type of progress with that it likewise too to add to that payroll and finance require to work closer together um with varying Bank Account Details varying banking requirements and setup processes is definitely crucial that payroll and financing teams work closer together than ever um I’m always amazed when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they split the payroll payment from estimation 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 data collection all the way through to paying people any place they are but also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being more and more essential to contribute to sort of the level of complexity there’s a growing number of advantages being organ or being offered by organizations across the world so again you’re simply aiming to include more and more payments to this already complex landscape so if you kind of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of genuine difficulties or genuine difficult type of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a couple of years I would absolutely state that the larger an organization 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 groups feeding details into the next function as it were that’s actually managing the payment side of things but you understand in in my viewpoint and my experience that does not necessarily need to be the case you understand long gone are the times where we require to create extra handoffs in the processes that we run in they simply make them more timely they make them less efficient and they do not make them what they require to be in in a period of tech and an era that you know that we are operating in today there is no reason why we are still making this as tough as it needs to be agreed and rightly as you said payroll is the single biggest liability that any organization has from an expense viewpoint from an effect viewpoint on staff members it is definitely critical that it’s done correctly 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 detrimental effect on individuals’s wellness and many other aspects if people aren’t paid uh I’ve constantly been amazed entering this Market type of the last five to 10 years is how little thanks the
payroll team get um so I’m not sure anybody on this sort of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an essential cycle we all hear about it when it fails everyone jumps up and down when it fails but when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this things is definitely important that all of this stuff is done properly so leveraging the very first Global Payments first payroll payment service is a terrific first step um providing an end-to-end payroll solution for your staff members globally once again I believe is another huge um procedure again aligning and ensuring you have standardization International procedures all of those things are definitely essential to success success of businesses and decreasing the variety of tools platforms and bank accounts they need for their Global 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 have actually never ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the problems where things haven’t gone quite where they’re meant to be um I do not believe any of us are really doing that for for the thanks
anyway we know how how essential a function 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 processes and also so imagine sorry I’m just I was just gon na say think of the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions imagine getting that many thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating job attempting to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and really see what was going on and sort of shot to return to everybody so moving on look why do business select to main separate bank accounts there are Papaya Global Manager Password Reset services out there doing exactly this for specific nations and I’ve operated in a business or many services doing precisely that I can say it does not constantly feel effective and it does create more work I know we’re not deliberately doing that we’re not developing extra work for anybody where we don’t need to and any person 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 lots of factors one is it’s the standard I think people have got so utilized to we need a new savings account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm the people have actually embraced and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and many other ways um to to kind of do it so I believe there’s a range I think this is a process that requires taking a look at it requires altering however ultimately individuals are very stuck to what they recognize
with ideal um modification is a tough thing all of us do not like modification um so I think it’s simply type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand obviously the advantages of having preserving numerous checking account however there’s a huge quantity of complexity opts for establishing a checking account preserving it ensuring it can send International transfers guaranteeing it’s established with the best user accesses for private individuals so the complexity is substantial but I think the truthful response is change um people haven’t had the ability to alter or haven’t had always the knowledge to truly 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 understanding you understand and there is an aspect of resistance to alter but we have actually always done it that way is no genuine 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 two there is a lot to track and this method does present a number of challenges um so Johnny might you inform us about those difficulties yeah naturally so there’s a range right there is so
I simply did you changed our Enterprise 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 employees you are worthy of a corner workplace with a better parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Manager Password Reset