Over the last five or six years …Https Papaya Global.Zendesk.Com Hc En-us Articles 115002326523… roles on the supplier side and also on the supplier side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply give everyone another number of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite intriguing 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 everyone originates from and I actually 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 drizzling here it’s very very dreary and I want I was somewhere else at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why business maintain separate
Virtual payroll accounts are an alternative to traditional checking account for managing payroll payments. This is especially useful for global companies with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of preserving different checking account for payroll in different countries, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are ending up being a strategic possession for payroll executives. We will likewise offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively safely and on time throughout this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll bank account how companies precisely anticipate their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in adequate in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being complex for a variety of reasons most significantly guidelines compliance data security and banking guidelines then there are the sheer numbers they add further complexity the international Workforce is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people 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 globe in the conventional payroll design there’s frequently an overwhelming variety of various systems leading to lengthy manual processes and silos the number of Integrations could be non-existent in big amounts and or really extremely standard there’s no real consistency framework we’re residing in a period of tech but payroll has actually been slow 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 each time I I think
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force data in real time that’s another number that gives me sleepless nights and rather frankly the more a business invests in worldwide payroll the less of an image they see an absence of exposure also extends to payroll payments and failure to properly track these payments can lead to compliance incidents in the last mile of the deal nearly half of worldwide businesses have expressed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM information information entry errors inadequately interacted hires and terminations as well as absence management and system setups and then when you round everything off and the data is shipped to the wrong location the typical cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the globe payroll and payments don’t run smoothly if they depend on the essential several processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties company face when they’re making payments to staff members or otherwise that’s an excellent question I constantly toss this back and say what is it what doesn’t require to be included ideal and what does
it need to be thought of there’s varying 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 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 customer’s own in-country account so there’s complexity any place you look ideal ultimately developing a knowledge base is absolutely crucial but everywhere you look with payroll payment they resemble very payments no if but some infants 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 recognition that payroll payments are absolutely basic and technology is enabling us to type of progress with that it also also to add to that payroll and financing need to work closer together um with differing Checking account Details differing banking requirements and setup processes is absolutely important that payroll and finance teams work better together than ever um I’m constantly impressed when people state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work 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 eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being increasingly more important to add to type of the level of complexity there’s a growing number of benefits being organ or being used by businesses across the world so again you’re simply looking to include more and more payments to this already complicated landscape so if you kind of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of real obstacles or real difficult kind of pay uses to play to pay people I believe yeah I suggest over the last well yeah a couple of decades I would definitely say that the bigger a company gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are groups feeding information into the next function as it were that’s really managing the payment side of things but you understand in in my opinion and my experience that doesn’t always require to be the case you know long gone are the times where we need to develop extra handoffs in the processes 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 a period that you know that we are working in today there is no reason why we are still making this as tough as it needs to be concurred and appropriately as you said payroll is the single greatest liability that any company has from a cost viewpoint from an effect point of view on workers it is absolutely vital 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 have to be done right it has the most significant detrimental result on people’s wellness and many other aspects if individuals aren’t paid uh I have actually always been astonished entering this Market type of the last five to ten years is how little thanks the
The payroll team may not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and individuals only observe when things go wrong. However, when things go right, it’s seen as just a routine task. This is how it’s perceived externally too. Therefore, it is vital to make sure that tasks like Wi-Fi Global and other crucial matters are done correctly. Utilizing the first Worldwide Payments first payroll payment option is an excellent initial action towards providing a comprehensive payroll service for workers worldwide. Standardization, international processes, and reducing the variety of tools, platforms, and savings account required for global payroll are key consider accomplishing business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few problems when things do not go as prepared. Ultimately, we do not do it for the thankfulness.
anyhow 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 simple as possible for everybody that’s associated with those procedures and likewise so picture sorry I’m simply I was simply gon na say envision the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands potentially Millions envision getting that lots of thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting task attempting to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to browse them and really see what was going on and kind of shot to return to everyone so moving on appearance why do business select to primary separate checking account there are Https Papaya Global.Zendesk.Com Hc En-us Articles 115002326523 services out there doing exactly this for specific countries and I have actually worked in a company or lots of companies doing precisely that I can say it doesn’t always feel effective and it does develop more work I understand we’re not purposely doing that we’re not producing additional work for any person where we don’t have to and anyone that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think numerous reasons one is it’s the standard I believe 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 however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have embraced and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and many other ways um to to type of do it so I believe there’s a range I believe this is a process that needs looking at it requires altering but eventually individuals are really stuck with what they recognize
with right um modification is a hard thing all of us don’t like change um so I believe it’s just type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the advantages of having preserving several savings account but there’s a substantial quantity of complexity goes with setting up a bank account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for private individuals so the complexity is big but I think the honest response is modification um individuals have not had the ability to alter or have not had necessarily the understanding to really make that change into alternate Solutions aside from opening a savings account I think you’ve struck the nail on the head I think it is knowledge you understand and there is an aspect of resistance to alter however we’ve constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what might almost be determined to be the next Century or so there is a lot to keep an eye on and this method does posture numerous difficulties um so Johnny could you inform us about those challenges yeah naturally 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International workers you are worthy of a corner office with a better parking space since I mastered International payroll and payments with Papaya payroll OS did you Https Papaya Global.Zendesk.Com Hc En-us Articles 115002326523