Over the last five or 6 years …Ibc Cargo Papaya Global… roles on the supplier side and likewise on the vendor side from a payroll viewpoint so really eagerly anticipating this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I really do hope it’s much sunnier than it is 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 really extremely uninspiring and I wish I was somewhere else at this moment in time all right so let’s get going our program for today is as follows um we are going to be taking a look at the difficulty years of handling Global payroll why business preserve separate
Virtual payroll accounts are an alternative to standard savings account for handling payroll payments. This is particularly beneficial for global companies with dispersed and remote labor forces, as it streamlines the complicated procedure of cross-border payments. Instead of keeping separate checking account for payroll in different countries, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a tactical asset 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 properly efficiently safely and on time during this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll checking account how companies 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 tough in adequate in one country but when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a variety of factors most importantly policies compliance information security and banking rules then there are the sheer numbers they include further complexity the worldwide Labor force is currently 3 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 presently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the globe in the standard payroll design there’s often an overwhelming number of different systems leading to time-consuming manual processes and silos the variety of Integrations could be non-existent in large quantities and or extremely very standard there’s no genuine consistency framework we’re residing in an era of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which simply blows my mind every time I I believe
about it to offer you an idea 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 provides me sleep deprived nights and rather frankly the more a company spends on 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 cause compliance mishaps in the last mile of the deal almost half of international organizations have expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM information data entry mistakes inadequately communicated hires and terminations in addition to absence management and system setups and then when you round everything off and the information is delivered to the incorrect location the typical expense of an international information 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 efficiently if they rely on the required numerous procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties organization face when they’re making payments to employees or otherwise that’s an excellent concern I constantly throw this back and state what is it what does not need to be included ideal and what does
it require to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment abilities 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 ideal eventually building a knowledge base is absolutely critical however everywhere you look with payroll payment they are like extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely basic and technology is allowing us to type of move forward with that it also too to add to that payroll and financing need to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is absolutely crucial that payroll and financing teams work better together than ever um I’m constantly astonished when people say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation would they split the payroll payment from calculation 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 individuals anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
The modern world positions a high worth on well-being and the settlement landscape is becoming progressively intricate. Companies are constantly introducing brand-new benefits and payment choices, which adds to the general intricacy. Big corporations typically divide their payroll and payment processing into separate groups, which can result in inadequacies and bottlenecks. In my viewpoint, this doesn’t need to be the case. In today’s highly innovative period, there’s no validation for maintaining troublesome procedures. Payroll, the business’s greatest expenditure, must be processed correctly and on time. Even slight hold-ups can negatively affect staff members’ well-being and have significant effects. Therefore, it’s critical to focus on accurate and timely payments.
payroll team get um so I’m unsure anyone on this sort of webinar has been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an essential cycle all of us find out about it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise and I believe 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 essential that all of this stuff is done properly so leveraging the first Global Payments very first payroll payment solution is an excellent primary step um offering an end-to-end payroll solution for your employees globally again I believe is another substantial um process once again aligning and ensuring you have standardization Global procedures all of those things are absolutely essential to success success of organizations and reducing the number of tools platforms and bank accounts they need for their International 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 had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things haven’t gone quite where they’re implied to be um I don’t believe any of us are in fact doing that for for the thanks
anyway we understand how how important 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 just gon na say imagine the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions think of getting that numerous thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an intriguing task attempting to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to look through them and in fact see what was going on and kind of try to get back to everybody so moving on appearance why do companies pick to primary separate checking account there are Ibc Cargo Papaya Global organizations out there doing exactly this for particular nations and I have actually operated in a business or many services doing exactly that I can state it doesn’t 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 need to and anyone that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe lots of factors one is it’s the requirement I think people have got so used to we need a brand-new checking account we open an entity and appropriately so you need it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have adopted and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and lots of other methods um to to kind of do it so I think there’s a variety I believe this is a process that requires taking a look at it requires altering but ultimately people are extremely stuck to what they recognize
with ideal um modification is a difficult thing we all do not like change um so I think it’s simply type of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the benefits of having keeping several bank accounts however there’s a substantial amount of complexity opts for establishing a checking account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for private people so the complexity is huge however I believe the sincere answer is modification um individuals have not had the ability to alter or have not had necessarily the knowledge to actually make that change into alternate Solutions other than opening a savings account I think you’ve hit the nail on the head I think it is understanding you understand and there is an element of resistance to alter but we’ve always done it that way is no real excuse for not looking at the the advantages and the possibilities of proceeding and moving into you understand what could nearly be figured out to be the next Century approximately there is a lot to keep track of and this technique does present several obstacles um so Johnny could you tell us about those difficulties yeah naturally so there’s a variety right there is so
I just did you switched 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 Global workers you should have a corner workplace with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you Ibc Cargo Papaya Global