Over the last five or 6 years …Papaya Global 50 Online Exam… roles on the provider side and also on the vendor side from a payroll perspective so truly anticipating this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just provide everyone another couple of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everybody comes from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely extremely gloomy and I wish I was somewhere else at this moment in time fine so let’s get started our program for today is as follows um we are going to be looking at the challenge years of managing International payroll why business keep different
Virtual payroll accounts are an option to traditional checking account for handling payroll payments. This is particularly useful for global organizations with dispersed and remote labor forces, as it simplifies the complicated process of cross-border payments. Instead of keeping different bank accounts for payroll in different nations, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are ending up being a strategic property for payroll executives. We will also provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly effectively firmly and on time during this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll savings account how companies precisely forecast their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in sufficient in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a range of reasons most notably regulations compliance data security and banking guidelines then there are the large numbers they add additional intricacy the international Labor force is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing all over the world in the traditional payroll model there’s often a frustrating variety of various systems causing time-consuming manual processes and silos the variety of Integrations could be non-existent in big quantities and or extremely very fundamental there’s no real consistency framework we’re living in an era of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that simply blows my mind whenever I I believe
about it to give you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force data in real time that’s another number that offers me sleepless nights and quite frankly the more a business invests in international payroll the less of a picture they see a lack of presence also reaches payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the deal nearly half of global businesses have revealed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry mistakes badly communicated hires and terminations in addition to absence management and system configurations and after that when you round it all off and the data is delivered to the incorrect location the average expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money worldwide payroll and payments do not run smoothly if they rely on the needed several processes 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 challenges organization face when they’re making payments to staff members or otherwise that’s a good concern I constantly toss this back and say what is it what doesn’t need to be consisted of right and what does
it need to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s intricacy anywhere you look right eventually developing a knowledge base is absolutely important but everywhere you look with payroll payment they are like very payments no if however some children 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 definitely fundamental and innovation is enabling us to kind of move forward with that it also too to contribute to that payroll and finance require to work closer together um with varying Checking account Particulars differing banking requirements and setup processes is absolutely vital that payroll and finance groups work closer together than ever um I’m constantly surprised when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work 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 frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people wherever they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being increasingly more crucial to contribute to kind of the level of intricacy there’s more and more benefits being organ or being offered by services throughout the world so once again you’re just wanting to include increasingly more payments to this already complex landscape so if you type of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of real obstacles or genuine difficult type of pay uses to play to pay people I believe yeah I indicate over the last well yeah a couple of years 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 task there are teams feeding details into the next function as it were that’s really handling the payment side of things however you know in in my opinion and my experience that doesn’t necessarily require to be the case you know long gone are the times where we require to develop extra handoffs while doing sos that we run in they simply make them more prompt they make them less efficient and they do not make them what they require to be in in a period of tech and a period that you understand that we are operating in today there is no reason why we are still making this as difficult as it needs 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 staff members it is definitely crucial that it’s done properly 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 biggest harmful effect on people’s wellness and many other aspects if individuals aren’t paid uh I have actually always been surprised coming into this Market sort of the last 5 to 10 years is how little thanks the
The payroll team might not have actually been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and people only notice when things go wrong. However, when things go right, it’s viewed as simply a routine job. This is how it’s viewed externally as well. For that reason, it is necessary to ensure that jobs like Wi-Fi Global and other essential matters are done properly. Using the very first Worldwide Payments first payroll payment option is a great initial step towards providing an extensive payroll option for workers worldwide. Standardization, worldwide procedures, and reducing the number of tools, platforms, and savings account required for international payroll are essential consider accomplishing business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few grievances when things do not go as planned. Eventually, we do not do it for the appreciation.
anyhow we know how how important a role 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 easy as possible for everyone that’s associated with those processes and likewise so envision sorry I’m simply I was just gon na state picture the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions think of getting that many thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating job attempting to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and really see what was going on and kind of shot to return to everybody so moving on appearance why do business pick to primary separate savings account there are Papaya Global 50 Online Exam services out there doing exactly this for specific countries and I’ve worked in a business or numerous companies doing precisely that I can state it does not constantly feel efficient and it does create more work I know we’re not intentionally doing that we’re not producing extra work for anybody where we don’t need to and anybody that’s dealing with 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 quantity that we are I think many reasons one is it’s the requirement I believe people have got so utilized to we need a brand-new bank account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard the people have adopted and continue to do over years and years passed by to contribute to that individuals have actually looked at things like trust accounts and lots of other ways um to to type of do it so I believe there’s a range I believe this is a procedure that requires looking at it needs altering however ultimately people are extremely stuck to what they’re familiar
with right um modification is a tough thing all of us don’t like modification um so I think it’s simply type of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend clearly the advantages of having maintaining numerous savings account but there’s a big amount of complexity opts for establishing a bank account preserving it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for private individuals so the intricacy is big however I think the honest answer is modification um people have not had the ability to alter or haven’t had always the understanding to truly make that change into alternate Solutions aside from opening a bank account I believe you have actually hit the nail on the head I think it is understanding you know and there is an aspect of resistance to alter however we have actually constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what might nearly be determined to be the next Century or two there is a lot to monitor and this technique does position a number of difficulties um so Johnny could you inform us about those challenges yeah of course so there’s a range 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 staff members you are worthy of a corner office with a closer parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global 50 Online Exam