Over the last 5 or six years …Papaya Global Courses Birmingham… functions on the service provider side and also on the supplier side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply give everybody 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 sort of let them do that so it ‘d be rather intriguing and I can see it going on already 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 very very dreary and I want I was somewhere else at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be looking at the challenge years of handling International payroll why companies maintain different
Virtual payroll accounts are an alternative to conventional bank accounts for handling payroll payments. This is particularly useful for global organizations with dispersed and remote labor forces, as it streamlines the intricate procedure of cross-border payments. Instead of keeping separate savings account for payroll in various nations, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are becoming a tactical asset for payroll executives. We will likewise offer a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently 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 forecast their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in enough in one country but when you’re doing it internationally it’s next level and Beyond it becomes complicated for a variety of reasons most significantly guidelines compliance information security and banking rules then there are the large numbers they add further intricacy the international Labor force is presently 3 and a half billion people 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 all over the world in the traditional payroll model there’s often an overwhelming variety of various systems resulting in time-consuming manual procedures and silos the number of Combinations could be non-existent in large quantities and or really very fundamental there’s no real consistency structure we’re residing in an age 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 often with pen and paper and that just blows my mind whenever I I think
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force information in real time that’s another number that provides me sleepless nights and quite honestly the more a company spends on global payroll the less of a picture they see a lack of exposure also encompasses payroll payments and inability to accurately track these payments can result in compliance mishaps in the last mile of the transaction almost half of global companies have actually revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry errors badly interacted hires and terminations as well as absence management and system setups and then when you round it all off and the information is shipped to the incorrect location the average cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money all over the world payroll and payments don’t run smoothly if they count on the required multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges business face when they’re paying to employees or otherwise that’s a great question I constantly toss this back and say what is it what doesn’t require to be consisted of ideal and what does
it need to be thought about there’s varying Bank information 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 need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy any place you look best ultimately building a knowledge base is absolutely vital but all over you look with payroll payment they resemble super payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and technology is enabling us to kind of move forward with that it likewise too to add to that payroll and finance require to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is absolutely important that payroll and finance groups work more detailed together than ever um I’m constantly astonished when people state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll profession 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more crucial to add to kind of the level of complexity there’s more and more benefits being organ or being provided by organizations across the world so again you’re just looking to add a growing number of payments to this currently intricate landscape so if you kind of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of real difficulties or genuine challenging type of pay utilizes to play to pay people I think yeah I mean over the last well yeah a number of years I would definitely state that the larger a service 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 teams feeding details into the next function as it were that’s actually handling the payment side of things however you know in in my opinion and my experience that does not necessarily require to be the case you know long gone are the times where we require to create additional handoffs while doing sos that we operate in they simply make them more timely they make them less efficient and they do not make them what they need to be in in an era of tech and a period that you know that we are operating in today there is no reason we are still making this as hard as it requires to be agreed and appropriately as you said payroll is the single most significant liability that any company has from a cost viewpoint from an effect point of view on staff members it is absolutely vital 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 greatest detrimental impact on individuals’s well-being and numerous other factors if individuals aren’t paid uh I have actually always been amazed entering into this Market kind of the last five to ten years is how little thanks the
payroll team get um so I’m not sure anybody on this type of webinar has 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 however eventually payroll is such an essential cycle we all become aware of it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise 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 definitely important that all of this stuff is done properly so leveraging the very first Global Payments first payroll payment solution is a great initial step um offering an end-to-end payroll option for your employees globally again I believe is another substantial um process once again lining up and ensuring you have standardization Worldwide processes all of those things are absolutely crucial to success success of companies and minimizing the number of tools platforms and checking account they require for their International payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the grievances where things have not gone rather where they’re suggested to be um I do not believe any of us are really doing that for for the thanks
anyway we know how how crucial 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 easy as possible for everybody that’s involved in those processes and also so imagine sorry I’m simply I was just gon na say picture the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions picture getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating 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 was the case um you ‘d require days of the week to try to check out them and really see what was going on and kind of try to return to everybody so carrying on appearance why do companies pick to primary different savings account there are Papaya Global Courses Birmingham businesses out there doing precisely this for specific nations and I’ve worked in an organization or lots of organizations doing exactly that I can state it does not always feel effective and it does produce more work I know we’re not intentionally doing that we’re not creating additional work for anybody where we do not need to and anybody that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I think lots of factors one is it’s the standard I believe individuals have actually got so used to we require a 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 think it’s just been the standard and the standard individuals have actually embraced and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and lots of other methods um to to type of do it so I think there’s a variety I think this is a process that needs looking at it requires changing but eventually individuals are very stuck with what they recognize
with best um modification is a challenging thing we all don’t like modification um so I believe it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand clearly the benefits of having keeping several bank accounts however there’s a huge amount of complexity chooses setting up a checking account maintaining it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for specific individuals so the complexity is huge but I believe the honest response is modification um individuals haven’t been able to alter or haven’t had always the knowledge to truly make that change into alternate Solutions other than opening a bank account I believe you have actually struck the nail on the head I think it is knowledge you know and there is an aspect of resistance to change but we’ve always done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you know what could practically be figured out to be the next Century or so there is a lot to monitor and this technique does position numerous difficulties um so Johnny might you inform us about those obstacles yeah obviously 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you deserve a corner office with a more detailed parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Courses Birmingham