Over the last five or 6 years …Papaya Global Virgina Workers Workers Compensation… functions on the service provider side and also on the vendor side from a payroll viewpoint so really anticipating this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll simply provide everybody another number of uh well one of the 30 seconds or so to join all of us 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 currently just to hear where everybody is um it’s nice to to kind of like see where everybody comes from and I really 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 raining here it’s really really gloomy and I want I was elsewhere at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be looking at the obstacle years of managing International payroll why business preserve separate
Virtual payroll accounts are an option to standard bank accounts for handling payroll payments. This is particularly beneficial for global organizations with dispersed and remote workforces, as it streamlines the complicated process of cross-border payments. Instead of preserving different savings account for payroll in different countries, virtual accounts and digital wallets use a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a tactical possession for payroll executives. We will also supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently firmly and on time during this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll checking account how business accurately anticipate their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in adequate in one country however when you’re doing it globally it’s next level and Beyond it ends up being complex for a variety of factors most notably regulations compliance information security and banking guidelines then there are the sheer numbers they include more intricacy the worldwide Workforce is currently 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 worldwide in the traditional payroll design there’s typically an overwhelming variety of various systems causing time-consuming manual processes and silos the number of Combinations could be non-existent in large amounts and or very very fundamental there’s no real consistency structure we’re residing in an age 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 whenever I I believe
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of services say they have Labor force information in real time that’s another number that gives me sleep deprived nights and rather honestly the more a service spends on global payroll the less of an image they see an absence of visibility also extends to payroll payments and failure to precisely track these payments can lead to compliance mishaps in the last mile of the deal nearly half of worldwide companies have actually expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM data information entry errors inadequately communicated hires and terminations in addition to lack management and system configurations and after that when you round it all off and the information is delivered to the wrong location the average cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the globe payroll and payments do not run smoothly if they count on the essential several procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties business face when they’re making payments to workers or otherwise that’s a great concern I always toss this back and state what is it what doesn’t need to be included best and what does
it require to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per country 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 customer’s own in-country account so there’s intricacy any place you look right ultimately constructing a knowledge base is definitely crucial however all over you look with payroll payment they resemble very payments no if however some infants 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 recognition that payroll payments are definitely basic and innovation is enabling us to kind of move forward with that it also too to contribute to that payroll and finance need to work closer together um with varying Savings account Details varying banking requirements and setup procedures is absolutely imperative that payroll and finance teams work better together than ever um I’m always impressed when individuals say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate 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 typically 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 wherever they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being a growing number of crucial to contribute to sort of the level of complexity there’s more and more advantages being organ or being provided by services across the world so once again you’re just wanting to add a growing number of payments to this currently complicated landscape so if you type of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of real challenges or genuine tough type of pay utilizes to play to pay individuals I think yeah I imply over the last well yeah a number of decades I would absolutely state that the bigger a service gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are teams feeding info into the next function as it were that’s in fact managing the payment side of things however you understand in in my viewpoint and my experience that does not necessarily require to be the case you know long gone are the times where we need to produce extra handoffs in the processes that we run in they just make them more prompt they make them less effective 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 that we are still making this as challenging as it needs to be concurred and rightly as you said payroll is the single greatest liability that any company has from a cost viewpoint from an impact viewpoint on employees it is absolutely vital that it’s done correctly and on time so what we imply 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 harmful impact on people’s well-being and many other elements if individuals aren’t paid uh I’ve always been impressed coming into this Market sort of the last five to 10 years is how little thanks the
The payroll team may not have been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and individuals only discover when things fail. Nevertheless, when things go right, it’s seen as simply a regular job. This is how it’s viewed externally too. Therefore, it is important to make sure that tasks like Wi-Fi Worldwide and other vital matters are done correctly. Using the very first Worldwide Payments first payroll payment option is an excellent initial action towards providing a thorough payroll solution for staff members worldwide. Standardization, international processes, and decreasing the number of tools, platforms, and checking account needed for global payroll are key consider accomplishing company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of problems when things don’t go as planned. Eventually, we do not do it for the gratitude.
anyway we understand 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 procedures and likewise so picture sorry I’m just I was just gon na say imagine the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions envision getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing task trying to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and actually see what was going on and sort of shot to get back to everyone so proceeding appearance why do business choose to main different savings account there are Papaya Global Virgina Workers Workers Compensation businesses out there doing precisely this for specific nations and I’ve operated in a business or numerous companies doing exactly that I can state it doesn’t constantly feel efficient and it does produce more work I know we’re not purposely doing that we’re not creating additional work for any person where we do not need to and anyone 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 quantity that we are I believe many reasons one is it’s the requirement I think individuals have got so used to we require a brand-new checking account we open an entity and rightly 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 simply been the standard and the standard individuals have embraced and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a range I think this is a procedure that needs looking at it requires altering however eventually people are really stuck with what they’re familiar
with best um change is a tough thing all of us don’t like change um so I think 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 certainly the benefits of having preserving multiple savings account however there’s a substantial quantity of intricacy chooses setting up a checking account keeping it ensuring it can send International transfers ensuring it’s established with the best user accesses for individual individuals so the complexity is big however I think the honest response is modification um people haven’t had the ability to alter or haven’t had always the understanding to truly make that change into alternate Solutions other than opening a bank account I believe you have actually hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter but we have actually constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might practically be figured out to be the next Century approximately there is a lot to monitor and this approach does present several difficulties um so Johnny might you inform us about those obstacles yeah of course so there’s a range right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has gotten another CFO, and with this boosted ability, I have effectively protected payments for our 10,000 employees worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is better, considering your accomplishments. Papaya Global Virgina Workers Workers Compensation