Over the last 5 or 6 years …Reprint P45 Papaya Global… functions on the provider side and likewise on the vendor side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply offer everyone another number of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather interesting 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 really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really extremely uninspiring and I want I was somewhere else at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why companies keep separate
Virtual payroll accounts are an alternative to traditional checking account for handling payroll payments. This is especially beneficial for worldwide organizations with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of maintaining separate bank accounts for payroll in different countries, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are becoming a strategic possession for payroll executives. We will also supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively securely and on time during this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll bank account how companies properly forecast their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in sufficient in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a variety of factors most notably regulations compliance data security and banking guidelines then there are the sheer numbers they add more intricacy the international Workforce is currently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the world in the traditional payroll model there’s often a frustrating variety of various systems resulting in lengthy manual processes and silos the variety of Integrations could be non-existent in large quantities and or very really fundamental there’s no genuine consistency structure we’re living in a period of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind whenever I I think
about it to give you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force data in real time that’s another number that offers me sleepless nights and quite frankly the more an organization spends on international payroll the less of a photo they see a lack of presence likewise extends to payroll payments and inability to precisely track these payments can cause compliance incidents in the last mile of the transaction nearly half of global businesses 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 mistakes are because of time reporting bad HCM information information entry errors inadequately interacted hires and terminations along with lack management and system setups and after that when you round it all off and the data is delivered to the incorrect location the typical 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 around the world payroll and payments don’t run efficiently if they rely on the required numerous 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 a good question I constantly throw this back and state what is it what doesn’t require to be consisted of best and what does
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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 nation there’s payment amount of time there’s payment capabilities 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 complexity wherever you look ideal eventually building a knowledge base is definitely important but all over you look with payroll payment they are like extremely payments no if however 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 believe there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is allowing us to sort of progress with that it likewise as well to contribute to that payroll and finance require to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is absolutely imperative that payroll and finance groups work better together than ever um I’m always astonished when individuals state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation would they divide the payroll payment from computation I would say no so why do we as a market 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 3rd parties so with the
world we reside in and wellness being increasingly more essential to contribute to kind of the level of complexity there’s increasingly more advantages being organ or being offered by businesses throughout the world so once again you’re simply aiming to include increasingly more payments to this currently complicated landscape so if you type of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of genuine challenges or real challenging sort of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a couple of years I would absolutely state that the bigger a company gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are groups feeding information into the next function as it were that’s really managing the payment side of things however you know in in my viewpoint and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we require to produce additional handoffs at the same times that we run in they simply 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 an age that you know that we are operating in today there is no reason that we are still making this as tough as it requires to be agreed and rightly as you said payroll is the single most significant liability that any business has from an expense point of view from an impact point of view on staff members it is absolutely crucial that it’s done properly and on time so what we mean 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 damaging result on people’s wellness and lots of other factors if people aren’t paid uh I have actually always been impressed entering this Market kind of the last five to 10 years is how little thanks the
payroll team get um so I’m unsure anybody on this type of webinar has actually 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 staff members or not um but eventually payroll is such a crucial cycle we all find out about it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely crucial that all of this things is done correctly so leveraging the very first Worldwide Payments very first payroll payment option is a great primary step um supplying an end-to-end payroll option for your workers globally again I think is another big um procedure again aligning and ensuring you have standardization International procedures all of those things are absolutely key to success success of services and minimizing the variety of tools platforms and savings account they require for their International payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the complaints where things have not gone quite where they’re indicated to be um I don’t believe any of us are in fact doing that for for the thanks
anyway we understand how how crucial 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 also so imagine sorry I’m just I was just gon na state picture the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands possibly Millions think of getting that many thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting job attempting to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and actually see what was going on and kind of shot to get back to everybody so carrying on appearance why do companies select to main separate checking account there are Reprint P45 Papaya Global organizations out there doing exactly this for particular nations and I’ve operated in a business or many companies doing precisely that I can say it does not constantly feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not producing additional work for anybody where we don’t need to and anybody 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 amount that we are I think numerous reasons one is it’s the standard I believe people have actually got so used to we need a brand-new bank account we open an entity and rightly so you need it for payroll purposes but 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 actually adopted 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 lots of other methods um to to sort of do it so I think there’s a variety I think this is a process that needs looking at it requires changing however ultimately people are very stuck with what they recognize
with right um modification is a hard thing we all don’t like change um so I think it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the benefits of having maintaining multiple savings account however there’s a huge quantity of intricacy opts for setting up a bank account keeping it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for individual individuals so the intricacy is substantial however I believe the sincere answer is modification um people haven’t had the ability to change or haven’t had necessarily the understanding to actually make that change into alternate Solutions besides opening a bank account I believe you’ve hit the nail on the head I believe it is knowledge you understand 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 benefits and the possibilities of moving on and moving into you understand what could almost be determined to be the next Century or two there is a lot to keep track of and this approach does posture numerous difficulties um so Johnny could you inform us about those obstacles yeah obviously so there’s a range right there is so
I recently made a modification 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 gained another CFO, and with this improved ability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is better, considering your accomplishments. Reprint P45 Papaya Global