Over the last five or 6 years …Https Papaya Global.Zendesk.Com Agent Tickets 33536… roles on the service provider side and likewise on the vendor side from a payroll perspective so actually anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply offer everybody another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everyone originates from and I truly 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 raining here it’s very really dreary and I want I was elsewhere at this moment in time fine so let’s start our program for today is as follows um we are going to be looking at the challenge years of handling International payroll why companies keep different
Virtual payroll accounts are an option to standard bank accounts for handling payroll payments. This is especially beneficial for international companies with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of preserving different bank accounts for payroll in various countries, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are ending up being a strategic property for payroll executives. We will likewise provide 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 walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how companies properly forecast their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in adequate in one nation however when you’re doing it internationally it’s next level and Beyond it becomes intricate for a range of factors most significantly policies compliance information security and banking guidelines then there are the sheer numbers they add further complexity the global Workforce is currently three and a half billion people 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 businesses and growing all doing their own thing all over the world in the standard payroll model there’s frequently an overwhelming number of different systems leading to lengthy manual processes and silos the variety of Combinations could be non-existent in big quantities and or very really standard there’s no real consistency structure we’re living in a period 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 frequently with pen and paper which just blows my mind every time I I believe
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force data in real time that’s another number that offers me sleep deprived nights and rather honestly the more a company spends on global payroll the less of a picture they see an absence of visibility also reaches payroll payments and failure to precisely track these payments can cause compliance incidents in the last mile of the deal nearly half of worldwide businesses have actually revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM information information entry mistakes poorly communicated hires and terminations in addition to absence management and system configurations and then when you round everything off and the data is delivered to the incorrect place the typical expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash worldwide payroll and payments don’t run efficiently if they rely on the necessary several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties service face when they’re making payments to staff members or otherwise that’s an excellent question I constantly toss this back and say what is it what does not need to be consisted of right and what does
it need to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s complexity anywhere you look right ultimately constructing a knowledge base is absolutely crucial but everywhere you look with payroll payment they are like extremely payments no if however some children 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 believe there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is enabling us to type of move on with that it also too to add to that payroll and financing require to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is absolutely important that payroll and financing teams work more detailed together than ever um I’m constantly surprised when people state I have actually split payroll and payment um if you stroll 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 frequently split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more important to contribute to sort of the level of complexity there’s increasingly more benefits being organ or being used by companies throughout the world so again you’re just wanting to include increasingly more payments to this currently complex landscape so if you sort of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of real difficulties or real tough sort of pay uses to play to pay individuals I think yeah I suggest over the last well yeah a couple of years I would definitely say that the bigger a business gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are groups feeding information into the next function as it were that’s really handling the payment side of things however you understand in in my viewpoint and my experience that doesn’t always need to be the case you understand long gone are the times where we need to develop additional handoffs at the same times that we run in they just make them more prompt they make them less effective and they don’t make them what they need to be in in a period of tech and an age that you understand that we are operating in today there is no reason why we are still making this as hard as it needs to be agreed and appropriately as you stated payroll is the single biggest liability that any business has from an expense viewpoint from an impact perspective on workers it is definitely critical 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 have to be done right it has the greatest detrimental effect on people’s well-being and many other aspects if people aren’t paid uh I’ve constantly been surprised entering into this Market kind of the last five to 10 years is how little thanks the
The payroll team might not have been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and people only see when things go wrong. However, when things go right, it’s seen as just a regular job. This is how it’s viewed externally also. Therefore, it is important to make sure that jobs like Wi-Fi Worldwide and other essential matters are done properly. Utilizing the very first Worldwide Payments very first payroll payment solution is a terrific preliminary action towards offering a comprehensive payroll service for staff members worldwide. Standardization, worldwide processes, and lowering the variety of tools, platforms, and savings account needed for worldwide payroll are essential factors in achieving organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a few problems when things do not go as planned. Eventually, we do not do it for the gratitude.
anyway we know 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 simple as possible for everyone that’s involved in those processes and also so imagine sorry I’m simply I was simply gon na say imagine the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re talking about numerous thousands potentially Millions picture getting that many thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing job attempting to clean all those up for sure oh absolutely I can’t envision 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 get back to everybody so carrying on look why do companies pick to primary different savings account there are Https Papaya Global.Zendesk.Com Agent Tickets 33536 businesses out there doing exactly this for particular nations and I have actually operated in a business or numerous services doing exactly that I can state it doesn’t constantly feel effective and it does produce more work I understand we’re not purposely doing that we’re not creating extra work for anyone where we do not need to and anybody that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I think many reasons one is it’s the requirement I think individuals have got so used to we require a new bank account we open an entity and rightly 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 simply been the requirement and the standard the people have actually embraced and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and many other methods um to to sort of do it so I believe there’s a range I think this is a process that needs looking at it requires altering but eventually people are very stuck to what they recognize
with ideal um change is a hard thing all of us don’t like modification um so I think it’s simply type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend clearly the benefits of having maintaining multiple savings account but there’s a big quantity of intricacy chooses setting up a bank account preserving it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for specific people so the intricacy is big but I think the sincere answer is modification um individuals haven’t had the ability to change or have not had always the knowledge to really make that change into alternate Solutions besides opening a bank account I think you have actually hit the nail on the head I believe it is understanding you know and there is an element of resistance to alter however we’ve constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what might nearly be determined to be the next Century or so there is a lot to keep track of and this technique does pose several difficulties um so Johnny could you inform us about those obstacles yeah naturally so there’s a variety 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 Global staff members you deserve a corner workplace with a closer parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Https Papaya Global.Zendesk.Com Agent Tickets 33536