Over the last 5 or 6 years …Employment Allowance On Papaya Global… functions on the company side and likewise on the vendor side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply provide everybody another number of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everyone 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 bleak and I want I was elsewhere at this moment in time all right so let’s start our program for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why companies maintain separate
Virtual payroll accounts are an option to standard savings account for managing payroll payments. This is particularly beneficial for international companies with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of keeping different savings account for payroll in various nations, 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 go over why they are ending up being a tactical 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 efficiently securely and on time throughout this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll savings account how companies properly forecast their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in enough 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 importantly policies compliance data security and banking guidelines then there are the large numbers they include more complexity the international Labor force is presently three 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 around the globe in the conventional payroll design there’s typically a frustrating variety of different systems causing lengthy manual processes and silos the variety of Combinations could be non-existent in large amounts and or very very fundamental there’s no genuine consistency structure we’re residing in a period of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply blows my mind every time I I believe
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Workforce data in real time that’s another number that offers me sleepless nights and quite frankly the more an organization spends on worldwide payroll the less of an image they see a lack of visibility also encompasses payroll payments and failure to accurately track these payments can result in compliance incidents in the last mile of the deal nearly half of international companies have expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry mistakes badly interacted hires and terminations along with absence management and system configurations and then when you round all of it off and the information is shipped to the incorrect place the typical cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments do not run efficiently if they count on the needed multiple processes 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 company face when they’re making payments to employees or otherwise that’s a great concern I always 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 differing 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 client’s own in-country account so there’s complexity anywhere you look best eventually developing a knowledge base is definitely important however everywhere you look with payroll payment they resemble super payments no if however some babies 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 think there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is enabling us to type of move forward with that it likewise as well to add to that payroll and financing need to work closer together um with differing Checking account Details varying banking requirements and setup procedures is definitely important that payroll and finance groups work better together than ever um I’m always amazed when people say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll profession would they split 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 process it’s the point of data collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being a growing number of important to add to kind of the level of complexity there’s more and more advantages being organ or being offered by services across the world so again you’re just aiming to include a growing number of payments to this currently intricate landscape so if you type of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of real challenges or real challenging type of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a couple of decades I would definitely state that the bigger an organization 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 groups feeding information into the next function as it were that’s actually managing the payment side of things but you know 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 produce additional handoffs in the processes that we run in they just make them more prompt they make them less effective and they don’t make them what they require to be in in an era of tech and a period that you know that we are working in today there is no reason we are still making this as hard as it requires to be agreed and rightly as you stated payroll is the single most significant liability that any company has from a cost point of view from an impact point of view on staff members it is definitely vital that it’s done correctly 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 harmful effect on individuals’s wellness and numerous other aspects if individuals aren’t paid uh I have actually constantly been amazed entering this Market sort of the last 5 to 10 years is how little thanks the
payroll group get um so I’m unsure anyone on this type of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be great 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 all of us become aware of it when it fails everyone jumps up and down when it fails but when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this things is definitely vital that all of this things is done correctly so leveraging the first Worldwide Payments very first payroll payment solution is a great primary step um offering an end-to-end payroll service for your workers internationally again I think is another substantial um process again lining up and ensuring you have standardization Worldwide procedures all of those things are absolutely essential to success success of companies and minimizing the number of tools platforms and bank accounts they require for their International payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re indicated to be um I do not think any of us are actually doing that for for the thanks
anyway we understand how how important a role it is which’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 everybody that’s associated with those processes and likewise so imagine sorry I’m simply I was just gon na state envision 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 talking about hundreds of thousands potentially Millions think of getting that lots of thank you keeps in mind um I mean 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 definitely 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 attempt to check out them and in fact see what was going on and type of try to return to everybody so carrying on look why do companies select to main separate checking account there are Employment Allowance On Papaya Global companies out there doing exactly this for particular nations and I’ve worked in a business or lots of companies doing precisely that I can say it does not always feel efficient and it does produce more work I know we’re not purposely doing that we’re not producing extra work for any person where we do not need to and any person 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 amount that we are I think many reasons one is it’s the requirement I think people have actually got so used to we require a brand-new savings account we open an entity and appropriately so you require 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 norm individuals have actually embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a range I believe this is a procedure that requires taking a look at it requires changing but ultimately people are very stuck to what they recognize
with ideal um modification is a hard thing all of us do not like change um so I believe it’s simply sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend clearly the advantages of having maintaining several bank accounts however there’s a substantial quantity of complexity chooses setting up a checking account preserving it guaranteeing it can send International transfers ensuring it’s set up with the ideal user accesses for individual people so the intricacy is huge however I think the honest response is modification um individuals have not been able to change or have not had always the knowledge to really make that change into alternate Solutions other than opening a checking account I believe you’ve hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to change but we have actually constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might nearly be figured out to be the next Century or so there is a lot to track and this method does pose numerous difficulties um so Johnny could you inform us about those challenges yeah naturally so there’s a variety right there is so
I simply did you changed 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 International workers you deserve a corner office with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you Employment Allowance On Papaya Global