Over the last 5 or 6 years …Linking Nest Pension With Papaya Global… functions on the service provider side and also on the supplier side from a payroll viewpoint so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply give everyone 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 type of let them do that so it ‘d be rather 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 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 drizzling here it’s very very gloomy and I wish I was elsewhere at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing International payroll why business preserve separate
Virtual payroll accounts are an alternative to traditional checking account for handling payroll payments. This is especially helpful for global organizations with dispersed and remote workforces, as it streamlines the complicated process of cross-border payments. Instead of keeping separate checking account for payroll in various countries, virtual accounts and digital wallets offer a more structured service. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are ending up being a tactical property for payroll executives. We will also offer a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively firmly and on time throughout this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll checking account how business precisely anticipate their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in enough in one nation however when you’re doing it globally it’s next level and Beyond it ends up being intricate for a range of reasons most importantly guidelines compliance data security and banking guidelines then there are the sheer numbers they add further complexity the worldwide Labor force is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals 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 worldwide in the conventional payroll model there’s frequently an overwhelming number of various systems resulting in time-consuming manual processes and silos the variety of Combinations could be non-existent in large amounts and or really extremely basic there’s no genuine consistency structure we’re living in an age of tech however 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 simply blows my mind each time I I believe
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Workforce information in real time that’s another number that gives me sleepless nights and quite frankly the more a service invests in global payroll the less of a photo they see a lack of presence also extends to payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the deal almost half of worldwide services have actually revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM data information entry mistakes badly interacted hires and terminations in addition to lack management and system configurations and then when you round it all off and the data is shipped to the incorrect place the typical expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the world payroll and payments do not run smoothly if they count on the required several processes 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 paying to staff members or otherwise that’s a good concern I always throw this back and state what is it what doesn’t need to be included right and what does
it need to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment amount of time 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 client’s own in-country account so there’s intricacy anywhere you look ideal ultimately developing a knowledge base is definitely vital but all over you look with payroll payment they are like incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely basic and technology is enabling us to sort of move forward with that it likewise too to contribute to that payroll and financing need to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is definitely crucial that payroll and financing groups work better together than ever um I’m constantly astonished when individuals state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um ultimately 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 likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more essential to contribute to sort of the level of intricacy there’s increasingly more advantages being organ or being offered by businesses across the world so again you’re just aiming to add a growing number of payments to this already intricate landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of real obstacles or real challenging sort of pay utilizes to play to pay people I believe yeah I imply over the last well yeah a couple of years I would certainly state that the larger a company gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are teams feeding information into the next function as it were that’s really managing the payment side of things however you understand in in my viewpoint and my experience that does not 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 operate in they simply make them more timely they make them less effective and they do not make them what they need to be in in an age of tech and an era that you know that we are operating in today there is no reason why we are still making this as difficult as it needs to be agreed and appropriately as you stated payroll is the single biggest liability that any business has from a cost viewpoint from an impact viewpoint on staff members it is definitely important that it’s done correctly and on time so what we suggest 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 destructive impact on people’s well-being and many other factors if individuals aren’t paid uh I have actually always been astonished coming into this Market kind of the last 5 to 10 years is how little thanks the
The payroll team may not have been thanked for correctly processing payroll throughout a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and people just observe when things go wrong. Nevertheless, when things go right, it’s viewed as just a routine job. This is how it’s perceived externally also. For that reason, it is necessary to ensure that jobs like Wi-Fi International and other crucial matters are done correctly. Utilizing the very first International Payments first payroll payment option is an excellent preliminary action towards supplying a detailed payroll solution for workers worldwide. Standardization, international procedures, and minimizing the variety of tools, platforms, and checking account necessary for global payroll are key consider attaining organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of complaints when things don’t go as planned. Eventually, we do not do it for the thankfulness.
anyhow we understand how how essential 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 everybody that’s involved in those procedures and also so envision sorry I’m just I was just gon na state think of the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re discussing hundreds of thousands potentially Millions imagine 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 a fascinating task attempting to clean all those up for sure oh absolutely I can’t picture 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 actually see what was going on and kind of shot to get back to everybody so proceeding look why do business select to primary separate bank accounts there are Linking Nest Pension With Papaya Global organizations out there doing precisely this for specific countries and I’ve operated in a company or numerous businesses doing exactly that I can say it does not always feel efficient and it does produce more work I know we’re not intentionally doing that we’re not developing extra work for anyone where we do not need to and anyone that’s managing that procedure 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 believe many factors one is it’s the requirement I believe people have actually got so used to we require a brand-new savings 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 believe it’s simply been the standard and the norm the people have actually embraced and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and numerous other ways um to to type 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 however ultimately people are really stuck with what they recognize
with right um change is a tough thing we all don’t 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 undoubtedly the advantages of having preserving numerous checking account but there’s a substantial quantity of intricacy opts for setting up a checking account preserving it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for private people so the complexity is big but I think the sincere response is change um individuals have not been able to change or have not had necessarily the knowledge to actually make that change into alternate Solutions other than opening a savings account I believe you’ve struck the nail on the head I believe it is understanding you understand and there is an element of resistance to alter however 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 proceeding and moving into you know what could almost be identified to be the next Century or two there is a lot to keep an eye on and this approach does present a number of difficulties um so Johnny might you inform us about those difficulties yeah obviously so there’s a variety right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has gotten another CFO, and with this improved ability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is closer, considering your accomplishments. Linking Nest Pension With Papaya Global