Over the last 5 or six years …Papaya Global Ir35… roles on the provider side and likewise on the supplier side from a payroll point of view so truly anticipating this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply provide everyone another couple of uh well among the 30 seconds or so 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 type of like see where everyone originates from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely very uninspiring and I wish 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 taking a look at the difficulty years of managing International payroll why business maintain different
Virtual payroll accounts are an option to conventional savings account for managing payroll payments. This is particularly helpful for international companies with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of keeping different checking account for payroll in different nations, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a strategic asset for payroll executives. We will also offer a wrap-up 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 worldwide advantages and disadvantages of a payroll wallet versus a payroll checking account how companies properly anticipate their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in sufficient in one country but when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a range of factors most significantly policies compliance data security and banking guidelines then there are the large numbers they add further complexity the international Labor force is presently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing all over the world in the traditional payroll design there’s typically a frustrating variety of different systems causing lengthy manual processes and silos the number of Integrations could be non-existent in large amounts and or extremely really fundamental there’s no genuine consistency structure we’re residing in an era of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which simply 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 just 11 of services say they have Workforce data in real time that’s another number that gives me sleep deprived nights and quite honestly the more an organization invests in worldwide payroll the less of a photo they see an absence of visibility also reaches payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the deal almost half of worldwide companies have revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry errors inadequately communicated hires and terminations in addition to absence management and system configurations and then when you round all of it off and the data is shipped to the incorrect place the average cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments don’t run efficiently if they rely on the essential numerous processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties organization face when they’re paying to staff members or otherwise that’s a great concern I always toss this back and say what is it what doesn’t need to be included ideal and what does
it require to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per country 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 intricacy anywhere you look right eventually constructing a knowledge base is absolutely vital however all over you look with payroll payment they are like super payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely essential and technology is allowing us to kind of move forward with that it also as well to contribute to that payroll and finance require to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is absolutely vital that payroll and finance teams work better together than ever um I’m constantly astonished when people state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work 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 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 but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more essential to add to sort of the level of intricacy there’s increasingly more benefits being organ or being offered by organizations across the world so again you’re simply looking to include increasingly more payments to this currently intricate landscape so if you kind of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of real challenges or genuine difficult sort of pay uses to play to pay people I think yeah I mean over the last well yeah a couple of decades I would absolutely state that the larger a business gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are groups feeding information into the next function as it were that’s in fact handling the payment side of things but you know in in my viewpoint and my experience that does not necessarily require to be the case you understand long gone are the times where we require to produce extra handoffs at the same times that we operate in they simply make them more timely they make them less effective and they don’t make them what they require to be in in an era of tech and an era that you understand that we are working in today there is no reason we are still making this as difficult as it requires to be concurred and rightly as you stated payroll is the single most significant liability that any service has from a cost point of view from an effect point of view on employees 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 have to be done right it has the biggest detrimental impact on people’s well-being and many other aspects if individuals aren’t paid uh I have actually constantly been surprised entering this Market type of the last five to 10 years is how little thanks the
The payroll team may not have actually been thanked for properly 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 staff members or not. Payroll is an important cycle, and individuals just notice when things fail. Nevertheless, when things go right, it’s seen as just a routine job. This is how it’s perceived externally too. For that reason, it is vital to make sure that tasks like Wi-Fi International and other vital matters are done correctly. Using the first Global Payments very first payroll payment solution is a fantastic initial step towards providing a comprehensive payroll option for staff members worldwide. Standardization, global processes, and lowering the number of tools, platforms, and savings account needed for international payroll are crucial consider accomplishing service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few complaints when things do not go as planned. Ultimately, we don’t do it for the gratitude.
anyhow we know how how important 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 everybody that’s associated with those procedures and also so picture sorry I’m simply I was just gon na state imagine the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions think of getting that numerous thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing job trying to clean 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 need days of the week to attempt to look through them and actually see what was going on and kind of shot to return to everybody so carrying on look why do business select to primary different bank accounts there are Papaya Global Ir35 businesses out there doing exactly this for specific nations and I’ve worked in an organization or many services doing precisely that I can say it does not always feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not creating additional work for anybody where we don’t need to and anyone that’s managing 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 believe many factors one is it’s the standard I believe people have got so used to we need a new savings account we open an entity and rightly so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals have actually embraced and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and numerous other ways um to to type of do it so I believe there’s a variety I believe this is a process that requires taking a look at it requires altering but eventually individuals are very stuck with what they’re familiar
with right um modification is a tough thing we all do not like change um so I think it’s simply kind of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the advantages of having keeping numerous bank accounts however there’s a huge amount of intricacy goes with setting up a bank account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for specific people so the intricacy is substantial however I think the honest response is change um individuals haven’t had the ability to alter or haven’t had necessarily the understanding to truly make that change into alternate Solutions besides opening a savings account I think you’ve hit the nail on the head I believe it is understanding you understand and there is a component of resistance to alter but we have actually always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you know what could almost be identified to be the next Century or so there is a lot to track and this method does present several difficulties um so Johnny could you inform us about those challenges yeah obviously so there’s a range right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has acquired another CFO, and with this boosted capability, I have successfully protected payments for our 10,000 workers worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner office with a parking space that is better, considering your achievements. Papaya Global Ir35