Over the last 5 or 6 years …Papaya Global Payroll Crossroads Kansas City… roles on the provider side and also on the supplier side from a payroll point of view so really eagerly anticipating this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply give everybody another number of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everybody is um it’s nice to to type 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 sunlight is it it’s not no it’s it’s drizzling here it’s extremely very dreary and I want I was elsewhere at this moment in time all right so let’s get going our program for today is as follows um we are going to be taking a look at the obstacle years of managing International payroll why companies keep different
Virtual payroll accounts are an option to standard checking account for handling payroll payments. This is particularly useful for global companies with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of keeping different bank accounts for payroll in various countries, virtual accounts and digital wallets use a more structured service. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are ending up being a tactical possession for payroll executives. We will likewise supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently safely 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 business accurately anticipate their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in sufficient in one country however when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a range of factors most importantly regulations compliance data security and banking guidelines then there are the sheer numbers they add additional complexity the international Workforce is currently 3 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 design there’s frequently a frustrating variety of various systems resulting in time-consuming manual procedures and silos the variety of Combinations could be non-existent in big amounts and or really extremely basic there’s no genuine 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 often with pen and paper and that simply blows my mind every time I I think
about it to give you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Labor force data in real time that’s another number that offers me sleepless nights and rather honestly the more a company spends on global payroll the less of an image they see an absence of presence likewise encompasses payroll payments and failure to accurately track these payments can cause compliance incidents in the last mile of the transaction almost half of international organizations have revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry errors badly interacted hires and terminations along with absence management and system setups and after that when you round all of it off and the data is shipped to the incorrect location the typical cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments don’t run smoothly if they depend on the needed multiple processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges service face when they’re making payments to staff members or otherwise that’s a great question I constantly toss this back and state what is it what doesn’t need to be included right and what does
it require to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per country 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 have to pay from the customer’s own in-country account so there’s intricacy any place you look best eventually developing a knowledge base is absolutely vital but everywhere you look with payroll payment they resemble extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is permitting us to kind of move forward with that it also as well to add to that payroll and financing require to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is definitely vital that payroll and financing groups work better together than ever um I’m always impressed when people say I have actually divided 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 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 ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people any place they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being a growing number of essential to add to sort of the level of complexity there’s more and more benefits being organ or being used by companies across the world so once again you’re simply looking to add increasingly more payments to this already intricate landscape so if you sort 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 challenges or real difficult kind of pay utilizes to play to pay people I think yeah I suggest over the last well yeah a couple of decades I would definitely state that the bigger a service gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are teams feeding details into the next function as it were that’s actually handling the payment side of things but you understand in in my opinion and my experience that doesn’t always require to be the case you understand long gone are the times where we need to create additional handoffs in the processes that we operate in they just make them more timely they make them less efficient and they do not make them what they require to be in in a period of tech and an era that you understand that we are operating in today there is no reason we are still making this as hard as it requires to be concurred and rightly as you said payroll is the single biggest liability that any company has from an expense perspective from an impact perspective on workers it is definitely crucial that it’s done correctly and on time so what we imply 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 destructive result on individuals’s wellness and lots of other factors if people aren’t paid uh I’ve always been impressed coming into this Market kind of the last five to ten years is how little thanks the
The payroll group may not have been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and people only observe when things fail. Nevertheless, when things go right, it’s seen as just a regular job. This is how it’s viewed externally as well. Therefore, it is vital to guarantee that tasks like Wi-Fi Global and other crucial matters are done correctly. Utilizing the first International Payments first payroll payment option is a great preliminary action towards providing an extensive payroll option for workers worldwide. Standardization, worldwide processes, and minimizing the number of tools, platforms, and bank accounts necessary for international payroll are key consider achieving organization success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few complaints when things do not go as prepared. Ultimately, we do not do it for the appreciation.
anyway 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 everyone that’s involved in those procedures and likewise so picture sorry I’m just I was just gon na state envision 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 discussing hundreds of thousands potentially Millions picture getting that many thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating job trying to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to look through them and really see what was going on and sort of shot to return to everyone so moving on look why do companies select to primary separate checking account there are Papaya Global Payroll Crossroads Kansas City companies out there doing exactly this for specific nations and I’ve worked in a company or numerous services doing precisely that I can say it doesn’t always feel effective and it does produce more work I know we’re not purposely doing that we’re not producing additional work for anyone where we do not have to and anyone that’s dealing with 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 quantity that we are I think lots of factors one is it’s the standard I believe individuals have actually got so used to we require a brand-new checking 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 simply been the requirement and the norm individuals have embraced and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a variety I believe this is a procedure that requires taking a look at it needs changing however ultimately individuals are really stuck to what they’re familiar
with right um change is a hard thing we all do not like modification um so I think it’s simply type of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having maintaining several savings account however there’s a huge quantity of intricacy goes with establishing a bank account preserving it guaranteeing it can send out International transfers guaranteeing it’s set up with the ideal user accesses for private individuals so the intricacy is big however I think the honest response is modification um individuals have not been able to change or have not had necessarily the knowledge to really make that change into alternate Solutions other than opening a bank account I believe you have actually struck the nail on the head I think it is understanding you know and there is a component of resistance to change however we’ve constantly 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 practically be figured out to be the next Century approximately there is a lot to keep an eye on and this method does pose numerous challenges um so Johnny might you tell us about those challenges yeah of course so there’s a variety right there is so
I just 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 Worldwide employees you are worthy of a corner workplace with a more detailed parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Payroll Crossroads Kansas City