Over the last 5 or 6 years …Papaya Global One Day Course… functions on the service provider side and likewise on the supplier side from a payroll point of view so truly looking forward to this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply provide everybody another couple of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely very bleak and I want I was somewhere else at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Worldwide payroll why business keep different
Virtual payroll accounts are an option to traditional bank accounts for managing payroll payments. This is especially beneficial for global organizations with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of preserving separate savings account for payroll in different countries, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are ending up being a tactical asset for payroll executives. We will likewise offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively securely and on time throughout this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll savings account how companies properly forecast their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in sufficient in one country however when you’re doing it internationally it’s next level and Beyond it becomes intricate for a variety of factors most significantly policies compliance data security and banking guidelines then there are the sheer numbers they include additional complexity the worldwide Workforce is presently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 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 world in the standard payroll model there’s often an overwhelming number of different systems resulting in time-consuming manual procedures and silos the number of Combinations could be non-existent in big quantities and or really very fundamental there’s no real consistency structure we’re living in a period of tech but 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 simply blows my mind every time I I believe
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of services say they have Labor force data in real time that’s another number that offers me sleep deprived nights and quite frankly the more a company spends on worldwide payroll the less of a picture they see an absence of visibility also encompasses payroll payments and inability to precisely track these payments can result in compliance mishaps in the last mile of the deal nearly half of worldwide services 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 data entry mistakes improperly communicated hires and terminations as well as absence management and system setups and after that when you round it all off and the data is shipped to the wrong location the average cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the globe payroll and payments do not run efficiently if they rely on the needed numerous 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 company face when they’re making payments to staff members or otherwise that’s a great concern I constantly throw this back and say what is it what doesn’t require to be consisted of ideal 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 timespan there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s complexity wherever you look best ultimately building a knowledge base is absolutely vital however all over you look with payroll payment they resemble very payments no if however some infants 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 recognition that payroll payments are definitely basic and innovation is permitting us to sort of move forward with that it likewise also to add to that payroll and finance require to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is absolutely vital that payroll and financing teams work closer together than ever um I’m always surprised when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so frequently 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 individuals any place they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being increasingly more important to contribute to type of the level of complexity there’s more and more advantages being organ or being provided by services across the world so once again you’re just aiming to include a growing number of payments to this currently complex landscape so if you type of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of genuine difficulties or real challenging kind of pay utilizes to play to pay people I think yeah I imply over the last well yeah a couple of decades I would certainly say that the bigger 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 groups feeding info into the next function as it were that’s really managing 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 develop additional handoffs while doing sos that we operate in they simply make them more prompt they make them less efficient and they do not make them what they require 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 requires to be agreed and rightly as you said payroll is the single biggest liability that any company has from an expense perspective from an impact viewpoint on staff members it is definitely important that it’s done correctly and on time so what we mean 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 damaging impact on people’s well-being and many other aspects if individuals aren’t paid uh I’ve constantly been surprised entering this Market type of the last 5 to 10 years is how little thanks the
The payroll team may not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and people just see when things fail. However, when things go right, it’s viewed as simply a routine task. This is how it’s perceived externally as well. Therefore, it is vital to guarantee that tasks like Wi-Fi Worldwide and other essential matters are done properly. Utilizing the very first International Payments first payroll payment solution is a great preliminary action towards offering an extensive payroll service for employees worldwide. Standardization, international procedures, and minimizing the variety of tools, platforms, and savings account essential for worldwide payroll are key factors in attaining company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of grievances when things don’t go as planned. Eventually, we don’t do it for the gratitude.
anyhow we know how how essential 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 involved in those processes and also so imagine sorry I’m simply I was simply gon na state imagine the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions imagine 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 absolutely be an intriguing job attempting to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to browse them and in fact see what was going on and sort of try to return to everyone so moving on appearance why do business pick to main separate checking account there are Papaya Global One Day Course services out there doing precisely this for specific countries and I’ve worked in a company or many organizations doing exactly that I can say it does not constantly feel effective and it does develop more work I understand we’re not intentionally doing that we’re not producing extra work for anyone where we do not have to and anyone that’s handling 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 quantity that we are I believe many factors one is it’s the requirement I believe individuals have got so utilized to we need a brand-new savings 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 standard and the norm the people have actually embraced and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and lots of other methods um to to sort of do it so I think there’s a range I think this is a process that requires looking at it requires changing but ultimately people are really stuck to what they recognize
with right um modification is a challenging thing all of us do not like modification um so I think it’s just type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the benefits of having maintaining several bank accounts however there’s a big amount of complexity opts for establishing a savings account maintaining it ensuring it can send International transfers ensuring it’s set up with the ideal user accesses for private people so the intricacy is substantial however I think the honest answer is modification um people have not been able to alter or have not had always the knowledge to truly make that change into alternate Solutions other than opening a bank account I think you’ve struck the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter but we have actually always done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might almost be identified to be the next Century or two there is a lot to track and this approach does posture numerous challenges um so Johnny could you tell us about those challenges yeah of course so there’s a variety right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has acquired another CFO, and with this enhanced capability, I have effectively secured payments for our 10,000 employees worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global One Day Course