Over the last 5 or six years …Papaya Global Please Select A P46 Statements Ticked Option… functions on the service provider side and also on the vendor side from a payroll viewpoint so really anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just offer everybody another number of uh well among the 30 seconds or so to join all of us 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 simply to hear where everyone 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 is 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 very very gloomy and I wish I was somewhere else at this moment in time alright so let’s get going our program for today is as follows um we are going to be looking at the challenge years of managing Global payroll why companies preserve different
Virtual payroll accounts are an alternative to standard savings account for handling payroll payments. This is particularly beneficial for worldwide companies with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of maintaining separate checking account for payroll in different nations, virtual accounts and digital wallets use a more structured option. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are ending up being a strategic possession for payroll executives. We will likewise offer a recap 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 checking account how business accurately anticipate their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in enough in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being complex for a range of reasons most significantly regulations compliance data security and banking guidelines then there are the sheer numbers they include additional complexity the international Workforce is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing all over the world in the standard payroll model there’s frequently a frustrating number of various systems resulting in lengthy manual processes and silos the variety of Combinations could be non-existent in large quantities and or really very fundamental there’s no real consistency structure we’re residing 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 typically with pen and paper which just blows my mind every time I I think
about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Workforce data in real time that’s another number that provides me sleepless nights and quite frankly the more a service spends on global payroll the less of an image they see an absence of exposure also extends to payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the deal almost half of worldwide organizations have expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry errors improperly communicated hires and terminations along with lack management and system setups and then when you round it all off and the information 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 all over the world payroll and payments don’t run efficiently if they rely on the essential several processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges organization face when they’re paying to workers or otherwise that’s a good concern I always toss this back and say what is it what does not need to be included ideal and what does
it need to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment capabilities 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 consumer’s own in-country account so there’s complexity wherever you look best eventually constructing a knowledge base is absolutely important however everywhere you look with payroll payment they resemble super payments no if however some children about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely basic and innovation is allowing us to sort of move on with that it also also to add to that payroll and financing require to work closer together um with varying Savings account Particulars varying banking requirements and setup procedures is absolutely crucial that payroll and finance teams work closer together than ever um I’m always astonished when individuals say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from calculation 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 information collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more crucial to add to type of the level of intricacy there’s more and more advantages being organ or being used by businesses across the world so once again you’re simply looking to add a growing number of payments to this already complicated landscape so if you type of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of genuine difficulties or real challenging kind of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a couple of decades I would definitely state that the larger a business 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 information into the next function as it were that’s really handling the payment side of things however you understand in in my viewpoint and my experience that does not always require to be the case you know long gone are the times where we require to create additional handoffs while doing sos that we run 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 age that you understand that we are working in today there is no reason why we are still making this as tough as it needs to be agreed and appropriately as you said payroll is the single greatest liability that any service has from an expense point of view from an effect viewpoint on employees 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 need to be done right it has the biggest damaging result on individuals’s well-being and numerous other factors if people aren’t paid uh I have actually always been impressed coming into this Market type of the last 5 to 10 years is how little thanks the
The payroll team might not have actually been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and people just observe when things fail. However, when things go right, it’s viewed as simply a routine job. This is how it’s viewed externally as well. For that reason, it is important to guarantee that jobs like Wi-Fi Worldwide and other vital matters are done properly. Utilizing the very first Global Payments very first payroll payment solution is an excellent initial step towards supplying a detailed payroll solution for workers worldwide. Standardization, global processes, and minimizing the variety of tools, platforms, and checking account required for international payroll are key consider achieving business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a few complaints when things do not go as prepared. Ultimately, we do not do it for the gratitude.
anyway we understand how how essential a function 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 everyone that’s associated with those processes and also so envision sorry I’m just I was simply gon na say picture the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions picture getting that many thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would definitely be a fascinating job trying 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 require days of the week to try to check out them and in fact see what was going on and kind of try to get back to everyone so proceeding look why do business select to main different savings account there are Papaya Global Please Select A P46 Statements Ticked Option businesses out there doing precisely this for particular countries and I’ve worked in a service or many businesses doing precisely that I can state it does not constantly feel effective and it does develop more work I know we’re not intentionally doing that we’re not producing additional work for any person where we don’t need to and anybody 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 numerous reasons one is it’s the standard I believe people have actually got so used to we need a brand-new bank 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 think it’s just been the standard and the standard individuals have adopted and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a variety I think this is a process that requires looking at it requires altering however ultimately people are extremely stuck with what they recognize
with right um modification is a challenging thing all of us do not like change um so I think it’s simply kind of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the advantages of having keeping several checking account but there’s a big amount of intricacy opts for setting up a bank account maintaining it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for specific people so the complexity is huge however I believe the honest answer is modification um people haven’t had the ability to alter or have not had necessarily the understanding to really make that change into alternate Solutions aside from opening a checking 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 change however we’ve always done it that way is no real reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what could almost be determined to be the next Century approximately there is a lot to track and this approach does pose numerous difficulties um so Johnny might you tell us about those obstacles yeah of course so there’s a range right there is so
I just did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you should have a corner office with a closer parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Please Select A P46 Statements Ticked Option