Over the last five or 6 years …Papaya Global Update Version… roles on the company side and likewise on the supplier side from a payroll viewpoint so really eagerly anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just offer everyone another couple of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather interesting 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 everybody originates from and I actually 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 raining here it’s very very gloomy and I want I was elsewhere at this moment in time okay 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 handling Worldwide payroll why companies preserve different
Virtual payroll accounts are an alternative to standard savings account for handling payroll payments. This is particularly helpful for worldwide companies with dispersed and remote workforces, as it streamlines the complicated procedure of cross-border payments. Instead of keeping separate bank accounts for payroll in different nations, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are ending up being a tactical possession for payroll executives. We will also supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently safely and on time throughout this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll bank account how companies accurately anticipate their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in adequate in one country but when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a range of factors most significantly policies compliance data security and banking guidelines then there are the large numbers they add additional complexity the global Labor force 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 presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing all over the world in the conventional payroll design there’s frequently a frustrating number of different systems causing time-consuming manual procedures and silos the number of Combinations could be non-existent in large quantities and or very very basic there’s no real consistency framework we’re living in an era 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 whenever I I think
about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force data in real time that’s another number that provides me sleep deprived nights and rather frankly the more a service spends on international payroll the less of a picture they see a lack of presence likewise extends to payroll payments and inability to properly track these payments can result in compliance incidents in the last mile of the transaction almost half of worldwide organizations have expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM information information entry errors improperly interacted hires and terminations along with lack management and system configurations and then when you round all of it off and the information is shipped to the wrong place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash all over the world payroll and payments do not run smoothly if they count on the required numerous processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges company face when they’re making payments to workers or otherwise that’s an excellent question I constantly toss this back and state what is it what does not require to be consisted of ideal and what does
it require to be considered there’s varying Bank details 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 abilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s intricacy any place you look best ultimately constructing a knowledge base is definitely important however all over you look with payroll payment they resemble extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you take a 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 definitely basic and innovation is enabling us to type of move on with that it likewise as well to contribute to that payroll and finance require to work closer together um with varying Savings account Details varying banking requirements and setup procedures is absolutely imperative that payroll and financing teams work better together than ever um I’m constantly astonished when individuals state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as an industry 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 people anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more essential to add to kind of the level of complexity there’s more and more benefits being organ or being offered by organizations across the world so again you’re simply looking to add increasingly more payments to this currently intricate landscape so if you kind of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of real difficulties or real tough type of pay utilizes to play to pay people I believe yeah I mean over the last well yeah a number of decades I would definitely say that the larger an organization gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are groups feeding information into the next function as it were that’s actually managing the payment side of things but you know in in my opinion and my experience that does not necessarily require to be the case you understand long gone are the times where we need to produce additional handoffs at the same times that we operate in they simply make them more timely they make them less efficient and they don’t make them what they need to be in in an era of tech and a period that you know that we are working in today there is no reason why we are still making this as challenging as it requires to be concurred and rightly as you stated payroll is the single most significant liability that any company has from a cost perspective from an impact viewpoint on employees it is definitely critical that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the greatest damaging impact on individuals’s well-being and lots of other factors if people aren’t paid uh I’ve constantly been amazed coming into this Market kind of the last 5 to 10 years is how little thanks the
The payroll group might not have actually been thanked for correctly processing payroll during 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 individuals only observe when things fail. However, when things go right, it’s seen as just a regular job. This is how it’s viewed externally too. For that reason, it is vital to make sure that jobs like Wi-Fi International and other important matters are done properly. Utilizing the first Worldwide Payments first payroll payment solution is a fantastic initial action towards offering an extensive payroll service for staff members worldwide. Standardization, worldwide processes, and decreasing the variety of tools, platforms, and savings account required for worldwide payroll are key consider attaining business success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a few problems when things don’t go as planned. Eventually, we do not do it for the gratitude.
anyway we know 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 processes and also so envision sorry I’m simply I was simply gon na state imagine the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions envision getting that lots of thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an intriguing job attempting to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to check out them and actually see what was going on and type of shot to return to everyone so carrying on appearance why do business choose to main different checking account there are Papaya Global Update Version services out there doing exactly this for particular countries and I’ve operated in an organization or numerous companies doing precisely that I can say it doesn’t constantly feel effective and it does develop more work I understand we’re not intentionally doing that we’re not creating additional work for any person where we don’t have to and anybody that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think many reasons one is it’s the standard I believe individuals have got so used to we need a new bank account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the norm individuals have embraced and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and lots of other ways um to to kind of do it so I believe there’s a variety I believe this is a process that needs looking at it requires altering but ultimately individuals are really stuck to what they recognize
with ideal um modification is a hard thing we all do not like modification um so I believe it’s just 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 undoubtedly the benefits of having keeping numerous bank accounts however there’s a huge amount of complexity chooses setting up a savings account maintaining it ensuring it can send out International transfers ensuring it’s established with the right user accesses for individual individuals so the intricacy is big however I think the honest answer is modification um individuals have not had the ability to alter or haven’t had necessarily the understanding to actually make that change into alternate Solutions aside from opening a savings account I believe you have actually hit the nail on the head I believe it is understanding you understand and there is an element of resistance to alter but we’ve always done it that way is no real reason for not looking at the the advantages and the possibilities of moving on and moving into you know what could almost be determined to be the next Century approximately there is a lot to keep track of and this method does pose several difficulties um so Johnny could you tell us about those obstacles yeah naturally so there’s a variety right there is so
I recently made a change to our Business 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 actually acquired another CFO, and with this boosted ability, I have successfully protected payments for our 10,000 staff members worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is more detailed, considering your achievements. Papaya Global Update Version