Over the last 5 or 6 years …Papaya Global Where Are New Codes Put… functions on the service provider side and also on the supplier side from a payroll viewpoint so really anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I truly do hope it’s much sunnier than it remains 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 extremely really dreary and I want I was somewhere else at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why business preserve separate
Virtual payroll accounts are an alternative to traditional savings account for managing payroll payments. This is especially beneficial for international organizations with dispersed and remote workforces, as it simplifies the complex process of cross-border payments. Instead of preserving different checking account for payroll in various 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 talk about why they are ending up being a strategic asset for payroll executives. We will also supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly effectively safely and on time throughout this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll checking account how companies properly forecast their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in enough in one country however when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a range of reasons most importantly guidelines compliance data security and banking guidelines then there are the large numbers they include further intricacy the international 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 individuals 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 worldwide in the conventional payroll model there’s frequently a frustrating number of various systems causing time-consuming manual procedures and silos the variety of Integrations could be non-existent in large quantities and or really really basic there’s no real consistency framework we’re residing in an era of tech but 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 and that just blows my mind every time I I think
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Workforce information in real time that’s another number that provides me sleep deprived nights and rather honestly the more a business invests in worldwide payroll the less of a picture they see an absence of visibility also extends to payroll payments and failure to properly track these payments can result in compliance mishaps in the last mile of the deal nearly half of global companies have expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry errors poorly interacted hires and terminations as well as absence management and system setups and then when you round all of it off and the information 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 require to move the cash all over the world payroll and payments do not run smoothly if they count on the necessary several procedures 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 difficulties company face when they’re paying to employees or otherwise that’s an excellent question I always toss this back and say what is it what does not require to be consisted of right 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 nation there’s payment time frames there’s payment abilities 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 client’s own in-country account so there’s intricacy wherever you look best ultimately constructing a knowledge base is absolutely important but everywhere you look with payroll payment they are like very payments no if however 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 acknowledgment that payroll payments are absolutely essential and innovation is allowing us to kind of move on with that it likewise also to add to that payroll and financing require to work closer together um with varying Savings account Details differing banking requirements and setup procedures is absolutely essential that payroll and financing groups work more detailed together than ever um I’m constantly impressed when people say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as an industry 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 information collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being increasingly more crucial to add to sort of the level of complexity there’s more and more benefits being organ or being used by businesses throughout the world so once again you’re just wanting to add a growing number of payments to this currently complex landscape so if you kind 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 genuine obstacles or real challenging 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 bigger a business gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are teams 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 always need to be the case you know long gone are the times where we need to develop extra handoffs in the processes that we run in they simply make them more prompt they make them less effective and they do not make them what they need to be in in an era of tech and an age that you understand that we are working in today there is no reason we are still making this as tough as it requires to be agreed and rightly as you said payroll is the single greatest liability that any organization has from an expense perspective from an impact perspective on workers it is absolutely critical that it’s done properly 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 harmful result on people’s well-being and many other aspects if individuals aren’t paid uh I’ve always been surprised entering into this Market kind of the last 5 to ten years is how little thanks the
The payroll group might not have been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and people just see when things go wrong. Nevertheless, when things go right, it’s viewed as simply a routine job. This is how it’s perceived externally also. Therefore, it is important to guarantee that jobs like Wi-Fi International and other essential matters are done properly. Using the first Global Payments first payroll payment option is a terrific preliminary step towards supplying a detailed payroll solution for employees worldwide. Standardization, international procedures, and reducing the variety of tools, platforms, and savings account essential for international payroll are key consider achieving organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of complaints when things don’t go as planned. Eventually, we do not do it for the appreciation.
anyhow we know how how essential a role 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 easy as possible for everyone that’s associated with those procedures and likewise so picture sorry I’m just I was just gon na state imagine the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions think of getting that numerous thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing job attempting to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and really see what was going on and type of shot to get back to everybody so proceeding appearance why do business pick to main separate checking account there are Papaya Global Where Are New Codes Put companies out there doing precisely this for particular countries and I have actually worked in a company or many organizations doing exactly that I can state it does not always feel effective and it does create more work I know we’re not deliberately doing that we’re not producing extra work for any person where we don’t need to and any person that’s dealing with 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 lots of factors one is it’s the requirement I think people have actually got so utilized to we need a brand-new checking account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the norm the people have adopted and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and many other methods um to to type of do it so I believe there’s a range I think this is a process that needs taking a look at it needs altering but eventually individuals are extremely stuck to what they’re familiar
with best um change is a tough thing we all do not like modification um so I believe it’s simply kind of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend clearly the advantages of having preserving several bank accounts but there’s a substantial quantity of intricacy chooses setting up a savings account keeping it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for specific people so the complexity is substantial but I believe the honest answer is modification um people have not had the ability to change or haven’t had always the understanding to truly make that change into alternate Solutions other than opening a bank account I think you’ve hit the nail on the head I think it is knowledge you know and there is a component of resistance to change but we have actually constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what could nearly be determined to be the next Century approximately there is a lot to track and this approach does position a number of challenges um so Johnny could you tell us about those challenges yeah of course so there’s a variety right there is so
I just 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 capability, I have effectively protected payments for our 10,000 staff members worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global Where Are New Codes Put