Over the last 5 or six years …Papaya Global Workbooks… functions on the service provider side and likewise on the supplier side from a payroll perspective so actually anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply give everybody another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everyone originates from and I really 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 drizzling here it’s very very uninspiring and I wish I was elsewhere at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why business preserve different
Virtual payroll accounts are an alternative to traditional savings account for managing payroll payments. This is especially beneficial for worldwide organizations with dispersed and remote workforces, as it streamlines the complicated procedure of cross-border payments. Instead of preserving separate bank accounts for payroll in various countries, virtual accounts and digital wallets use a more structured service. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are ending up being a tactical asset for payroll executives. We will likewise supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly effectively securely and on time throughout this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll savings account how companies accurately forecast their payroll expenses to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in enough in one country but when you’re doing it globally it’s next level and Beyond it becomes complicated for a range of factors most notably regulations compliance information security and banking rules then there are the sheer numbers they add additional complexity the global Workforce is presently three and a half billion individuals by 2030 it’s estimated 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 organizations and growing all doing their own thing all over the world in the standard payroll design there’s typically an overwhelming variety of various systems leading to lengthy manual procedures and silos the variety of Integrations could be non-existent in large quantities and or very really basic there’s no real consistency framework 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 often with pen and paper and that simply blows my mind whenever I I think
about it to give you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce information in real time that’s another number that gives me sleep deprived nights and quite frankly the more a business spends on worldwide payroll the less of a photo they see an absence of exposure also encompasses 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 actually expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry errors poorly interacted hires and terminations along with absence management and system setups and after that when you round everything off and the data is delivered to the wrong place the average cost of a global data 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 depend on the necessary multiple processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles business face when they’re paying to employees or otherwise that’s a good question I constantly throw this back and state what is it what doesn’t need to be included right and what does
it need to be thought about there’s differing Bank information 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 have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity any place you look best ultimately building a knowledge base is absolutely vital however everywhere you look with payroll payment they are like extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the kind 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 basic and technology is allowing us to sort of move on with that it likewise as well to contribute to that payroll and finance need to work closer together um with varying Checking account Details differing banking requirements and setup procedures is definitely crucial that payroll and finance teams work more detailed together than ever um I’m constantly amazed when individuals state I’ve 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 divide the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people any place they are however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more important to contribute to sort of the level of complexity there’s increasingly more benefits being organ or being offered by companies across the world so once again you’re just wanting to include increasingly more payments to this currently intricate landscape so if you kind of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of genuine difficulties or genuine difficult kind of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a number of decades I would absolutely state that the larger a business gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are groups feeding info into the next function as it were that’s in fact handling the payment side of things but you know in in my viewpoint and my experience that does not necessarily need 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 simply make them more prompt they make them less efficient and they do not make them what they need to be in in an age of tech and an era that you understand that we are operating in today there is no reason why we are still making this as difficult as it needs to be concurred and appropriately as you stated payroll is the single greatest liability that any organization has from a cost perspective from an effect viewpoint on staff members it is absolutely vital 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 greatest destructive result on people’s wellness and many other aspects if individuals aren’t paid uh I have actually always been surprised entering into this Market kind of the last five to ten years is how little thanks the
The payroll team might not have been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and people only see when things fail. However, when things go right, it’s viewed as just a routine job. This is how it’s perceived externally as well. Therefore, it is necessary to make sure that tasks like Wi-Fi Global and other vital matters are done correctly. Using the first Global Payments first payroll payment solution is a fantastic preliminary action towards supplying a comprehensive payroll service for employees worldwide. Standardization, international procedures, and decreasing the variety of tools, platforms, and checking account needed for international payroll are key factors in achieving service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of complaints when things don’t go as prepared. Ultimately, we don’t do it for the thankfulness.
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 easy as possible for everybody that’s associated with those processes and also so think of sorry I’m simply I was simply gon na say imagine the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions envision getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing task 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 held true um you ‘d require days of the week to attempt to look through them and actually see what was going on and kind of shot to return to everybody so carrying on look why do companies pick to primary separate checking account there are Papaya Global Workbooks companies out there doing precisely this for specific countries and I’ve operated in a business or many organizations doing exactly that I can say it does not constantly feel efficient and it does produce more work I know we’re not purposely doing that we’re not developing additional work for anybody where we do not need to and any person that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I believe lots of reasons one is it’s the requirement I think people have got so utilized to we require a brand-new savings account we open an entity and appropriately 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 requirement and the standard the people have actually adopted and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and lots of other methods um to to kind of do it so I think there’s a variety I believe this is a process that requires looking at it requires changing but eventually individuals are really stuck to what they’re familiar
with best um change is a challenging thing all of us do not like modification um so I believe it’s just type of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend certainly the advantages of having keeping several bank accounts however there’s a huge quantity of intricacy chooses setting up a bank account keeping it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for individual people so the complexity is huge however I believe the sincere answer is change um people haven’t been able to change or have not had always the understanding to really make that change into alternate Solutions aside from opening a savings account I believe you have actually struck the nail on the head I think it is understanding you understand and there is an aspect of resistance to change but we have actually constantly 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 could almost be determined to be the next Century or two there is a lot to keep track of and this method does present a number of challenges um so Johnny might you inform us about those challenges yeah obviously so there’s a range right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has actually acquired another CFO, and with this enhanced capability, I have actually successfully protected payments for our 10,000 employees worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is good. You should have a corner office with a parking space that is better, considering your accomplishments. Papaya Global Workbooks