Over the last five or six years …Papaya Global 50 Wont Open… functions on the supplier side and likewise on the vendor side from a payroll perspective so really anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply offer everybody another number of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everyone originates from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely really gloomy and I want I was somewhere else at this moment in time fine so let’s start our program for today is as follows um we are going to be taking a look at the obstacle 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 global organizations with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of keeping different checking account for payroll in various countries, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are ending up being a strategic property for payroll executives. We will also offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently securely and on time throughout this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll savings 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 strategic property so payroll can be challenging in sufficient in one nation however when you’re doing it globally it’s next level and Beyond it becomes intricate for a range of factors most notably policies compliance information security and banking guidelines then there are the large numbers they add more complexity the international Labor force is currently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 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 around the world in the traditional payroll design there’s often an overwhelming number of various systems resulting in lengthy manual processes and silos the number of Integrations could be non-existent in big amounts and or extremely extremely basic there’s no genuine consistency structure we’re living in an age of tech however payroll has actually been sluggish 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 believe
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force information in real time that’s another number that gives me sleep deprived nights and rather frankly the more a service invests in international payroll the less of a photo they see an absence of visibility likewise extends to payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the transaction nearly half of worldwide services have actually 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 bad HCM information information entry mistakes poorly communicated hires and terminations as well as absence management and system configurations and then when you round everything off and the information is delivered to the wrong place the typical cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the world payroll and payments don’t run smoothly if they depend on the needed several procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles organization face when they’re paying to staff members or otherwise that’s a good question I always throw this back and state what is it what doesn’t need to be included best and what does
it need to be thought of 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 need to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s complexity anywhere you look ideal eventually developing a knowledge base is absolutely crucial but everywhere you look with payroll payment they are like incredibly payments no if but some children 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 acknowledgment that payroll payments are definitely essential and innovation is enabling us to kind of move on with that it likewise too to contribute to that payroll and financing require to work closer together um with varying Savings account Details differing banking requirements and setup processes is definitely crucial that payroll and financing teams work more detailed together than ever um I’m constantly astonished when people say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation would they split the payroll payment from computation 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 eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people any place they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being more and more crucial to contribute to type of the level of complexity there’s increasingly more advantages being organ or being used by organizations throughout the world so once again you’re just wanting to add a growing number of payments to this already intricate landscape so if you kind of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of genuine difficulties or genuine challenging sort of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a couple of decades I would certainly state that the bigger a company gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are groups feeding information 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 doesn’t necessarily need to be the case you know long gone are the times where we require to create extra handoffs in the processes that we operate in they just make them more prompt they make them less effective and they don’t 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 we are still making this as challenging as it requires to be agreed and appropriately as you stated payroll is the single most significant liability that any company has from a cost point of view from an impact perspective on workers it is definitely important that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the greatest destructive impact on people’s wellness and lots of other aspects if individuals aren’t paid uh I have actually constantly been astonished entering into this Market type of the last five to 10 years is how little thanks the
The payroll group might not have actually been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and people only discover when things go wrong. However, when things go right, it’s seen as just a routine job. This is how it’s perceived externally also. Therefore, it is essential to ensure that jobs like Wi-Fi Worldwide and other important matters are done properly. Using the first Worldwide Payments first payroll payment solution is a fantastic initial step towards supplying a detailed payroll option for employees worldwide. Standardization, international procedures, and lowering the number of tools, platforms, and checking account required for worldwide payroll are key consider achieving organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few problems when things do not go as planned. Eventually, we don’t do it for the thankfulness.
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 simple as possible for everyone that’s involved in those processes and also so envision sorry I’m just I was just gon na state imagine the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions think of getting that numerous thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing task trying to clean all those up for sure oh absolutely 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 look through them and really see what was going on and type of try to get back to everybody so moving on look why do companies choose to main separate checking account there are Papaya Global 50 Wont Open services out there doing exactly this for specific nations and I have actually worked in an organization or many companies doing precisely that I can say it does not always feel efficient and it does create 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 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 believe numerous factors one is it’s the standard I believe people have actually got so used to we require a brand-new checking account we open an entity and appropriately so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the norm individuals have actually embraced and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and many other ways um to to type of do it so I believe there’s a range I believe this is a procedure that needs taking a look at it needs changing but ultimately individuals are really stuck to what they recognize
with best um modification is a hard thing we all don’t like change um so I think it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand certainly the benefits of having preserving multiple bank accounts however there’s a substantial amount of complexity opts for setting up a savings account keeping it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for individual people so the complexity is huge however I think the truthful answer is change um people haven’t been able to alter or have not had always the knowledge to really make that change into alternate Solutions other than opening a savings account I think you’ve struck the nail on the head I think it is understanding you know and there is an element of resistance to change however we’ve 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 understand what might nearly be identified to be the next Century or so there is a lot to keep track of and this technique does pose a number of challenges um so Johnny could you inform us about those challenges yeah obviously so there’s a range right there is so
I simply did you changed our Business 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 workers you are worthy of a corner workplace with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global 50 Wont Open