Over the last five or six years …Papaya Global Payroll Can I Choose Start Of Workweek… functions on the provider side and also on the vendor side from a payroll point of view so truly looking forward to this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just give everyone another number of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everyone 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 really really uninspiring and I want I was somewhere else at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Worldwide payroll why business preserve different
Virtual payroll accounts are an option to conventional savings account for managing payroll payments. This is particularly useful for international companies with dispersed and remote workforces, as it simplifies the intricate procedure of cross-border payments. Instead of preserving separate bank accounts for payroll in different countries, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are becoming a strategic property 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 securely and on time throughout this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll checking account how companies accurately forecast their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in adequate in one nation but when you’re doing it globally it’s next level and Beyond it ends up being complex for a range of factors most significantly regulations compliance information security and banking guidelines then there are the large numbers they include more complexity the international Workforce is presently 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 consider that there are some 230 million services and growing all doing their own thing around the globe in the standard payroll design there’s frequently a frustrating number of various systems causing time-consuming manual processes and silos the number of Integrations could be non-existent in large quantities and or extremely very basic there’s no real consistency structure we’re residing in an age of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which simply blows my mind whenever I I think
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force information in real time that’s another number that offers me sleepless nights and quite honestly the more a company invests in international payroll the less of an image they see a lack of exposure likewise reaches payroll payments and failure to precisely track these payments can lead to compliance mishaps in the last mile of the deal almost half of global organizations have revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry errors badly interacted hires and terminations as well as absence management and system setups and after that when you round it all off and the data is delivered to the incorrect location the average cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money all over the world payroll and payments do not run efficiently if they depend on the essential multiple processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges service face when they’re making payments to workers or otherwise that’s a good question I constantly throw this back and state what is it what doesn’t need to be consisted of right and what does
it require to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan 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 complexity any place you look ideal ultimately constructing a knowledge base is definitely crucial however everywhere you look with payroll payment they resemble very payments no if but some children about it you are all superheroes processing payments for payroll if you 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 technology is permitting us to kind of move on with that it likewise also to contribute to that payroll and financing require to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is absolutely vital that payroll and finance teams work better together than ever um I’m constantly amazed when people say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate 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 eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more crucial to add to sort of the level of intricacy there’s increasingly more advantages being organ or being offered by businesses throughout the world so again you’re simply looking to include increasingly more payments to this currently complex landscape so if you kind of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of real obstacles or real tough sort of pay uses to play to pay individuals I think yeah I suggest over the last well yeah a couple of decades I would definitely state that the larger a service gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are groups feeding info into the next function as it were that’s in fact managing the payment side of things however 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 require to develop additional handoffs while doing sos that we operate in they simply make them more timely they make them less efficient and they do not make them what they need to be in in an age of tech and a period that you know that we are operating in today there is no reason why we are still making this as challenging as it requires to be concurred and rightly as you said payroll is the single biggest liability that any business has from a cost perspective from an effect viewpoint on staff members it is definitely vital that it’s done properly and on time so what we suggest 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 damaging impact on people’s wellness and numerous other aspects if individuals aren’t paid uh I’ve always been astonished entering this Market type of the last five to ten years is how little thanks the
payroll group get um so I’m not sure anybody on this sort of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such a crucial cycle we all hear about it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely crucial that all of this stuff is done correctly so leveraging the very first Worldwide Payments first payroll payment service is a terrific first step um providing an end-to-end payroll service for your staff members internationally once again I think is another substantial um process once again lining up and guaranteeing you have standardization International processes all of those things are definitely essential to success success of businesses and reducing the number of tools platforms and savings account they need for their Worldwide payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the problems where things haven’t gone quite where they’re meant to be um I do not believe any of us are in fact doing that for for the thanks
anyhow we understand how how crucial 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 envision sorry I’m simply I was just gon na say think of the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re discussing 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 task attempting to clean up 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 need days of the week to try to browse them and in fact see what was going on and type of shot to get back to everyone so moving on appearance why do business choose to main different checking account there are Papaya Global Payroll Can I Choose Start Of Workweek companies out there doing precisely this for particular nations and I have actually worked in a company or numerous services doing precisely that I can say it doesn’t constantly feel efficient and it does develop more work I know we’re not purposely doing that we’re not developing additional work for any person where we do not have to and any person that’s handling that procedure I ‘d be interested to hear your thoughts 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 believe people have actually got so utilized to we require 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 think it’s just been the requirement and the norm the people have adopted and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and many other methods um to to kind of do it so I believe there’s a range I believe this is a procedure that requires looking at it needs altering however eventually individuals are really stuck to what they’re familiar
with ideal um modification is a hard thing all of us do not like change um so I believe it’s simply type of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the benefits of having preserving multiple bank accounts however there’s a big amount of intricacy opts for establishing a checking account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for individual individuals so the intricacy is huge however I believe the honest response is modification um people haven’t been able to alter or have not had always the understanding to truly make that change into alternate Solutions other than opening a checking account I think you have actually hit the nail on the head I believe it is understanding you know 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 benefits and the possibilities of proceeding and moving into you know what might nearly be figured out to be the next Century approximately there is a lot to keep an eye on and this approach does present numerous difficulties um so Johnny could you inform us about those challenges yeah obviously so there’s a variety right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has gotten another CFO, and with this enhanced capability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Payroll Can I Choose Start Of Workweek