Over the last 5 or 6 years …Papaya Global Problems Today… roles on the provider side and also on the supplier side from a payroll viewpoint so really eagerly anticipating this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply offer everyone another number of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everybody originates from and I really do hope it’s much sunnier than it remains 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 really really bleak and I want I was elsewhere at this moment in time okay so let’s begin our program for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why companies keep separate
Virtual payroll accounts are an option to traditional savings account for managing payroll payments. This is particularly useful for international organizations with dispersed and remote workforces, as it streamlines the complicated procedure of cross-border payments. Instead of keeping separate savings account for payroll in different nations, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a strategic asset for payroll executives. We will likewise offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively firmly and on time throughout this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how companies accurately anticipate their payroll expenses to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in adequate in one country however when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a variety of reasons most notably guidelines compliance data security and banking rules then there are the sheer numbers they include more complexity the global Workforce is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 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 around the world in the standard payroll model there’s often a frustrating number of different systems causing time-consuming manual procedures and silos the number of Integrations could be non-existent in large amounts and or really very basic there’s no real consistency structure we’re living in an age 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 typically with pen and paper and that just blows my mind each time I I believe
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Labor force information in real time that’s another number that offers me sleep deprived nights and rather honestly the more a business invests in global payroll the less of a photo they see an absence of exposure also extends to payroll payments and failure to accurately track these payments can cause compliance incidents in the last mile of the deal almost half of global organizations have actually revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry mistakes improperly interacted hires and terminations along with lack management and system configurations and after that when you round all of it off and the information is shipped to the incorrect place the typical cost of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the world payroll and payments do not run efficiently if they rely on the essential numerous processes systems and partners it is just 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 paying to employees or otherwise that’s an excellent concern I always toss this back and state what is it what does not need to be consisted of ideal and what does
it require to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy anywhere you look right eventually building a knowledge base is absolutely important however all over you look with payroll payment they resemble incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you 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 essential and innovation is permitting us to kind of move on with that it likewise as well to contribute to that payroll and finance require to work closer together um with differing Savings account Details differing banking requirements and setup processes is definitely vital that payroll and financing groups work more detailed together than ever um I’m always surprised when people state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession would they divide the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so typically 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 well-being being increasingly more essential to add to kind of the level of intricacy there’s increasingly more advantages being organ or being used by services across the world so once again you’re simply wanting to add increasingly more payments to this currently complicated landscape so if you sort 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 obstacles or genuine challenging type of pay uses to play to pay people I believe yeah I indicate over the last well yeah a number of years I would definitely 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 task there are groups feeding details into the next function as it were that’s really managing the payment side of things however you know in in my viewpoint and my experience that doesn’t always 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 run in they just make them more timely they make them less efficient and they don’t make them what they need to be in in a period of tech and a period that you understand that we are operating in today there is no reason why we are still making this as challenging as it requires to be agreed and appropriately as you said payroll is the single greatest liability that any organization has from an expense viewpoint from an effect perspective on staff members it is absolutely critical that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the most significant damaging effect on individuals’s well-being and numerous other factors if people aren’t paid uh I’ve always been impressed entering into this Market kind of the last five to ten years is how little thanks the
The payroll team might not have actually been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and people just notice when things go wrong. Nevertheless, when things go right, it’s seen as simply a regular task. This is how it’s perceived externally too. Therefore, it is vital to make sure that tasks like Wi-Fi International and other essential matters are done correctly. Utilizing the very first Global Payments very first payroll payment solution is a great preliminary action towards offering a thorough payroll service for workers worldwide. Standardization, worldwide processes, and reducing the number of tools, platforms, and checking account required for global payroll are essential factors in attaining business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of grievances when things do not go as planned. Ultimately, we do not do it for the gratitude.
anyway we understand 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 involved in those procedures and likewise so think of sorry I’m simply I was just gon na say picture the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions imagine 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 interesting task attempting to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to check out them and actually see what was going on and type of shot to get back to everybody so carrying on appearance why do business select to primary separate checking account there are Papaya Global Problems Today companies out there doing exactly this for specific nations and I’ve operated in a service or numerous services doing precisely that I can state it does not constantly feel effective and it does create more work I understand we’re not intentionally doing that we’re not producing additional work for any person where we do not have to and anybody that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think lots of factors one is it’s the standard I think people have actually got so utilized to we need a new savings account we open an entity and rightly 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 standard and the norm the people have embraced and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and numerous other ways um to to type of do it so I think there’s a variety I believe this is a procedure that needs taking a look at it requires altering however ultimately individuals are extremely stuck with what they recognize
with ideal um modification is a difficult thing all of us do not like modification um so I think it’s just type of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand obviously the benefits of having maintaining several bank accounts however there’s a substantial amount of complexity chooses setting up a bank account keeping it ensuring it can send International transfers guaranteeing it’s set up with the ideal user accesses for individual people so the complexity is huge however I think the sincere response is modification um individuals haven’t been able to change or haven’t had always the understanding to actually make that change into alternate Solutions other than opening a savings account I believe you have actually struck the nail on the head I think it is knowledge you know and there is an aspect of resistance to change but we have actually constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of carrying on and moving into you know what might almost be identified to be the next Century or so there is a lot to keep track of and this method does posture a number of difficulties um so Johnny might you inform us about those obstacles yeah of course so there’s a variety right there is so
I simply did you changed our Enterprise 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 staff members you are worthy of a corner workplace with a better parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Problems Today