Over the last 5 or 6 years …Papaya Global Quote… functions on the provider side and likewise on the supplier side from a payroll viewpoint so truly looking forward to this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just provide everyone another couple of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everybody comes from and I really do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely very dreary and I want I was somewhere else at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why companies maintain separate
Virtual payroll accounts are an option to traditional bank accounts for managing payroll payments. This is especially useful for international organizations with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of maintaining different checking account for payroll in different nations, 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 becoming a tactical possession for payroll executives. We will likewise supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently safely and on time during this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll bank account how companies precisely anticipate their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in adequate in one country but when you’re doing it globally it’s next level and Beyond it becomes complicated for a variety of reasons most importantly guidelines compliance information security and banking guidelines then there are the large numbers they include additional complexity the worldwide Labor force is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing worldwide in the traditional payroll design there’s typically a frustrating variety of different systems resulting in time-consuming manual processes and silos the number of Integrations could be non-existent in large amounts and or very really basic there’s no real consistency structure we’re living in an era 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 which simply blows my mind every time I I believe
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Labor force information in real time that’s another number that provides me sleep deprived nights and rather honestly the more a company invests in worldwide payroll the less of a picture they see an absence of exposure also extends to payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the deal nearly half of worldwide organizations have actually revealed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM information information entry errors inadequately communicated hires and terminations as well as absence management and system configurations and then when you round all of it off and the information is shipped to the incorrect place the typical expense of an international information 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 don’t run smoothly if they rely on the necessary several processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties business face when they’re paying to staff members or otherwise that’s a great question I always throw this back and say what is it what does not require to be consisted of right and what does
it need to be thought of there’s varying 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 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 intricacy wherever you look best eventually developing a knowledge base is absolutely crucial but everywhere you look with payroll payment they are like very payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely essential and innovation is enabling us to type of progress with that it likewise as well to contribute to that payroll and finance require to work closer together um with varying Savings account Particulars differing banking requirements and setup processes is absolutely crucial that payroll and finance groups work more detailed together than ever um I’m constantly astonished when individuals say I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll profession 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being a growing number of essential to contribute to kind of the level of intricacy there’s increasingly more benefits being organ or being offered by organizations across the world so again you’re just wanting to add a growing number of payments to this currently complex landscape so if you type of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of real obstacles or genuine challenging type of pay uses to play to pay individuals I believe yeah I imply over the last well yeah a number of decades I would certainly say 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 information into the next function as it were that’s really managing the payment side of things but you understand in in my opinion and my experience that does not necessarily need to be the case you understand long gone are the times where we need to develop additional handoffs at the same times that we run in they simply make them more timely 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 know that we are working in today there is no reason we are still making this as challenging as it needs to be agreed and rightly as you said payroll is the single greatest liability that any organization has from an expense point of view from an impact viewpoint on workers it is absolutely vital that it’s done correctly 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 detrimental impact on people’s wellness and numerous other elements if individuals aren’t paid uh I’ve always been impressed coming into this Market type of the last five to 10 years is how little thanks the
The payroll team may not have been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and people just discover when things go wrong. Nevertheless, when things go right, it’s viewed as just a regular task. This is how it’s viewed externally also. For that reason, it is important to make sure that tasks like Wi-Fi Worldwide and other important matters are done correctly. Using the very first Worldwide Payments very first payroll payment service is a terrific initial step towards supplying a detailed payroll service for employees worldwide. Standardization, international procedures, and decreasing the variety of tools, platforms, and checking account needed for global payroll are crucial factors in attaining company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of problems when things don’t go as planned. Eventually, we don’t do it for the gratitude.
anyway we understand how how important 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 likewise so imagine sorry I’m simply I was simply gon na say picture the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions envision getting that many 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 a fascinating job trying to clean up all those up for sure oh absolutely I can’t envision 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 actually see what was going on and type of shot to get back to everybody so proceeding appearance why do business choose to main different checking account there are Papaya Global Quote organizations out there doing exactly this for specific nations and I have actually worked in a service or lots of businesses doing exactly 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 creating extra work for anybody where we don’t need to and anyone that’s managing 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 reasons one is it’s the standard I think people have got so used to we require a new savings 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 standard and the norm individuals have actually adopted and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a variety I believe this is a procedure that requires looking at it requires changing but eventually individuals are extremely stuck to what they’re familiar
with ideal um modification is a tough thing all of us do not like change um so I believe it’s simply sort of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand clearly the advantages of having maintaining several checking account but there’s a big amount of complexity chooses setting up a bank account maintaining it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for private individuals so the intricacy is big however I think the sincere response is modification um people have not been able to change or have not had always the knowledge to actually make that change into alternate Solutions besides opening a bank account I believe you have actually struck the nail on the head I believe it is understanding you understand and there is a component of resistance to alter 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 understand what might almost be identified to be the next Century approximately there is a lot to monitor and this approach does posture numerous obstacles um so Johnny could you tell us about those obstacles yeah obviously so there’s a variety right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has gotten another CFO, and with this enhanced ability, I have successfully secured payments for our 10,000 employees worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is better, considering your achievements. Papaya Global Quote