Over the last five or 6 years …Papaya Global Report Add Totals… roles on the company side and likewise on the supplier side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just give everyone another couple of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I truly 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 very very bleak and I wish I was somewhere else at this moment in time all right so let’s get started our program for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why companies maintain different
Virtual payroll accounts are an alternative to traditional bank accounts for handling payroll payments. This is particularly beneficial for international companies with dispersed and remote labor forces, as it simplifies the intricate procedure of cross-border payments. Instead of keeping separate bank accounts for payroll in different nations, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are ending up being a tactical asset for payroll executives. We will likewise supply a recap of the bottom lines 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 walk you through the worldwide pros and cons of a payroll wallet versus a payroll bank account how companies precisely 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 difficult in adequate in one country however when you’re doing it internationally it’s next level and Beyond it becomes complex for a variety of reasons most notably regulations compliance data security and banking guidelines then there are the sheer numbers they add more complexity the global Workforce is presently 3 and a half billion people 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 consider that there are some 230 million businesses and growing all doing their own thing around the globe in the conventional payroll model there’s often a frustrating number of different systems causing lengthy manual procedures and silos the number of Combinations could be non-existent in big quantities and or really really basic there’s no genuine consistency framework we’re residing in a period 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 every time I I think
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force information in real time that’s another number that offers me sleep deprived nights and quite honestly the more a business invests in global payroll the less of a photo they see an absence of visibility also encompasses payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the deal almost half of worldwide companies have actually revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry errors badly interacted hires and terminations as well as lack management and system configurations and after that when you round everything off and the information is delivered to the incorrect place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world payroll and payments don’t run smoothly if they rely on the necessary several processes 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 challenges business face when they’re making payments to employees or otherwise that’s an excellent concern I always toss this back and say what is it what does not need to be included ideal and what does
it require to be considered 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 have to pay from the customer’s own in-country account so there’s intricacy any place you look ideal eventually developing a knowledge base is definitely critical but all over you look with payroll payment they are like super payments no if however 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 recognition that payroll payments are definitely basic and innovation is enabling us to type of progress with that it likewise as well to contribute to that payroll and finance need to work closer together um with differing Checking account Details varying banking requirements and setup procedures is absolutely necessary that payroll and financing groups work more detailed together than ever um I’m constantly impressed when individuals state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from calculation 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 procedure it’s the point of information collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being a growing number of essential to contribute to kind of the level of complexity there’s increasingly more advantages being organ or being used by companies across the world so once again you’re simply looking to include a growing number of payments to this already intricate landscape so if you sort of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of genuine obstacles or real challenging kind of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a number of decades I would definitely state that the bigger 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 actually handling the payment side of things however you understand in in my opinion and my experience that does not always need to be the case you understand long gone are the times where we require to create extra handoffs in the processes that we operate in they just make them more timely they make them less effective and they do not make them what they require 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 requires to be concurred and appropriately as you said payroll is the single biggest liability that any company has from an expense point of view from an effect perspective on employees it is definitely crucial 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 need to be done right it has the biggest harmful result on individuals’s well-being and lots of other factors if people aren’t paid uh I’ve always been impressed entering this Market sort of the last five to 10 years is how little thanks the
The payroll group may not have actually been thanked for correctly 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 individuals only notice when things fail. Nevertheless, when things go right, it’s viewed as just a routine task. This is how it’s viewed externally too. Therefore, it is important to ensure that jobs like Wi-Fi Global and other vital matters are done properly. Using the very first Global Payments first payroll payment option is a fantastic initial action towards supplying a thorough payroll option for staff members worldwide. Standardization, international procedures, and reducing the number of tools, platforms, and savings account essential for international payroll are key factors in achieving business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a few grievances when things do not go as prepared. Eventually, we don’t do it for the appreciation.
anyhow we know 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 simple as possible for everybody that’s associated with those procedures and likewise so imagine sorry I’m just I was just gon na state envision the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions imagine getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting 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 require days of the week to attempt to look through 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 primary separate savings account there are Papaya Global Report Add Totals organizations out there doing exactly this for particular nations and I have actually operated in an organization or many businesses doing precisely that I can say it doesn’t always feel efficient and it does create more work I understand we’re not deliberately doing that we’re not creating extra work for any person where we do not need to and anyone that’s handling 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 think numerous reasons one is it’s the requirement I think people have actually got so used to we require a new bank account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm the people have actually embraced and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a variety I think this is a process that needs taking a look at it requires altering but ultimately individuals are really stuck with what they recognize
with right um change is a hard thing we all do not like modification um so I believe it’s just type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand obviously the advantages of having keeping multiple checking account but there’s a substantial quantity of intricacy opts for establishing a savings account keeping it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for specific people so the complexity is substantial however I think the honest response is modification um individuals haven’t been able to change or haven’t had always the knowledge to actually make that change into alternate Solutions aside from opening a bank account I believe you have actually hit the nail on the head I think it is knowledge you understand and there is an element of resistance to change but we’ve always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what could nearly be determined to be the next Century or two there is a lot to track and this approach does posture several challenges um so Johnny might you inform us about those challenges yeah of course 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 tasks on one platform. It feels like our CFO has gained another CFO, and with this boosted ability, I have effectively secured payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is closer, considering your achievements. Papaya Global Report Add Totals