Over the last five or six years …Papaya Global Update 2022/23… functions on the service provider side and likewise on the supplier side from a payroll viewpoint so actually anticipating this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just provide everyone another number of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to kind of like see where everybody comes 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 drizzling here it’s very really dreary and I wish I was elsewhere 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 handling Worldwide payroll why companies maintain separate
Virtual payroll accounts are an alternative to traditional checking account for managing payroll payments. This is particularly beneficial for global organizations with dispersed and remote workforces, as it simplifies the complex procedure of cross-border payments. Instead of maintaining separate savings account for payroll in different nations, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are ending up being a tactical possession for payroll executives. We will also offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently safely and on time during this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll bank account how business accurately anticipate their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic possession so payroll can be challenging in enough in one country but when you’re doing it globally it’s next level and Beyond it becomes complex for a range of reasons most notably policies compliance data security and banking guidelines then there are the large numbers they include more intricacy the global Labor force is currently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people 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 globe in the traditional payroll model there’s frequently an overwhelming variety of different systems leading to lengthy manual procedures and silos the variety of Integrations could be non-existent in large quantities and or very very basic there’s no genuine consistency framework we’re residing in a period of tech however 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 and that just 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 only 11 of services state they have Labor force data in real time that’s another number that gives me sleep deprived nights and rather frankly the more an organization invests in worldwide payroll the less of an image they see a lack of visibility also reaches payroll payments and inability to accurately track these payments can lead to compliance accidents 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 require in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM data information entry mistakes poorly communicated hires and terminations along with lack management and system setups and then when you round everything off and the information is delivered to the wrong location the average expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money worldwide payroll and payments do not run efficiently if they count on the essential several procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles company face when they’re paying to employees or otherwise that’s a good question I constantly toss this back and say what is it what does not require to be consisted of ideal and what does
it require to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per country 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 client’s own in-country account so there’s complexity any place you look ideal ultimately developing a knowledge base is absolutely important but everywhere you look with payroll payment they resemble super 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 believe there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is allowing us to sort of move on with that it also too to add to that payroll and financing require to work closer together um with varying Bank Account Details differing banking requirements and setup processes is absolutely important that payroll and financing groups work more detailed together than ever um I’m always surprised when people 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 profession would they divide 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 any place they are but likewise paying statutory authorities and on statutory third parties so with the
The modern-day world puts a high value on wellness and the compensation landscape is becoming significantly complex. Organizations are continuously introducing brand-new benefits and payment choices, which adds to the general intricacy. Large corporations typically divide their payroll and payment processing into different groups, which can result in inadequacies and bottlenecks. In my opinion, this does not have to be the case. In today’s highly sophisticated era, there’s no reason for keeping troublesome treatments. Payroll, the business’s most significant expense, should be processed correctly and on time. Even small delays can adversely affect employees’ well-being and have significant consequences. Therefore, it’s crucial to prioritize accurate and timely payments.
payroll group get um so I’m not sure anybody on this type of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an essential cycle we all find out about it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely essential that all of this stuff is done correctly so leveraging the first Global Payments very first payroll payment option is an excellent first step um offering an end-to-end payroll service for your workers globally again I think is another big um process once again lining up and ensuring you have standardization Global processes all of those things are definitely key to success success of companies and decreasing the number of tools platforms and bank accounts they need for their International payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never ever had a hundred countless 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 grievances where things have not gone rather where they’re indicated to be um I don’t believe any of us are actually doing that for for the thanks
anyhow we understand how how crucial 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 easy as possible for everyone that’s associated with those procedures and also so think of sorry I’m simply I was simply gon na state picture the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions imagine getting that lots of thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating job attempting to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and actually see what was going on and kind of shot to return to everybody so carrying on look why do business select to primary different bank accounts there are Papaya Global Update 2022/23 services out there doing exactly this for particular countries and I’ve operated in a business or many services doing precisely that I can say it doesn’t always feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not creating additional work for any person where we don’t have to and anybody 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 quantity that we are I think lots of factors one is it’s the requirement I believe individuals have actually got so used to we require a new savings account we open an entity and appropriately so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have embraced and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and lots of other methods um to to kind of do it so I believe there’s a variety I believe this is a process that requires taking a look at it requires changing but ultimately individuals are very stuck with what they’re familiar
with ideal um change is a challenging thing we all do not like change um so I believe it’s simply sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand obviously the advantages of having preserving multiple savings account but there’s a big amount of complexity goes with setting up a checking account keeping it ensuring it can send International transfers guaranteeing it’s set up with the right user accesses for private individuals so the intricacy is huge but I think the sincere response is change um individuals have not been able to alter or haven’t had always the knowledge to truly make that change into alternate Solutions besides opening a savings account I believe you’ve struck the nail on the head I think it is knowledge you know and there is an element of resistance to change however we’ve constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what could practically be figured out to be the next Century or two there is a lot to keep an eye on and this technique does present numerous obstacles um so Johnny could you inform us about those obstacles yeah naturally so there’s a variety right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has gotten another CFO, and with this boosted capability, I have actually effectively secured payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global Update 2022/23