Over the last 5 or 6 years …Tyler Vaughey Papaya Global… roles on the provider side and also on the vendor side from a payroll perspective so actually looking forward to this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply provide everyone another number of uh well one of the 30 seconds or so to join all of us work back to back these days 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 sort of like see where everyone 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 raining here it’s really very gloomy and I want I was somewhere else at this moment in time fine so let’s start our agenda for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why companies preserve different
Virtual payroll accounts are an option to conventional savings account for handling payroll payments. This is particularly helpful for worldwide organizations with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of maintaining different savings account for payroll in various countries, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are ending up being a tactical possession for payroll executives. We will also supply a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently securely and on time during this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll savings account how companies properly forecast their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in adequate in one nation however when you’re doing it globally it’s next level and Beyond it becomes intricate for a range of factors most significantly regulations compliance data security and banking rules then there are the large numbers they add further complexity the worldwide Workforce is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the globe in the traditional payroll model there’s frequently a frustrating number of different systems resulting in lengthy manual processes and silos the variety of Combinations could be non-existent in large quantities and or really very standard there’s no genuine consistency structure we’re living in an age of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which just blows my mind whenever I I believe
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce data in real time that’s another number that gives me sleepless nights and quite frankly the more an organization invests in global payroll the less of a picture they see a lack of visibility also extends to payroll payments and failure to accurately track these payments can result in compliance incidents in the last mile of the transaction nearly half of international businesses have expressed 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 bad HCM information information entry errors badly communicated hires and terminations as well as absence management and system setups and after that when you round everything off and the data is delivered to the wrong place the average cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments don’t run smoothly if they rely on the necessary numerous processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties company face when they’re paying to staff members or otherwise that’s a great question I always throw this back and state what is it what doesn’t need to be included right 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 nation there’s payment time frames there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the client’s own in-country account so there’s complexity anywhere you look right eventually developing a knowledge base is absolutely vital but all over you look with payroll payment they resemble extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link in 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 technology is allowing us to type of move forward with that it likewise also to add to that payroll and finance require to work closer together um with varying Checking account Particulars differing banking requirements and setup processes is absolutely crucial that payroll and finance teams work better together than ever um I’m constantly amazed when individuals say I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as an industry 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 information collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world puts a high value on well-being and the compensation landscape is ending up being increasingly elaborate. Businesses are constantly introducing new benefits and payment alternatives, which contributes to the total intricacy. Large corporations frequently divide their payroll and payment processing into separate teams, which can cause ineffectiveness and bottlenecks. In my opinion, this doesn’t have to hold true. In today’s technically innovative age, there’s no reason for keeping troublesome procedures. Payroll, the business’s most significant expenditure, should be processed correctly and on time. Even minor hold-ups can negatively affect workers’ well-being and have far-reaching repercussions. For that reason, it’s crucial to focus on accurate and timely payments.
The payroll group might not have actually been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and individuals only observe when things go wrong. However, when things go right, it’s viewed as simply a regular job. This is how it’s viewed externally also. For that reason, it is vital to ensure that tasks like Wi-Fi Global and other crucial matters are done correctly. Using the first Worldwide Payments very first payroll payment solution is a terrific initial step towards offering an extensive payroll solution for employees worldwide. Standardization, global procedures, and minimizing the variety of tools, platforms, and bank accounts needed for worldwide payroll are crucial consider accomplishing service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of grievances when things don’t go as planned. Ultimately, we don’t do it for the gratitude.
anyway we know how how essential a role 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 processes and also so imagine sorry I’m just I was simply gon na state picture the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands potentially Millions envision getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating job trying to clean all those up for sure oh absolutely I can’t think of 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 really see what was going on and kind of shot to get back to everyone so proceeding look why do companies pick to primary different checking account there are Tyler Vaughey Papaya Global companies out there doing precisely this for particular countries and I’ve operated in a service or numerous services doing precisely that I can say it doesn’t constantly feel effective and it does develop more work I know we’re not purposely doing that we’re not producing extra work for any person where we don’t have to and anyone that’s dealing with 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 brand-new savings account we open an entity and appropriately so you need it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have embraced and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and many other methods um to to type of do it so I believe there’s a variety I believe this is a procedure that needs looking at it requires altering however eventually individuals are extremely stuck to what they’re familiar
with ideal um modification is a difficult thing we all do not like change um so I think it’s just type of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand certainly the advantages of having preserving multiple savings account but there’s a substantial amount of complexity opts for establishing a savings account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the ideal user accesses for private people so the complexity is substantial but I think the honest answer is modification um individuals haven’t had the ability to change or have not had necessarily the knowledge to really make that change into alternate Solutions aside from opening a bank account I believe you’ve struck the nail on the head I think it is understanding you understand and there is a component of resistance to change but we have actually constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you know what could nearly be figured out to be the next Century or so there is a lot to keep track of and this method does position several obstacles um so Johnny might you tell us about those challenges yeah obviously 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 actually gained another CFO, and with this boosted ability, I have effectively protected payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is closer, considering your achievements. Tyler Vaughey Papaya Global