Over the last 5 or six years …Adp Run Vs Papaya Global… functions on the service provider side and likewise on the vendor side from a payroll point of view so really eagerly anticipating this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just offer everybody another number of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I truly do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely very uninspiring and I want I was elsewhere at this moment in time okay so let’s start our program for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why companies maintain separate
Virtual payroll accounts are an alternative to traditional checking account for managing payroll payments. This is especially useful for worldwide companies with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of keeping separate checking account for payroll in various nations, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are ending up being a tactical asset for payroll executives. We will also provide a wrap-up of the main points 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 worldwide pros and cons of a payroll wallet versus a payroll savings account how companies precisely anticipate their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in sufficient in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a range of reasons most notably regulations compliance information security and banking guidelines then there are the large numbers they include further intricacy the international Labor force is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing all over the world in the conventional payroll design there’s often a frustrating number of different systems causing time-consuming manual processes and silos the variety of Integrations could be non-existent in large quantities and or very really basic there’s no real consistency structure we’re living in an age of tech but 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 and that simply blows my mind whenever I I believe
about it to give you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force data in real time that’s another number that provides me sleepless nights and rather honestly the more a business invests in global payroll the less of a photo they see a lack of exposure also reaches payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the deal nearly half of worldwide organizations have actually expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry mistakes improperly interacted hires and terminations in addition to lack management and system configurations and then when you round everything off and the information is delivered to the wrong location the typical cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash all over the world payroll and payments do not run smoothly if they count on the essential numerous procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles business face when they’re paying to employees or otherwise that’s a great question I constantly toss this back and state what is it what doesn’t need to be consisted of right 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 amount of time 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 customer’s own in-country account so there’s intricacy any place you look best ultimately developing a knowledge base is definitely crucial but everywhere you look with payroll payment they resemble very payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the type 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 innovation is allowing us to sort of move forward with that it also also to contribute to that payroll and financing require to work closer together um with varying Bank Account Particulars varying banking requirements and setup procedures is absolutely imperative that payroll and finance groups work closer together than ever um I’m constantly surprised when people state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll occupation would they split the payroll payment from estimation 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 data collection all the way through to paying individuals anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more crucial to contribute to kind of the level of complexity there’s a growing number of benefits being organ or being used by services throughout the world so once again you’re just aiming to add a growing number of payments to this currently complicated landscape so if you type of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of real difficulties or genuine tough kind of pay uses to play to pay individuals I believe yeah I imply over the last well yeah a number of years I would certainly state that the larger 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 teams feeding info into the next function as it were that’s really managing the payment side of things however you understand in in my opinion and my experience that doesn’t always require to be the case you understand long gone are the times where we require to develop additional handoffs at the same times that we run in they simply make them more prompt they make them less efficient and they don’t make them what they need to be in in a period of tech and an era that you understand that we are working in today there is no reason we are still making this as tough as it requires to be agreed and appropriately as you stated payroll is the single most significant liability that any company has from an expense viewpoint from an effect viewpoint on staff members 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 need to be done right it has the biggest destructive effect on individuals’s wellness and many other factors if people aren’t paid uh I have actually always been astonished entering this Market sort of the last five to 10 years is how little thanks the
payroll team get um so I’m not exactly sure anybody on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an important cycle we all become aware of it when it fails everybody jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely crucial that all of this things is done properly so leveraging the very first Worldwide Payments very first payroll payment solution is an excellent first step um supplying an end-to-end payroll option for your staff members globally again I believe is another big um procedure once again aligning and guaranteeing you have standardization Global procedures all of those things are definitely key to success success of companies and lowering the variety of tools platforms and bank accounts they require for their Global payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things have not gone quite where they’re suggested to be um I don’t think any of us are in fact doing that for for the thanks
anyhow we know how how important 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 everyone that’s involved in those processes and likewise so picture sorry I’m just I was simply gon na say envision the amount of thanks you got if you might 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 lots of thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating 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 held true um you ‘d require days of the week to attempt to check out them and actually see what was going on and type of shot to get back to everybody so moving on appearance why do companies select to main different bank accounts there are Adp Run Vs Papaya Global companies out there doing exactly this for particular nations and I’ve worked in a company or lots of businesses doing exactly that I can state it does not constantly feel efficient and it does develop more work I know we’re not deliberately doing that we’re not producing extra work for anybody where we do not have to and anybody that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe lots of reasons one is it’s the standard I believe 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 but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the standard 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 sort of do it so I think there’s a range I think this is a process that needs looking at it needs altering however ultimately people are extremely stuck to what they’re familiar
with ideal um modification is a hard thing we all don’t like change um so I believe it’s just type of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand certainly the advantages of having preserving several savings account but there’s a huge quantity of intricacy goes with setting up a bank account maintaining it guaranteeing it can send out International transfers ensuring it’s established with the right user accesses for private people so the intricacy is big however I think the truthful answer is change um individuals haven’t been able to change or haven’t had necessarily the knowledge to actually make that change into alternate Solutions other than opening a bank account I think you’ve struck the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter but we’ve always done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what might nearly be identified to be the next Century or so there is a lot to keep an eye on and this technique does posture several challenges um so Johnny could you tell us about those obstacles yeah of course so there’s a range right there is so
I just did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you should have a corner office with a more detailed parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Adp Run Vs Papaya Global