Over the last 5 or 6 years …Can Papaya Global Payroll Hsa… functions on the provider side and likewise on the supplier side from a payroll perspective so truly looking forward to this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply give everybody another couple of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everyone comes from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very very uninspiring and I want I was somewhere else at this moment in time fine so let’s begin our program for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why business maintain different
Virtual payroll accounts are an option to standard savings account for managing payroll payments. This is particularly beneficial for international companies with dispersed and remote workforces, as it streamlines the complicated procedure of cross-border payments. Instead of keeping separate checking account for payroll in different nations, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are ending up being a strategic asset for payroll executives. We will also supply a wrap-up of the main points 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 walk you through the worldwide pros and cons of a payroll wallet versus a payroll checking account how companies properly 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 tough in sufficient in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a range of factors most importantly regulations compliance information security and banking guidelines then there are the sheer numbers they add further complexity the global Workforce is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing around the world in the traditional payroll model there’s often a frustrating number of various systems resulting in lengthy manual processes and silos the number of Integrations could be non-existent in big amounts and or really really basic there’s no genuine consistency framework 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 and that simply blows my mind every time I I think
about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force data in real time that’s another number that gives me sleepless nights and rather honestly the more a business invests in worldwide payroll the less of a photo they see an absence of presence also encompasses payroll payments and inability to properly track these payments can lead to compliance accidents in the last mile of the deal almost half of worldwide organizations have actually expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM data data entry errors improperly interacted hires and terminations as well as lack management and system setups and after that when you round everything off and the data is delivered to the wrong location the typical expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe payroll and payments don’t run smoothly if they depend on the essential multiple procedures 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 service face when they’re paying to staff members or otherwise that’s an excellent question I constantly throw this back and state what is it what does not require to be consisted of best and what does
it require to be considered there’s varying Bank information 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 capabilities 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 consumer’s own in-country account so there’s complexity any place you look right ultimately developing a knowledge base is absolutely crucial however everywhere you look with payroll payment they are like super payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely basic and innovation is permitting us to type of move forward with that it also too to add to that payroll and financing need to work closer together um with differing Checking account Particulars varying banking requirements and setup processes is absolutely vital that payroll and finance teams work better together than ever um I’m constantly surprised when individuals say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from calculation 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 eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being more and more essential to contribute to type of the level of complexity there’s increasingly more advantages being organ or being provided by companies throughout the world so once again you’re just seeking to add increasingly more 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 sure but have you got any experience in kind of genuine challenges or genuine tough kind of pay uses to play to pay people I believe yeah I indicate over the last well yeah a couple of years I would absolutely say that the larger a service gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are teams feeding information into the next function as it were that’s actually managing the payment side of things but you understand in in my opinion and my experience that doesn’t necessarily require to be the case you know long gone are the times where we require to develop additional handoffs while doing sos that we run in they just make them more prompt they make them less effective 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 that we are still making this as tough as it needs to be agreed and appropriately as you said payroll is the single most significant liability that any business has from a cost point of view from an impact viewpoint on staff members it is absolutely important 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 most significant detrimental impact on individuals’s wellness and lots of other aspects if people aren’t paid uh I’ve always been astonished coming into this Market kind of the last 5 to ten years is how little thanks the
The payroll group might not have been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and people only discover when things go wrong. However, when things go right, it’s seen as just a routine job. This is how it’s viewed externally too. For that reason, it is important to ensure that tasks like Wi-Fi International and other essential matters are done correctly. Utilizing the very first International Payments very first payroll payment solution is a great initial action towards providing a comprehensive payroll solution for staff members worldwide. Standardization, international procedures, and minimizing the variety of tools, platforms, and checking account needed for international payroll are essential consider achieving company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few complaints when things do not go as prepared. Eventually, we do not do it for the thankfulness.
anyhow we know 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 everybody that’s associated with those procedures and likewise so imagine sorry I’m simply I was simply gon na say imagine the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re speaking about numerous thousands possibly 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 but it would certainly be a fascinating task attempting to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to look through them and really see what was going on and type of try to return to everybody so moving on look why do business pick to primary different savings account there are Can Papaya Global Payroll Hsa organizations out there doing precisely this for particular countries and I’ve operated in an organization or lots of services doing precisely that I can state it does not constantly feel effective and it does produce more work I know we’re not deliberately doing that we’re not creating additional work for anybody where we do not need to and any person that’s handling 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 requirement I think people have got so utilized to we require a new savings account we open an entity and rightly so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard 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 lots of other methods um to to kind of do it so I believe there’s a range I think this is a procedure that needs taking a look at it requires changing however ultimately people are very stuck to what they recognize
with right um modification is a tough thing we all don’t like change um so I think it’s just sort of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the advantages of having preserving numerous checking account but there’s a big quantity of complexity goes with setting up a checking account maintaining it guaranteeing it can send International transfers ensuring it’s set up with the ideal user accesses for individual individuals so the intricacy is huge however I believe the sincere response is change um individuals haven’t been able to change or haven’t had necessarily the knowledge to truly make that change into alternate Solutions other than opening a checking account I believe you have actually hit the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change however we have actually always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might almost be figured out to be the next Century or two there is a lot to track and this technique does position numerous challenges um so Johnny might you inform us about those challenges yeah naturally so there’s a variety right there is so
I simply did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles 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 workplace with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you Can Papaya Global Payroll Hsa