Over the last five or six years …How To Use Papaya Global Payroll Software… roles on the company side and also on the supplier side from a payroll point of view so really eagerly anticipating this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply offer everybody another number of uh well among the 30 seconds or so to join all of us 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 simply to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I actually do hope it’s much sunnier than it is 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 dreary and I want I was elsewhere at this moment in time all right so let’s begin our program for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why companies maintain separate
Virtual payroll accounts are an option to standard checking account for managing payroll payments. This is especially useful for worldwide organizations with dispersed and remote labor forces, as it simplifies the intricate process of cross-border payments. Instead of maintaining separate bank accounts for payroll in different countries, virtual accounts and digital wallets offer a more structured option. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a tactical possession for payroll executives. We will also provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively securely and on time during this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll checking account how business accurately anticipate their payroll expenses to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in sufficient in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes complex for a variety of reasons most notably guidelines compliance data security and banking guidelines then there are the sheer numbers they add more complexity the worldwide Workforce is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 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 standard payroll model there’s frequently a frustrating number of various systems resulting in time-consuming manual processes and silos the variety of Combinations could be non-existent in big amounts and or really extremely fundamental there’s no genuine consistency structure we’re residing in an age of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just blows my mind whenever I I believe
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of services say they have Labor force data in real time that’s another number that provides me sleep deprived nights and rather frankly the more a company spends on worldwide payroll the less of an image they see an absence of exposure also extends to payroll payments and inability to accurately track these payments can result in compliance accidents in the last mile of the deal nearly half of worldwide businesses have actually revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry errors badly communicated hires and terminations as well as lack management and system setups and after that when you round all of it off and the information is shipped to the wrong location the typical expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the globe payroll and payments do not run smoothly if they rely on the required 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 organization face when they’re paying to workers or otherwise that’s an excellent question I constantly toss this back and say what is it what doesn’t need to be included ideal and what does
it require to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per country 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 need to pay from the client’s own in-country account so there’s complexity wherever you look best ultimately constructing a knowledge base is definitely vital but all over you look with payroll payment they resemble very payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the kind of link in 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 technology is allowing us to kind of move on with that it also as well to add to that payroll and financing require to work closer together um with varying Checking account Details varying banking requirements and setup procedures is absolutely essential that payroll and financing teams work closer together than ever um I’m constantly surprised when people state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation would they split the payroll payment from computation 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 procedure it’s the point of information collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being more and more important to add to type of the level of intricacy there’s increasingly more advantages being organ or being used by organizations throughout the world so again you’re simply aiming to add increasingly more payments to this already intricate landscape so if you type of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of genuine difficulties or real tough sort of pay utilizes to play to pay people I believe yeah I mean over the last well yeah a number of decades I would definitely state that the larger a business 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 info into the next function as it were that’s actually handling the payment side of things but you know in in my opinion and my experience that doesn’t always require to be the case you know long gone are the times where we need to produce additional handoffs in the processes that we operate in they just make them more prompt they make them less efficient and they don’t make them what they require to be in in a period of tech and an age that you understand that we are operating in today there is no reason we are still making this as difficult as it needs to be concurred and rightly as you stated payroll is the single greatest liability that any organization has from a cost point of view from an impact point of view on employees it is definitely important that it’s done correctly and on time so what we mean 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 damaging result on people’s well-being and many other aspects if individuals aren’t paid uh I’ve always been impressed entering this Market kind of the last five to 10 years is how little thanks the
The payroll group might not have actually been thanked for properly processing payroll during a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and individuals just notice when things go wrong. However, when things go right, it’s viewed as simply a regular task. This is how it’s viewed externally as well. For that reason, it is vital to ensure that tasks like Wi-Fi Worldwide and other essential matters are done correctly. Utilizing the very first Worldwide Payments first payroll payment service is a terrific initial step towards offering an extensive payroll solution for employees worldwide. Standardization, global processes, and lowering the variety of tools, platforms, and bank accounts essential for global payroll are key consider accomplishing service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a few problems when things don’t go as planned. Ultimately, we do not do it for the appreciation.
anyway we know how how essential 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 easy as possible for everyone that’s associated with those procedures and also so think of sorry I’m simply I was just gon na state imagine the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions picture getting that lots of thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an interesting job trying to clean up 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 need days of the week to try to check out them and really see what was going on and type of shot to return to everybody so proceeding look why do companies select to primary different savings account there are How To Use Papaya Global Payroll Software services out there doing precisely this for particular countries and I have actually operated in a service or lots of businesses doing precisely that I can state it does not constantly feel efficient and it does produce more work I know we’re not intentionally doing that we’re not creating additional work for any person where we don’t have to and anyone that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I think numerous reasons one is it’s the standard I think people have actually got so utilized to we need a new bank 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 simply been the standard and the standard the people have adopted and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a variety I think this is a process that requires looking at it requires changing but eventually individuals are really stuck with what they’re familiar
with right um modification is a tough thing we all do not like change um so I believe it’s simply 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 comprehend undoubtedly the advantages of having preserving several savings account however there’s a huge quantity of complexity opts for establishing a bank account preserving it ensuring it can send International transfers guaranteeing it’s established with the best user accesses for private people so the intricacy is big but I think the sincere response is modification um individuals have not been able to alter or haven’t had always the understanding to truly make that change into alternate Solutions aside from opening a bank account I believe you’ve hit the nail on the head I think it is understanding you understand and there is an element 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 proceeding and moving into you understand what might nearly be determined to be the next Century or so there is a lot to keep an eye on and this technique does position several challenges um so Johnny might you tell us about those obstacles yeah of course so there’s a variety right there is so
I just did you switched 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 International workers you deserve a corner office with a better parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you How To Use Papaya Global Payroll Software