Over the last five or six years …Papaya Global Fps Adjustment… functions on the service provider side and likewise on the vendor side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just give everyone another number of uh well among the 30 seconds or two to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very really dreary and I want I was elsewhere at this moment in time all right so let’s start our agenda for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why business maintain separate
Virtual payroll accounts are an option to standard checking account for handling payroll payments. This is especially beneficial for global organizations with dispersed and remote labor forces, as it streamlines the complex procedure of cross-border payments. Instead of keeping different savings account for payroll in various countries, virtual accounts and digital wallets provide a more structured service. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are becoming a tactical asset 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 properly efficiently firmly and on time throughout this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how companies properly 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 tough in adequate in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes complex for a range of factors most significantly regulations compliance information security and banking rules then there are the large numbers they add more complexity the international Labor force is presently three 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 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 globe in the traditional payroll design there’s often a frustrating variety of different systems causing time-consuming manual processes and silos the variety of Combinations could be non-existent in big quantities and or really very fundamental there’s no genuine consistency framework we’re residing in a period 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 frequently with pen and paper which simply blows my mind every time I I think
about it to give you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Workforce information in real time that’s another number that offers me sleepless nights and quite honestly the more a business invests in global payroll the less of a picture they see an absence of presence also extends to payroll payments and inability to precisely track these payments can lead to compliance mishaps in the last mile of the deal almost half of international services have revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry mistakes improperly interacted hires and terminations in addition to lack management and system setups and then when you round everything off and the information is delivered to the incorrect location the average expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the globe payroll and payments don’t run smoothly if they depend on the required numerous processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties organization face when they’re making payments 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 consisted of right and what does
it require to be considered there’s differing Bank information 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 have to pay from the client’s own in-country account so there’s complexity any place you look best ultimately developing a knowledge base is absolutely crucial but everywhere you look with payroll payment they resemble super payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and technology is allowing us to sort of progress with that it also as well to contribute to that payroll and financing require to work closer together um with varying Checking account Details differing banking requirements and setup procedures is absolutely imperative that payroll and financing groups work better together than ever um I’m constantly astonished when people say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession 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 often split and cut up um eventually it’s payroll is an end-to-end procedure 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 third parties so with the
world we reside in and well-being being increasingly more important to contribute to sort of the level of complexity there’s a growing number of advantages being organ or being offered by organizations throughout the world so once again you’re simply looking to add a growing number of payments to this currently complicated landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of real obstacles or genuine tough sort of pay uses to play to pay people I think yeah I indicate over the last well yeah a number of decades I would definitely say that the bigger a service gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are groups feeding details into the next function as it were that’s in fact handling the payment side of things but you know in in my viewpoint and my experience that does not necessarily require to be the case you understand long gone are the times where we require to create extra handoffs in the processes that we run in they just make them more timely they make them less effective and they don’t make them what they require to be in in an era of tech and a period that you know that we are working in today there is no reason we are still making this as difficult as it requires to be agreed and appropriately as you stated payroll is the single biggest liability that any service has from an expense perspective from an effect viewpoint on workers it is definitely crucial that it’s done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the most significant detrimental result on individuals’s wellness and numerous other aspects if people aren’t paid uh I’ve always been impressed entering this Market sort of the last five to ten years is how little thanks the
The payroll team may not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and individuals just see when things go wrong. Nevertheless, when things go right, it’s seen as simply a regular job. This is how it’s perceived externally as well. Therefore, it is vital to guarantee that tasks like Wi-Fi Global and other vital matters are done properly. Utilizing the first Worldwide Payments very first payroll payment option is an excellent preliminary action towards supplying a thorough payroll service for workers worldwide. Standardization, worldwide processes, and lowering the number of tools, platforms, and checking account needed for international payroll are crucial factors in attaining business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few grievances when things do not go as prepared. Ultimately, we do not do it for the thankfulness.
anyway we know how how essential 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 everybody that’s associated with those procedures and likewise so picture sorry I’m simply I was just gon na state picture the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions think of getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating job attempting to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to look through them and in fact see what was going on and type of try to get back to everybody so proceeding look why do business select to primary different savings account there are Papaya Global Fps Adjustment services out there doing precisely this for particular countries and I have actually operated in a service or numerous organizations doing exactly that I can state it doesn’t constantly feel effective and it does create more work I know we’re not intentionally doing that we’re not creating extra work for anyone where we don’t have to and anyone that’s dealing with that process I ‘d be interested to hear your ideas 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 think people have actually got so utilized to we need a new savings account we open an entity and rightly so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals have embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and numerous other ways um to to type of do it so I think there’s a range I think this is a procedure that needs looking at it requires altering but eventually individuals are very stuck with what they recognize
with best um change is a hard thing all of us do not like modification um so I believe it’s simply sort of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the advantages of having preserving several checking account but there’s a substantial amount of complexity opts for setting up a bank account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for private people so the intricacy is huge but I believe the sincere response is change um individuals have not been able to change or haven’t had always the understanding to really make that change into alternate Solutions other than opening a checking account I think you’ve struck the nail on the head I believe it is knowledge you know and there is an element of resistance to alter however 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 know what could nearly be figured out to be the next Century or so there is a lot to monitor and this technique does position numerous difficulties um so Johnny could you inform us about those obstacles yeah of course 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International staff members you should have a corner office with a closer parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Fps Adjustment