Over the last 5 or 6 years …Papaya Global Log In… roles on the service provider side and also on the vendor side from a payroll point of view so really anticipating this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just give everyone another couple of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite fascinating 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 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 dreary and I want I was somewhere else at this moment in time alright so let’s begin our program for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why companies keep different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts simplifying papaya Global payroll payments as a tactical property uh we’ll also review a wrap-up and that should leave his time at the very extremely end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being increasingly more typical and managing them ends up being a growing number of complex Global organizations are looking to discover Solutions and brand-new methods to enhance procedures especially from a payroll and cross-border payment standpoint many companies preserve separate checking account just for payroll while some have numerous accounts in various nations does it make sense for business to maintain separate checking account sometimes in various countries it does but just for payroll exists a much better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping international companies improve the episode complex procedures of
making payroll payments properly effectively safely and on time throughout this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll bank account how business precisely anticipate their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in sufficient in one nation but when you’re doing it globally it’s next level and Beyond it becomes complex for a range of factors most significantly regulations compliance information security and banking guidelines then there are the large numbers they include more complexity the worldwide Workforce is presently 3 and a half billion people by 2030 it’s estimated 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 factor in that there are some 230 million companies and growing all doing their own thing around the globe in the traditional payroll design there’s typically an overwhelming variety of various systems causing lengthy manual procedures and silos the number of Integrations could be non-existent in large quantities and or really really fundamental there’s no genuine consistency framework we’re residing in an age of tech however payroll has actually 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 believe
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Workforce data in real time that’s another number that offers me sleep deprived nights and rather honestly the more an organization invests in worldwide payroll the less of an image they see a lack of presence also extends to payroll payments and failure to precisely track these payments can cause compliance accidents in the last mile of the transaction nearly half of global organizations have actually expressed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM data data entry errors improperly interacted hires and terminations in addition to lack management and system setups and then when you round it all off and the information is delivered to the wrong location the average expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments don’t run efficiently if they count on the required numerous processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties company face when they’re making payments to employees or otherwise that’s an excellent question I always toss this back and say what is it what doesn’t require to be included ideal and what does
it need to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment abilities 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 client’s own in-country account so there’s complexity any place you look ideal eventually building a knowledge base is absolutely critical but all over you look with payroll payment they are like incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is allowing us to sort of move forward with that it also also to add to that payroll and finance require to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is absolutely important that payroll and financing teams work more detailed together than ever um I’m always impressed when people state I have actually divided payroll and payment um if you stroll down the street and asked anybody 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 a market accept that why our payroll and payments so often split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more crucial to add to type of the level of complexity there’s a growing number of advantages being organ or being provided by organizations throughout the world so once again you’re just aiming to add increasingly more payments to this currently complex landscape so if you type of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of genuine challenges or genuine tough kind of pay utilizes to play to pay people I think yeah I mean over the last well yeah a number of decades I would certainly say that the bigger a company 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 teams feeding information into the next function as it were that’s in fact managing the payment side of things however you understand in in my viewpoint and my experience that does not always need to be the case you know long gone are the times where we need to create additional handoffs while doing sos that we run in they simply make them more timely they make them less effective and they do not make them what they require to be in in an era of tech and an age that you understand that we are working in today there is no reason why we are still making this as challenging as it needs to be concurred and rightly as you stated payroll is the single most significant liability that any organization has from an expense viewpoint from an impact viewpoint on staff members it is absolutely important that it’s done properly and on time so what we imply 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 destructive result on individuals’s well-being and many other aspects if individuals aren’t paid uh I’ve constantly been surprised entering this Market type of the last 5 to ten years is how little thanks the
The payroll team might not have actually been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and individuals only see when things fail. However, when things go right, it’s viewed as simply a regular task. This is how it’s perceived externally as well. For that reason, it is important to make sure that jobs like Wi-Fi Worldwide and other important matters are done correctly. Using the very first Global Payments first payroll payment option is a fantastic initial step towards supplying a thorough payroll service for staff members worldwide. Standardization, international procedures, and decreasing the variety of tools, platforms, and checking account necessary for worldwide payroll are crucial factors in achieving company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few problems when things don’t go as prepared. Ultimately, we do not do it for the appreciation.
anyway we understand how how crucial 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 involved in those processes and likewise so imagine sorry I’m simply I was simply gon na state think of the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions imagine getting that many thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing job trying to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and really see what was going on and kind of try to get back to everybody so carrying on appearance why do business select to primary separate savings account there are Papaya Global Log In organizations out there doing precisely this for specific nations and I have actually operated in an organization or many businesses doing precisely that I can say it doesn’t always feel efficient and it does create more work I understand we’re not purposely doing that we’re not developing additional work for any person where we don’t have to and any person that’s handling 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 quantity that we are I believe many factors one is it’s the requirement I think individuals have got so used to we need a new checking account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm the people have embraced and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and many other methods um to to sort of do it so I believe there’s a variety I think this is a process that needs looking at it needs changing but ultimately individuals are extremely stuck with what they recognize
with ideal um change is a difficult thing all of us don’t like change um so I think it’s just sort of moving far from the norm 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 maintaining multiple checking account however there’s a huge quantity of complexity goes with establishing a checking account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for individual individuals so the complexity is substantial however I believe the sincere answer is modification um individuals have not been able to alter or have not had necessarily the understanding to actually make that change into alternate Solutions aside from opening a checking account I believe you’ve hit the nail on the head I believe it is understanding you know and there is an element of resistance to change however we have actually constantly done it that way is no real reason 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 approximately there is a lot to keep an eye on and this technique does position several obstacles um so Johnny might you tell us about those difficulties yeah of course so there’s a range right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has actually gained another CFO, and with this boosted capability, I have actually successfully secured payments for our 10,000 workers worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is better, considering your accomplishments. Papaya Global Log In