Over the last five or 6 years …Papaya Global Services For Sale… roles on the company side and likewise on the supplier side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just give everyone another couple of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everyone comes from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight 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 okay so let’s get started our program for today is as follows um we are going to be taking a look at the difficulty years of handling Global payroll why business keep different
Virtual payroll accounts are an alternative to conventional bank accounts for handling payroll payments. This is particularly helpful for worldwide companies with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of keeping different savings account for payroll in different countries, virtual accounts and digital wallets use a more structured solution. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are ending up being a tactical property for payroll executives. We will also provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively safely and on time during this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll bank account how business properly forecast their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in enough in one country but when you’re doing it globally it’s next level and Beyond it ends up being intricate for a range of factors most significantly regulations compliance information security and banking rules then there are the sheer numbers they add more complexity the international Workforce is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the globe in the traditional payroll design there’s often a frustrating variety of various systems causing lengthy manual processes and silos the variety of Integrations could be non-existent in big amounts and or very extremely standard there’s no real consistency structure we’re living in an era of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which simply blows my mind whenever I I believe
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of services say they have Workforce data in real time that’s another number that gives me sleep deprived nights and quite frankly the more a service spends on international payroll the less of a photo they see a lack of presence also extends to payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the deal almost half of global companies 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 because of time reporting bad HCM data information entry errors improperly interacted hires and terminations in addition to lack management and system configurations and then when you round all of it off and the data is delivered to the incorrect place the typical cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world payroll and payments don’t run smoothly if they count on the essential numerous processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges service face when they’re making payments to employees or otherwise that’s a good question I constantly toss this back and say what is it what does not require to be included right and what does
it need to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment capabilities 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 consumer’s own in-country account so there’s intricacy any place you look best ultimately building a knowledge base is definitely vital but all over you look with payroll payment they are like incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is permitting us to kind of progress with that it likewise as well 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 essential that payroll and financing groups work more detailed together than ever um I’m always astonished when people say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from estimation 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being a growing number of important to add to kind of the level of complexity there’s a growing number of benefits being organ or being used by companies across the world so again you’re simply wanting to add more and more payments to this already complex landscape so if you type of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of genuine challenges or real difficult kind of pay utilizes to play to pay people I believe yeah I imply over the last well yeah a couple of decades I would certainly say that the larger a service gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are teams feeding info into the next function as it were that’s in fact handling the payment side of things but you understand 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 need to create extra handoffs in the processes that we run in they simply make them more prompt they make them less efficient and they do not make them what they require to be in in an era of tech and a period that you understand that we are working in today there is no reason why we are still making this as difficult as it needs to be concurred and appropriately as you said payroll is the single most significant liability that any organization has from a cost perspective from an effect viewpoint on staff members 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 need to be done right it has the biggest harmful impact on individuals’s well-being and lots of other elements if people aren’t paid uh I’ve always been surprised entering this Market sort of the last 5 to 10 years is how little thanks the
payroll group get um so I’m not sure anyone on this sort of webinar has been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um but eventually payroll is such a crucial cycle all of us hear about it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely crucial that all of this things is done properly so leveraging the very first Global Payments first payroll payment option is an excellent primary step um supplying an end-to-end payroll option for your employees globally again I think is another substantial um procedure again lining up and guaranteeing you have standardization Worldwide processes all of those things are definitely crucial to success success of companies and reducing the number of tools platforms and savings account 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 have actually never ever had a hundred countless them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re suggested to be um I do not believe any of us are actually doing that for for the thanks
anyhow we understand how how essential 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 everybody that’s associated with those procedures and likewise so think of sorry I’m just I was simply 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 numerous thousands possibly Millions think of getting that lots of thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating task attempting to clean all those up for sure oh definitely I can’t imagine 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 actually see what was going on and kind of shot to get back to everyone so carrying on look why do companies choose to main separate checking account there are Papaya Global Services For Sale businesses out there doing precisely this for particular countries and I have actually worked in a service or numerous companies doing precisely that I can state it doesn’t always feel effective and it does produce more work I know we’re not intentionally doing that we’re not producing additional work for any person where we don’t have to and any person that’s handling that process 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 think numerous reasons one is it’s the requirement I think people have got so utilized to we require a brand-new savings account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the standard the people have actually adopted and continue to do over years and years passed by to add to that people have looked at things like trust accounts and many other methods um to to sort of do it so I believe there’s a range I believe this is a procedure that needs taking a look at it needs altering however eventually individuals are really stuck to what they recognize
with ideal um change is a difficult thing we all 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 stuff um I understand certainly the benefits of having keeping several savings account however there’s a huge amount of intricacy opts for setting up a savings account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the right user accesses for private individuals so the intricacy is huge however I think the sincere answer is modification um individuals have not been able to alter or have not had necessarily the understanding to truly make that change into alternate Solutions other than opening a bank account I think you have actually struck the nail on the head I think it is knowledge you understand and there is an element of resistance to alter but we have actually always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you know what could nearly be determined to be the next Century or two there is a lot to keep an eye on and this approach does position several obstacles um so Johnny could you inform us about those challenges yeah naturally so there’s a range right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has actually gotten another CFO, and with this boosted capability, I have actually effectively protected payments for our 10,000 workers worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Services For Sale