Over the last 5 or six years …Papaya Global Undo Payroll… functions on the service provider side and also on the vendor side from a payroll perspective so really anticipating this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just provide 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 sort of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I truly 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 raining here it’s very very gloomy and I wish I was elsewhere at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be looking at the challenge years of handling Global payroll why companies preserve different
Virtual payroll accounts are an option to traditional savings account for handling payroll payments. This is especially useful for worldwide companies with dispersed and remote workforces, as it streamlines the complicated process of cross-border payments. Instead of keeping different bank accounts for payroll in various nations, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a strategic asset for payroll executives. We will likewise offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively safely and on time throughout this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll savings account how companies accurately anticipate their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in adequate in one country but when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a range of factors most significantly policies compliance information security and banking rules then there are the large numbers they add more complexity the worldwide Workforce is presently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals 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 worldwide in the standard payroll model there’s frequently an overwhelming variety of different systems leading to time-consuming manual procedures and silos the variety of Combinations could be non-existent in large amounts and or extremely extremely basic there’s no genuine consistency structure 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 which simply blows my mind every time I I think
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of services state they have Labor force information in real time that’s another number that offers me sleepless nights and rather frankly the more a business spends on worldwide payroll the less of a picture they see an absence of exposure likewise extends to payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the deal nearly half of worldwide companies have expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM information information entry errors inadequately interacted hires and terminations along with absence management and system configurations and then when you round everything off and the data is shipped to the wrong location the typical expense of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments do not run efficiently if they count on the essential several processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties organization face when they’re making payments to workers or otherwise that’s a good question I always throw this back and state what is it what does not require to be consisted of ideal and what does
it need to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment capabilities 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 customer’s own in-country account so there’s complexity anywhere you look ideal ultimately constructing a knowledge base is absolutely important however everywhere you look with payroll payment they are like very payments no if but some infants 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 recognition that payroll payments are definitely basic and innovation is enabling us to type of move forward with that it also as well to add to that payroll and finance need to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is definitely imperative that payroll and financing teams work more detailed together than ever um I’m constantly surprised when individuals say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll occupation would they divide the payroll payment from calculation 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 process it’s the point of data collection all the way through to paying individuals any place they are however likewise 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 sort of the level of intricacy there’s more and more advantages being organ or being provided by businesses across the world so once again you’re simply seeking to add more and more payments to this already intricate landscape so if you kind of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of genuine difficulties or genuine challenging sort of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a number of decades I would absolutely state that the bigger a service gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are groups feeding details into the next function as it were that’s in fact handling the payment side of things however you understand in in my opinion and my experience that does not necessarily require to be the case you understand long gone are the times where we need to create additional handoffs at the same times that we operate in they just make them more prompt they make them less efficient and they do not make them what they require to be in in a period of tech and an era that you understand that we are operating in today there is no reason that we are still making this as hard as it requires to be agreed 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 crucial that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the greatest harmful impact on people’s well-being and many other elements if individuals aren’t paid uh I’ve always been amazed entering this Market sort of the last 5 to 10 years is how little thanks the
payroll team get um so I’m uncertain anybody on this kind of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such a crucial cycle all of us find out about it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely important that all of this stuff is done properly so leveraging the first Global Payments first payroll payment option is an excellent first step um providing an end-to-end payroll service for your employees globally once again I think is another substantial um procedure once again aligning and guaranteeing you have standardization Worldwide processes all of those things are definitely crucial to success success of services and reducing the number of tools platforms and savings account they require for their International payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the complaints where things have not gone quite where they’re implied to be um I don’t believe any of us are in fact doing that for for the thanks
anyway we know 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 simple as possible for everybody that’s associated with those procedures and also so picture sorry I’m simply I was simply gon na state envision the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions picture getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting job attempting to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and in fact see what was going on and sort of try to return to everybody so proceeding look why do business choose to primary separate savings account there are Papaya Global Undo Payroll companies out there doing exactly this for particular countries and I’ve operated in a company or many businesses doing exactly that I can state it does not always feel efficient and it does develop more work I understand we’re not purposely doing that we’re not creating extra work for anyone where we do not need to and anybody 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 amount that we are I believe numerous factors one is it’s the requirement I believe people have actually got so used to we require a brand-new savings account we open an entity and appropriately so you require it for payroll purposes but 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 embraced and continue to do over years and years passed by to add to that people have looked at things like trust accounts and lots of other methods um to to sort of do it so I think there’s a variety I think this is a procedure that requires taking a look at it needs changing however eventually people are extremely stuck with what they recognize
with ideal um modification is a tough thing we all don’t like change um so I believe it’s just type of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the advantages of having keeping multiple checking account however there’s a huge amount of intricacy goes with establishing a checking 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 substantial however I think the truthful answer is change um people have not been able to alter or haven’t had always the understanding to actually make that change into alternate Solutions aside from opening a checking account I think you’ve hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to change but we’ve always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of moving on and moving into you know what could almost be figured out to be the next Century or so there is a lot to keep an eye on and this approach does present a number of difficulties um so Johnny could you inform us about those difficulties yeah of course 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 gained another CFO, and with this boosted capability, I have actually effectively protected payments for our 10,000 employees worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global Undo Payroll