Over the last five or 6 years …Papaya Global Vs Papaya Global Online Payroll… functions on the service provider side and likewise on the supplier side from a payroll perspective so truly anticipating this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just offer everyone another couple of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite interesting 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 everybody comes from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely really gloomy and I wish I was somewhere else 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 obstacle years of managing Worldwide payroll why business maintain different
Virtual payroll accounts are an option to conventional bank accounts for handling payroll payments. This is particularly beneficial for global organizations with dispersed and remote labor forces, as it streamlines the complicated process of cross-border payments. Instead of maintaining different bank accounts for payroll in various nations, virtual accounts and digital wallets use a more structured option. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are becoming a strategic possession for payroll executives. We will likewise supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly effectively firmly and on time throughout this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll checking account how companies properly anticipate their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in enough in one country but when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a range of factors most importantly regulations compliance data security and banking guidelines then there are the large numbers they add more intricacy the worldwide Workforce is currently 3 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 presently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing around the globe in the traditional payroll model there’s often an overwhelming variety of various systems resulting in lengthy manual processes and silos the number of Combinations could be non-existent in big quantities and or extremely really fundamental there’s no genuine consistency structure 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 which simply blows my mind every time I I think
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of services state they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite frankly the more an organization spends on worldwide payroll the less of a photo they see an absence of visibility likewise reaches payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the deal nearly half of worldwide businesses have actually expressed 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 data entry errors inadequately interacted hires and terminations along with absence management and system setups and after that when you round everything off and the information is shipped to the incorrect location the average cost of a worldwide 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 depend on the necessary several procedures 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 challenges service face when they’re making payments to employees or otherwise that’s an excellent question I always throw this back and say what is it what doesn’t need to be included best and what does
it require to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time 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 customer’s own in-country account so there’s complexity wherever you look right ultimately developing a knowledge base is definitely critical however everywhere you look with payroll payment they are like super payments no if but some children about it you are all superheroes processing payments for payroll if you look at the kind of link 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 enabling us to type of move forward with that it also as well to contribute to that payroll and finance need to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is definitely essential that payroll and finance teams work better together than ever um I’m always amazed when people state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work 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 eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people any place they are however also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being a growing number of crucial to contribute to type of the level of intricacy there’s more and more advantages being organ or being offered by organizations throughout the world so once again you’re simply looking to include more and more payments to this currently complex landscape so if you sort of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of genuine challenges or genuine difficult kind of pay utilizes to play to pay individuals I think yeah I indicate over the last well yeah a couple of decades I would definitely state that the bigger a service gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are teams feeding info into the next function as it were that’s actually managing the payment side of things however you understand in in my opinion and my experience that does not always need 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 a period of tech and a period that you know that we are operating in today there is no reason we are still making this as tough as it requires to be concurred and appropriately as you stated payroll is the single greatest liability that any service has from an expense viewpoint from an effect viewpoint on employees it is definitely critical 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 damaging result on individuals’s wellness and numerous other aspects if individuals aren’t paid uh I’ve constantly been surprised coming into this Market type of the last 5 to 10 years is how little thanks the
payroll team get um so I’m not sure anybody on this type of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um however eventually payroll is such an important cycle all of us become aware of it when it fails everyone jumps up and down when it fails but when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely vital that all of this stuff is done properly so leveraging the very first International Payments first payroll payment option is an excellent primary step um providing an end-to-end payroll option for your workers worldwide once again I think is another big um procedure once again lining up and ensuring you have standardization International processes all of those things are definitely essential to success success of companies and reducing the variety of tools platforms and bank accounts they require for their Global payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the problems where things haven’t gone rather where they’re meant to be um I don’t think any of us are in fact doing that for for the thanks
anyhow we know how how important 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 simple as possible for everyone that’s involved in those processes and likewise so imagine sorry I’m simply I was just gon na state think of the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions think of getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting task attempting to clean up 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 attempt to browse them and actually see what was going on and type of try to get back to everybody so moving on appearance why do business pick to main different savings account there are Papaya Global Vs Papaya Global Online Payroll companies out there doing precisely this for particular nations and I’ve worked in a service or many organizations doing precisely that I can say it doesn’t constantly feel effective and it does produce more work I know we’re not intentionally doing that we’re not developing additional work for anyone where we don’t need to and anyone 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 believe numerous factors one is it’s the requirement I think individuals have got so used to we require a new bank account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have adopted and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and lots of other ways um to to kind of do it so I believe there’s a variety I think this is a process that needs looking at it requires altering but ultimately individuals are extremely stuck to what they’re familiar
with best um change is a tough thing all of us don’t like change um so I think it’s simply kind of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the benefits of having maintaining numerous bank accounts however there’s a huge amount of complexity goes with setting up a bank account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for private people so the complexity is big however I believe the truthful response is modification um people haven’t been able to change or have not had always the understanding to actually make that change into alternate Solutions other than opening a savings account I think you’ve struck the nail on the head I believe it is understanding you understand and there is an element of resistance to change however we have actually constantly done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you know what could practically be determined to be the next Century or two there is a lot to keep track of and this method does position a number of obstacles um so Johnny could you inform us about those challenges yeah of course so there’s a range right there is so
I just recently made a modification 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 gotten another CFO, and with this boosted ability, I have effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is better, considering your achievements. Papaya Global Vs Papaya Global Online Payroll