Over the last five or six years …Robert Papaya Global Payroll Yelp… functions on the service provider side and likewise on the supplier side from a payroll point of view so truly anticipating this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just provide everybody another couple 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 fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very very gloomy and I wish I was somewhere else at this moment in time fine so let’s start our program for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why business preserve different
Virtual payroll accounts are an option to standard savings account for managing payroll payments. This is particularly useful for international organizations with dispersed and remote workforces, as it simplifies the complicated process of cross-border payments. Instead of preserving different checking account for payroll in various countries, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are ending up being a strategic 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 precisely effectively safely and on time throughout this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll savings account how business properly anticipate their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in enough in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being complex for a range of reasons most notably policies compliance information security and banking guidelines then there are the large numbers they include additional intricacy the worldwide Labor force is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the globe in the traditional payroll design there’s typically a frustrating number of various systems resulting in lengthy manual processes and silos the variety of Integrations could be non-existent in big quantities and or really extremely standard there’s no real consistency framework we’re residing in a period of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind each time I I think
about it to give you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce data in real time that’s another number that gives me sleep deprived nights and rather honestly the more an organization invests in global payroll the less of a photo they see a lack of presence also reaches payroll payments and inability to precisely track these payments can result in compliance incidents in the last mile of the transaction almost half of global businesses have expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry errors inadequately interacted hires and terminations as well as lack management and system setups and after that when you round it all off and the information is delivered to the incorrect place the typical cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money all over the world payroll and payments do not run smoothly if they rely on the required numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties service face when they’re paying to employees or otherwise that’s a good question I constantly toss this back and state what is it what does not need to be included best and what does
it need to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per nation 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 have to pay from the client’s own in-country account so there’s intricacy anywhere you look ideal ultimately developing a knowledge base is definitely vital but everywhere you look with payroll payment they are like extremely payments no if however some children about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is enabling us to kind of progress with that it likewise as well to contribute to that payroll and finance require to work closer together um with varying Checking account Particulars differing banking requirements and setup processes is absolutely vital that payroll and finance groups work more detailed together than ever um I’m constantly surprised when people say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so typically 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 wherever they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being more and more important to add to sort of the level of intricacy there’s increasingly more advantages being organ or being provided by organizations across the world so once again you’re simply looking to add increasingly more payments to this already complicated 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 real difficulties or genuine challenging type of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a number of years I would absolutely say 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 information 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 always need to be the case you know long gone are the times where we require to create additional handoffs while doing sos that we operate in they just make them more prompt they make them less effective and they don’t make them what they require to be in in a period of tech and an age that you know that we are working in today there is no reason that we are still making this as hard as it requires to be concurred and appropriately as you stated payroll is the single biggest liability that any organization has from a cost viewpoint from an impact point of view on staff members it is definitely vital 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 have to be done right it has the biggest harmful effect on individuals’s wellness and many other elements if individuals aren’t paid uh I’ve constantly been amazed entering this Market sort of the last five to 10 years is how little thanks the
payroll group get um so I’m not exactly sure anybody on this type of webinar has been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such a crucial cycle we all find out 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 exercise and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely vital that all of this things is done correctly so leveraging the first International Payments very first payroll payment solution is a terrific initial step um supplying an end-to-end payroll solution for your staff members worldwide once again I believe is another big um process again aligning and ensuring you have standardization Global procedures all of those things are absolutely essential to success success of organizations and decreasing the number of tools platforms and checking account they need for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone rather where they’re suggested to be um I don’t think any of us are really doing that for for the thanks
anyway we understand how how crucial 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 everybody that’s involved in those procedures and also so envision sorry I’m simply I was just gon na say imagine the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re discussing hundreds of thousands potentially Millions picture getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating task attempting 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 require days of the week to try to browse them and really see what was going on and kind of shot to get back to everyone so moving on appearance why do companies choose to primary different bank accounts there are Robert Papaya Global Payroll Yelp businesses out there doing exactly this for particular countries and I’ve operated in a service or many organizations doing exactly that I can state it doesn’t always feel efficient and it does create more work I understand we’re not deliberately doing that we’re not producing extra work for anybody where we don’t have to and anyone that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I think many reasons one is it’s the requirement I believe individuals have actually got so utilized to we need a brand-new savings account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals have actually adopted and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and lots of other ways um to to type of do it so I think there’s a range I believe this is a procedure that needs taking a look at it requires changing but eventually individuals are extremely stuck with what they recognize
with right um change is a tough thing all of us do not like change um so I believe it’s just kind of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand certainly the advantages of having keeping multiple checking account but there’s a substantial quantity of intricacy goes with setting up a savings account maintaining it ensuring it can send International transfers guaranteeing it’s established with the best user accesses for individual individuals so the intricacy is big however I believe the honest answer is change um individuals haven’t been able to change or have not had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a savings account I believe you’ve hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter however we’ve always done it that way is no real excuse for not looking at the the benefits and the possibilities of proceeding and moving into you know what might practically be identified to be the next Century or two there is a lot to keep an eye on and this technique does pose numerous challenges um so Johnny could you inform us about those challenges yeah naturally so there’s a range right there is so
I 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 successfully secured payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is closer, considering your accomplishments. Robert Papaya Global Payroll Yelp